【作者】 周懋；

【导师】 康书生；

【作者基本信息】 河北大学 ， 世界经济， 2014， 博士

【摘要】 2008年的美国金融危机是在金融领域被自由化思潮统治背景下，金融风险长期积聚的结果。从其国内看，此次危机暴露了美国在系统性风险监管；“大而不能倒”问题，消除道德风险，金融消费者和投资者保护；对复杂集团性金融机构监管；对外衍生品市场和影子银行监管等方面的缺陷。为此，美国花费一年多的时间，对金融监管体系开展了大刀阔斧的改革。2010年7月21日，《多德-弗兰克华尔街改革与消费者保护法案》正式生效。该法案不仅对美国金融监管体系进行了大幅调整和加强，而且也彻底推翻了自由化思潮在金融领域的统治，进一步明确了政府和市场的职责。新法案有16个部分，共2800多页，涵盖了银行，对冲基金，信用评级机构，经销商，投资顾问和其他金融机构等多个方面。此外，该法案颁布后，还要制定细则243项，需要开展研究和提供报告近百项。本文从理论、政策和实践相结合的角度，运用制度变迁理论等现代经济金融理论，以《多德-弗兰克法案》为依托，采用了比较分析法和归纳总结法，强调了理论与实证分析相结合、微观与宏观经济分析相结合、矛盾特殊性与普遍性相结合、共性与个性相结合、文献研究和案例分析相结合的方式，对美国的金融监管改革的利弊进行了系统分析，充分借鉴了金融监管改革的先进经验，提出了构建中国特色金融监管体系的政策建议。全文导论介绍了选题背景，明确了研究意义，系统梳理了中外相关文献，详细阐述了文章研究内容思路及框架、主要创新。在理论基础部分主要阐述新制度经济学的制度变迁理论，辩证的分析了银行监管改革与制度变迁理论的关系，并最终提出了金融监管的制度安排。随后，在介绍《多德-弗兰克法案》主要内容的基础上，对法案整体进行了简单评析。提出改革的核心内容：强化对金融体系的系统性监管；建立健全有序清算机制；为消费者提供更多的保护；不断扩大金融监管的范围等。在以后的章节中，文章将以改革的核心内容为主线，以《多德—弗兰克法案》为依托，逐项进行细致阐述，并对改革问题进行系统评析。在系统性风险监管方面，集中介绍了法案中对系统性风险监管的缺失而采取的主要措施。一是建立金融稳定监督委员会，加强对系统性风险的预警和管控；二是针对系统性重要性金融机构提出更加严格的监管标准。提出在加强系统性风险监管时，应该积极借鉴美国的先进经验，如强化资本监管意识，严防系统性重要机构监管漏洞，科学开展压力测试，不断提高监管透明度等。但是也要注意到在监管组织模式、系统性重要机构划分标准、关联性评估以及压力测试的有效性方面仍然需要继续完善。在如何解决“大而不能倒”方面，设立了适用于系统行重要非银行金融机构的有序破产清算机制，同时，要求建立系统性重要机构的“恢复与处置计划”。通过分析相关的改革条款，发现在有序清算机制的科学性、有序清算基金来源及设置等方面还要不断改进。在“金融消费者保护”方面，危机中暴露出来的若干重要问题被归结为金融消费者保护的缺失，如掠夺性和欺诈性的次级抵押贷款、信用卡等问题的泛滥。建立相对独立的“消费者金融保护局”，集中行使原本分散的金融消费者保护职权，以克服金融监管机构在保护消费者方面的角色冲突、消除监管套利，达到更好地保护消费者的目标。汲取危机的教训，法案还对抵押贷款市场进行了改革，并要求政府在规定时间内拿出“两房”改革方案。在弥补监管漏洞方面，此次金融危机暴露出许多监管漏洞，有的是源于监管理念和监管法律，有的是由于机构交叉却又覆盖不足形成的，但更多的是源于监管相对于创新的滞后性带来的监管空白，主要表现在对金融衍生品、信用评级机构和高管薪酬的监管上。在启示和借鉴方面，重点阐述了如何从美国的改革中学习先进经验，完善我国的金融监管框架。这章是全文的落脚点。本章提出我国应该重点在建立宏观审慎监管框架、稳妥设计机构退出机制、加强金融消费者保护、强化金融衍生品监管、加强对信用评级机构的监管、科学完善高管薪酬制度等方面进行完善。更多还原

