地方金融监管与扩展型规则:以网贷市场为例

在我国双层金融监管体制中,地方金融监管机构通过在中央监管规则基础上制定额外的扩展型规则的方式,提高金融监管应对法律不完备的能力,但监管有效性同样会受法律完备性的影响。实证研究扩展型规则对网贷市场发展各指标的影响后发现:扩展型规则能够显著增加网贷市场规模、促进平台以低风险方式退出市场,该效果在市场化水平较高的省份更为显著,且行业自律也有助于提高金融监管效率。因此,未来的改革方向是,加快金融立法步伐,以法律法规有效保障央地监管格局,同时加快市场化步伐,形成完善的投资者保护体系。

Local Financial Regulation and Extended Rules: A Case Study of Peer-to-Peer Lending Market

In the double-tier regulation system, the local financial regulation institutions improve their ability to deal with the incomplete laws by making additional extended rules on the basis of the central regulation rules, but the effectiveness of regulation will also be affected by the completeness of laws. Empirical research on the impact of extended rules on the P2P lending development indicators shows that: extended rules can significantly increase the scale of P2P lending, promote the platform to exit the market in a low-risk way, these conclusions are more significant in provinces with higher market-oriented level, and self-regulation also helps to improve the efficiency of financial regulation. Therefore, the future direction of reform is to speed up the pace of financial legislation, effectively guarantee the central and local regulatory structure by laws and regulations, accelerate the pace of marketization, so as to improve investor protection system.