【摘要】：隨著東北亞各國相互間經(jīng)濟聯(lián)系的漸趨密切、貿(mào)易和金融自由化的不斷發(fā)展,近年來,東北亞區(qū)域金融一體化趨勢日益明顯,貨幣金融合作逐漸被提上了各國的議事日程。在這一背景下,研究東北亞金融監(jiān)管的區(qū)域性協(xié)調(diào)與合作這一課題,對于東北亞區(qū)域貨幣金融合作以及促進中國的金融發(fā)展和國際化均具有推動作用。從東北亞角度看,由于金融監(jiān)管的協(xié)調(diào)與合作是金融合作的基礎(chǔ)性環(huán)節(jié),因此,探討如何通過金融監(jiān)管的協(xié)調(diào)與合作來推動區(qū)域內(nèi)貨幣金融合作的更進一步發(fā)展并維護區(qū)域金融穩(wěn)定成為各國面臨的共同課題。從中國的角度來看,在區(qū)域金融一體化的情勢下,研究如何通過加強與區(qū)域內(nèi)其他國家的金融監(jiān)管合作這一課題,對于我國防止金融傳染的沖擊、維護金融穩(wěn)定、循序漸進地開放金融市場、實現(xiàn)金融自由化以及提高人民幣的國際地位等亦具有重要的現(xiàn)實意義。 雖然,在亞洲金融危機后,學(xué)術(shù)界和政策界對東北亞貨幣金融合作的相關(guān)問題進行了較為廣泛的研究和討論,而且在實踐中,東北亞貨幣金融合作也初步取得了一些進展。但是,對于東北亞金融監(jiān)管的協(xié)調(diào)與合作,目前學(xué)術(shù)界尚沒有專題性的系統(tǒng)研究,本文的選題,旨在填補這一學(xué)術(shù)研究的空白。本文運用實證研究與規(guī)范研究相結(jié)合的研究方法,將金融監(jiān)管的一般理論與東北亞區(qū)域金融發(fā)展的具體情況結(jié)合起來,分析了東北亞區(qū)域金融一體化、區(qū)域金融合作以及金融監(jiān)管協(xié)調(diào)與合作的現(xiàn)狀,并根據(jù)區(qū)域金融監(jiān)管合作的相關(guān)理論以及歐盟所提供的國際經(jīng)驗,力圖探討并解決有關(guān)東北亞區(qū)域金融監(jiān)管合作的兩個問題：(一)“為什么,,的問題,即東北亞金融監(jiān)管的區(qū)域性協(xié)調(diào)與合作的背景和原因；(二)“怎么樣”的問題,即東北亞地區(qū)應(yīng)該在哪些方面、如何進行金融監(jiān)管的區(qū)域性協(xié)調(diào)與合作。 首先,本文在概括和評析金融監(jiān)管理論的基礎(chǔ)上,結(jié)合東北亞區(qū)域貨幣金融合作與金融一體化的實際情形,分析了東北亞金融監(jiān)管協(xié)調(diào)與合作的背景和原因。 根據(jù)早期的金融監(jiān)管理論,政府之所以要實施金融監(jiān)管,主要是因為金融領(lǐng)域廣泛存在的市場失靈,例如,信息不對稱、金融負外部性、金融傳染、金融壟斷等。金融領(lǐng)域的市場失靈造成金融體系的脆弱性,嚴(yán)重的時候甚至導(dǎo)致金融危機,鑒于金融在現(xiàn)代經(jīng)濟中的核心地位,該理論主張政府應(yīng)該介入金融領(lǐng)域,實施金融監(jiān)管,以維護金融體系的穩(wěn)定。金融監(jiān)管理論后來的發(fā)展,便是出現(xiàn)了“監(jiān)管失靈論”,該理論認(rèn)為,政府金融監(jiān)管的目的并非完全是維護金融體系之穩(wěn)定,更重要的是為了維護相關(guān)利益集團的私人利益。金融監(jiān)管不但會導(dǎo)致市場效率的損失,而且不當(dāng)?shù)谋O(jiān)管往往成為金融體系不穩(wěn)定的根源之一。因而,該理論主張放松金融監(jiān)管的同時,強調(diào)市場紀(jì)律在維護金融體系穩(wěn)定中的作用。 區(qū)域金融一體化導(dǎo)致了市場失靈和監(jiān)管失靈的區(qū)域化,主要表現(xiàn)為：(一)信息不對稱更為突出；(二)金融負外部性的區(qū)域化,如金融危機的區(qū)域性傳染；(三)各國監(jiān)管者之間的利益和激勵沖突,例如監(jiān)管競爭和監(jiān)管“爭下游”；(四)重復(fù)監(jiān)管和監(jiān)管真空。在現(xiàn)實的金融世界中,市場失靈和監(jiān)管失靈的區(qū)域化已經(jīng)成為導(dǎo)致區(qū)域金融不穩(wěn)定的主要因素,自1990年代以來發(fā)生的一些主要金融危機,都具有金融傳染的特征。與此同時,市場失靈和監(jiān)管失靈的區(qū)域化,也是阻礙區(qū)域金融一體化進一步深化的重要因素。