【作者】 韩忠亮；

【导师】 赵威；

【作者基本信息】 中国政法大学 ， 国际法学， 2007， 博士

【摘要】 金融全球化、自由化背景下的金融创新浪潮引发了各国金融创新产品和衍生工具的层出不穷，对各国金融监管部门实施监管提出了挑战。金融创新与金融监管沿着创新——放松管制——再创新——再放松管制这样的循环轨迹演进，体现了二者在金融业发展中的“博弈”过程。而金融全球化、自由化无疑为金融创新和金融监管在更广、更深层面上展开“博弈”提供了舞台。那么，如何对金融创新进行监管，应该选择怎样的监管模式才能使监管成本最低而收益最大，同时满足金融机构收益最大化的理性和必然要求。以期实现金融监管部门和金融机构之间的博弈均衡，这也是本文展开讨论和研究的主要思考和理路。为此，本文的内容包括以下五个部分。第一章金融全球化与国际金融监管立法。从金融全球化的内涵和外延入手，对与金融全球化密切相关的国际化、全球化和经济全球化进行了阐释，并指出金融全球化的属性、产生的原因及其表现形式和特征。金融全球化推动了世界经济的增长，促进了全球金融业效率的提高，加速了资本的自由流动、汇率和利率的市场化。在国际法律上，金融全球化对国际条约制定产生的影响为：促进了国际金融服务贸易的多边法律框架的形成，并使“巴塞尔协议’’对一国金融机构实施监管时，逐渐形成一种国际惯例，为国家之间合作和协调监管提供了法律依据和统一监管标准；对国内法的制定也产生了较大的影响，促进了各国金融政策和法制的国际化和趋同化。主要表现在各国加快了金融体制改革和金融法制建设的步伐，积极促成涉外金融法日益与国际金融统一法接轨，提高两者的协调度。最后对国际金融监管立法的现状与发展趋势进行了分析，为下文对金融监管立法能够按照金融全球化发展框架的要求展开讨论和研究提供了必要的前提。第二章金融创新与监管立法的博弈均衡。本章从研究金融创新的概念、创新类别和理论入手，分析了金融创新和金融监管实践过程中的相互作用和相互影响。运用博弈模型探讨了金融机构必然创新和监．管部门一定监管的相互博弈均衡(监管部门监管，金融机构创新是各自的最佳行为选择)。据此，对我国金融监管的思路提出设想——应为支持和鼓励积极金融创新、遏制消极金融创新而监管。利用激励相容原理，引导金融机构的内控和市场约束合力实现监管目标；保护金融创新的监管，面向过程，强调事先预防与判断风险的事前性监管，而非事后性监管；实现成本均衡创新的监管，成本收益均衡，实现理想监管强度均衡，降低金融创新的监管服从成本；推进连续性创新的监管，转向功能性，关注的是金融产品所实现的基本功能，减少监管职能的冲突、交叉重叠和监管盲区；增加金融创新活力的监管，奉行国际化标准，通过创新在新巴塞尔新资本协议的框架下可以赢得市场竞争的主动。调整监管目标，使监管部门在规范立法的基础上放松管制，金融机构应在防范风险的引导下开展创新，从而实现我国金融创新和金融监管的最优均衡。第三章金融监管立法中分业经营和综合经营的博弈选择。国际金融的历史变迁始终伴随着分业与综合经营立法选择的困境。本章运用博弈模型对金融分业与综合经营(包括金融控股公司)模式的立法困境和选择的客观理据进行了分析。通过立法价值——维护金融安全、提高效率、降低成本等的观点，阐释了对综合经营立法的意义；在对金融分业与综合经营立法选择进行分析的过程中，着力探讨了西方发达国家从“分业”到“综合”转变过程中法律运作的特点，并指出了这些特点对我国的借鉴意义。第四章金融监管立法中功能性监管模式的选择。首先探讨了功能理论和功能性监管的独特优势。依据金融体系基本功能而设计的功能性金融监管，能够实现跨产品、跨机构、跨市场的协调，能够有效地解决综合经营条件下金融创新产品在监管过程中的归属问题，避免出现监管“真空”和多重监管的现象，降低监管成本，提高监管效率。能够有效地防范金融风险，更有利于促进金融创新(因此本章不再用博弈的分析方法加以冗述)。借鉴西方发达国家的先进经验，提出了对我国功能性监管的设想——由国务院设立“金融监管协调委员会”，并由其对金融集团的运营进行监管，在不改变原有监管结构模式的情况下，对金融集团实行有效监管，各金融子公司的单项业务，仍由银监会、证监会、保监会按各自功能分别监管的设想，使监管更具有连续性和一致性。第五章金融监管立法中跨国银行监管的博弈分析。本章通过对世界发达国家跨国银行监管立法的发展趋势的分析，阐释了我国银行监管立法目标的全球化定位；从国际法中的国家主权原则出发，通过基于对“公地悲剧’’发生和演变过程的博弈模型解析，推导出跨国银行经营风险的社会集体行为的产生和导致银行挤兑的嵌套式连锁结构的成因，同时演绎了法律如何起作用来调节避免“公地悲剧”的发生。通过激励相容有效均衡机制将跨国银行经营与东道国对其监管的非合作博弈转化为实际上的一种合作博弈，从而使跨国银行自愿性社会责任行为和东道国对跨国银行监管的帕累托最优得以实现。更多还原

