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       金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)(guan)是金(jin)(jin)(jin)融(rong)(rong)(rong)穩(wen)健發(fa)展(zhan)的(de)重要(yao)保障。在2023年召開(kai)的(de)中(zhong)央(yang)(yang)金(jin)(jin)(jin)融(rong)(rong)(rong)工作會議上(shang)，習(xi)近(jin)(jin)平總書記對金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)(guan)工作提(ti)出了(le)明確(que)的(de)要(yao)求，即“切實提(ti)高(gao)金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)(guan)有(you)效性，依(yi)法將所(suo)有(you)金(jin)(jin)(jin)融(rong)(rong)(rong)活(huo)動全(quan)(quan)部納(na)入監(jian)管(guan)(guan)(guan)，全(quan)(quan)面強(qiang)化(hua)機構監(jian)管(guan)(guan)(guan)、行為(wei)監(jian)管(guan)(guan)(guan)、功(gong)能(neng)監(jian)管(guan)(guan)(guan)、穿透式監(jian)管(guan)(guan)(guan)、持續(xu)監(jian)管(guan)(guan)(guan)，消除監(jian)管(guan)(guan)(guan)空白和盲區”。這(zhe)意味著，金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)(guan)不僅要(yao)依(yi)法把所(suo)有(you)金(jin)(jin)(jin)融(rong)(rong)(rong)活(huo)動納(na)入監(jian)管(guan)(guan)(guan)，還要(yao)提(ti)高(gao)金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)(guan)的(de)有(you)效性，對監(jian)管(guan)(guan)(guan)能(neng)力的(de)建(jian)設提(ti)出了(le)更高(gao)、更大的(de)挑戰。在近(jin)(jin)日(ri)召開(kai)的(de)中(zhong)央(yang)(yang)黨校金(jin)(jin)(jin)融(rong)(rong)(rong)高(gao)質量發(fa)展(zhan)專題研討班開(kai)班式上(shang)，習(xi)近(jin)(jin)平總書記又進一步強(qiang)調：“在市場準入、審慎監管、行為(wei)監管等(deng)各個環節，都(dou)要(yao)嚴格執法，實現金融監管橫向到(dao)(dao)邊、縱向到(dao)(dao)底。”從兩次會議上均提到(dao)(dao)加(jia)強金融領(ling)域“行為(wei)監管”這一(yi)點，不難發現(xian)國家在金融(rong)監管(guan)(guan)理(li)念方面的重(zhong)大轉(zhuan)變(bian)，強化行(xing)為監管(guan)(guan)已成為我(wo)國金融(rong)監管(guan)(guan)理(li)念轉(zhuan)變(bian)的必然(ran)要求。

“行(xing)為監管”重在保護金融消費者權益

       習近平總書記(ji)強調：“要通過擴大(da)對外開放，提高我國(guo)金融資(zi)源配(pei)置效率(lv)和能力，增(zeng)強國(guo)際競爭力和規則影響力，穩慎把(ba)握(wo)好節奏和力度。”