盡管隨著經(jīng)貿(mào)聯(lián)系的密切和各國金融自由化改革,出現(xiàn)了金融一體化的趨勢,但是,諸如重復(fù)監(jiān)管、各國監(jiān)管者之間利益沖突、監(jiān)管標(biāo)準(zhǔn)的千差萬別等因素將極大地妨礙著區(qū)域金融一體化和區(qū)域資源優(yōu)化配置的實現(xiàn)。由此,在區(qū)域經(jīng)濟和金融一體化的趨勢下,區(qū)域內(nèi)各國非常有必要進行金融監(jiān)管的協(xié)調(diào)與合作,以維護區(qū)域金融穩(wěn)定、深化區(qū)域金融合作、推進區(qū)域金融一體化。歐盟是當(dāng)今世界區(qū)域金融一體化的一個典型例子,歐盟的實踐表明了在區(qū)域金融一體化發(fā)展過程中進行金融監(jiān)管區(qū)域性協(xié)調(diào)與合作的必要性。 近年來,區(qū)域經(jīng)濟一體化的發(fā)展、貨幣金融領(lǐng)域的一些合作,使得在東北亞地區(qū)也萌生了金融一體化發(fā)展的趨勢。在此背景下,一般意義上的市場失靈和監(jiān)管失靈的區(qū)域化在該地區(qū)也開始表現(xiàn)了出來,成為東北亞地區(qū)金融監(jiān)管協(xié)調(diào)與合作的具體原因：(一)金融危機的區(qū)域性傳染,例如1997年的東亞金融危機；(二)不同的監(jiān)管標(biāo)準(zhǔn)妨礙著區(qū)域內(nèi)金融機構(gòu)的跨國進入；(三)東北亞地區(qū)業(yè)已開始的貨幣金融合作的推進,離不開金融監(jiān)管的區(qū)域性協(xié)調(diào)與合作。 其次,本文重點分析了東北亞地區(qū)應(yīng)該在哪些方面、如何進行區(qū)域金融監(jiān)管協(xié)調(diào)與合作的問題。鑒于維護區(qū)域金融穩(wěn)定、推進區(qū)域金融合作及一體化發(fā)展的目標(biāo),本文認(rèn)為,東北亞區(qū)域金融監(jiān)管協(xié)調(diào)與合作,主要涉及兩個方面：(一)東北亞區(qū)域金融監(jiān)管協(xié)調(diào)與合作的機制構(gòu)建；(二)東北亞金融監(jiān)管協(xié)調(diào)與合作的路徑,包括銀行業(yè)監(jiān)管的區(qū)域性協(xié)調(diào)與合作,證券業(yè)監(jiān)管的區(qū)域性協(xié)調(diào)與合作。 在金融監(jiān)管協(xié)調(diào)與合作機制的構(gòu)建與創(chuàng)新方面,基于對東北亞主要國家中國、日本和韓國的監(jiān)管體制及當(dāng)前東北亞金融合作進展的分析,比照歐盟的實踐,本為提出,東北亞區(qū)域監(jiān)管協(xié)作機制構(gòu)建與創(chuàng)新過程中,需要注意：雙邊機制與區(qū)域性多邊機制的相互結(jié)合、正式機制與非正式機制的相互補充、分階段循序漸進地深化、區(qū)域內(nèi)的機制與區(qū)域外的機制的相輔相成。更具體地,可以考慮,分三個階段逐步確立東北亞金融監(jiān)管的區(qū)域合作機制。在第一階段,應(yīng)繼續(xù)完善已有的雙邊監(jiān)管協(xié)作機制,包括實施監(jiān)管合作諒解備忘錄、簽訂雙邊金融監(jiān)管合作協(xié)議等。在第二階段,逐步形成區(qū)域性金融監(jiān)管合作機制的基礎(chǔ),包括就構(gòu)建東北亞區(qū)域監(jiān)管合作機制各國所達成的共識、構(gòu)筑各國監(jiān)管者之間交流與合作的平臺等。第三階段是區(qū)域性多邊金融監(jiān)管合作機制的形成和完善階段,包括建立東北亞金融監(jiān)管區(qū)域性合作的組織機構(gòu),發(fā)展適合東北亞實際情況的有效監(jiān)管標(biāo)準(zhǔn)和規(guī)則,最終確立東北亞區(qū)域金融監(jiān)管合作機制。 在銀行業(yè)監(jiān)管的區(qū)域性協(xié)調(diào)與合作方面,本文首先對中國、日本和韓國的銀行業(yè)監(jiān)管、特別是對外資銀行監(jiān)管進行了實證比較。在此基礎(chǔ)上,本文分析并指出了東北亞銀行業(yè)監(jiān)管協(xié)調(diào)與合作的路徑。特別地,東北亞國家需要繼續(xù)完善本國的銀行業(yè)監(jiān)管,并且逐步引入《巴塞爾協(xié)議》等國際銀行監(jiān)管標(biāo)準(zhǔn),在這個過程中,相互之間擴大金融市場對區(qū)域內(nèi)其他國家金融機構(gòu)的開放,從而形成東北亞國家銀行業(yè)監(jiān)管協(xié)調(diào)與合作的基礎(chǔ)。