王大贤 WangDaXian

　　为进一步完善我国宏观审慎管理体系，我国在强化央行的履职能力上，还需迈开较大的改革步伐。现实迫切需要从制度上确立中央银行在我国金融稳定和宏观审慎管理中的地位，赋予央行对具有系统重要性的金融机构的监管权，重建中央银行的金融管理功能，加紧构建有效的金融监管协调机制。

To further perfect our country's macro prudent management system,Our country in strengthening the central bank's resumption ability,Still need to march larger reform pace.Reality an urgent need to establish the central bank system in our country financial stability and macroscopic prudent management of status,The central bank has given to the importance of the system of financial institutions supervision right,Reconstruction of the central bank's financial management function,To construct effective financial supervision coordination mechanism.

　　加强宏观审慎管理，在经历了国际金融危机和欧债危机后，已越来越成为国际社会的共识。国际货币基金组织和金融稳定理事会都明确提出宏观审慎管理是中央银行的职责。我国在金融业发展和改革“十二五”金融规划中，明确提出要“着力完善金融宏观调控，构建逆周期的金融宏观审慎政策框架。”而要进一步完善我国宏观审慎管理体系，我国在强化央行的履职能力上，还需迈开较大的改革步伐。

Strengthening macro prudent management,In the experience of the international financial crisis and the debt crisis,Has become the consensus of the international community.The international monetary fund and financial stability board are clearly put forward macro prudent management is the central bank's responsibility.Our country in the financial industry development and reform"1025"Financial planning,Clearly put forward to"We will improve financial macro-control,Constructing countercyclical financial macro prudent policy framework."And to further perfect our country's macro prudent management system,Our country in strengthening the central bank's resumption ability,Still need to march larger reform pace.

　　近年来，美国、欧盟和英国的金融监管改革法案相继出台，这些法案重新界定了本国的金融监管框架、监管内容和监管对象，中央银行被赋予了更多的监管权力，其内涵与外延进一步丰富和拓展。综合考察这三个主要经济体的金融监管体系改革方案，有三个共同之处：第一，把强化中央银行的宏观审慎管理职能作为金融监管改革的核心。强调建立综合性金融监管机构的重要性，一方面承担系统性金融风险监管职能，另一方面也承担金融监管协调功能。第二，在监管机构改革方面都强调监管集权，将系统性风险的监管权力和协调责任集中于一个更有权威的监管机构。第三，都提出扩大金融监管对象的范围，除加强传统银行机构（尤其是有系统性影响力的大型银行机构）的监管之外，把所有可能产生系统性风险的对冲基金、私募基金、房地产基金、投资银行等纳入到中央银行金融稳定的监管框架中来，并要求信用评级机构提高业务透明度。

In recent years,The United States/The European Union and the UK's financial regulatory reform bill have issued,These act to define the domestic financial regulatory framework/Supervision content and supervision object,The central bank is endowed with more regulatory power,Its connotation and denotation further enrich and expand.Comprehensive investigation on the three major economies of the financial regulatory system reform scheme,There are three in common:The first,To strengthen the central bank's macroscopic prudent management function as the core of reform of financial supervision.The emphasis on the establishment of the importance of comprehensive financial regulator,On the one hand take systematic financial risk regulatory functions,On the other hand also bear the financial supervision coordination function.The second,In the regulatory reform emphasize the regulatory authority,The systematic risk regulatory power and coordination responsibility focus on a more authoritative regulators.The third,All proposed to expand the scope of the targets of financial supervision,In addition to strengthen the traditional banking institutions(Especially have systemic influential large banking institutions)Outside the supervision of the,Put all the possible systemic risk hedge funds/Private equity fund/Real estate fund/Investment Banks and other into central bank financial stability in the regulatory framework,Credit rating agencies and requirements to improve the transparency of business.