       “行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)管(guan)(guan)”是(shi)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)的(de)(de)(de)(de)(de)(de)重要規則，這(zhe)(zhe)一(yi)原則廣泛被關注(zhu)始于(yu)(yu)1995年英(ying)國經濟(ji)學家邁克(ke)·泰勒（Michael Taylor）提(ti)(ti)出的(de)(de)(de)(de)(de)(de)監(jian)(jian)(jian)管(guan)(guan)“雙峰(feng)”理(li)論。泰勒在其提(ti)(ti)出的(de)(de)(de)(de)(de)(de)理(li)論中表示，金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)應(ying)當(dang)由兩類相(xiang)互獨立、目標差(cha)異的(de)(de)(de)(de)(de)(de)監(jian)(jian)(jian)管(guan)(guan)機(ji)(ji)(ji)構(gou)共同實施(shi)監(jian)(jian)(jian)管(guan)(guan)，一(yi)方面(mian)，金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)要維護(hu)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)的(de)(de)(de)(de)(de)(de)穩健(jian)經營(ying)和(he)(he)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)體系(xi)的(de)(de)(de)(de)(de)(de)穩定、防(fang)范系(xi)統性(xing)(xing)風險，即(ji)“審慎(shen)監(jian)(jian)(jian)管(guan)(guan)”；另一(yi)方面(mian)，金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)需擔(dan)負起糾(jiu)正(zheng)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)的(de)(de)(de)(de)(de)(de)機(ji)(ji)(ji)會主義(yi)行(xing)(xing)為(wei)(wei)、防(fang)止欺(qi)詐和(he)(he)不公正(zheng)交易、保(bao)障消費(fei)者(zhe)權益(yi)不受侵害，維護(hu)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)公平、公正(zheng)與(yu)穩健(jian)運(yun)行(xing)(xing)，即(ji)“行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)管(guan)(guan)”。換(huan)言之，審慎(shen)監(jian)(jian)(jian)管(guan)(guan)主要是(shi)站在金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)的(de)(de)(de)(de)(de)(de)角(jiao)度(du)，在保(bao)證機(ji)(ji)(ji)構(gou)有足夠的(de)(de)(de)(de)(de)(de)資(zi)本和(he)(he)流動性(xing)(xing)來抵(di)御損失，防(fang)止金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)危機(ji)(ji)(ji)發生的(de)(de)(de)(de)(de)(de)前提(ti)(ti)下，維護(hu)整個金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)系(xi)統的(de)(de)(de)(de)(de)(de)穩定；而行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)管(guan)(guan)則是(shi)專注(zhu)于(yu)(yu)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)運(yun)作方式(shi)和(he)(he)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)的(de)(de)(de)(de)(de)(de)業(ye)務行(xing)(xing)為(wei)(wei)，以(yi)及這(zhe)(zhe)些行(xing)(xing)為(wei)(wei)對消費(fei)者(zhe)和(he)(he)投資(zi)者(zhe)的(de)(de)(de)(de)(de)(de)影(ying)響，更偏向于(yu)(yu)從金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市(shi)場(chang)中“行(xing)(xing)為(wei)(wei)人”的(de)(de)(de)(de)(de)(de)角(jiao)度(du)進行(xing)(xing)監(jian)(jian)(jian)管(guan)(guan)，以(yi)確保(bao)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)公正(zheng)性(xing)(xing)、透明性(xing)(xing)和(he)(he)效率(lv)，保(bao)護(hu)消費(fei)者(zhe)免受不公平或不適(shi)當(dang)行(xing)(xing)為(wei)(wei)的(de)(de)(de)(de)(de)(de)傷害。

       縱觀國(guo)際金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)管(guan)發(fa)展，絕(jue)大(da)多數國(guo)家在制(zhi)定(ding)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)體制(zhi)和(he)監(jian)管(guan)立法時(shi)，往(wang)(wang)往(wang)(wang)傾向于審(shen)慎監(jian)管(guan)，強(qiang)調金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)在維護(hu)(hu)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市(shi)(shi)(shi)場(chang)(chang)體系穩定(ding)方面(mian)的(de)作(zuo)用。從2008年次貸(dai)危機(ji)后(hou)，才逐(zhu)步(bu)重視起金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市(shi)(shi)(shi)場(chang)(chang)的(de)行(xing)為監(jian)管(guan)，開始強(qiang)調對(dui)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)間交(jiao)易(yi)(yi)行(xing)為的(de)監(jian)管(guan)和(he)對(dui)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)者權益的(de)保護(hu)(hu)。金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市(shi)(shi)(shi)場(chang)(chang)的(de)交(jiao)易(yi)(yi)主體包括金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)和(he)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)者，金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市(shi)(shi)(shi)場(chang)(chang)的(de)良好運行(xing)需要雙(shuang)方的(de)理(li)性(xing)(xing)參與(yu)和(he)公(gong)平交(jiao)易(yi)(yi)。金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)產(chan)品(pin)及服務(wu)由(you)于其(qi)復(fu)雜性(xing)(xing)，金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)者往(wang)(wang)往(wang)(wang)難(nan)以準確地評估產(chan)品(pin)風(feng)險，以及交(jiao)易(yi)(yi)過(guo)程(cheng)中(zhong)的(de)自身權利和(he)義務(wu)，金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)者所遭受的(de)誤導性(xing)(xing)消(xiao)(xiao)費(fei)(fei)和(he)不公(gong)平交(jiao)易(yi)(yi)的(de)概率遠遠大(da)于普通(tong)(tong)商(shang)品(pin)交(jiao)易(yi)(yi)。對(dui)于此類(lei)問題，僅(jin)僅(jin)靠審(shen)慎監(jian)管(guan)難(nan)以有效解決(jue)，而行(xing)為監(jian)管(guan)以保護(hu)(hu)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)者作(zuo)為其(qi)主要目標，通(tong)(tong)過(guo)“介入式”和(he)“前瞻性(xing)(xing)”的(de)干預(yu)手段(duan)來規范(fan)金融(rong)機構行(xing)為(wei)，可有效地與(yu)審(shen)慎監管形成互補(bu)以更好(hao)地維護金融(rong)穩定，對進一(yi)步實現我國金融(rong)高(gao)質(zhi)量發展具有重要(yao)意義(yi)。