然后結(jié)合歐盟的成功經(jīng)驗,確立東北亞銀行監(jiān)管協(xié)調(diào)與合作的原則,例如最低一致原則、相互承認(rèn)原則、母國監(jiān)管原則等,最終,在市場準(zhǔn)入、資本金要求、資本充足率等方面實現(xiàn)東北亞銀行業(yè)監(jiān)管的協(xié)調(diào)和統(tǒng)一。 在證券業(yè)監(jiān)管的區(qū)域性協(xié)調(diào)與合作方面,本文從證券機構(gòu)監(jiān)管、證券交易監(jiān)管、上市公司監(jiān)管尤其是信息披露三個方面對東北亞各國證券業(yè)監(jiān)管進行了比較分析。在此基礎(chǔ)上,以東北亞債券市場發(fā)展和股票市場一體化為背景,探討了東北亞證券業(yè)監(jiān)管的協(xié)調(diào)與合作問題。當(dāng)前,東北亞各國證券監(jiān)管協(xié)調(diào)與合作表現(xiàn)兩個層面,其一是證券監(jiān)管當(dāng)局之間的協(xié)調(diào)與合作,例如,區(qū)域內(nèi)各國證券監(jiān)管當(dāng)局之間通過簽署“證券監(jiān)管合作備忘錄”形式進行的合作。其二,近年來,東北亞各國尤其是中日韓的證券交易所積極開展合作,相互加強了信息的交換和技術(shù)的交流。根據(jù)東北亞證券市場一體化發(fā)展的趨勢,本文認(rèn)為,東北亞區(qū)域證券監(jiān)管協(xié)調(diào)與合作的努力方向包括下面三個方面：(一)繼續(xù)加強相互之間的信息交流,深化雙邊監(jiān)管合作；(二)在上述基礎(chǔ)上,逐漸實現(xiàn)區(qū)域內(nèi)的證券監(jiān)管的協(xié)調(diào)和統(tǒng)一；(三)區(qū)域內(nèi)各個交易所之間的協(xié)調(diào)與合作。 本文的創(chuàng)新之處有二。第一,本文將金融監(jiān)管相關(guān)理論與區(qū)域金融一體化相結(jié)合,提出了市場失靈區(qū)域化和監(jiān)管失靈區(qū)域化概念,并認(rèn)為,表現(xiàn)為區(qū)域金融傳染、重復(fù)監(jiān)管、監(jiān)管真空以及監(jiān)管者利益與激勵沖突的市場失靈和監(jiān)管失靈的區(qū)域化,為區(qū)域金融監(jiān)管的協(xié)調(diào)與合作提供了理論依據(jù)。第二,本文在東北亞區(qū)域經(jīng)濟、金融漸趨一體化的背景下,首次提出并系統(tǒng)研究了東北亞區(qū)域金融監(jiān)管協(xié)調(diào)與合作問題,從而填補了國內(nèi)在該領(lǐng)域研究的一個空白。當(dāng)然,由于主客觀的原因,本文的不足之處也是顯見的。其中特別需要提出的是,因為東北亞金融合作才剛剛起步,金融監(jiān)管方面的合作尚處于學(xué)術(shù)探討層面,相關(guān)的合作行動十分鮮見,因而,本文在實證研究方面略有不足,當(dāng)然,這也為今后就此課題進行更深入研究提供了一個方向。
[Abstract]:With the closer economic ties between countries in Northeast Asia and the continuous development of trade and financial liberalization, the trend of financial integration in Northeast Asia is becoming more and more obvious in recent years. Monetary and financial cooperation has gradually been put on the agenda of various countries. In this context, the study of regional coordination and cooperation in East North Asia's financial supervision is a lesson. In the Northeast Asia, the coordination and cooperation of financial supervision and cooperation are the basic links of financial cooperation. Therefore, this paper discusses