现代法学
現代法學
현대법학
Modern Law Science
2014年
3期
175~186
,共null页
系统重要性金融机构 金融监管 利益冲突 权义平衡
繫統重要性金融機構 金融鑑管 利益遲突 權義平衡
계통중요성금융궤구 금융감관 이익충돌 권의평형
systemically important financial institutions （SIFIs） ; financial regulation; conflict of interest; balance of rights and obligations
SIFIs的道德风险、不公平竞争及负外部性等会导致SIFIs与相关主体之间的利益冲突。故SIFIs监管制度的核心是平衡SIFIs与非SIFIs、SIFIs与金融消费者、SIFIs与SIFIs管理层、SIFIs与SIFIs股东及债权人、SIFIs母国与东道国等之间的利益冲突。平衡的法律路径是重新调整各主体的权利与义务，以实现金融安全、金融效率与金融公平之间的法价值平衡。危机后的SIFIs监管改革就是围绕上述平衡所进行的规则创新。这些创新启示着我国应基于上述平衡借鉴国际经验完善SIFIs监管制度：确定SIFIs认定规则并课之以特殊义务；扩大金融消费者保护范围并课以SIFIs金融消费者保护义务；以管理层薪酬控制为重点完善SIFIs的公司治理；以金融市场约束机制为重点完善SIFIs风险防范与处置制度；依据合作与对等原则完善SIFIs国际监管协调制度。
SIFIs的道德風險、不公平競爭及負外部性等會導緻SIFIs與相關主體之間的利益遲突。故SIFIs鑑管製度的覈心是平衡SIFIs與非SIFIs、SIFIs與金融消費者、SIFIs與SIFIs管理層、SIFIs與SIFIs股東及債權人、SIFIs母國與東道國等之間的利益遲突。平衡的法律路徑是重新調整各主體的權利與義務，以實現金融安全、金融效率與金融公平之間的法價值平衡。危機後的SIFIs鑑管改革就是圍繞上述平衡所進行的規則創新。這些創新啟示著我國應基于上述平衡藉鑒國際經驗完善SIFIs鑑管製度：確定SIFIs認定規則併課之以特殊義務；擴大金融消費者保護範圍併課以SIFIs金融消費者保護義務；以管理層薪酬控製為重點完善SIFIs的公司治理；以金融市場約束機製為重點完善SIFIs風險防範與處置製度；依據閤作與對等原則完善SIFIs國際鑑管協調製度。
SIFIs적도덕풍험、불공평경쟁급부외부성등회도치SIFIs여상관주체지간적이익충돌。고SIFIs감관제도적핵심시평형SIFIs여비SIFIs、SIFIs여금융소비자、SIFIs여SIFIs관리층、SIFIs여SIFIs고동급채권인、SIFIs모국여동도국등지간적이익충돌。평형적법률로경시중신조정각주체적권리여의무，이실현금융안전、금융효솔여금융공평지간적법개치평형。위궤후적SIFIs감관개혁취시위요상술평형소진행적규칙창신。저사창신계시착아국응기우상술평형차감국제경험완선SIFIs감관제도：학정SIFIs인정규칙병과지이특수의무；확대금융소비자보호범위병과이SIFIs금융소비자보호의무；이관리층신수공제위중점완선SIFIs적공사치리；이금융시장약속궤제위중점완선SIFIs풍험방범여처치제도；의거합작여대등원칙완선SIFIs국제감관협조제도。
SIFIs＇ s moral hazard, unfair competition and negative externality are going to result in its conflict of interest against related subjects. Therefore, the core of SIFIs regulation system is to balance interests between different subjects such as SIFIs and Non-SIFIs, SIFIs and financial consumer, SIFIs and the management layer, SIFIs and stockholders or creditors, and the home country and host country of SIFIs. Equilibrium path of law is to adjust the rights and obligations of subjects, in order to achieve the legal value balance between financial security, financial efficiency and financial fairness. The essence of SIFIs regulatory reform in the post-crisis era is rules of innovation around above balances, which gives us the following enlightening about SIFIs regulation system in our country such as determining SIFIs recognized rules and giving its particular obligations, expanding the scope of financial consumer protection and imposing financial consumer protection obligation on SIFIs, improving the corporate governance of SIFIs with an emphasis on management salary control, perfecting risk prevention and disposal system of SIFIs with an emphasis on financial market constraint mechanism, perfecting SIFIs international regulatory coordination system on the basis of the principle of cooperation and reciprocity.