強化“行為監管”的(de)理(li)論基礎(chu)和重要(yao)性(xing)

       習近平總(zong)書記指(zhi)出(chu)：“黨的(de)十八(ba)大(da)以來，我們積極探索新時代金(jin)(jin)(jin)融(rong)發展(zhan)(zhan)規律(lv)，不(bu)斷加(jia)深對中(zhong)國特色社會主(zhu)義金(jin)(jin)(jin)融(rong)本(ben)質的(de)認(ren)識，不(bu)斷推進金(jin)(jin)(jin)融(rong)實踐創(chuang)(chuang)(chuang)新、理論(lun)創(chuang)(chuang)(chuang)新、制(zhi)度創(chuang)(chuang)(chuang)新，積累了(le)寶貴經驗，逐步(bu)走(zou)出(chu)一(yi)條中(zhong)國特色金(jin)(jin)(jin)融(rong)發展(zhan)(zhan)之路，這就是：堅(jian)(jian)持(chi)黨中(zhong)央對金(jin)(jin)(jin)融(rong)工作(zuo)的(de)集(ji)中(zhong)統一(yi)領導，堅(jian)(jian)持(chi)以人民為(wei)中(zhong)心(xin)的(de)價值取向，堅(jian)(jian)持(chi)把金(jin)(jin)(jin)融(rong)服務(wu)實體經濟作(zuo)為(wei)根本(ben)宗旨，堅(jian)(jian)持(chi)把防控風險作(zuo)為(wei)金(jin)(jin)(jin)融(rong)工作(zuo)的(de)永恒主(zhu)題(ti)。”

