金融科技的去中心化和中心化的金融监管金融创新的规制.DOC

【法宝引证码】 CLI.A.1239747? 原文链接： HYPERLINK /qikan/2ddd24f832efade1e830c3f0b34c92c0bdfb.html \t _blank /qikan/2ddd24f832efade1e830c3f0b34c92c0bdfb.html 金融科技的去中心化和中心化的金融监管 金融创新的规制逻辑及分析维度 期刊名称： HYPERLINK /journal/articlebyclass?ClassCodeKey=8, \t _blank 《现代法学》 期刊年份： HYPERLINK /journal/findarticle?FilterItems.JournalYear=2018 \t _blank 2018 摘要： 本文以影子银行为背景，探讨金融法和金融规制领域日益兴起的金融科技的内涵、维度和方向，以及金融科技与金融业之间的融合和竞争。从监管(规制)角度看，金融监管者有很强的克服系统性风险的“中心化”监管趋向，将所有涉及金融的活动纳入现有的金融监管框架之中。这种明显带有“规制俘获”痕迹的监管倾向容易忽视以金融科技为最新代表的金融创新可能给金融业带来的技术、产品和服务方面的正面影响，遏制金融科技所产生的共享经济、金融创新和金融自由化的可能性。本文以金融风险、金融规制和普惠金融为主要分析维度，指出金融科技去中心化的趋势，以及与以银行为中心的中心化金融监管之间的张力，提出应对金融创新的“更好的监管”和“去中心化”路径和有所差别的国别模式。由于缺少系统性风险的现实危害，不适宜将金融科技纳入宏观审慎监管框架，而应通过已有的合规监管模式，在促进金融科技合规的同时，释放金融科技在去中心化过程中伴生的促进共享经济的功能。 英文摘要： Under the backdrop of shadow banking, this article explores the concept, dimensions and directions of fintech, which is an emerging phenomenon in the field of financial law and financial regulation, as well as the cooperation and competition between fintech and financial industry. From the perspective of regulation, financial regulators are strongly inclined to take a centralized regulatory approach to overcome systemic risk and include fintech in the existing financial regulatory framework, which apparently fall in the pit of regulatory capture and would cause negative effects to financial technology, product, and service, and stifle the possibility of sharing economy, financial innovation, and financial liberalization brought by fintech. Based on the dimensions of financial risk, financial regulation, and financial inclusion, this article depicts the decentralization trend of fintech, spells the tension between centralized financial regulation based on banking industry, and claim that “better regulation”，decentralized choice, and idiosyncratic mode among countries would be the measures promote financial innovation. As there is no pressing systemic risk involved in fintech, it is inappropriate to deploy a macro-prudential