【Abstract】 With the development of financial globalization and liberalization, waves of financial innovations have initiated the increasing appearances of financial products and their derivative tools, which give challenges to the financial watchdogs all over the world. Financial innovations have been evolving according to the cycles of innovation, the financial deregulation, new innovation and the renewal of the financial deregulation, which embodies the game process between the two in the development of financial industry. Meanwhile, financial globalization and liberalization provide a wide and deeper game stage for financial innovations and financial supervision in an undoubted way. Then, how to supervise the financial innovations, how to select the supervision patterns to ensure the minimum cost and the maximum profits and meet the biggest rational and imperative needs of the financial organizations in order to realize the balance between the financial watchdogs and financial organizations becomes the focus of my article, including the following five parts.Chapter one Financial Globalization and legislation of international financial supervision. For the perspectives of the connotation and denotation of financial globalization, I will interpret the problems of the financial internationalization, globalization and economic globalization. Also, I will argue about the property of the financial globalization, the root of its emergence and its embodiments and characteristics. Financial globalization has propelled the world-wide economical development, promoted the efficiency of the global financial industry and sped up the free capital flow and the general adoption of the market principle. In terms of international laws, its influences on the establishment of the international contracts are reflected in the formation of the frames of the multilateral laws, the supervision of "Basel Pact" on a nation’s financial organizations, the gradual evolution of an international convention and the provision of the legal basis and criteria of the integrated supervision for the international co-operation and co-ordination. It also has great impacts on the national laws and promoted the internationalization and convergence of the financial policies and the internationalization of the law of the countries, which has been reflected in the fields of the quickening pace of the reform of monetary system and building of financial law system, the growing meeting between the financial laws concerning foreign affairs and the international financial uniform laws and the improvement of the harmonization between the two. At the end of the chapter, I will make an analysis of the current situation and development tendency of the international supervision laws, providing the necessary premises for the argument that the financial supervision laws can be discussed and studied according to the frame of the financial globalization.Chapter Two Theoretical analysis and supervision supposition of financial innovations and the legislation of the supervision. In this chapter, I will study the concepts, the classifications and theories of financial innovation in order to analyze the mutual function and mutual influence in the process of the financial innovations and the practice of the financial supervision, making use of the game pattern to explore the game balance between the necessity of the financial innovations and the supervision (the supervision of the watchdogs and the innovation of the financial organizations are their respective best choice) . The suppositions for Chinese financial supervision: to supervise for the sake of the promotion of the positive financial innovations and the limitation of the negative one; to actively encourage the compatibility principle and lead the inner control and market restrictions to realize the purposes of the supervision; to focus on the process in terms of the protection of the financial innovations and emphasize the precaution and supervision beforehand, not afterwards; to realize the supervision of the cost balance and profits balance and realize the balance of the ideal intensity of the supervision and reduce the cost of the submission; to promote the progressive innovative supervision, turn to the functionality, focus on the basic functions realized by the financial product, reduce the functional conflicts, overlapping and blindness; to lift the supervision on the vitality of the financial innovations, carry out the internationalized standards, win the initiatives through innovations under the frame of the new Basel capital Pact: to adjust the aims/targets of the supervision and deregulate the supervision on the basis of the standardized legislation. The financial organizations should make innovations under the guideline of the prevention of financial risks so as to realize the best balance between the financial innovations and supervision in China.Chapter Three The Game selection of the individual management and comprehensive one in the legislation of the financial supervision. The historical changes in the fields of international finance have always been together with the dilemma between the individual management and comprehensive one. In this chapter, I will employ the game pattern to analyze the dilemma of the legislation of financial individual and comprehensive management (financial controlling companies are included). I try to interpret the significance of the comprehensive through legislative values—to maintain financial security, promote efficiency and reduce the cost, and so on; to emphasize the characteristics of the legislative operation of the Western developed countries through the analysis of the selections between the financial comprehensive management and individual one and point out the values of these practices to China.Chapter Four The selection of the supervision patters in the financial legislation. First, I will explore the unique advantages of functional theories and functional supervision. The functional financial supervision established according to the basic functions of the financial systems will realize the coordination across products, institutes and markets, efficiently solve the problem of identity of the financial innovations in the process of the supervision, avoid the phenomenon of vacuum supervision and multiple supervision, reduce the supervision cost, improve the efficiency, prevent the financial risks effectively and improve the financial innovations better (in this chapter, therefore, I will not repeat the analytical method based on the game pattern). This chapter also put forward the functional suppositions of China through the reference to the advanced experience of the western developed countries: The State Department should set up Financial Supervision and Coordination Committee which supervises the operation of the financial clique without changing the previous supervision patterns. The individual business of the sub-companies will still be managed by China Banking Regulatory Commission、China Securities Regulatory Commission and China Insurance Regulatory Commission respectively to ensure the continuity and consistency of the supervision.Chapter Five The Game Analysis of the supervision legislation over the multinational banks. In this chapter, I will interpret the global orientation of the Chinese legislation of the bank supervision through the analysis of tendency of supervision legislation in the fields of the advanced multinational banks; point out the reasons for the emergence of the social collective behavior of the multinational banks and the nesting chain structure of the bank run through the game analysis of the emergence and evolution of the tragedy of the commons. Meanwhile I will make a deduction about how to make use of laws to avoid the happening of the tragedy of the commons, that is, to transform the non-cooperative game of the supervision in the host country on the multinational banks into a co-operative game so as to realize the best trust Pareto optimum between the voluntary social responsibility of the multinational bank and the supervision of the host country through the encouraging the compatible effective balance organism.更多还原