每經記者｜袁園    每經編輯｜張益銘

10月30日(ri)至31日(ri)，中央金(jin)(jin)融(rong)(rong)(rong)工作會議在北(bei)京舉行。會議強(qiang)調，金(jin)(jin)融(rong)(rong)(rong)是(shi)國(guo)民經濟的血脈，是(shi)國(guo)家核心競(jing)爭力(li)的重(zhong)要組成部(bu)分(fen)，要加快建(jian)設金(jin)(jin)融(rong)(rong)(rong)強(qiang)國(guo)，全面(mian)加強(qiang)金(jin)(jin)融(rong)(rong)(rong)監管，完善金(jin)(jin)融(rong)(rong)(rong)體制，優化(hua)(hua)金(jin)(jin)融(rong)(rong)(rong)服務(wu)，防范化(hua)(hua)解風險(xian)，堅定不移走中國(guo)特色(se)金(jin)(jin)融(rong)(rong)(rong)發(fa)展之路，推動我(wo)國(guo)金(jin)(jin)融(rong)(rong)(rong)高(gao)質量發(fa)展，為以中國(guo)式現代化(hua)(hua)全面(mian)推進強(qiang)國(guo)建(jian)設、民族復興(xing)偉業提供(gong)有力(li)支撐。

東方金(jin)誠(cheng)首席宏觀分析(xi)師(shi)王青和高級分析(xi)師(shi)馮琳認為(wei)，會(hui)議強調(diao)(diao)，“要全(quan)面加強金(jin)融(rong)監管，有效(xiao)防范化解金(jin)融(rong)風險。”這(zhe)意味著(zhu)接下來會(hui)繼續(xu)堅持“把防控(kong)風險作(zuo)(zuo)為(wei)金(jin)融(rong)工(gong)作(zuo)(zuo)的永恒主題”，也(ye)意味著(zhu)2017年第(di)五次全(quan)國金(jin)融(rong)工(gong)作(zuo)(zuo)會(hui)議確定(ding)的金(jin)融(rong)嚴監管基調(diao)(diao)將會(hui)延續(xu)。

董希淼：金融風險更趨隱蔽性、復雜性和傳染性

會議指(zhi)出(chu)，切(qie)實提(ti)高金(jin)融監(jian)(jian)(jian)管(guan)(guan)有(you)效(xiao)性，依法將所有(you)金(jin)融活動(dong)(dong)全(quan)部(bu)納入監(jian)(jian)(jian)管(guan)(guan)，全(quan)面(mian)強化機構監(jian)(jian)(jian)管(guan)(guan)、行為(wei)監(jian)(jian)(jian)管(guan)(guan)、功能(neng)監(jian)(jian)(jian)管(guan)(guan)、穿透式(shi)監(jian)(jian)(jian)管(guan)(guan)、持續監(jian)(jian)(jian)管(guan)(guan)，消除監(jian)(jian)(jian)管(guan)(guan)空(kong)白和盲區(qu)，嚴(yan)格執法、敢于(yu)亮劍，嚴(yan)厲(li)打擊非法金(jin)融活動(dong)(dong)。及(ji)時處置中(zhong)小金(jin)融機構風(feng)險。建(jian)立防范化解(jie)地方債(zhai)務(wu)風(feng)險長效(xiao)機制，建(jian)立同高質量(liang)發展相適(shi)應的政(zheng)府債(zhai)務(wu)管(guan)(guan)理機制，優化中(zhong)央和地方政(zheng)府債(zhai)務(wu)結構。

“從當前金融業發展趨勢和特征看，金融業綜合經營深入發展，跨市場、跨行業、跨領域的交叉性金融產品不斷涌現，金融風險更趨隱蔽性、復雜性和傳染性。防范化解金融風險，應進一步加強和改進金融監管。”招聯金融首席研究員董希淼表示，首先，應(ying)強(qiang)化(hua)監(jian)管(guan)(guan)統籌協(xie)調(diao)，實施功(gong)能(neng)監(jian)管(guan)(guan)、行為(wei)監(jian)管(guan)(guan)、持續監(jian)管(guan)(guan)和穿透式(shi)監(jian)管(guan)(guan)，將各類金融活動全部納入監(jian)管(guan)(guan)，嚴禁(jin)“無照駕駛”和超范(fan)圍經(jing)營，提(ti)高監(jian)管(guan)(guan)針對(dui)性。

其次，應深化金融監(jian)管體制改革(ge)。本(ben)次金融監(jian)管體系(xi)改革(ge)之后，具有中國特(te)色(se)的“雙峰”監(jian)管正(zheng)在形成，有助(zhu)于減少監(jian)管交叉和監(jian)管空(kong)白，提(ti)升監(jian)管質效。

