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       金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)是金(jin)(jin)(jin)(jin)融(rong)(rong)穩健發(fa)展的(de)重要保障。在2023年召開(kai)(kai)的(de)中央金(jin)(jin)(jin)(jin)融(rong)(rong)工作(zuo)會議上，習近(jin)平(ping)總書記(ji)對(dui)金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)工作(zuo)提出了(le)明(ming)確的(de)要求(qiu)，即“切實提高(gao)(gao)金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)有(you)效(xiao)性(xing)，依(yi)法將(jiang)所有(you)金(jin)(jin)(jin)(jin)融(rong)(rong)活動(dong)(dong)全部(bu)納(na)入監(jian)(jian)管(guan)(guan)，全面強化機構監(jian)(jian)管(guan)(guan)、行(xing)為監(jian)(jian)管(guan)(guan)、功能監(jian)(jian)管(guan)(guan)、穿透式監(jian)(jian)管(guan)(guan)、持(chi)續監(jian)(jian)管(guan)(guan)，消除監(jian)(jian)管(guan)(guan)空白和盲區”。這意味著，金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)不僅要依(yi)法把所有(you)金(jin)(jin)(jin)(jin)融(rong)(rong)活動(dong)(dong)納(na)入監(jian)(jian)管(guan)(guan)，還要提高(gao)(gao)金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)的(de)有(you)效(xiao)性(xing)，對(dui)監(jian)(jian)管(guan)(guan)能力的(de)建設提出了(le)更高(gao)(gao)、更大的(de)挑戰。在近(jin)日召開(kai)(kai)的(de)中央黨校金(jin)(jin)(jin)(jin)融(rong)(rong)高(gao)(gao)質量發(fa)展專(zhuan)題研討班(ban)開(kai)(kai)班(ban)式上，習近(jin)平(ping)總書記(ji)又進(jin)一步強調：“在市場準(zhun)入、審慎監(jian)管(guan)(guan)、行為(wei)監(jian)管(guan)(guan)等(deng)各個環節，都(dou)要嚴格執法，實現(xian)金融(rong)監(jian)管(guan)(guan)橫向到(dao)(dao)邊、縱向到(dao)(dao)底(di)。”從(cong)兩次(ci)會(hui)議上均提到(dao)(dao)加強金融(rong)領(ling)域“行為(wei)監(jian)管(guan)(guan)”這(zhe)一點(dian)，不難發(fa)現國家(jia)在金融(rong)監管(guan)理念方(fang)面(mian)的(de)重大(da)轉變(bian)(bian)，強化行為監管(guan)已成為我國金融(rong)監管(guan)理念轉變(bian)(bian)的(de)必(bi)然要求。

“行(xing)為監管(guan)”重在保(bao)護金(jin)融消(xiao)費者權(quan)益

       習(xi)近平總(zong)書記強(qiang)調：“要(yao)通過擴(kuo)大對外開放，提高我國金(jin)融資源配置效率(lv)和(he)(he)能力(li)，增強(qiang)國際競爭力(li)和(he)(he)規(gui)則影響力(li)，穩(wen)慎把握好(hao)節奏和(he)(he)力(li)度。”

       “行(xing)為(wei)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)”是(shi)(shi)金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)的(de)(de)重要規則(ze)，這(zhe)一原則(ze)廣泛被關注始于(yu)1995年(nian)英國經濟學家邁克·泰勒(le)（Michael Taylor）提出的(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)“雙峰”理論。泰勒(le)在其提出的(de)(de)理論中表(biao)示，金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)應當(dang)由兩類相互獨立、目標差異的(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)機(ji)(ji)構(gou)共同實施監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)，一方(fang)面(mian)，金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)要維(wei)護(hu)金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構(gou)的(de)(de)穩(wen)(wen)健經營和(he)金(jin)(jin)(jin)融(rong)(rong)(rong)體系(xi)的(de)(de)穩(wen)(wen)定、防(fang)(fang)范系(xi)統(tong)性(xing)風險(xian)，即“審慎(shen)(shen)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)”；另一方(fang)面(mian)，金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)需擔負起糾(jiu)正(zheng)金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構(gou)的(de)(de)機(ji)(ji)會(hui)主(zhu)義行(xing)為(wei)、防(fang)(fang)止欺詐(zha)和(he)不(bu)公正(zheng)交易、保(bao)障(zhang)消費者(zhe)權益不(bu)受(shou)侵害，維(wei)護(hu)金(jin)(jin)(jin)融(rong)(rong)(rong)市場的(de)(de)公平(ping)、公正(zheng)與(yu)穩(wen)(wen)健運行(xing)，即“行(xing)為(wei)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)”。換言之，審慎(shen)(shen)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)主(zhu)要是(shi)(shi)站在金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構(gou)的(de)(de)角度，在保(bao)證機(ji)(ji)構(gou)有(you)足夠(gou)的(de)(de)資本和(he)流動性(xing)來抵御(yu)損失，防(fang)(fang)止金(jin)(jin)(jin)融(rong)(rong)(rong)危(wei)機(ji)(ji)發生的(de)(de)前提下，維(wei)護(hu)整(zheng)個金(jin)(jin)(jin)融(rong)(rong)(rong)系(xi)統(tong)的(de)(de)穩(wen)(wen)定；而行(xing)為(wei)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)則(ze)是(shi)(shi)專(zhuan)注于(yu)金(jin)(jin)(jin)融(rong)(rong)(rong)市場的(de)(de)運作(zuo)方(fang)式和(he)金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構(gou)的(de)(de)業務(wu)行(xing)為(wei)，以及這(zhe)些行(xing)為(wei)對(dui)消費者(zhe)和(he)投資者(zhe)的(de)(de)影(ying)響，更偏向于(yu)從金(jin)(jin)(jin)融(rong)(rong)(rong)市場中“行(xing)為(wei)人”的(de)(de)角度進行(xing)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)，以確保(bao)市場的(de)(de)公正(zheng)性(xing)、透明性(xing)和(he)效率，保(bao)護(hu)消費者(zhe)免受(shou)不(bu)公平(ping)或不(bu)適當(dang)行(xing)為(wei)的(de)(de)傷(shang)害。

