-
金融市场的深化发展在提升社会资源配置效率的同时,也引发金融消费者保护、系统性风险防范等监管难题。当金融日趋以一种复杂、难以被大众所直接理解的方式呈现时,消费主体素养的匹配程度就成为一个值得思考的现实命题。“如果我们希望实现真正的金融大众化,金融从业者就必须教会普通人使用金融工具,使他们了解金融服务的覆盖范围。这些知识不应仅局限在金融专家的手中”[1]13。受益于金融消费者保护思潮的觉醒,在后危机时代金融监管变革下,“多数人口的低水平金融素养正在促使越来越多的国家采取行动”[2]。中国2013年拟定金融教育国家战略,并于2016年正式建立“消费者金融素养问卷调查制度”①。以经济合作与发展组织(Organization for Economic Co-operation and Development,OECD)、世界银行(World Bank,WB)、国际证监会组织(International Organization of Securities Commissions,IOSCO)为代表的政府间国际组织出台了多份研究报告与政策建议,力陈金融素养培育对全球金融市场稳定发展的重要性。金融素养逐渐从一个单纯的智识、教育问题转变为金融市场可持续发展的基础性对策方案。金融素养的制度拓展面临着理论上的有效性质疑与实践中的形式化衍生。厘清金融素养培育与金融深化、金融监管、金融法治的关系逻辑是提升制度效能的前提要件。
Theoretical Explanation and Institutional Response of Financial Literacy
-
摘要:以提升金融素养为目标的主体赋能发轫于校园金融知识的普及倡导,成熟于后危机时代系统性金融风险防范与金融消费者保护的制度省思之中。围绕金融市场消费主体行为偏差的行为经济学结论,国际社会逐渐提升金融素养的政策定位,在政府、市场与社会等多维度统筹资源,回应主体责任提升下的金融市场基础设施完善。面对多元化与复合性的主体智识命题,金融素养实践受制于理论上的有效性质疑与实践中的高成本困境,制度预期与现实效果的不匹配反而引发私权秩序过度介入的诟病。从问题处置与风险应对出发,金融素养实践应在法治化视阈下强化政府对金融教育国家战略的主导地位,拓宽优先领域金融监管嵌入的政策通道。着眼制度发展的“预防性”特征,金融素养实践应以受教育权为核心,营造负有激励性的、共治性的金融生态环境。Abstract:Financial literacy began in campus finance knowledge popularization and matured gradually in the reflection on systemic financial risk prevention and financial consumer protection in the post-crisis era. Based on the behavioral economic conclusion of the deviation of the behavior of the consumer subject in the financial market, the international community gradually improves policy orientation of financial literacy, coordinates resources in the government, market and society, and responds to the improvement of the financial market infrastructure under the promotion of the subject’s responsibility. Facing the subject intellectual proposition of diversification and complexity, the practice of financial literacy is subject to theoretical validity questioning and the high cost dilemma in practice, and the mismatch between system expectation and realistic effect leads to the over-involvement of the private right order. Starting from problem disposal and risk response, the practice of financial literacy should strengthen the government’s leading position in the national strategy of financial education under the threshold of rule of law, and broaden the policy channel embedded in financial supervision in priority areas. Focusing on the “preventive” characteristic of institutional rationale, the practice of financial literacy should take “the right to education” as the core and create a financial ecological environment featured by incentive and co-governance.