how to promote regional monetary and financial cooperation through the coordination and cooperation of financial supervision. Further development and maintenance of regional financial stability has become a common topic for all countries. From the perspective of China, in the context of regional financial integration, the research on how to strengthen the financial supervision and cooperation with other countries in the region is a step by step to prevent the impact of financial transmission and maintain financial stability. It is also of great practical significance to release financial markets, achieve financial liberalization and raise the international status of the renminbi.
Although, after the Asian financial crisis, the academic and policy circles have carried out a more extensive study and Discussion on the related issues of monetary and financial cooperation in Northeast Asia, and in practice, some progress has been made in the monetary and financial cooperation of Northeast Asia. However, there is no topic in the academic circle for the coordination and cooperation of Northeast Asia financial supervision. The purpose of this paper is to fill in the blank of this academic research. This paper combines the general theory of financial supervision with the specific situation of the financial development of Northeast Asia, and analyzes the financial integration of Northeast Asia, regional financial cooperation and Finance with the combination of empirical research and normative research. In accordance with the relevant theories of regional financial supervision and cooperation and the international experience provided by the EU, we try to explore and solve two problems about the cooperation of financial supervision in Northeast Asia: (I): "why, the problem, that is, the background and cause of regional coordination and cooperation in Northeast Asia financial supervision; (two) The question of "how" is the regional coordination and cooperation of financial supervision in Northeast Asia.