       縱觀國(guo)際金(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)(guan)發展，絕大多數國(guo)家(jia)在(zai)(zai)制定金(jin)(jin)融(rong)(rong)體(ti)制和(he)(he)(he)監(jian)(jian)(jian)管(guan)(guan)(guan)立法時，往(wang)往(wang)傾向于審(shen)慎監(jian)(jian)(jian)管(guan)(guan)(guan)，強(qiang)調金(jin)(jin)融(rong)(rong)機(ji)構(gou)在(zai)(zai)維護金(jin)(jin)融(rong)(rong)市(shi)場體(ti)系(xi)穩定方面(mian)的(de)(de)(de)作用。從2008年次(ci)貸危機(ji)后，才(cai)逐步重視(shi)起(qi)金(jin)(jin)融(rong)(rong)市(shi)場的(de)(de)(de)行(xing)(xing)為監(jian)(jian)(jian)管(guan)(guan)(guan)，開始強(qiang)調對金(jin)(jin)融(rong)(rong)機(ji)構(gou)間(jian)交(jiao)(jiao)(jiao)易(yi)(yi)(yi)行(xing)(xing)為的(de)(de)(de)監(jian)(jian)(jian)管(guan)(guan)(guan)和(he)(he)(he)對金(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)者權益的(de)(de)(de)保護。金(jin)(jin)融(rong)(rong)市(shi)場的(de)(de)(de)交(jiao)(jiao)(jiao)易(yi)(yi)(yi)主體(ti)包括(kuo)金(jin)(jin)融(rong)(rong)機(ji)構(gou)和(he)(he)(he)金(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)者，金(jin)(jin)融(rong)(rong)市(shi)場的(de)(de)(de)良(liang)好運(yun)行(xing)(xing)需(xu)要(yao)雙方的(de)(de)(de)理性參(can)與(yu)和(he)(he)(he)公平交(jiao)(jiao)(jiao)易(yi)(yi)(yi)。金(jin)(jin)融(rong)(rong)產品及服務(wu)由于其復雜性，金(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)者往(wang)往(wang)難以(yi)(yi)(yi)準(zhun)確地評估產品風險，以(yi)(yi)(yi)及交(jiao)(jiao)(jiao)易(yi)(yi)(yi)過程(cheng)中的(de)(de)(de)自(zi)身權利(li)和(he)(he)(he)義務(wu)，金(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)者所遭受的(de)(de)(de)誤導(dao)性消(xiao)(xiao)費(fei)和(he)(he)(he)不公平交(jiao)(jiao)(jiao)易(yi)(yi)(yi)的(de)(de)(de)概率(lv)遠遠大于普通商品交(jiao)(jiao)(jiao)易(yi)(yi)(yi)。對于此類問題(ti)，僅僅靠審(shen)慎監(jian)(jian)(jian)管(guan)(guan)(guan)難以(yi)(yi)(yi)有效解決，而行(xing)(xing)為監(jian)(jian)(jian)管(guan)(guan)(guan)以(yi)(yi)(yi)保護金(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)者作為其主要(yao)目標，通過“介入式(shi)”和(he)(he)(he)“前瞻性”的(de)(de)(de)干預(yu)手段來(lai)規范金(jin)(jin)融機構(gou)行為(wei)，可有(you)效(xiao)地(di)與審(shen)慎監(jian)管形成互補以(yi)更好地(di)維護金(jin)(jin)融穩定，對(dui)進一步實現(xian)我國金(jin)(jin)融高質量發展具有(you)重要意義(yi)。

