监管套利的动因、模式与法律效力研究

监管套利是市场主体利用制度间的差异性或制度内部的不一致性,为降低成本或获得利润而设计的一系列交易。近年来许多重要的金融事件,无论是对冲基金掀起的金融风暴,还是资本玩家设计的借壳上市,都可以从监管套利这一角度找到逻辑支撑。监管本质上是一种强制性契约,监管套利正是在监管契约自身内在特点的基础上产生的一种必然结果。其有五种模式:从一个监管主体转到另一个监管主体;从一种市场主体身份转为另一种市场主体身份;从一种业务形式转换成另一种业务形式;从一个时间段转移到另一个时间段;从一种核算制度转入另一种核算制度。

Regulatory Arbitrage: Motivation,Mode and Legal Validity

Regulatory arbitrage is a series of transactions designed by the main body in the market to reduce the cost or gain the profit by taking advantage of the differences between different systems or the inconsistency within the system.Many important financial events in recent years,whether the financial turmoil set off by hedge funds,or the backdoor listing designed by capital players,can all find the logic support from the perspective of regulatory arbitrage.Regulation is essentially a mandatory contract,and r...