论中央与地方金融监管权配置之优化——以地方性影子银行的监管为视角

近年来,我国各类地方性影子银行的涌现及其引发的诸多地方金融风险事件,使完全依赖中央政府一己之力的垂直监管模式弊端凸现,地方金融监管的补充作用越发明显。长期以来,我国较关注金融监管权在中央部门间的横向配置,对其在中央与地方之间的纵向配置几无触及,导致地方金融监管权的实现只能端赖中央金融监管机构“一事一议”的规章、规范性文件乃至政策的授权方式,缺乏应有的正当性。地方金融办也因此“名不正、言不顺”,普遍存在职能错位、监管权被随意干预和监管资源配备不足等困境。是故,国家应尽早通过更高位阶的立法对“央地”金融监管权的配置加以优化,包括明晰“央地”金融监管边界,一揽子授予地方完整的金融监管权,设置相应的外部监督问责制度,并建立起以国家金融稳定发展委员会为主导的纵向金融监管协调机制,使两者形成监管合力,依法共治。

The Optimization of the Allocation of Central and Local Financial Regulatory Power:From the Perspective of Local Shadow Banks' Supervision

With the emerging of various local shadow banks in China in recent years and many risks caused by them,the disadvantage of the traditional vertical supervision model relying on the central power to regulate is becoming increasingly prominent,and the complementary role of local financial supervision is becoming more and more indispensable.However,our legislation has been paying more attention to the horizontal allocation of financial regulatory power between the central departments,while the vertical allocation between the central and local authorities has been barely addressed.As a result,the exercise of local financial regulatory power can only rely on the central“case by case”authorization mode,lacking of sufficient legitimacy basis.Hence the local financial offices are faced with many dilemmas,such as functional dislocation,the arbitrary intervention to regulatory power and inadequate supervision.Therefore,China should optimize the allocation of central and local financial regulatory power as soon as possible through the rule of law,including clarifying the boundary between the central and local financial regulatory power,integrating local financial regulatory powers and setting up corresponding external monitoring measures,and establishing a vertical financial regulatory coordination mechanism led by the National Committee for Financial Stability and Development,so as to end the fragmented state of supervision,and be feasible to form a joint supervision force between the central government and local governments.