強化(hua)“行(xing)為監管”的理(li)論基礎(chu)和重要(yao)性(xing)

       習(xi)近平(ping)總書記(ji)指出(chu)：“黨的(de)十八大(da)以來(lai)，我(wo)們積極探(tan)索新(xin)時代金融(rong)(rong)發(fa)(fa)展規律，不(bu)斷加深對中(zhong)國特色社會主義金融(rong)(rong)本質(zhi)的(de)認識，不(bu)斷推(tui)進金融(rong)(rong)實踐創(chuang)新(xin)、理(li)論(lun)創(chuang)新(xin)、制度創(chuang)新(xin)，積累了(le)寶貴經驗，逐步(bu)走出(chu)一條(tiao)中(zhong)國特色金融(rong)(rong)發(fa)(fa)展之路，這(zhe)就是：堅(jian)持黨中(zhong)央對金融(rong)(rong)工(gong)作的(de)集中(zhong)統一領(ling)導(dao)，堅(jian)持以人民為中(zhong)心的(de)價值取向，堅(jian)持把金融(rong)(rong)服(fu)務實體(ti)經濟(ji)作為根本宗旨，堅(jian)持把防控風險作為金融(rong)(rong)工(gong)作的(de)永(yong)恒(heng)主題(ti)。”

       行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)經濟(ji)學中(zhong)(zhong)的(de)(de)(de)(de)(de)“有(you)(you)(you)限(xian)理(li)(li)(li)(li)性(xing)”理(li)(li)(li)(li)論(lun)(lun)、信(xin)息不(bu)對稱理(li)(li)(li)(li)論(lun)(lun)和(he)外(wai)部(bu)(bu)性(xing)理(li)(li)(li)(li)論(lun)(lun)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)強化(hua)金(jin)融(rong)(rong)(rong)(rong)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)監管和(he)風(feng)(feng)(feng)(feng)險(xian)(xian)防控提供了有(you)(you)(you)力(li)的(de)(de)(de)(de)(de)理(li)(li)(li)(li)論(lun)(lun)支撐。首(shou)先(xian)，作為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)經濟(ji)學分支的(de)(de)(de)(de)(de)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)金(jin)融(rong)(rong)(rong)(rong)學秉(bing)承(cheng)對金(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)場(chang)(chang)投(tou)(tou)資者(zhe)(zhe)(zhe)(zhe)、消(xiao)費者(zhe)(zhe)(zhe)(zhe)存(cun)在(zai)(zai)(zai)決(jue)策(ce)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)“有(you)(you)(you)限(xian)理(li)(li)(li)(li)性(xing)”和(he)“非(fei)(fei)理(li)(li)(li)(li)性(xing)”的(de)(de)(de)(de)(de)看法，對傳(chuan)統金(jin)融(rong)(rong)(rong)(rong)學中(zhong)(zhong)“理(li)(li)(li)(li)性(xing)人”假設提出了挑戰，認(ren)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)在(zai)(zai)(zai)投(tou)(tou)資決(jue)策(ce)過(guo)程(cheng)中(zhong)(zhong)，投(tou)(tou)資者(zhe)(zhe)(zhe)(zhe)或(huo)(huo)消(xiao)費者(zhe)(zhe)(zhe)(zhe)極(ji)易受(shou)(shou)到盲目自信(xin)、損失厭惡、心理(li)(li)(li)(li)賬戶(hu)效(xiao)應、錨定(ding)效(xiao)應等有(you)(you)(you)限(xian)理(li)(li)(li)(li)性(xing)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)的(de)(de)(de)(de)(de)影響，從而(er)(er)產生投(tou)(tou)資行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)的(de)(de)(de)(de)(de)系統性(xing)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)偏差(cha)。此時，若缺(que)(que)少行(xing)(xing)(xing)業(ye)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)監管，加之金(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)不(bu)能(neng)堅守職(zhi)業(ye)道(dao)德和(he)倫理(li)(li)(li)(li)底線，反而(er)(er)通過(guo)放大(da)消(xiao)費者(zhe)(zhe)(zhe)(zhe)的(de)(de)(de)(de)(de)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)偏差(cha)來追求利(li)(li)益最大(da)化(hua)，終將會導(dao)致(zhi)金(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)場(chang)(chang)動蕩甚至是金(jin)融(rong)(rong)(rong)(rong)危機(ji)；其(qi)次(ci)，信(xin)息不(bu)對稱理(li)(li)(li)(li)論(lun)(lun)認(ren)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