摘要
在民间金融市场中,利率形成机制不畅导致高利贷盛行,融资行为具有典型的投机性和庞氏融资特征,交易合约的成立和执行具有典型的"圈层社会"特征,这些因素导致民间金融市场存在市场失灵现象,需要国家干预以恢复市场效率。然而,现有的监管制度偏离了民间金融风险特质、高涨的民间融资需求和投资人法益保护,与社会认同之间存在着巨大鸿沟,致使监管失灵。只有以商事性民间金融交易行为为监管界限,合理保护适度的融资自由,建立差别化的市场准入制度,将高利贷纳入刑法制裁,完善风险监管配套制度,才能矫正双重失灵现象。
In the folk financial market, the distortion of interest rate formation mechanism results in the usury pervasion, the financing behavior shows the typical characteristics of speculation and Ponzi finance, and the es- tablishment and execution of trading contract has the typical features of the ＂circle of society＂. All these factors lead to the phenomena of market failure in the folk financial market, requiring the governmental intervention so as to restore the market efficiency. However, the existing regulatory system deviates from the risk characteristics of folk finance, the rising demand for private financing and the protection of the investors＇ legal interests, which have the huge gap with the social recognition and cause the failure of supervision. 0nly with the commercial folk financial trading behavior as the limit of supervision, by protecting the moderate freedom of financing reasonably, establishing the market access system with the disparity, bringing the usury into the criminal sanctions and per- fecting the supplementary systems of risk monitor will the double-failure phenomena be corrected.
出处
《海南大学学报（人文社会科学版）》
CSSCI
2014年第6期1-7,共7页
Journal of Hainan University （Humanities & Social Sciences）
基金
2011年度国家社科基金一般项目"农民专业合作社信用合作研究"(11BYJ084)
关键词
民间金融
市场失灵
政府失灵
金融监管
folk finance
market failure
government failure
financial supervision