First of all, on the basis of summarizing and evaluating the theory of financial supervision and combining the actual situation of monetary and financial cooperation and financial integration in Northeast Asia, this paper analyzes the background and reasons of the coordination and cooperation of Northeast Asia financial supervision and regulation.
According to the early financial supervision theory, the government to implement financial supervision is mainly because of the widespread market failure in the financial field, such as information asymmetry, financial negative externality, financial contagion, financial monopoly and so on. The market failure in the financial field has caused the vulnerability of the financial system, and even the financial crisis in serious time, and even the financial crisis. In the core position of Finance in the modern economy, the theory advocates that the government should intervene in the field of Finance and implement financial supervision in order to maintain the stability of the financial system. The later development of the financial supervision theory is the emergence of "the theory of regulatory failure". The theory holds that the purpose of the government financial supervision is not to maintain the stability of the financial system, and more. It is important to maintain the private interests of the related interest groups. Financial regulation not only leads to the loss of market efficiency, but also improper supervision often becomes one of the causes of the instability of the financial system. Therefore, this theory advocates the relaxation of financial regulation and emphasizes the role of market discipline in maintaining the stability of the financial system.
Regional financial integration leads to the regionalization of market failure and regulatory failure, mainly as follows: (I) information asymmetry is more prominent; (two) the regionalization of financial negative externalities, such as regional transmission of financial crisis; (three) the interests and incentive conflicts among supervisors of various countries, such as supervision competition and supervision "downstream"; (four) (four) In the real financial world, market failure and the regionalization of regulatory failure have become the main factors that lead to regional financial instability. Some of the major financial crises that have occurred since 1990s have the characteristics of financial contagion. At the same time, the regionalization of market failure and regulatory failure is also a hindrance zone. Although the trend of financial integration has emerged in spite of the close relationship between economic and trade and the reform of financial liberalization in various countries, such factors as duplication of supervision, conflicts of interest among regulators in various countries and the diversity of regulatory standards will greatly impede regional financial integration and regional capital. As a result, in the trend of regional economic and financial integration, countries in the region are very necessary to coordinate and cooperate with the financial supervision in order to maintain regional financial stability, deepen regional financial cooperation and promote regional financial integration. Practice shows the necessity of regional coordination and cooperation in financial supervision in the process of regional financial integration.
In recent years, the development of regional economic integration and some cooperation in the field of monetary finance have made the trend of financial integration development in Northeast Asia. Under this background, the general market failure and the regionalization of supervision failure have also begun to show in the region, and become the coordination and cooperation of financial supervision in Northeast Asia. The specific reasons are: (I) the regional contagion of the financial crisis, such as the East Asian financial crisis in 1997; (two) different regulatory standards impede the transnational entry of financial institutions in the region; (three) the advance of monetary and financial cooperation in Northeast Asia can not be separated from the regional coordination and cooperation of financial supervision.
Secondly, this paper focuses on the aspects of Northeast Asia and how to coordinate and cooperate with the regional financial supervision. In view of the goal of maintaining regional financial stability and promoting regional financial cooperation and integrated development, this paper holds that the coordination and cooperation of financial supervision in Northeast Asia is mainly involved in two aspects: (1) northeast China The construction of the coordination and cooperation of subregional financial supervision and cooperation; (two) the path of coordination and cooperation of financial supervision in Northeast Asia, including regional coordination and cooperation in banking supervision and regional coordination and cooperation in the supervision of securities industry.
