国际视阈下系统重要性金融机构监管改革:演进路径与完善措施

Regulatory Reform of Systematically Important Financial Institutions from an International Perspective:Evolution Path and Improvement Measures

中文关键词:  系统重要性金融机构  宏观审慎监管  行为监管  金融风险  监管框架  金融稳定

英文关键词:systematically important financial institutions  macro-prudential regulation  behavioral regulation  financial risk  regulatory framework  financial stability

中文摘要:

      系统重要性金融机构在金融体系中具有重要地位,推动我国系统重要性金融机构监管改革对于防范系统性金融风险、维护金融稳定至关重要。全球系统重要性金融机构的监管路径为,从“双峰”监管体系改革开始,对金融监管体系进行优化、重塑,进而完成规则的制定。我国对系统重要性金融机构的监管从银行体系展开,经过认证准备、改革实施、深化改革三个阶段,初步形成了系统重要性金融机构监管体系的一般框架。在总结国外系统重要性金融机构监管体系改革经验、回顾我国相关改革历史的基础上,提出可从把握“内外兼修”原则,规范系统重要性金融机构的复杂业务,增强系统重要性金融机构自身的抗风险能力,制定合理有效的风险监测预警机制,加快系统重要性金融机构评估监管体系全覆盖,以及根据新形势修正系统重要性金融机构的监管手段等方面完善我国系统重要性金融机构监管体系。

英文摘要:

      In view of the importance of systemically important financial institutions in the financial system, promoting the regulatory reform of systemically important financial institutions in China is crucial to prevent systemic financial risks and maintain financial stability. This paper argues that the regulatory logic of global systemically important financial institutions starts from the reform of introducing prudential regulation and behavioral regulation, then to the optimization and reshaping of the financial supervision system, and finally to the enactment of rules and regulations. The regulatory system of China's systemically important financial institutions, which was initiated in the banking system, has gone through certification preparation, reform implementation, and deepening reform. This contributes to the preliminary formation of a general regulatory framework for systemically important financial institutions. This paper summarizes the experience on the regulatory reform of global systemically important financial institutions and makes a historical review of China's reform. On this basis, it proposes measures for perfecting China's regulatory system of systemically important financial institutions. Specifically, we should give due regard to both internal and external securities, strengthen their capabilities to fend off risks, enact sound and effective risk monitoring and early warning mechanism, expedite their full coverage, and modify they regulatory approaches in accordance with the new context. 