　　作为货币管理者，中央银行在一国金融体系中，应当是超脱、独立和权威的。但从我国的实情看，中国人民银行的职能定位于制定和执行货币政策，提供金融服务，维护金融稳定。但这三大职能没有明确提及金融管理，降低了人民银行的履职效力。其次，管理手段不足。我国金融监管存在监管不足和监管过度并存的现象，央行的金融监管手段少，效力低。对稳定金融，人民银行只有依靠窗口指导、道义劝说等软手段。又比如，管理对象单一。央行由于职能所限，对于金融稳定的高发点——民间金融体系，如小额贷款公司、担保公司、典当行和信用评级机构，只有统计监测，缺少系统的安排和应对。还有，因缺乏法律支持，央行维护金融稳定，防范和化解金融风险职能的强制力和权威性大打折扣，往往只能扮演事后“救火队长”的角色，而真正意义上的防范职能难以体现。至于防范系统性金融风险的制度建设方面，则基本是空白。现有金融监管体系不但缺失在维护金融体系稳定方面极为重要的存款保险制度，而在宏观审慎性监管制度方面存在着明显的缺陷和不足。

As money managers,The central bank in the country in the financial system,Should be detached/Independent and authoritative.But from our own the truth to see,The people's bank of China function orientation in formulating and implementing monetary policy,Provide financial services,Maintaining the stability of financial.But these three functions without explicit reference financial management,To reduce the effect of the people's bank of resumption.secondly,Insufficient management means.China's financial supervision exist insufficient supervision and oversight of the phenomenon of excessive coexist,The central bank's financial regulatory means less,Effect low.To stabilize the financial,People's bank only rely on window guidance/Moral to soft means.And such as,Management object single.The central bank because of the limit of the function,For the financial stability of the high point - folk financial system,Such as small loan companies/Guarantee company/Pawnshop and credit rating agencies,Only statistical monitoring,The lack of a systematic arrangement and deal with.and,Because of the lack of legal support,The central bank to maintain financial stability,Guard against and defuse financial risks function coercive power and authority to sell at a discount greatly,Often can play only afterwards"Fire captain"role,And in the true sense prevention function is difficult to reflect.As to prevent systemic financial risk system construction,The basic is blank.The existing financial supervision system not only lack in the maintenance of financial stability of the system is very important in the deposit insurance system,And in macroscopic prudential supervision system there are obviously defect and deficiency.

　　为进一步深化我国金融监管体制改革、加强人民银行履职能力，笔者有如下提议：

In order to further deepen the reform of China's financial supervision system/The strength of the people's bank resumption ability,The author has the following proposal:

　　首先，修订《中国人民银行法》，明确赋予中央银行主导的宏观审慎管理体系的核心地位和主导作用，明确以人民银行为主体设立“金融稳定委员会”。从制度上确立中央银行在我国金融稳定和宏观审慎管理中的地位，赋予央行对具有系统重要性的金融机构的监管权。这样，既可避免设立新机构大幅增加财政负担，加大行政运行成本，也不会增加各部门间的协调难度，有利于进一步明确职能分工。央行要牵头完善我国的金融稳定制度和研究制定宏观审慎管理制度，开发新的宏观审慎管理工具，完善系统重要性金融机构、市场和行业的管理制度，适当减少各监管机构层级，维护金融体系稳定，提升金融业支持实体经济增长的可持续性。

First of all,revised[The people's bank of China],Clear give the central bank leading macroscopic prudent management system core position and leading role,Clear by the people's bank as the main body set up"Financial stability committee".From the system to build up the central bank in our country financial stability and macroscopic prudent management of status,The central bank has given to the importance of the system of financial institutions supervision right.this,Which can avoid the new institutions set up a big increase in financial burden,Increasing administrative operation cost,Also does not increase the difficulty of the coordination between departments,To further clear function division of labor.The central bank will lead to perfect our financial stability system and formulate macro prudent management system,The development of new macro prudent management tool,Perfect system importance financial institutions/Market and industry management system,Reduced the regulatory agencies hierarchy,Safeguard the financial stability of the system,Improve the financial industry to support the real economy sustainable growth.