具體而言，改(gai)革后中(zhong)國(guo)人民銀行(xing)主(zhu)要負(fu)責貨(huo)幣政策和(he)(he)宏觀審慎監(jian)管(guan)；國(guo)家(jia)金(jin)融(rong)監(jian)管(guan)總局統一負(fu)責除證(zheng)券業之外的金(jin)融(rong)業監(jian)管(guan)和(he)(he)金(jin)融(rong)消(xiao)費者、投資者權(quan)益保護；證(zheng)監(jian)會(hui)資本(ben)市場監(jian)管(guan)，增(zeng)加企業債券發行(xing)審核等職。下一步應加快完善地方金(jin)融(rong)監(jian)管(guan)體制，推動中(zhong)央和(he)(he)地方加強金(jin)融(rong)監(jian)管(guan)協調，更好地防范化解區域性(xing)和(he)(he)系統性(xing)金(jin)融(rong)風(feng)險(xian)。

第三，充分運(yun)用金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)科(ke)技尤其是監管科(ke)技手(shou)段，提高監管數(shu)字化智能(neng)化水平(ping)，加(jia)強和(he)改進對數(shu)字金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)領域(yu)的監管，提升監管有(you)效性(xing)。另(ling)外，還要加(jia)強懲治(zhi)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)領域(yu)腐敗行為。當然(ran)，防范化解金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)風險不能(neng)只依靠金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)管理部門(men)，更需要金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)業“自我(wo)革(ge)命”，要完善金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)機構公司治(zhi)理機制(zhi)等，提升金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)機構防范風險的內生機制(zhi)和(he)能(neng)力(li)。

周茂華：防范金融風險是保障實體經濟健康發展的重要基礎

與此同時，會議提到，防范化解金(jin)融風險，要(yao)把(ba)握好權和責的(de)關(guan)系(xi)，健全(quan)權責一致、激(ji)勵約(yue)束相(xiang)容的(de)風(feng)險(xian)處置(zhi)責任機制(zhi)；把(ba)握好快和穩的(de)關(guan)系(xi)，在穩定(ding)大局(ju)的(de)前提(ti)下把(ba)握時度效，扎(zha)實穩妥化解風(feng)險(xian)，堅決懲治違法(fa)犯罪和腐敗(bai)行為，嚴防道德風(feng)險(xian)；對(dui)風(feng)險(xian)早(zao)識別、早(zao)預(yu)警、早(zao)暴露、早(zao)處置(zhi)，健全(quan)具有(you)硬約(yue)束的(de)金融風(feng)險(xian)早(zao)期糾正機制(zhi)。

“防(fang)范金(jin)融(rong)風(feng)(feng)(feng)險(xian)(xian)是(shi)保障(zhang)實(shi)體經濟健康發(fa)(fa)(fa)展(zhan)的重要(yao)基礎。”光大(da)銀行金(jin)融(rong)市(shi)場(chang)部(bu)宏觀研究員周茂華認為，近年來，我(wo)國在風(feng)(feng)(feng)險(xian)(xian)防(fang)范化(hua)解債務風(feng)(feng)(feng)險(xian)(xian)、影(ying)子銀行風(feng)(feng)(feng)險(xian)(xian)、金(jin)融(rong)亂(luan)象、外部(bu)沖擊等方(fang)面風(feng)(feng)(feng)險(xian)(xian)治(zhi)理取得顯著成效，但金(jin)融(rong)亂(luan)象和(he)腐(fu)敗問(wen)題仍屢有發(fa)(fa)(fa)生，國內(nei)需(xu)要(yao)久久為功，繼續做好重點領域(yu)風(feng)(feng)(feng)險(xian)(xian)防(fang)范化(hua)解工作(zuo)。同時也要(yao)看(kan)到，金(jin)融(rong)領域(yu)創新活(huo)躍、新業態和(he)模式(shi)發(fa)(fa)(fa)展(zhan)迅速等，金(jin)融(rong)領域(yu)風(feng)(feng)(feng)險(xian)(xian)出(chu)現新情(qing)況，國內(nei)金(jin)融(rong)監管方(fang)面存在一些(xie)短板，存在一些(xie)監管盲(mang)區(qu)。本(ben)次會議提出(chu)，要(yao)將所有金(jin)融(rong)活(huo)動全(quan)部(bu)納入監管，消除監管空白(bai)；穿(chuan)透監管等。就是(shi)要(yao)根據金(jin)融(rong)形勢(shi)變化(hua)，不斷提升(sheng)監管質效和(he)治(zhi)理能(neng)力，牢牢守(shou)住不發(fa)(fa)(fa)生系統(tong)性金(jin)融(rong)風(feng)(feng)(feng)險(xian)(xian)底線(xian)，為經濟平穩健康發(fa)(fa)(fa)展(zhan)保駕護航。