       行(xing)為(wei)(wei)(wei)(wei)(wei)經(jing)濟學中(zhong)(zhong)的(de)(de)(de)(de)(de)“有(you)限理(li)(li)(li)性(xing)”理(li)(li)(li)論(lun)(lun)、信(xin)(xin)(xin)息(xi)不對稱(cheng)理(li)(li)(li)論(lun)(lun)和外(wai)(wai)(wai)部(bu)性(xing)理(li)(li)(li)論(lun)(lun)為(wei)(wei)(wei)(wei)(wei)強化(hua)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)行(xing)為(wei)(wei)(wei)(wei)(wei)監管和風(feng)險防(fang)控提供了(le)有(you)力(li)的(de)(de)(de)(de)(de)理(li)(li)(li)論(lun)(lun)支(zhi)撐。首先(xian)，作為(wei)(wei)(wei)(wei)(wei)行(xing)為(wei)(wei)(wei)(wei)(wei)經(jing)濟學分支(zhi)的(de)(de)(de)(de)(de)行(xing)為(wei)(wei)(wei)(wei)(wei)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)學秉承(cheng)對金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市場(chang)投(tou)(tou)資(zi)(zi)(zi)者(zhe)、消(xiao)費(fei)者(zhe)存(cun)在(zai)(zai)決策行(xing)為(wei)(wei)(wei)(wei)(wei)“有(you)限理(li)(li)(li)性(xing)”和“非(fei)(fei)理(li)(li)(li)性(xing)”的(de)(de)(de)(de)(de)看法，對傳(chuan)統金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)學中(zhong)(zhong)“理(li)(li)(li)性(xing)人(ren)”假設提出了(le)挑戰，認為(wei)(wei)(wei)(wei)(wei)在(zai)(zai)投(tou)(tou)資(zi)(zi)(zi)決策過程中(zhong)(zhong)，投(tou)(tou)資(zi)(zi)(zi)者(zhe)或消(xiao)費(fei)者(zhe)極易(yi)(yi)受到盲目(mu)自信(xin)(xin)(xin)、損(sun)失厭惡、心理(li)(li)(li)賬戶效應、錨定(ding)(ding)效應等有(you)限理(li)(li)(li)性(xing)行(xing)為(wei)(wei)(wei)(wei)(wei)的(de)(de)(de)(de)(de)影響，從(cong)而(er)產(chan)(chan)生(sheng)投(tou)(tou)資(zi)(zi)(zi)行(xing)為(wei)(wei)(wei)(wei)(wei)的(de)(de)(de)(de)(de)系(xi)統性(xing)行(xing)為(wei)(wei)(wei)(wei)(wei)偏差。此時，若缺少行(xing)業(ye)行(xing)為(wei)(wei)(wei)(wei)(wei)監管，加之金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)不能堅守職業(ye)道德(de)和倫理(li)(li)(li)底(di)線，反而(er)通過放大(da)消(xiao)費(fei)者(zhe)的(de)(de)(de)(de)(de)行(xing)為(wei)(wei)(wei)(wei)(wei)偏差來追求(qiu)利益(yi)最大(da)化(hua)，終將(jiang)會(hui)(hui)導致金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市場(chang)動(dong)蕩甚至(zhi)是(shi)(shi)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)危機(ji)(ji)；其次(ci)，信(xin)(xin)(xin)息(xi)不對稱(cheng)理(li)(li)(li)論(lun)(lun)認為(wei)(wei)(wei)(wei)(wei)，金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)消(xiao)費(fei)者(zhe)在(zai)(zai)市場(chang)交易(yi)(yi)活動(dong)中(zhong)(zhong)往往面臨信(xin)(xin)(xin)息(xi)獲(huo)取(qu)的(de)(de)(de)(de)(de)不利局面，這種(zhong)結(jie)構(gou)性(xing)的(de)(de)(de)(de)(de)劣勢容易(yi)(yi)導致消(xiao)費(fei)者(zhe)受到可獲(huo)取(qu)信(xin)(xin)(xin)息(xi)的(de)(de)(de)(de)(de)誤導，以(yi)及金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)的(de)(de)(de)(de)(de)操縱或者(zhe)干預，進(jin)而(er)可能遭受利益(yi)上的(de)(de)(de)(de)(de)損(sun)失；此外(wai)(wai)(wai)，在(zai)(zai)外(wai)(wai)(wai)部(bu)性(xing)理(li)(li)(li)論(lun)(lun)框架下，由于(yu)(yu)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市場(chang)并非(fei)(fei)均衡(heng)穩定(ding)(ding)市場(chang)，運用(yong)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)套利在(zai)(zai)非(fei)(fei)均衡(heng)市場(chang)中(zhong)(zhong)獲(huo)利的(de)(de)(de)(de)(de)行(xing)為(wei)(wei)(wei)(wei)(wei)已經(jing)成為(wei)(wei)(wei)(wei)(wei)常(chang)態，這種(zhong)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)外(wai)(wai)(wai)部(bu)性(xing)主要表(biao)現在(zai)(zai)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)產(chan)(chan)的(de)(de)(de)(de)(de)價(jia)格扭曲(qu)以(yi)及不合(he)理(li)(li)(li)的(de)(de)(de)(de)(de)市場(chang)交易(yi)(yi)中(zhong)(zhong)，交易(yi)(yi)主體(ti)(ti)利用(yong)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)衍(yan)生(sheng)品(pin)或者(zhe)其他金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)工(gong)具(ju)將(jiang)損(sun)失風(feng)險轉(zhuan)嫁到第三方(fang)導致潛在(zai)(zai)負外(wai)(wai)(wai)部(bu)損(sun)失，如果缺少有(you)力(li)監管，當市場(chang)出現較大(da)波動(dong)時，市場(chang)中(zhong)(zhong)的(de)(de)(de)(de)(de)各類金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)產(chan)(chan)品(pin)、各交易(yi)(yi)關聯方(fang)間的(de)(de)(de)(de)(de)相關性(xing)會(hui)(hui)急(ji)劇升高，導致市場(chang)風(feng)險指(zhi)數級積聚放大(da)，進(jin)而(er)造成產(chan)(chan)生(sheng)系(xi)統性(xing)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)險的(de)(de)(de)(de)(de)隱患(huan)。美國的(de)(de)(de)(de)(de)次(ci)貸危機(ji)(ji)，金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)將(jiang)底(di)層(ceng)高風(feng)險的(de)(de)(de)(de)(de)房地產(chan)(chan)抵(di)押貸款，通過層(ceng)層(ceng)打包形成復雜的(de)(de)(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)衍(yan)生(sheng)品(pin)轉(zhuan)而(er)賣給投(tou)(tou)資(zi)(zi)(zi)者(zhe)，并引致全球金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)危機(ji)(ji)事件(jian)就是(shi)(shi)因(yin)為(wei)(wei)(wei)(wei)(wei)缺少金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市場(chang)行(xing)為(wei)(wei)(wei)(wei)(wei)監管，金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)基于(yu)(yu)投(tou)(tou)資(zi)(zi)(zi)者(zhe)的(de)(de)(de)(de)(de)“非(fei)(fei)理(li)(li)(li)性(xing)”行(xing)為(wei)(wei)(wei)(wei)(wei)，利用(yong)信(xin)(xin)(xin)息(xi)不對稱(cheng)進(jin)而(er)造成負外(wai)(wai)(wai)部(bu)性(xing)損(sun)失的(de)(de)(de)(de)(de)重要體(ti)(ti)現。

