金融消费维权的博弈视角 Financial consumer rights protection game perspective

　　现有条件下，要真正有效保护金融消费者正当权益，不仅要做到事后维权，还要做到事前监管，从营造长期合作博弈环境角度对金融机构一次性博弈策略进行多层次、多方位矫正。

Existing conditions,To truly effective to protect the financial consumers' legitimate rights,Not only to do afterwards rights,But also what proactive regulation and supervision,From build long-term cooperative game environment Angle to financial institutions one-time game strategy for multi-level/Multi-dimensional correction.

　　金融消费作为消费的一种特殊形式，因其呈现专业化、技术化、抽象化特点，金融消费者在产品收益、潜在风险等信息上处于更加不对称状态，加上金融产品市场仍属竞争不充分市场，金融机构处相对垄断地位，金融消费者在利益博弈中的弱势地位明显，金融消费者购买理财产品时风险收益不匹配、购买信贷产品时门槛过高、被动购买高成本信贷产品、金融消费维权难等现象十分普遍。如果不借助外力或第三方监管来营造平等、公正的博弈环境，金融交易各参与方基于短期利益的一次性博弈行为难以受到抵制，应尽快建立和完善金融消费权益保护体系，既是金融发展所需，也是有效维护金融消费权益的必要条件。

Financial consumption as a special form of consumption,Because of its present specialization/technicalization/Abstraction features,Financial consumers in the product gains/The potential risk information in a more asymmetric state,Add financial products market is insufficient competition market,Financial institutions place relative monopoly position,Financial consumers in the interests of the weak position of the game obviously,Financial consumers to buy the financial risk and return products do not match/Buy credit products high threshold/Passive buy high cost credit products/Financial consumer rights such as difficult phenomena are very common.If without the help of external force or the third party supervision to build equality/Fair game environment,Financial transactions each party based on short-term interests of the one-time game behavior is hard to resist,As soon as possible should establish and perfect the financial consumer rights and interests protection system,Financial development is needed,Also is the effective safeguard the financial consumer rights and interests of the necessary condition.

　　不对等的博弈 Uncoordinated game

　　尽管目前金融消费形式多种多样，但从资金流向看，不外乎两种形式：第一种形式（以下简称“Ⅰ模式”）是消费者直接将资金使用权转移给金融机构，暂时取得收益类产品（包括存款、股票、债券、基金等理财产品），期望到期收回本金的同时获得尽可能高的额外收益。在这种情况下，消费者不仅关注产品收益率，而且关注产品风险。而金融机构除了关注获取资金所支付成本外，更加关注产品吸纳资金能力大小；第二种形式（以下简称“Ⅱ模式”）是消费者凭借自身信用条件赊购金融机构信贷资金产品，用于消费和投资，到期归还金融机构本金和利息。在这种情况下，金融消费者不仅关注信贷产品取得的难易程度，而且关注信贷产品价格高低。金融机构作为资金流出方除了关注收益率外，更加关注资金回笼风险。

Despite the current financial consumption pattern varied,But from the capital flow to see,Nothing more than two kinds of forms:The first form(Hereinafter referred to as"Ⅰ mode")Is consumer directly use funds transferred to financial institutions,Achieve temporary income products(Including deposit/stock/bonds/Funds financial products),Expect due principal back and get the highest possible additional income.In this case,The consumer not only focus on the product yield,And pay attention to the risk of product.And financial institutions in addition to obtain funds paid attention to the cost,Pay more attention to the product ability of absorbing funds size;The second form(Hereinafter referred to as"Ⅱ mode")Is consumer depending on credit conditions credit financial institutions capital credit products,For consumption and investment,In which the principal and interest of the financial institutions.In this case,Financial consumers not only pay attention to credit products to achieve the degree of difficulty,And pay attention to credit product price high and low.Financial institutions as capital outflow party aside from the focus on the rate of return,Pay more attention to the withdrawal of capital risk.

　　不管上述哪种形式，从博弈视角看，金融机构和金融消费者作为交易各方不仅是利益共同体，也是利益博弈的直接参与人。理性上，金融消费者和金融机构要想获得利益最大化，必须选择有利于对方利益最大化的博弈策略，才能达到最优纳什均衡，但前提是必须营造公平、对等的博弈环境，而现实中，由于金融消费者处明显信息劣势、金融产品垄断性相对较高，金融消费者与金融机构博弈环境事实上处于极不对等状态。

No matter what kind of form above,From the point of game perspective,Financial institutions and financial consumers as the transacting parties is not only a community of interests,Is the direct participants benefit gambling.On rational,Financial consumers and financial institutions to get maximum benefit,Must choose to each other benefit maximization game strategy,To achieve optimal Nash equilibrium,But the premise is to must build a fair/Peer game environment,But in reality,Due to the financial consumers place obvious information disadvantage/Financial products monopoly is relative taller,Financial consumers and financial institutions game environment in fact in a highly peer status.

