数字经济背景下金融科技的创新发展与监管转型 ——基于监管沙盒视角

数字经济背景下的金融科技具有创造性破坏的特征，其带来的创新收益和风险成本同时发展、相互转换，为传统金融监管带来严峻挑战，亟需通过监管转型实现激励创新和风险控制的动态平衡。在适应性监管理念逐渐受到认可的背景下，监管沙盒作为适应性监管的实践形式，能够为市场各类主体带来经验密集型的收益：通过真实世界的试验结果降低技术不确定性，基于有效的信息交互减少信息不对称性，有效化解监管者与被监管者、新进入者与后进入者之间的矛盾，在控制风险的基础上最大限度地推动创新。因此，监管沙盒不仅是一项创新工具，更是推动监管转型由理论走向实际的重要依托。

Innovative Development and Regulatory Transformation of Fintech Under the Background of Digital Economy —From the Regulatory Sandbox Perspective

Under the background of digital economy, fintech has the characteristics of creative destruction, and the innovation benefits and risk costs are developed and converted simultaneously, which brings severe challenges to traditional financial regulation. Therefore, it is urgent to realize the dynamic balance between stimulating innovation and controlling risks through regulatory transformation. In the context of the gradual acceptance of the concept of adaptive regulation, the regulatory sandbox, as a practical form of adaptive regulation, can bring experience-intensive benefits to all kinds of market subjects: to reduce technical uncertainty through real-world test results, to decrease information asymmetry based on effective information interaction, to effectively resolve the contradiction between the regulators and the market subject, as well as new entrants and late entrants, and to maximize innovation based on risk control. Therefore, the regulatory sandbox is not only an innovative tool, but also the basis for promoting regulatory transformation from theory to practice.