In the construction and innovation of the coordination and cooperation mechanism of financial supervision and regulation, based on the analysis of the regulatory system of the main countries of Northeast Asia China, Japan and South Korea and the progress of the current Northeast Asian financial cooperation, it is proposed that in the process of construction and innovation of the coordination mechanism of the Northeast Asia regional supervision and cooperation, it is necessary to pay attention to the bilateral mechanism and the process of innovation. The combination of regional multilateral mechanisms, the complementary of formal mechanism and informal mechanism, step by step and gradual deepening, the mechanism in the region and the mechanism outside the region complement each other. More concretely, we can consider, gradually establish the regional cooperation mechanism of the Northeast Asian financial supervision in three stages. In the first stage, we should continue to improve the system. Some bilateral regulatory cooperation mechanisms, including the implementation of the memorandum of understanding and the bilateral financial supervision and cooperation agreements, and so on. In the second stage, the foundation of the regional financial supervision and cooperation mechanism is gradually formed, including the consensus on the construction of the cooperation mechanism of the Northeast Asia regional supervision and cooperation mechanism, and the construction of exchanges and cooperation among the supervisors of various countries. The third stage is the formation and improvement stage of regional multilateral financial supervision and cooperation mechanism, including the establishment of regional cooperation organizations in Northeast Asia financial supervision, the development of effective regulatory standards and rules suitable for the actual situation in Northeast Asia, and the final establishment of the Northeast Asia regional financial supervision and cooperation mechanism.
In the area of regional coordination and cooperation in banking supervision, this paper first makes an empirical comparison of banking supervision in China, Japan and South Korea, especially the supervision of foreign banks. On this basis, this paper analyzes and points out the path of coordination and cooperation in the supervision of Northeast Asian banks. In the course of this process, the banking regulatory standards of the Basel agreement and other international banking regulatory standards are gradually introduced. In this process, the financial markets of other countries in the region are open to each other, thus forming the basis for the coordination and cooperation of the banking supervision of the Northeast Asian countries. The principles of regulatory coordination and cooperation, such as the principle of minimum consistency, mutual recognition principle and the principle of home country supervision, finally achieve the coordination and unification of banking supervision in Northeast Asia in the aspects of market access, capital requirements and capital adequacy.
In the area of regional coordination and cooperation in the supervision of securities industry, this paper makes a comparative analysis of securities regulation in the countries of Northeast Asia from three aspects of securities regulatory supervision, securities trading supervision, listed company supervision, especially information disclosure. On this basis, the East Asia bond market development and stock market integration as the background to discuss the East. The coordination and cooperation of securities regulation in North Asia. At present, the coordination and cooperation of securities supervision and cooperation between the countries of Northeast Asia shows two levels, one is the coordination and cooperation between the securities regulatory authorities, for example, the cooperation between securities regulatory authorities in the region through the signing of the "memorandum of supervision and cooperation" in the form of "securities regulatory cooperation memo". North Asian countries, especially China Japan Japan and South Korea stock exchange, actively cooperate with each other to strengthen exchange of information and exchange of technology. According to the trend of the integrated development of the Northeast Asia Securities market, this paper holds that the direction of the coordination and cooperation of securities regulation in Northeast Asia includes three aspects: (I) continue to strengthen each other Exchange of information and deepen bilateral supervision and cooperation; (two) on the basis of the above, the coordination and unification of securities regulation in the region are gradually realized; (three) the coordination and cooperation between the various exchanges in the region.
The innovation of this article is two. First, this paper combines the related theories of financial supervision and regional financial integration, and puts forward the concept of regionalization of market failure and regulation failure, and believes that the region is characterized by regional financial contagion, repeated supervision, regulatory vacuum, market failure and regulatory failure of regulators' interests and incentive conflicts. Regionalization provides a theoretical basis for the coordination and cooperation of regional financial supervision. Second, in the context of the Northeast Asia regional economy and the integration of finance, the problem of coordination and cooperation of financial supervision in Northeast Asia is systematically studied and studied for the first time, which fills a gap in the research in this field. The shortcomings of this article are also obvious. In particular, it needs to be put forward, because the financial cooperation in Northeast Asia has just started, the cooperation in financial supervision is still at the academic level, and the related cooperative action is very rare. Therefore, this article is slightly insufficient in the empirical research, of course, this is also for the future. Further research provides a direction.
【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F833.1

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本文編號：2148262