在自由与管制之间:基于不对称理论的金融交易管制研究/

2019-05-11 07:00:00

regulation theory finance 管制 asymmetric



自由与管制的良性关系应当是和谐的钟摆,动态的平衡,理性的考量和选择。在当今中国,如何通过权利配置来设定金融自由与金融管制的边界,是金融法律理论与实践的重要课题,更是作为理论法学重要分支的法经济学的核心课题之一。本文试图从金融管制中的金融交易管制入手,在对接法学价值理论和经济学市场失灵理论的基础上,结合中国金融管制实践,借助交易成本理论和不对称理论模型,在法经济学的理论层面提出如下权利配置思路:金融交易管制的目的,应当是促进金融自由;金融交易管制的基本手段应当是在交易成本约束下的不对称管制,即纠正信息不对称的信息披露制度、内部人交易管制,纠正判断能力不对称的适合性原则、反悔期制度,纠正谈判能力不对称的退出交易选择权制度。



The benign relationship between freedom and regulation should be harmonious swing of the pendulum, dynamic equilibrium, rational consideration and choice. In today China, how to set out the borderline of finance freedom and finance regulation by the method of distribution of rights is a crucial subject in finance law theory and practice, furthermore is a crucial subject in law and economics, which is significant embranchment of legal theory. Based on the joint of value theory of law and market failure theory of economics, combining with the China finance regulation practice and exerting the asymmetric theory and transaction cost theory, this article does research on the finance transaction regulation of finance regulation, figures the viewpoint of rights distribution as follows: The purpose of the finance regulation is to promote the finance freedom; the basic method of finance regulation is asymmetric regulation restricted by cost, namely, information disclosure system and internal transaction regulation to rectify asymmetric information; the suitable rule and the pull-back period system to rectify the asymmetric judgment ability; the option of quit the transaction to rectify the asymmetric negotiation ability.