       近年來，發生在(zai)我國金融(rong)行業損害消費(fei)者權(quan)益的事(shi)件也有出現。P2P網(wang)絡借貸平(ping)臺的倒(dao)閉逃逸事(shi)件，以及(ji)“e租(zu)寶”“錢寶網(wang)”等非法集資案件的曝(pu)光，不僅損害了消費(fei)者的利益，也削弱了金融(rong)市場(chang)的整體(ti)公信力(li)，增加了金融(rong)體(ti)系(xi)潛在(zai)的脆弱性，提高了發生大(da)規模系(xi)統性風險的可能。突出和強調行為監管(guan)是防范和化解我國金融風險的重點工(gong)作和內在要(yao)求。具(ju)體(ti)可以體(ti)現在以下三個(ge)方面。

       一、強化行為(wei)監管能(neng)夠對市(shi)場不當行為(wei)形成強大的威懾力，切實維(wei)護金融消(xiao)費者權益。通過設立專(zhuan)門的(de)(de)(de)行(xing)為(wei)(wei)(wei)監(jian)管(guan)機構，明(ming)確(que)界定市場行(xing)為(wei)(wei)(wei)規(gui)范與(yu)監(jian)管(guan)策略，可以有效打擊市場欺(qi)詐(zha)、操縱及其(qi)他(ta)不(bu)當行(xing)為(wei)(wei)(wei)。這(zhe)(zhe)種監(jian)管(guan)不(bu)僅包括對(dui)(dui)金融從業者(zhe)(zhe)行(xing)為(wei)(wei)(wei)的(de)(de)(de)持續監(jian)督和審查，確(que)保(bao)其(qi)在交(jiao)易中遵(zun)循(xun)法律和倫(lun)理標(biao)準，而且還涉(she)及對(dui)(dui)消費者(zhe)(zhe)的(de)(de)(de)保(bao)護，做到“堅持以人民為(wei)(wei)(wei)中心的(de)(de)(de)價值取(qu)向”，使其(qi)不(bu)受不(bu)公(gong)平(ping)(ping)交(jiao)易和信息(xi)不(bu)透明(ming)的(de)(de)(de)影(ying)響。此外，行(xing)為(wei)(wei)(wei)監(jian)管(guan)機構能夠(gou)通過迅(xun)速識別違規(gui)行(xing)為(wei)(wei)(wei)并及時處罰來提(ti)高違規(gui)成本(ben)，這(zhe)(zhe)不(bu)僅有助于恢復(fu)消費者(zhe)(zhe)對(dui)(dui)金融市場的(de)(de)(de)信任，還能夠(gou)促進市場的(de)(de)(de)公(gong)平(ping)(ping)性(xing)和透明(ming)度。

       二(er)、通過采取“干預性”和(he)“前瞻性”的(de)監管(guan)策略，行為(wei)監管(guan)能夠(gou)有效地對金融市場(chang)的(de)潛在風險(xian)進行早期干預和(he)規范化管(guan)理。與(yu)傳統審慎監管(guan)(guan)(guan)更側(ce)重于(yu)對(dui)(dui)金(jin)融(rong)產(chan)(chan)品(pin)(pin)事前審批和事后(hou)處罰不同的(de)(de)是，行為(wei)監管(guan)(guan)(guan)更側(ce)重于(yu)保護消費(fei)者權益(yi)，特(te)別是在金(jin)融(rong)產(chan)(chan)品(pin)(pin)準(zhun)入階段的(de)(de)考量，例如，行為(wei)監管(guan)(guan)(guan)會對(dui)(dui)金(jin)融(rong)產(chan)(chan)品(pin)(pin)的(de)(de)設(she)(she)計(ji)進行評估，確(que)保其在宣(xuan)傳手段、收益(yi)結(jie)構等方(fang)(fang)面不會對(dui)(dui)消費(fei)者權益(yi)造成損(sun)害。這(zhe)種監管(guan)(guan)(guan)方(fang)(fang)式涉及對(dui)(dui)產(chan)(chan)品(pin)(pin)設(she)(she)計(ji)和市場(chang)(chang)行為(wei)的(de)(de)持續(xu)監督，一旦發(fa)現潛(qian)在的(de)(de)問題，監管(guan)(guan)(guan)機構可(ke)以(yi)迅速采取措施，包括(kuo)終止產(chan)(chan)品(pin)(pin)的(de)(de)市場(chang)(chang)上市，以(yi)防止對(dui)(dui)更廣泛市場(chang)(chang)的(de)(de)負面影響。這(zhe)種主動和預防性的(de)(de)監管(guan)(guan)(guan)方(fang)(fang)法有助于(yu)提升金(jin)融(rong)市場(chang)(chang)的(de)(de)整體穩定性和消費(fei)者的(de)(de)信心。