　　第一，金融消费者处明显信息劣势。一是金融消费者难以掌握专业化、抽象化的金融产品信息。二是信用体系建设不完善导致信用信息收集难。目前真正纳入征信系统的自然人十分有限，且数据多为信贷数据。金融机构要想获取更多金融消费者的信用信息，必须支付较高的搜寻成本。这种风险无法识别、信息收集成本高的现实使金融机构普遍通过提高信贷门槛和贷款利率的方式，来减少或弥补信贷风险，而大部分信贷产品在卖方市场情况下消费者只能被动接受。

The first,Financial consumer place obvious information disadvantage.One is the financial consumers is difficult to master professional/Abstract the financial product information.The second is the construction of credit system is not perfect lead to credit information collection difficult.The real credit reporting system into the natural person is very limited,And more data for credit data.Financial institutions to get more financial consumer credit information,Must pay higher search cost.This risk can't identify/The reality of the high cost of information collection to financial institutions through improving common credit threshold and loan interest rates way,To reduce or make up for credit risk,And most of the credit products in the seller's market circumstances consumers can only passive to accept.

　　第二，金融产品仍属竞争不充分的垄断产品。一是金融产品竞争不充分。尽管目前金融产品涉及银行、证券、保险等多个领域，而且发展到消费类、投资类等多个品种，但相对众多的金融消费者而言，金融产品仍属于竞争不充分的稀缺资源产品，特别是信贷产品，基本上处于卖方市场状态。二是部分金融产品的替代性不强，加剧了金融垄断。

The second,Financial products are competitive inadequate monopoly products.One is the financial product competition not fully.Despite the current financial products involved in the bank/securities/Insurance, and other fields,And development to the consumer/Second, and other varieties,But relative to numerous financial consumers,Financial products still belongs to the competition inadequate scarce resources products,Especially credit products,Basically is in the market condition.The second is part of the financial product alternative is not strong,Increased financial monopoly.

　　损害消费者利益的行为 Damage the interests of the consumer behavior

　　在不考虑监管体系和维权体系情况下，金融消费者要实行利益最大化目标只能依靠金融机构的信息充分披露，以及国家对金融制度安排的优化和完善。然而受利益短期化倾向、金融竞争中囚徒困境现象、征信系统不完善以及金融制度优化尚需时日等因素影响，金融机构容易出现一次性博弈以及迫使消费者被动接受高成本产品等行为，从而损害金融消费者正当权益。

In not consider supervision system and rights protection system circumstances,Financial consumers to implement benefit maximization goal can only rely on financial institutions of information full disclosure,And the state of the financial system arrangement optimization and perfection.However by a lot of interest tendency/Financial competition prisoner's dilemma phenomenon/Credit system is not perfect and the financial system is needed to optimize the impact of factors such as the time,Financial institutions is easy to appear the one-time game and forcing consumers passive accept high cost products, etc,Thus damage financial consumer legitimate rights.

　　第一，在Ⅰ模式下金融机构短期利益行为使金融消费者承担大量的潜在风险。在Ⅰ模式下，消费者利益既与产品收益率有关，也与产品风险高低有关。而金融机构收益既与筹资成本有关，也与产品吸纳资金量有关。在金融机构与消费者、不同的金融机构为各自利益的博弈中，受短期利益思想影响，金融机构很可能选择减少风险披露的博弈策略，从而使消费者承担大量的潜在风险。

The first,In Ⅰ mode financial institutions short-term interests behavior makes financial consumers take a large number of potential risk.In Ⅰ mode,The interests of consumers with the product yield is about,And with the risk of product of the high and low.And financial institutions income both to the financing cost about,And in the products there.In the financial institutions and consumers/Different financial institutions for their respective interests in the game,Short-term interests by thought influence,Financial institutions is may choose to reduce risk disclosure game strategy,So that consumers take a large number of potential risk.

　　第二，Ⅱ模式下金融机构不合作倾向导致金融消费者成本增加。

The second,Ⅱ mode financial institutions don't cooperation tend to lead to financial consumer costs.