)，金(jin)融(rong)(rong)(rong)(rong)消(xiao)費者(zhe)(zhe)(zhe)(zhe)在(zai)(zai)(zai)市(shi)(shi)場(chang)(chang)交(jiao)(jiao)(jiao)易活動中(zhong)(zhong)往往面臨(lin)信(xin)息獲(huo)取的(de)(de)(de)(de)(de)不(bu)利(li)(li)局面，這種結(jie)構(gou)性(xing)的(de)(de)(de)(de)(de)劣勢容易導(dao)致(zhi)消(xiao)費者(zhe)(zhe)(zhe)(zhe)受(shou)(shou)到可(ke)(ke)獲(huo)取信(xin)息的(de)(de)(de)(de)(de)誤導(dao)，以及(ji)金(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)的(de)(de)(de)(de)(de)操縱或(huo)(huo)者(zhe)(zhe)(zhe)(zhe)干(gan)預(yu)，進而(er)(er)可(ke)(ke)能(neng)遭受(shou)(shou)利(li)(li)益上的(de)(de)(de)(de)(de)損失；此外(wai)，在(zai)(zai)(zai)外(wai)部(bu)(bu)性(xing)理(li)(li)(li)(li)論(lun)(lun)框架(jia)下，由于(yu)金(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)場(chang)(chang)并(bing)非(fei)(fei)均衡穩(wen)定(ding)市(shi)(shi)場(chang)(chang)，運用金(jin)融(rong)(rong)(rong)(rong)套(tao)利(li)(li)在(zai)(zai)(zai)非(fei)(fei)均衡市(shi)(shi)場(chang)(chang)中(zhong)(zhong)獲(huo)利(li)(li)的(de)(de)(de)(de)(de)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)已經成為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)常態，這種金(jin)融(rong)(rong)(rong)(rong)外(wai)部(bu)(bu)性(xing)主(zhu)要(yao)表現在(zai)(zai)(zai)金(jin)融(rong)(rong)(rong)(rong)資產的(de)(de)(de)(de)(de)價格扭曲以及(ji)不(bu)合理(li)(li)(li)(li)的(de)(de)(de)(de)(de)市(shi)(shi)場(chang)(chang)交(jiao)(jiao)(jiao)易中(zhong)(zhong)，交(jiao)(jiao)(jiao)易主(zhu)體(ti)利(li)(li)用金(jin)融(rong)(rong)(rong)(rong)衍(yan)生品或(huo)(huo)者(zhe)(zhe)(zhe)(zhe)其(qi)他金(jin)融(rong)(rong)(rong)(rong)工具(ju)將損失風(feng)(feng)(feng)(feng)險(xian)(xian)轉嫁到第(di)三方導(dao)致(zhi)潛在(zai)(zai)(zai)負(fu)外(wai)部(bu)(bu)損失，如果缺(que)(que)少有(you)(you)(you)力(li)監管，當市(shi)(shi)場(chang)(chang)出現較(jiao)大(da)波(bo)動時，市(shi)(shi)場(chang)(chang)中(zhong)(zhong)的(de)(de)(de)(de)(de)各類金(jin)融(rong)(rong)(rong)(rong)產品、各交(jiao)(jiao)(jiao)易關(guan)聯(lian)方間的(de)(de)(de)(de)(de)相關(guan)性(xing)會急劇升高，導(dao)致(zhi)市(shi)(shi)場(chang)(chang)風(feng)(feng)(feng)(feng)險(xian)(xian)指(zhi)數級積聚放大(da)，進而(er)(er)造成產生系統性(xing)金(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)(feng)險(xian)(xian)的(de)(de)(de)(de)(de)隱患(huan)。美國的(de)(de)(de)(de)(de)次(ci)貸危機(ji)，金(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)將底層高風(feng)(feng)(feng)(feng)險(xian)(xian)的(de)(de)(de)(de)(de)房地產抵(di)押(ya)貸款，通過(guo)層層打包形成復雜的(de)(de)(de)(de)(de)金(jin)融(rong)(rong)(rong)(rong)衍(yan)生品轉而(er)(er)賣給投(tou)(tou)資者(zhe)(zhe)(zhe)(zhe)，并(bing)引致(zhi)全球金(jin)融(rong)(rong)(rong)(rong)危機(ji)事件就是因為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)缺(que)(que)少金(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)場(chang)(chang)行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)監管，金(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)基于(yu)投(tou)(tou)資者(zhe)(zhe)(zhe)(zhe)的(de)(de)(de)(de)(de)“非(fei)(fei)理(li)(li)(li)(li)性(xing)”行(xing)(xing)(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)(wei)，利(li)(li)用信(xin)息不(bu)對稱進而(er)(er)造成負(fu)外(wai)部(bu)(bu)性(xing)損失的(de)(de)(de)(de)(de)重(zhong)要(yao)體(ti)現。