我國(guo)金融“行為(wei)監管”的發力方向

        在過(guo)去四十余(yu)年(nian)的(de)(de)發展過(guo)程中，中國(guo)的(de)(de)金(jin)(jin)融(rong)(rong)監(jian)管(guan)體系(xi)經(jing)歷了深(shen)刻的(de)(de)結構變革，從(cong)中國(guo)人民銀行(xing)(xing)(xing)主(zhu)導的(de)(de)集中式監(jian)管(guan)模式，逐(zhu)步(bu)演變至“一(yi)行(xing)(xing)(xing)三會(hui)”，再到“一(yi)行(xing)(xing)(xing)兩會(hui)”，最終形成“一(yi)行(xing)(xing)(xing)一(yi)局(ju)一(yi)會(hui)”的(de)(de)監(jian)管(guan)架構。2008年(nian)全球金(jin)(jin)融(rong)(rong)危機后，為(wei)了適應國(guo)際金(jin)(jin)融(rong)(rong)環境的(de)(de)變化，中國(guo)借鑒了國(guo)際上(shang)成熟的(de)(de)行(xing)(xing)(xing)為(wei)監(jian)管(guan)經(jing)驗，致力于(yu)不斷完善金(jin)(jin)融(rong)(rong)消費(fei)(fei)者(zhe)權益(yi)的(de)(de)保(bao)護機制，逐(zhu)步(bu)建立起分業(ye)監(jian)管(guan)體系(xi)下(xia)(xia)的(de)(de)“內雙峰”金(jin)(jin)融(rong)(rong)監(jian)管(guan)模式。在這一(yi)模式下(xia)(xia)，各(ge)金(jin)(jin)融(rong)(rong)監(jian)管(guan)機構內部(bu)(bu)設置專門(men)負責相(xiang)關行(xing)(xing)(xing)業(ye)消費(fei)(fei)者(zhe)權益(yi)保(bao)護的(de)(de)部(bu)(bu)門(men)，如人民銀行(xing)(xing)(xing)下(xia)(xia)設金(jin)(jin)融(rong)(rong)消費(fei)(fei)權益(yi)保(bao)護局(ju)（現劃入(ru)金(jin)(jin)融(rong)(rong)市場司(si)）、金(jin)(jin)融(rong)(rong)監(jian)管(guan)總(zong)局(ju)下(xia)(xia)設金(jin)(jin)融(rong)(rong)消費(fei)(fei)者(zhe)保(bao)護局(ju)、證監(jian)會(hui)下(xia)(xia)設投資者(zhe)保(bao)護局(ju)等，然(ran)而這些(xie)部(bu)(bu)門(men)僅僅是在審慎監(jian)管(guan)框架下(xia)(xia)作為(wei)內部(bu)(bu)分工，監(jian)管(guan)職能和權責界(jie)定(ding)仍有模糊，造成出現過(guo)度監(jian)管(guan)和監(jian)管(guan)真空的(de)(de)情形。此外，隨著市場不斷深(shen)化，金(jin)(jin)融(rong)(rong)產品所呈現的(de)(de)復雜化、多樣化的(de)(de)趨勢又對(dui)金(jin)(jin)融(rong)(rong)監(jian)管(guan)專業(ye)性提(ti)出了更(geng)高的(de)(de)要求。因此，為(wei)了推動(dong)中國(guo)金(jin)(jin)融(rong)(rong)行(xing)(xing)(xing)為(wei)監(jian)管(guan)向高質(zhi)量發展轉型，以下(xia)(xia)幾點建議值(zhi)得考慮。