　　第三，一次性博弈中的“柠檬现象”会使金融产品质量降低。研究表明，由信息不对称所导致的“柠檬现象”会使市场竞争产生一种反常的、负面的资源配置结果，即“劣币驱除良币”。此外，“柠檬市场现象”也会进一步减少金融机构对产品风险的信息披露。

The third,Once in the game"Lemon phenomenon"Can make the financial product quality to reduce.Research shows that,The information asymmetry in the"Lemon phenomenon"Can make the market competition to produce a freak/Negative resource allocation result,namely"Bad money drive good money".In addition,"Lemon market phenomenon"Also can further reduce the risk of financial institutions to the product information disclosure.

　　由上分析，在信息不对称和博弈力量失衡的博弈大环境下，虽然金融机构采取上述一次性博弈策略符合利益最大化的行为逻辑，但却容易造成对消费者正当权益的侵害。在现有的制度安排和监管体系下，消费者正当权益受到侵害后无法得到有效维护。

By the analysis on,In the information asymmetry and the imbalance of the game power game environment,Although financial institutions to take the above one-time game strategy conforms to the benefit maximization behavior logic,But it is easy to cause the consumer legitimate rights violations.In the existing system arrangement and supervision system,Consumer legitimate rights and interests are infringed upon and not get effective maintenance.

　　矫正金融机构博弈策略 Correct financial institutions game strategy

　　现有条件下，要真正有效保护金融消费者正当权益，不仅要做到事后维权，还要做到事前监管，从营造长期合作博弈环境角度对金融机构一次性博弈策略进行多层次、多方位矫正。

Existing conditions,To truly effective to protect the financial consumers' legitimate rights,Not only to do afterwards rights,But also what proactive regulation and supervision,From build long-term cooperative game environment Angle to financial institutions one-time game strategy for multi-level/Multi-dimensional correction.

　　第一，通过加强事前监管弱化金融消费市场信息不对称现象。既然监管能有效降低信息不对称现象，金融消费者维权机构就应该在金融产品交易中对风险披露的真实性加强监督检查，做到主动监督，对金融交易中发现的弄虚作假、直接提高或变相提高收费标准、霸王条款以及其他损害消费者权益的现象，加大处罚力度，使金融机构一次性博弈成本高于预期收益，迫使其与消费者的博弈中放弃短期利益、实现长期合作下的最优纳什均衡。

The first,By strengthening the proactive regulation and supervision weakening financial consumer market information asymmetry phenomenon.Since supervision can effectively reduce the information asymmetry phenomenon,Financial consumer rights protection mechanism should be in financial products transactions to the authenticity of the risk disclosure to strengthen supervision and inspection,Do active supervision,On the financial transaction found in deception/Directly increase or in disguised form heighten charging standards/Overlord terms and other damage phenomenon of the rights and interests of consumers,Increase punishment,Make financial institutions one-time game costs than expected earnings,Forcing its and consumers in the game of giving up short-term interests/To realize long-term cooperation optimal Nash equilibrium.

　　第二，构建高效协作的金融消费维权体系。在目前情况下，金融消费中一次性博弈行为能否得到矫正，基于长期合作的博弈环境能否得到完善，很大程度上取决于一个高效协作的金融消费维权体系。一是金融消费维权体系应以中国人民银行为核心。二是建立金融维权的高效协作机制。根据目前情况，一个有效的金融消费维权体系必须由人民银行、银监部门、证监部门、保监部门以及公、检、法等组成。在此基础上，为增强金融监督主体之间的协调性，笔者建议在人民银行总行及分支行设立由上述部门组成的“金融消费维权中心”，在国务院或地方政府层面建立一个协调机构，确保其他部门能够与中国人民银行形成长效协调机制，为金融消费者营造公平有序的消费环境。

The second,Construction of the highly collaborative financial consumer rights protection system.In the present circumstances,Financial consumption once game behavior can be correct,Based on the long-term cooperation game environment can be improved,To a large extent depends on an efficient cooperation financial consumer rights protection system.One is the financial consumer rights protection system should be to the people's bank of China as the core.The second is to establish financial rights efficient coordination mechanism.According to the current situation,An effective financial consumer rights protection system must by the people's bank/Silver prison department/Securities regulatory departments/The supervisor departments and public/inspection/Method, etc.On the basis of,In order to strengthen the financial supervision and coordination among the subjects,The author suggested that in the head office of the people's bank branch and set up by the department of the composition"Financial consumer rights protection center",In the state council or local government level to establish a coordination mechanism,Ensure that other departments of the people's bank of China to form a long-term coordination mechanism,For financial consumers to create a fair and orderly consumption environment.

　　（作者单位为中国人民银行威海市中心支行）

(The author unit for the people's bank of China branch in weihai city center)