       近年來，發生(sheng)(sheng)在我國金融(rong)行業損害消(xiao)費者權(quan)益(yi)的(de)(de)(de)事件(jian)也有出現。P2P網(wang)絡借貸(dai)平臺的(de)(de)(de)倒閉(bi)逃逸事件(jian)，以及“e租寶(bao)”“錢寶(bao)網(wang)”等非(fei)法集資案件(jian)的(de)(de)(de)曝光，不僅損害了(le)消(xiao)費者的(de)(de)(de)利益(yi)，也削弱了(le)金融(rong)市場的(de)(de)(de)整體(ti)公(gong)信(xin)力，增加了(le)金融(rong)體(ti)系潛在的(de)(de)(de)脆弱性(xing)，提高了(le)發生(sheng)(sheng)大(da)規模(mo)系統性(xing)風險的(de)(de)(de)可能。突(tu)出和強調行為監管是防范和化解我國金融風險的重點(dian)工(gong)作和內在(zai)(zai)要(yao)求。具體(ti)可以體(ti)現在(zai)(zai)以下三個方(fang)面。

       一、強化(hua)行為監管能夠對市(shi)場不當行為形成強大(da)的威(wei)懾力，切實維護金融消費(fei)者權益。通過設立專門的行(xing)為(wei)監管(guan)機構(gou)，明確界(jie)定市(shi)場(chang)行(xing)為(wei)規范與監管(guan)策(ce)略，可以(yi)有效打擊市(shi)場(chang)欺(qi)詐、操縱及其(qi)(qi)他不(bu)(bu)(bu)當行(xing)為(wei)。這種監管(guan)不(bu)(bu)(bu)僅(jin)包(bao)括對(dui)(dui)金融(rong)從業者(zhe)行(xing)為(wei)的持續監督和(he)審查，確保(bao)其(qi)(qi)在(zai)交易(yi)中(zhong)遵循法律和(he)倫理標準(zhun)，而且還涉及對(dui)(dui)消費(fei)者(zhe)的保(bao)護，做到“堅持以(yi)人(ren)民為(wei)中(zhong)心的價值取向(xiang)”，使其(qi)(qi)不(bu)(bu)(bu)受不(bu)(bu)(bu)公平交易(yi)和(he)信息不(bu)(bu)(bu)透(tou)明的影響。此(ci)外，行(xing)為(wei)監管(guan)機構(gou)能夠(gou)通過迅速(su)識(shi)別違規行(xing)為(wei)并及時處罰(fa)來提(ti)高違規成本，這不(bu)(bu)(bu)僅(jin)有助(zhu)于恢復消費(fei)者(zhe)對(dui)(dui)金融(rong)市(shi)場(chang)的信任，還能夠(gou)促進市(shi)場(chang)的公平性和(he)透(tou)明度。

       二、通過(guo)采取“干預性”和(he)“前瞻性”的監(jian)管策略，行(xing)為(wei)監(jian)管能夠有效(xiao)地對(dui)金融市場的潛(qian)在(zai)風險(xian)進行(xing)早期干預和(he)規范化管理。與(yu)傳統(tong)審(shen)(shen)慎監(jian)管更側重于(yu)對(dui)(dui)金融(rong)(rong)產(chan)(chan)(chan)(chan)品(pin)事前審(shen)(shen)批和(he)事后處罰不同的(de)是(shi)，行(xing)為(wei)監(jian)管更側重于(yu)保護消(xiao)費(fei)(fei)者權(quan)益，特別(bie)是(shi)在金融(rong)(rong)產(chan)(chan)(chan)(chan)品(pin)準入階(jie)段的(de)考量，例如，行(xing)為(wei)監(jian)管會(hui)對(dui)(dui)金融(rong)(rong)產(chan)(chan)(chan)(chan)品(pin)的(de)設(she)計進行(xing)評估，確保其在宣傳手段、收益結(jie)構等(deng)方面(mian)不會(hui)對(dui)(dui)消(xiao)費(fei)(fei)者權(quan)益造成損(sun)害(hai)。這種(zhong)監(jian)管方式涉(she)及對(dui)(dui)產(chan)(chan)(chan)(chan)品(pin)設(she)計和(he)市場(chang)行(xing)為(wei)的(de)持續監(jian)督(du)，一旦發現潛在的(de)問題，監(jian)管機構可以迅(xun)速(su)采取措(cuo)施，包括終止產(chan)(chan)(chan)(chan)品(pin)的(de)市場(chang)上市，以防(fang)止對(dui)(dui)更廣泛(fan)市場(chang)的(de)負面(mian)影響。這種(zhong)主動和(he)預(yu)防(fang)性的(de)監(jian)管方法有助(zhu)于(yu)提升金融(rong)(rong)市場(chang)的(de)整體(ti)穩定性和(he)消(xiao)費(fei)(fei)者的(de)信心。

