CAJ | 학술논문

梯若尔因对市场势力及经济规制的分析荣获2014年诺贝尔经济学奖，但其有关金融规制的基础研究却远未引起学术界和金融界的足够重视。当前，伴随着我国互联网金融的发展，规制缺失带来的潜在金融系统风险日益突出，在鼓励金融创新的基础上迫切需要提出一套适合中国国情的互联网金融监管思路。文章在分析以P2P网络信贷等为代表的互联网金融现状及其问题的基础上，借鉴梯若尔金融规制理论，提出相应政策建议：（1）我国互联网金融监管应坚持适度监管、分类监管、依法监管和负面清单管理等基本准则；（2）在国安委框架下建立金融系统风险理事会，将互联网金融纳入管理，由其统一履行宏观金融监管职责和制定金融冲击对策；（3）在已有“一行三会”的监管框架下，分类逐步推进互联网金融微观审慎监管；（4）积极运用风险隔离政策等措施防范可能的互联网金融机构风险。
제약이인대시장세력급경제규제적분석영획2014년낙패이경제학장，단기유관금융규제적기출연구각원미인기학술계화금융계적족구중시。당전，반수착아국호련망금융적발전，규제결실대래적잠재금융계통풍험일익돌출，재고려금융창신적기출상박절수요제출일투괄합중국국정적호련망금융감관사로。문장재분석이P2P망락신대등위대표적호련망금융현상급기문제적기출상，차감제약이금융규제이론，제출상응정책건의：（1）아국호련망금융감관응견지괄도감관、분류감관、의법감관화부면청단관리등기본준칙；（2）재국안위광가하건립금융계통풍험리사회，장호련망금융납입관리，유기통일리행굉관금융감관직책화제정금융충격대책；（3）재이유“일행삼회”적감관광가하，분류축보추진호련망금융미관심신감관；（4）적겁운용풍험격리정책등조시방범가능적호련망금융궤구풍험。
Jean Tirole won the Nobel Prize in 2014 for his analysis of market power and regulation. As the founder of new regulatory economics, Tirole has made important contributions to financial regulation. In China, recent years have witnessed the rapid growth in Internet finance, as well as the growing number of problems re- sulting from the lack of regulation, which is badly needed. We analyze the status quo of Internet finance in Chi- na, and put forward policy proposals using Tirole＇s regulation theory. The regulation should be based on the classified, moderate, and legal principle, and the negative listings can be included. Most importantly, Internet finance must be brought into the frame of macro - prudential regulation. Meanwhile, micro - prudential supervi- sions and some other measures are suggested to be applied to manage systematic risks and to ensure financial safety.