　　其次，致力加强对系统性金融风险的防范。随着我国金融市场化程度和对外开放程度不断加深、经济增速的逐步放缓、经济结构调整的日益深入，系统性风险对金融体系的影响将会越来越突出。从国际金融监管体制改革的趋势，结合我国中央银行承担的职能和自身条件，需要赋予其相应的手段和工具，包括尽快推出存款保险制度，完善保护金融消费者利益机制，加强对信用评级、影子银行、系统重要性金融机构的监管等。

secondly,Efforts to strengthen the systematic financial risk prevention.Along with our country financial marketization degree and the level of opening deepening/The slowdown in economic growth gradually/The readjustment of the economic structure is increasingly in-depth,Systemic risk in the financial system impact will be more and more prominent.From the international financial regulatory system reform trend,According to our country's central bank for function and their own conditions,Need to give the corresponding means and tools,Including launched as soon as possible deposit insurance system,Perfect the interests of consumers to protect the financial mechanism,To strengthen credit rating/Shadow Banks/The importance of supervision system of financial institutions, etc.

　　再次，重建中央银行的金融管理功能。虽然人民银行近年来在各地推出以“两管理、两综合”为代表的金融管理措施，取得了一定成效，但这只是在现有体制模式下的局部尝试，若没有金融监管的顶层制度设计和全面改革，人民银行的履职能力将难有大的改观。因此，应在金融监管体制设计上保留央行的超然和权威地位，赋予央行特定问题直接检查权，加强央行对系统重要性金融机构的审慎监管，同时适度放松监管部门在市场准入、高管人员资格审查、产品创新和市场定价等方面的限制。

again,Reconstruction of the central bank's financial management function.Although people's bank in recent years in introduction to all"Two management/Two comprehensive"As a representative of financial management measures,Certain achievements have been made in the,But it is only in the existing system mode of local try,If not the top of the financial supervision system design and comprehensive reform,People's bank's resumption skills will be difficult to have a big change.therefore,Should be in financial supervision system design keep the central bank's transcendental and authority,Give the central bank specific problems directly inspection,To strengthen the central bank system importance financial institutions and prudent supervision,At the same time moderately relaxed regulatory departments in market access/Senior executives credentials/Product innovation and market pricing of limit.

　　另外，加紧构建有效的金融监管协调机制，明确央行和各监管机构间的金融监管协调和信息共享机制，有效减少政策冲突和行政摩擦成本，促进宏观与微观监管信息及时、全面的共享和交流。进一步明确和恢复“一行三会”的协调制度，央行和各监管部门依据职责分工统筹协调，加大对跨行业、跨市场、跨国界的金融机构和交叉性金融业务发展情况的研究分析力度，不断强化金融监管和央行宏观审慎管理以及金融风险化解和处置行为的协调和配合。

In addition,To construct effective financial supervision coordination mechanism,Clear the central bank and the regulatory agencies of between financial supervision coordination and information sharing mechanism,Effectively reduce policy conflict and administrative friction cost,Promote the macro and micro regulatory information timely/Comprehensive sharing and communication.Further clear and recovery"A line of three will"Coordination system,The central bank and the supervision department according to the division of responsibilities overall coordination,Intensify the multi-industry/Span market/Cross-border financial institutions and crossed financial business development analysis dynamics,Continuously strengthen financial supervision and central bank macroscopic prudent management and financial risk dissolves and disposal of the behavior of the coordinate and cooperate.

　　最后，加强与国际金融组织和国外央行、监管机构的协调合作。境外金融风险是产生系统性风险、危害金融稳定的重要来源。央行在履行金融宏观审慎管理职责时，要高度重视与国际金融机构的合作。应充分利用我国作为金融稳定理事会成员国和IMF第三大出资国的地位，授权中央银行在国际金融监管协调合作和维护金融主权中发挥主导作用，着力防范国际金融风险溢出效应以及新一轮国际金融监管规则变化对我国金融稳定和金融发展可能的冲击。

finally,Strengthen with international financial organizations and foreign central Banks/Regulators coordination and cooperation.Overseas financial risk is produce systemic risk/Harm an important source of financial stability.The central bank in the performance of the financial macro prudent management duties,Should attach great importance to the cooperation with international financial institutions.Should make full use of our country as the financial stability board members and IMF's third largest ChuZiGuo status,Authorized by the central bank in the international financial supervision coordination cooperation and maintain financial sovereignty play a leading role,Focus on the prevention of international financial risk spillover effect and a new round of international financial regulatory rule changes to our country financial stability and financial development possible impact.

　　（作者系山西省社会科学院特约研究员）

(The author is shanxi academy of social sciences special researcher)