我國金融“行為(wei)監管”的發力方向(xiang)

        在(zai)(zai)過去(qu)四十(shi)余年的(de)(de)(de)發(fa)(fa)展過程(cheng)中(zhong)，中(zhong)國的(de)(de)(de)金(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)體(ti)(ti)系(xi)經歷了(le)深(shen)刻的(de)(de)(de)結構變革，從中(zhong)國人民(min)銀(yin)行主導(dao)的(de)(de)(de)集中(zhong)式監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)模(mo)(mo)式，逐(zhu)步演變至“一(yi)(yi)行三會(hui)(hui)”，再到“一(yi)(yi)行兩(liang)會(hui)(hui)”，最終形(xing)(xing)成“一(yi)(yi)行一(yi)(yi)局(ju)(ju)一(yi)(yi)會(hui)(hui)”的(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)架(jia)構。2008年全球金(jin)(jin)(jin)融(rong)(rong)危機后，為(wei)(wei)了(le)適(shi)應國際(ji)金(jin)(jin)(jin)融(rong)(rong)環境(jing)的(de)(de)(de)變化(hua)，中(zhong)國借鑒了(le)國際(ji)上(shang)成熟的(de)(de)(de)行為(wei)(wei)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)經驗(yan)，致力于不(bu)(bu)斷完(wan)善金(jin)(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)(fei)者權(quan)(quan)益(yi)的(de)(de)(de)保(bao)護機制，逐(zhu)步建立起分業(ye)(ye)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)體(ti)(ti)系(xi)下(xia)(xia)(xia)(xia)的(de)(de)(de)“內雙峰(feng)”金(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)模(mo)(mo)式。在(zai)(zai)這(zhe)一(yi)(yi)模(mo)(mo)式下(xia)(xia)(xia)(xia)，各金(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)機構內部設(she)(she)置專門(men)負責(ze)相關(guan)行業(ye)(ye)消(xiao)(xiao)費(fei)(fei)者權(quan)(quan)益(yi)保(bao)護的(de)(de)(de)部門(men)，如人民(min)銀(yin)行下(xia)(xia)(xia)(xia)設(she)(she)金(jin)(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)(fei)權(quan)(quan)益(yi)保(bao)護局(ju)(ju)（現(xian)劃入(ru)金(jin)(jin)(jin)融(rong)(rong)市(shi)場(chang)司）、金(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)總局(ju)(ju)下(xia)(xia)(xia)(xia)設(she)(she)金(jin)(jin)(jin)融(rong)(rong)消(xiao)(xiao)費(fei)(fei)者保(bao)護局(ju)(ju)、證監(jian)(jian)(jian)(jian)(jian)會(hui)(hui)下(xia)(xia)(xia)(xia)設(she)(she)投資者保(bao)護局(ju)(ju)等，然(ran)而這(zhe)些部門(men)僅僅是在(zai)(zai)審慎監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)框架(jia)下(xia)(xia)(xia)(xia)作為(wei)(wei)內部分工，監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)職能和權(quan)(quan)責(ze)界定(ding)仍有模(mo)(mo)糊，造成出現(xian)過度(du)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)和監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)真(zhen)空的(de)(de)(de)情形(xing)(xing)。此(ci)外，隨(sui)著市(shi)場(chang)不(bu)(bu)斷深(shen)化(hua)，金(jin)(jin)(jin)融(rong)(rong)產品(pin)所呈現(xian)的(de)(de)(de)復雜化(hua)、多樣化(hua)的(de)(de)(de)趨勢又對金(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)專業(ye)(ye)性提出了(le)更高(gao)的(de)(de)(de)要求。因此(ci)，為(wei)(wei)了(le)推動(dong)中(zhong)國金(jin)(jin)(jin)融(rong)(rong)行為(wei)(wei)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)向高(gao)質(zhi)量發(fa)(fa)展轉型(xing)，以下(xia)(xia)(xia)(xia)幾點建議值得考慮。

       一、優(you)化行為監管機制頂層設(she)計。當前我國(guo)正進行(xing)新一(yi)輪高水平對外開放(fang)。隨著金(jin)融(rong)市(shi)場對外開放(fang)程(cheng)度的(de)加深，不僅需要(yao)應(ying)(ying)對國(guo)際金(jin)融(rong)市(shi)場風(feng)險(xian)的(de)沖擊(ji)，而且對本土金(jin)融(rong)監(jian)管(guan)(guan)的(de)有效性和風(feng)險(xian)防(fang)控能(neng)力提出了(le)更為(wei)(wei)嚴峻的(de)挑戰。在這一(yi)背(bei)景下，現(xian)階段我國(guo)行(xing)為(wei)(wei)監(jian)管(guan)(guan)改(gai)革(ge)，應(ying)(ying)在黨的(de)領導下不斷深化(hua)“內雙峰(feng)(feng)”監(jian)管(guan)(guan)模(mo)式，以強化(hua)行(xing)為(wei)(wei)監(jian)管(guan)(guan)功能(neng)為(wei)(wei)基礎，積極探索“雙峰(feng)(feng)”監(jian)管(guan)(guan)模(mo)式的(de)發展路徑，樹立“雙峰(feng)(feng)”監(jian)管(guan)(guan)理念，強化(hua)行(xing)為(wei)(wei)監(jian)管(guan)(guan)意識，并推動獨立的(de)行(xing)為(wei)(wei)監(jian)管(guan)(guan)機構建設，以確保其在與審慎監(jian)管(guan)(guan)并行(xing)的(de)金(jin)融(rong)監(jian)管(guan)(guan)體系(xi)中占(zhan)據相對獨立和關鍵的(de)地位(wei)。