【Abstract】 2008U.S. financial crisis is thought to be the rule in the context of liberalization, theresult of long-term accumulation of financial risks in the financial sector. From a domesticperspective, the crisis has exposed systemic risk regulation in the United States;"too big tofail" problem, eliminate moral hazard, financial consumer and investor protection; Foreignderivatives and; regulatory agency responsible for the Group’s financial shadow bankingsupervision and other aspects of defects.To this end, the United States spent more than a year, the financial regulatory system tocarry out drastic reforms. July21,2010,"Dodd-Frank Wall Street Reform and ConsumerProtection Act" came into effect. The bill not only for the U.S. financial regulatory system hasbeen substantially restructured and strengthened, but also the complete overthrow of the ruleof liberalization trends in the financial sector, further defined the responsibilities of thegovernment and the market. The new bill has16sections, a total of more than2800pages,covering many aspects of banks, hedge funds, credit rating agencies, dealers, investmentadvisers and other financial institutions. In addition, after the enactment of the bill, but also toestablish rules243, you need to conduct research and provide a report almost a hundred.From the theory, policy and practice of combining the perspective, the use ofinstitutional change theory and other modern economic and financial theory,"Dodd-FrankAct" as the basis, using a comparative law analysis and summarized, emphasizing thetheoretical and empirical analysis combined, the combination of micro and macroeconomicanalysis, combining contradictory particularity and universality, commonality andindividuality combined with literature research and case studies a combination of the pros andcons of the U.S. financial regulatory reform system analysis, fully draw the advancedexperience of financial regulatory reform, put forward policy proposals to build with Chinesecharacteristics, the financial regulatory system. The thesis is divided into eight chapters. Thefirst chapter is the full text of the introduction. Introduces the background, a clear sense of thestudy, the system sorts out the foreign literature, the article elaborated ideas and researchframework, the main innovation. The second chapter describes the theoretical basis forbanking regulatory reform-institutional change theory, this theory effectively support theanalysis of the whole article, this chapter describes the new institutional economics theory of institutional change, dialectical analysis of the relationship between the banking regulatoryreform and institutional change theory and, ultimately, the institutional arrangementsproposed banking supervision. The third chapter introduces the "Dodd-Frank Act"generation, describes the main contents of the bill, and the bill as a whole for a simpleComment. The core of the reform proposed: strengthening systemic regulation of the financialsystem; establish a sound mechanism for an orderly liquidation; provide more protection forconsumers; expanding the scope of financial regulation and so on. In the ensuing four toseven chapters, the core content of the article will reform the main line,"Dodd-Frank Act" asthe basis, one by one carefully elaborated, and Evaluation system reform. The fourth chapterfocuses on key measures of the bill’s lack of supervision of systemic risk taken. First, theestablishment of the Financial Stability Oversight Council to strengthen early warning ofsystemic risks and control; Second, proposed a more stringent regulatory standards forsystemically important financial institutions. Made in strengthening systemic risk regulatorshould actively learn from the advanced experience of the United States, such asstrengthening capital regulation awareness, regulatory loopholes to prevent systemicallyimportant institutions, scientific conduct stress tests, and constantly improve regulatorytransparency. But also note that still need to continue to improve the effectiveness of theregulatory organization model, criteria for the classification of systemically importantinstitutions, relevance assessment and stress testing. The fifth chapter describes how to solvethe "too big to fail" problem. Established a system applicable to the importance of non-bankfinancial institutions orderly liquidation mechanism, meanwhile, called for the establishmentof systemically important institutions,"recovery and disposal plan." By analyzing the relevantprovisions of the reform, found in the scientific and orderly liquidation mechanism for orderlyliquidation of fund sources and settings, but also continue to improve baking. Chapter6,"Financial Consumer Protection" is widely considered an important highlights and features ofthe bill. Several important issues exposed by the crisis was attributed to lack of financialconsumer protection, such as the proliferation of predatory subprime mortgages andfraudulent credit card and other issues. Establish a relatively independent "ConsumerFinancial Protection Bureau," originally focused on exercising decentralized financialconsumer protection powers to overcome the conflicting roles of financial regulators inprotecting consumers, eliminating regulatory arbitrage, aim to better protect consumers.Learn the lessons of the crisis, the bill also has reformed the mortgage market, and requested the Government to come up with the "two rooms" reform program within the specified time.Chapter VII will highlight the results of the reform in terms of regulatory loopholes to makeup. The financial crisis has exposed many of the regulatory loopholes, some from regulatoryphilosophy and regulatory laws, some due to the lack of institutions covered by the formationof cross yet, but more due to regulatory lag with respect to bringing innovative regulatorygaps, mainly in the regulation of financial derivatives, credit rating agencies and executivepay. Chapter VIII is the focus of the analysis of the revelation of the U.S. financial regulatoryreform, and how to learn from the advanced experience of reform in the United States,improve our financial regulatory framework. This chapter is the full text of the end result.Aspects of this chapter should focus on establishing a macro-prudential regulatory framework,sound design agency exit mechanism, strengthen financial consumer protection, continue tostrengthen supervision of financial derivative products, strengthen the supervision of creditrating agencies, scientific sound system, etc. to improve executive pay.更多还原