       一(yi)、優化行(xing)為監(jian)管機制頂層(ceng)設計。當前(qian)我(wo)國(guo)正(zheng)進行新一輪高水(shui)平對外(wai)開(kai)放(fang)。隨著金(jin)融(rong)市(shi)場(chang)對外(wai)開(kai)放(fang)程度(du)的(de)(de)(de)加(jia)深，不僅需要應對國(guo)際金(jin)融(rong)市(shi)場(chang)風(feng)險的(de)(de)(de)沖(chong)擊，而且對本土金(jin)融(rong)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)(de)有效(xiao)性和(he)風(feng)險防控能力提出了更(geng)為(wei)(wei)嚴(yan)峻(jun)的(de)(de)(de)挑戰。在這一背景下，現階段我(wo)國(guo)行為(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)改革，應在黨的(de)(de)(de)領導(dao)下不斷深化“內雙峰”監(jian)(jian)管(guan)(guan)(guan)模式(shi)，以強化行為(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)功能為(wei)(wei)基礎，積極探索“雙峰”監(jian)(jian)管(guan)(guan)(guan)模式(shi)的(de)(de)(de)發展路(lu)徑，樹立(li)(li)“雙峰”監(jian)(jian)管(guan)(guan)(guan)理念，強化行為(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)意識，并(bing)推(tui)動獨立(li)(li)的(de)(de)(de)行為(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)機構(gou)建設，以確保(bao)其在與審慎監(jian)(jian)管(guan)(guan)(guan)并(bing)行的(de)(de)(de)金(jin)融(rong)監(jian)(jian)管(guan)(guan)(guan)體系中占據相(xiang)對獨立(li)(li)和(he)關(guan)鍵的(de)(de)(de)地位。

       二、建(jian)立健全(quan)行為監管問(wen)責機制。行為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)組織結(jie)構和(he)(he)(he)(he)執(zhi)行策略盡管(guan)(guan)(guan)是監(jian)(jian)管(guan)(guan)(guan)成(cheng)功(gong)的(de)(de)關鍵因素，但(dan)其合(he)理性和(he)(he)(he)(he)效率最終(zhong)應通過(guo)監(jian)(jian)管(guan)(guan)(guan)成(cheng)效來衡量。在金融(rong)(rong)行為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)實(shi)踐過(guo)程中，應避(bi)免(mian)僅在出現(xian)(xian)消費者權益受損問(wen)(wen)題發生后對金融(rong)(rong)機(ji)(ji)(ji)構和(he)(he)(he)(he)從(cong)業人(ren)員進行無(wu)差(cha)別的(de)(de)處罰。對于(yu)單一金融(rong)(rong)機(ji)(ji)(ji)構的(de)(de)違規(gui)(gui)(gui)行為(wei)(wei)(wei)(wei)，監(jian)(jian)管(guan)(guan)(guan)機(ji)(ji)(ji)構應集中資(zi)源專注于(yu)解決具體(ti)問(wen)(wen)題。然而，若(ruo)出現(xian)(xian)多個(ge)機(ji)(ji)(ji)構同(tong)時違規(gui)(gui)(gui)的(de)(de)情(qing)形(xing)，則(ze)可能(neng)反映出存在于(yu)監(jian)(jian)管(guan)(guan)(guan)規(gui)(gui)(gui)則(ze)設計或執(zhi)行層面中的(de)(de)系統性問(wen)(wen)題，此時監(jian)(jian)管(guan)(guan)(guan)機(ji)(ji)(ji)構應深入分析(xi)原(yuan)因，并(bing)采取相(xiang)應的(de)(de)改(gai)進措施。問(wen)(wen)責(ze)制度(du)的(de)(de)目標在于(yu)確(que)保行為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)部門及(ji)其官(guan)員能(neng)夠負(fu)責(ze)任(ren)地執(zhi)行政(zheng)策和(he)(he)(he)(he)規(gui)(gui)(gui)則(ze)，避(bi)免(mian)因行為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)工作的(de)(de)復雜性及(ji)其潛(qian)在的(de)(de)不確(que)定性而采取逃(tao)避(bi)責(ze)任(ren)或不作為(wei)(wei)(wei)(wei)的(de)(de)行為(wei)(wei)(wei)(wei)。同(tong)時，問(wen)(wen)責(ze)機(ji)(ji)(ji)制也可以(yi)防止(zhi)監(jian)(jian)管(guan)(guan)(guan)工作走向另一個(ge)極端，即通過(guo)過(guo)度(du)監(jian)(jian)管(guan)(guan)(guan)抑制金融(rong)(rong)體(ti)系的(de)(de)活(huo)力和(he)(he)(he)(he)創(chuang)新，這同(tong)樣可被視為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)不當。行為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)問(wen)(wen)責(ze)機(ji)(ji)(ji)制的(de)(de)建立(li)，可以(yi)實(shi)現(xian)(xian)在嚴格監(jian)(jian)管(guan)(guan)(guan)和(he)(he)(he)(he)保障金融(rong)(rong)市場(chang)活(huo)力之間(jian)的(de)(de)平衡，從(cong)而促(cu)進金融(rong)(rong)市場(chang)的(de)(de)穩定和(he)(he)(he)(he)健康發展。