       二、建立健全行(xing)為監管問責機制。行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)組織(zhi)結構和(he)執(zhi)行(xing)(xing)(xing)(xing)策略盡管(guan)(guan)(guan)是監(jian)(jian)管(guan)(guan)(guan)成(cheng)功的(de)(de)(de)(de)(de)(de)(de)關鍵因素，但其合理(li)性和(he)效(xiao)率最終應通過(guo)監(jian)(jian)管(guan)(guan)(guan)成(cheng)效(xiao)來衡(heng)量(liang)。在金(jin)融(rong)(rong)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)實(shi)踐(jian)過(guo)程中，應避免僅在出現(xian)(xian)消(xiao)費者權(quan)益(yi)受損問題(ti)發(fa)生(sheng)后(hou)對(dui)金(jin)融(rong)(rong)機(ji)構和(he)從業人員(yuan)進(jin)(jin)行(xing)(xing)(xing)(xing)無差別(bie)的(de)(de)(de)(de)(de)(de)(de)處罰。對(dui)于(yu)單(dan)一(yi)金(jin)融(rong)(rong)機(ji)構的(de)(de)(de)(de)(de)(de)(de)違規(gui)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)，監(jian)(jian)管(guan)(guan)(guan)機(ji)構應集中資源(yuan)專(zhuan)注于(yu)解決具體(ti)問題(ti)。然而(er)，若(ruo)出現(xian)(xian)多個機(ji)構同(tong)時違規(gui)的(de)(de)(de)(de)(de)(de)(de)情形，則可能反映出存在于(yu)監(jian)(jian)管(guan)(guan)(guan)規(gui)則設計或執(zhi)行(xing)(xing)(xing)(xing)層面中的(de)(de)(de)(de)(de)(de)(de)系(xi)統(tong)性問題(ti)，此時監(jian)(jian)管(guan)(guan)(guan)機(ji)構應深(shen)入分析原因，并采取(qu)相應的(de)(de)(de)(de)(de)(de)(de)改進(jin)(jin)措施。問責(ze)制(zhi)(zhi)度的(de)(de)(de)(de)(de)(de)(de)目標在于(yu)確(que)保(bao)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)部門及(ji)其官員(yuan)能夠負責(ze)任地(di)執(zhi)行(xing)(xing)(xing)(xing)政策和(he)規(gui)則，避免因行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)工作(zuo)的(de)(de)(de)(de)(de)(de)(de)復雜(za)性及(ji)其潛在的(de)(de)(de)(de)(de)(de)(de)不(bu)確(que)定性而(er)采取(qu)逃(tao)避責(ze)任或不(bu)作(zuo)為(wei)(wei)(wei)(wei)的(de)(de)(de)(de)(de)(de)(de)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)。同(tong)時，問責(ze)機(ji)制(zhi)(zhi)也可以(yi)防止監(jian)(jian)管(guan)(guan)(guan)工作(zuo)走向另一(yi)個極端，即通過(guo)過(guo)度監(jian)(jian)管(guan)(guan)(guan)抑制(zhi)(zhi)金(jin)融(rong)(rong)體(ti)系(xi)的(de)(de)(de)(de)(de)(de)(de)活力和(he)創新，這同(tong)樣(yang)可被視為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)不(bu)當。行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)(wei)監(jian)(jian)管(guan)(guan)(guan)問責(ze)機(ji)制(zhi)(zhi)的(de)(de)(de)(de)(de)(de)(de)建立，可以(yi)實(shi)現(xian)(xian)在嚴格(ge)監(jian)(jian)管(guan)(guan)(guan)和(he)保(bao)障金(jin)融(rong)(rong)市(shi)場活力之間的(de)(de)(de)(de)(de)(de)(de)平衡(heng)，從而(er)促進(jin)(jin)金(jin)融(rong)(rong)市(shi)場的(de)(de)(de)(de)(de)(de)(de)穩定和(he)健(jian)康(kang)發(fa)展。

