CAJ | 학술논문

在民间金融市场中，利率形成机制不畅导致高利贷盛行，融资行为具有典型的投机性和庞氏融资特征，交易合约的成立和执行具有典型的“圈层社会”特征，这些因素导致民间金融市场存在市场失灵现象，需要国家干预以恢复市场效率。然而，现有的监管制度偏离了民间金融风险特质、高涨的民间融资需求和投资人法益保护，与社会认同之间存在着巨大鸿沟，致使监管失灵。只有以商事性民间金融交易行为为监管界限，合理保护适度的融资自由，建立差别化的市场准入制度，将高利贷纳入刑法制裁，完善风险监管配套制度，才能矫正双重失灵现象。
재민간금융시장중，리솔형성궤제불창도치고리대성행，융자행위구유전형적투궤성화방씨융자특정，교역합약적성립화집행구유전형적“권층사회”특정，저사인소도치민간금융시장존재시장실령현상，수요국가간예이회복시장효솔。연이，현유적감관제도편리료민간금융풍험특질、고창적민간융자수구화투자인법익보호，여사회인동지간존재착거대홍구，치사감관실령。지유이상사성민간금융교역행위위감관계한，합리보호괄도적융자자유，건립차별화적시장준입제도，장고리대납입형법제재，완선풍험감관배투제도，재능교정쌍중실령현상。
In the folk financial market, the distortion of interest rate formation mechanism results in the usury pervasion, the financing behavior shows the typical characteristics of speculation and Ponzi finance, and the es- tablishment and execution of trading contract has the typical features of the ＂circle of society＂. All these factors lead to the phenomena of market failure in the folk financial market, requiring the governmental intervention so as to restore the market efficiency. However, the existing regulatory system deviates from the risk characteristics of folk finance, the rising demand for private financing and the protection of the investors＇ legal interests, which have the huge gap with the social recognition and cause the failure of supervision. 0nly with the commercial folk financial trading behavior as the limit of supervision, by protecting the moderate freedom of financing reasonably, establishing the market access system with the disparity, bringing the usury into the criminal sanctions and per- fecting the supplementary systems of risk monitor will the double-failure phenomena be corrected.