《保险研究》20190303-《多元共治:创新与监管的平衡——基于“监管沙盒”理论依据与国际实践的思考》（陈佩、孙祁祥）

［摘   要］金融与科技的融合发展在深刻改变着金融业态、重塑金融商业模式的同时,也带来了技术风险、数据风险、垄断风险等新型风险。面对新型风险挑战,传统监管面临监管法律滞后或监管真空等问题,由此凸显出对金融科技监管进行顶层设计的重要性和必要性。本文在全面分析了金融科技的快速发展对监管提出的各种挑战以及现实监管难题的基础上,提出通过“监管沙盒”,实现监管者、金融科技企业、消费者等各方的多元共治,进而有效改善监管信息不对称的局面,增强监管机构的权威性,平衡金融创新与金融监管,使金融监管与金融创新之间不再是“猫捉老鼠”的游戏,而是从博弈走向合作共赢。本文建议由国务院金融稳定发展委员统筹协调,央行、银保监会、证监会联合出台“监管沙盒”的相关规则,制定一个银行业、保险业、证券业统一的“监管沙盒”,以实现对金融科技创新的有效监管,在更有效防范风险的前提下,提升我国在国际金融科技市场中的竞争力。

［关键词］监管沙盒；金融科技；多元共治；风险防范

［作者简介］陈佩,北京大学经济学院博士后；孙祁祥,北京大学经济学院教授。

Multi-governance：Balance between Innovation and Regulation—Thoughts on the Theoretical Basis and International Practice of “Regulatory Sandbox”

CHEN Pei,SUN Qi-xiang

Abstract：The integration of finance and technology has profoundly changed the financial format and reshaped the financial business model,but also brought new risks such as technology risks,data risks and monopoly risks.Confronted with new risk challenges,traditional regulation faces problems such as regulatory lag or regulatory vacuum,which highlights the importance and necessity of top-level design of FinTech regulation.Based on a comprehensive analysis of the rapid development of FinTech and the various challenges and regulatory difficulties faced by the regulation,this paper proposed to achieve the multi-governance by regulators,FinTech innovation enterprises,consumers and other parties through the “regulatory sandbox”,which would effectively improve the situation of regulatory information asymmetry,enhance the authority of regulatory agencies and balance financial innovation and regulation,so that financial supervision and financial innovation were no longer a “cat and mouse” game,but going from a game to a win-win cooperation.This article suggested the Financial Stability and Development Council should coordinate as a whole,the People’s Bank of China,the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission should jointly issue regulations governing the “sandbox” and formulate a unified “regulatory sandbox” for the banking,insurance and securities industries，to achieve effective regulation of FinTech innovation under the premise of more effective prevention of risks and enhance China's competitiveness in the international FinTech market.

Key words：regulatory sandbox；FinTech；multi-governance；risk prevention