       三、加強行為監管領(ling)域人才隊(dui)伍(wu)建設。行(xing)(xing)(xing)(xing)為(wei)(wei)監(jian)(jian)管(guan)(guan)機構應(ying)(ying)(ying)投入必要的(de)資源來培養(yang)和(he)吸收(shou)具有(you)高(gao)度專業知識(shi)和(he)技能的(de)人才，特別是提(ti)升(sheng)對(dui)行(xing)(xing)(xing)(xing)為(wei)(wei)經(jing)(jing)濟學(xue)(xue)理(li)(li)(li)(li)(li)論(lun)知識(shi)的(de)理(li)(li)(li)(li)(li)解和(he)應(ying)(ying)(ying)用(yong)。行(xing)(xing)(xing)(xing)為(wei)(wei)經(jing)(jing)濟學(xue)(xue)融(rong)合了經(jing)(jing)濟學(xue)(xue)和(he)心理(li)(li)(li)(li)(li)學(xue)(xue)的(de)理(li)(li)(li)(li)(li)論(lun)，對(dui)理(li)(li)(li)(li)(li)解市場(chang)參與(yu)者(zhe)(zhe)的(de)非理(li)(li)(li)(li)(li)性行(xing)(xing)(xing)(xing)為(wei)(wei)提(ti)供了重要視(shi)角，同時也有(you)利于監(jian)(jian)管(guan)(guan)者(zhe)(zhe)設(she)計出(chu)行(xing)(xing)(xing)(xing)之(zhi)有(you)效(xiao)(xiao)的(de)行(xing)(xing)(xing)(xing)為(wei)(wei)監(jian)(jian)管(guan)(guan)政策和(he)監(jian)(jian)督機制，促(cu)進金(jin)融(rong)行(xing)(xing)(xing)(xing)為(wei)(wei)監(jian)(jian)管(guan)(guan)的(de)有(you)效(xiao)(xiao)實(shi)施。例(li)如行(xing)(xing)(xing)(xing)為(wei)(wei)監(jian)(jian)管(guan)(guan)單位應(ying)(ying)(ying)加(jia)強監(jian)(jian)管(guan)(guan)者(zhe)(zhe)對(dui)各類(lei)“去(qu)偏(pian)策略(lve)”設(she)計原理(li)(li)(li)(li)(li)的(de)學(xue)(xue)習，了解如何運用(yong)行(xing)(xing)(xing)(xing)為(wei)(wei)經(jing)(jing)濟的(de)研(yan)(yan)究(jiu)成果來設(she)計和(he)實(shi)施行(xing)(xing)(xing)(xing)為(wei)(wei)干預策略(lve)，通過相(xiang)應(ying)(ying)(ying)的(de)行(xing)(xing)(xing)(xing)為(wei)(wei)監(jian)(jian)管(guan)(guan)制度安(an)排引導金(jin)融(rong)投資、消(xiao)費者(zhe)(zhe)向更(geng)(geng)理(li)(li)(li)(li)(li)性的(de)選擇方向發展(zhan)，并約束金(jin)融(rong)機構的(de)不正當行(xing)(xing)(xing)(xing)為(wei)(wei)，提(ti)高(gao)監(jian)(jian)管(guan)(guan)的(de)效(xiao)(xiao)率和(he)效(xiao)(xiao)果；此外，行(xing)(xing)(xing)(xing)為(wei)(wei)監(jian)(jian)管(guan)(guan)部門還應(ying)(ying)(ying)加(jia)強與(yu)行(xing)(xing)(xing)(xing)為(wei)(wei)經(jing)(jing)濟學(xue)(xue)界的(de)交流合作，積極開展(zhan)行(xing)(xing)(xing)(xing)為(wei)(wei)監(jian)(jian)管(guan)(guan)的(de)聯合研(yan)(yan)究(jiu)，吸收(shou)更(geng)(geng)多行(xing)(xing)(xing)(xing)為(wei)(wei)經(jing)(jing)濟學(xue)(xue)前沿理(li)(li)(li)(li)(li)論(lun)成果指導監(jian)(jian)管(guan)(guan)實(shi)踐。

       我(wo)們相信(xin)，在黨的(de)領導(dao)下(xia)，在推(tui)動(dong)金融(rong)(rong)(rong)高質量發展、建設(she)金融(rong)(rong)(rong)強國的(de)征程中(zhong)，中(zhong)國的(de)金融(rong)(rong)(rong)市(shi)(shi)場必將呈(cheng)現出更加有(you)效、公正、透明和充滿活力(li)的(de)面貌(mao)。因此(ci)，中(zhong)國年輕一(yi)代有(you)充分的(de)理由對未來的(de)金融(rong)(rong)(rong)市(shi)(shi)場抱有(you)美(mei)好的(de)期待。