周茂華進(jin)一步指出，金(jin)融(rong)(rong)(rong)風(feng)險(xian)(xian)防(fang)范(fan)化解是永恒主題。本次會議繼續將防(fang)范(fan)化解金(jin)融(rong)(rong)(rong)風(feng)險(xian)(xian)作(zuo)(zuo)為(wei)今后金(jin)融(rong)(rong)(rong)工(gong)作(zuo)(zuo)重點之(zhi)一，但經(jing)(jing)濟、金(jin)融(rong)(rong)(rong)形勢不斷變(bian)化，當前較為(wei)突出領域(yu)包括個別中(zhong)小金(jin)融(rong)(rong)(rong)機(ji)構、地(di)方(fang)債(zhai)務(wu)風(feng)險(xian)(xian)防(fang)范(fan)化解機(ji)制(zhi)等。會議提(ti)出對個別中(zhong)小金(jin)融(rong)(rong)(rong)機(ji)構風(feng)險(xian)(xian)處(chu)置(zhi)(zhi)(zhi)要(yao)實現風(feng)險(xian)(xian)早發現預警、早干預處(chu)置(zhi)(zhi)(zhi)，提(ti)升(sheng)風(feng)險(xian)(xian)處(chu)置(zhi)(zhi)(zhi)效率；建立(li)防(fang)范(fan)化解地(di)方(fang)債(zhai)務(wu)風(feng)險(xian)(xian)長效機(ji)制(zhi)，不僅要(yao)把握(wo)風(feng)險(xian)(xian)處(chu)置(zhi)(zhi)(zhi)的時(shi)度效，而且(qie)要(yao)從源頭進(jin)行管控防(fang)范(fan)；堅持權責一致，就是要(yao)壓(ya)實相關金(jin)融(rong)(rong)(rong)風(feng)險(xian)(xian)各(ge)主體(ti)責任，提(ti)升(sheng)風(feng)險(xian)(xian)防(fang)范(fan)處(chu)置(zhi)(zhi)(zhi)效率，做好常態化風(feng)險(xian)(xian)防(fang)范(fan)化解工(gong)作(zuo)(zuo)，不斷提(ti)升(sheng)金(jin)融(rong)(rong)(rong)體(ti)系抗風(feng)險(xian)(xian)能(neng)力與服務(wu)實體(ti)經(jing)(jing)濟能(neng)力。

以防范和化(hua)(hua)解(jie)(jie)地(di)方債(zhai)(zhai)為例，東方金誠首席(xi)宏(hong)觀分析師(shi)王青和高級分析師(shi)馮(feng)琳認(ren)為，建(jian)(jian)立地(di)方債(zhai)(zhai)務風(feng)險(xian)(xian)防范化(hua)(hua)解(jie)(jie)“長(chang)效機制”，主(zhu)要是指要切(qie)實防范“一邊化(hua)(hua)債(zhai)(zhai)一邊新(xin)(xin)增”，同時(shi)推動平(ping)(ping)臺(tai)企(qi)(qi)業轉(zhuan)型(xing)(xing)，從(cong)根(gen)本上控制地(di)方債(zhai)(zhai)務增長(chang)。這意味著盡(jin)管當前平(ping)(ping)臺(tai)債(zhai)(zhai)務風(feng)險(xian)(xian)緩和，融(rong)資(zi)成本下降(jiang)，但(dan)未來平(ping)(ping)臺(tai)企(qi)(qi)業新(xin)(xin)增債(zhai)(zhai)務將受到更為嚴格的監管。從(cong)根(gen)本上說，地(di)方債(zhai)(zhai)務源于(yu)平(ping)(ping)臺(tai)企(qi)(qi)業承擔基建(jian)(jian)投資(zi)職能(neng)(neng)，在地(di)方政(zheng)府(fu)法定債(zhai)(zhai)務限額之外大(da)規(gui)模舉債(zhai)(zhai)融(rong)資(zi)。解(jie)(jie)決這個問題的關鍵是推動平(ping)(ping)臺(tai)企(qi)(qi)業轉(zhuan)型(xing)(xing)，這既(ji)包括主(zhu)體業務轉(zhuan)型(xing)(xing)，也包括徹底剝離平(ping)(ping)臺(tai)融(rong)資(zi)職能(neng)(neng)。

封面(mian)圖片來源：每日經濟新聞 劉國梅(mei) 攝