内容简介

基于对2015年中国股市危机的反思，2016年中国学术界和金融监管部门都在研究中国金融监管改革，探讨基于未来中国金融结构和金融风险变化的新的监管模式。理论研究者、政策制定者和监管部门都意识到目前的“一行三会”的分业监管模式存在一些监管真空，难以覆盖由于金融创新和金融结构变化所衍生出的新的金融风险，因而一般都认为要推动金融监管结构的改革。但对金融监管改革的内在逻辑缺乏系统、全面、深入的分析，也缺乏充分的数据支持。基于此，本研究报告沿着金融结构（金融资产结构）的调整→金融风险衍生和变异→金融监管模式改革这样一条逻辑思路展开研究，同时深入分析不同阶段金融监管规则调整的背景和动因，探讨国际金融监管改革的新趋势，寻找中国金融监管改革的新模式。

与过去历年大多数研究报告体例一样，本研究报告仍由导论、分论、市场研究三部分组成，其中，导论和分论是本研究报告的主体内容。导论部分主要侧重于构建中国金融监管改革的理论分析逻辑，从金融结构、风险变异和金融模式选择的逻辑角度，观测、分析为什么必须推动中国的金融监管模式改革，并对中国金融监管新模式作了理论和功能上的勾画。各分论则对中国金融监管模式的变迁、不同时期监管规则的调整、全球金融监管改革的新趋势以及如何构建基于风险分级和风险变异的新的金融监管模式作了分析和阐释。

由FSI主持、吴晓求教授领衔执笔的中国资本市场研究报告，实际上是一部问题导向、侧重于理论分析的研究作品，对每年及下一年市场趋势的预测和研究不是本研究报告关注的重点，所以，市场研究这部分内容实际上是本研究报告的辅助内容。市场研究主要从基本面和技术面角度，分析了2016年的市场特征和2017年所可能发生的变化。

Introduction

Based on the reflection of China's stock market crisis in 2015, Chinese academics and financial regulators in 2016 studied China's financial regulatory reform and explored new regulatory models based on future changes in China's financial structure and financial risks. Theoretical researchers, policymakers and regulators are aware that the current separate supervision model—“one central bank and three commissions”, which exists regulatory vacuum to some extent and is difficult to cover the new financial risks derived from financial innovations and financial structural changes. Therefore, it is generally agreed to promote the reform of financial regulatory structure. However, there is a lack not only of systematic, comprehensive and indepth analysis of the inherent logic of financial regulatory reform, but also of adequate data support. Based on this, the research report follows the logic of adjustment of the financial structure（financial asset structure）→financial risk derived and it's variation→financial regulation model reform. At the same time, it gives a deep analysis of the background and motivation of the adjustment of financial supervision rules at different stages, probes into the new trend of international financial supervision reform and looks for a new model of China's financial regulatory reform.

As with most of the research reports in the past years, this research report is composed of three parts:introduction, theses and market research. Among them, the introduction and theses are the main parts of this research report. The introduction part mainly focuses on the theoretical analysis and on the logic of China's financial supervision reform, observes and analyzes the necessity of promoting the reform of China's financial supervision mode from the perspective of financial structure, risk variation and financial model alternatives, and makes a theoretical and functional construction of the new model of China's financial supervision. The theses analyze and explain the changes of China's financial regulatory model, the adjustment of regulatory rules in different periods, the new trend of global financial supervision reform and how to construct a new financial supervision model based on risk classification and risk variation.

The research report of China's capital market, hosted by FSI and led by Professor Wu Xiaoqiu, is actually a problem-oriented research focused on theoretical analysis. The prediction and research on market trends for each year and next year are not the focus of this research report, thus the market research is actually the auxiliary part of this research report. Market research analyses the 2016 market characteristics and what changes may occur in 2017 from the perspective of fundamental and technical aspects.