       三、加強(qiang)行為監管(guan)領(ling)域(yu)人才(cai)隊伍建設(she)。行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)(jian)管(guan)機構(gou)應(ying)投入必要的(de)(de)(de)(de)資源來(lai)培養和(he)(he)吸收(shou)具有高度專業(ye)知(zhi)識(shi)(shi)和(he)(he)技能的(de)(de)(de)(de)人才，特別是提升對行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)經(jing)(jing)濟(ji)學(xue)(xue)理(li)(li)(li)(li)(li)論知(zhi)識(shi)(shi)的(de)(de)(de)(de)理(li)(li)(li)(li)(li)解和(he)(he)應(ying)用。行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)經(jing)(jing)濟(ji)學(xue)(xue)融(rong)合了(le)經(jing)(jing)濟(ji)學(xue)(xue)和(he)(he)心理(li)(li)(li)(li)(li)學(xue)(xue)的(de)(de)(de)(de)理(li)(li)(li)(li)(li)論，對理(li)(li)(li)(li)(li)解市場(chang)參(can)與者的(de)(de)(de)(de)非理(li)(li)(li)(li)(li)性行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)提供了(le)重要視角，同時也有利(li)于監(jian)(jian)(jian)管(guan)者設計(ji)出(chu)行(xing)(xing)(xing)(xing)之有效(xiao)的(de)(de)(de)(de)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)(jian)管(guan)政策(ce)和(he)(he)監(jian)(jian)(jian)督機制(zhi)，促進金(jin)(jin)融(rong)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)(jian)管(guan)的(de)(de)(de)(de)有效(xiao)實(shi)施。例如(ru)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)(jian)管(guan)單位應(ying)加強(qiang)監(jian)(jian)(jian)管(guan)者對各(ge)類“去偏策(ce)略(lve)(lve)”設計(ji)原理(li)(li)(li)(li)(li)的(de)(de)(de)(de)學(xue)(xue)習，了(le)解如(ru)何運用行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)經(jing)(jing)濟(ji)的(de)(de)(de)(de)研(yan)究成果來(lai)設計(ji)和(he)(he)實(shi)施行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)干預策(ce)略(lve)(lve)，通過相應(ying)的(de)(de)(de)(de)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)(jian)管(guan)制(zhi)度安(an)排引導(dao)金(jin)(jin)融(rong)投資、消費(fei)者向(xiang)更(geng)理(li)(li)(li)(li)(li)性的(de)(de)(de)(de)選擇方向(xiang)發展(zhan)，并約束金(jin)(jin)融(rong)機構(gou)的(de)(de)(de)(de)不正當行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)，提高監(jian)(jian)(jian)管(guan)的(de)(de)(de)(de)效(xiao)率和(he)(he)效(xiao)果；此外，行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)(jian)管(guan)部門還應(ying)加強(qiang)與行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)經(jing)(jing)濟(ji)學(xue)(xue)界的(de)(de)(de)(de)交流合作，積極開展(zhan)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)(jian)管(guan)的(de)(de)(de)(de)聯(lian)合研(yan)究，吸收(shou)更(geng)多行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)經(jing)(jing)濟(ji)學(xue)(xue)前沿(yan)理(li)(li)(li)(li)(li)論成果指導(dao)監(jian)(jian)(jian)管(guan)實(shi)踐。

       我們相信(xin)，在(zai)黨的(de)(de)(de)領導下，在(zai)推動金(jin)融高質量發展(zhan)、建設金(jin)融強國的(de)(de)(de)征程(cheng)中，中國的(de)(de)(de)金(jin)融市(shi)場必將呈現出更加有(you)效、公正、透明和(he)充(chong)滿活力的(de)(de)(de)面貌。因(yin)此，中國年輕一代有(you)充(chong)分的(de)(de)(de)理(li)由(you)對未(wei)來的(de)(de)(de)金(jin)融市(shi)場抱有(you)美好的(de)(de)(de)期(qi)待。