-
Key words:
- financial literacy/
- financial education/
- financial consumer/
- empower
注释:1) 2016年1月11日,中国人民银行办公厅发布《关于建立消费者金融素养问卷调查制度(试行)的通知》,明确从2017年开始每两年进行一次消费者金融素养问卷调查。在此之前,中国人民银行金融消费者权益保护局曾于2013年、2015年进行全国试点调查。2) 1997年在美国出现致力于中小学生金融知识提升的民间组织——个人金融素养启动联盟(Jump$tart Coalition for Personal Financial Literacy);2003年依据《公平准确信用交易法案(the Fair and Accurate Credit Transactions Act of 2003)》成立金融素养与教育委员会(The Financial Literacy and Education Commission),将金融素养培育提升至国家战略层面。在国际社会层面,经合组织于2005年发布《金融教育和认识的原则与良好实践的建议(Recommendation on Principles and Good Practices for Financial Education and Awareness)》,指出消费者金融知识水平较低,号召成员国开展与金融教育相关的制度实践。 -
[1] 罗伯特·席勒. 新金融秩序: 如何应对不确定的金融风险[M]. 束宇, 译. 北京: 中信出版社, 2014: 13. [2] OECD/G20. Advancing national strategies for financial education [EB/OL]. (2013-09-05) [2020-10-30]. http://www.oecd.org/finance/ financial- education/G20_OECD_NSFinancialEducation.pdf. [3] 阳建勋. “金融消费者”概念生成的法社会学探析: 消费者运动与金融危机耦合下的金融法变革及其本土资源[J]. 甘肃政法学院学报, 2014(1): 16-24. [4] ANTONIA G, THERES K, LUKAS M. Does financial literacy improve financial inclusion: cross country evidence [J]. World Development, 2018(111): 84-96. [5] 萨缪尔森, 诺德豪斯. 宏观经济学[M]. 萧琛, 译. 北京: 人民邮电出版社, 2008: 23. [6] BARBARA B. Behavioral economics and investor protection: reasonable investors, efficient markets [J]. Loyola University Chicago Law Journal, 2013, 44(5): 1493-1508. [7] KRISTINE E, STEFAN H, ZANNA L, et al. Applying behavioural economics at the financial conduct authority [EB/OL]. (2013-04-01)[2020-10-30]. http://oro.open.ac.uk/42192/1/occasional-paper-1.pdf. [8] 孙天琦. 金融消费者保护: 行为经济学的理论解析与政策建议[J]. 金融监管研究, 2014(4): 32-56.doi:10.3969/j.issn.2095-3291.2014.04.003 [9] 彭显琪, 朱小梅. 消费者金融素养研究进展[J]. 经济学动态, 2018(2): 99-116. [10] LEFEVRE A, CHAPMAN M. Behavioural economics and financial consumer protection [EB/OL]. (2017-03-15)[2020-10-30]. https://www.oecd-ilibrary.org/docserver/0c8685b2-en.pdf. [11] BRAUNSTEIN S, WELCH C. Financial literacy: an overview of practice, research, and policy [J]. Federal Reserve Bulletin, 2002, 88(11): 445-457. [12] 乌尔里希·贝克. 风险社会: 新的现代性之路[M]. 张文杰, 何博闻, 译. 南京: 译林出版社, 2018: 24. [13] 王勋, 黄益平, 陶坤玉. 金融监管有效性及国际比较[J]. 国际经济评论, 2020(1): 59-74. [14] GALLETY G. Natalie Gallery. Rethinking financial literacy in the aftermath of the global financial crisis[J]. Griffith Law Review, 2010, 19(1): 30-50.doi:10.1080/10854667.2010.10854667 [15] MOLONEY N. Regulating the retail markets: law, policy and the financial crisis[J]. Current Legal Problems, 2010, 63(1): 375-447.doi:10.1093/clp/63.1.375 [16] 王宇熹, 杨少华. 金融素养理论研究新进展[J]. 上海金融, 2014(3): 26-33. [17] PRAST H, SOEST A. Financial literacy and preparation for retirement [J]. Intereconomics, 2016, 51(3): 113-118.doi:10.1007/s10272-016-0588-9 [18] HOWLETT E, KEES J, KEMP E. The role of self-regulation, future orientation and financial knowledge in long-term financial decisions [J]. Journal of Consumer Affairs, 2008, 42(2): 223-242.doi:10.1111/j.1745-6606.2008.00106.x [19] KLAPPER L, LUSARDI A. Financial literacy and financial resilience: evidence from around the world [J]. Financial Management, 2020, 49(3): 589-614.doi:10.1111/fima.12283 [20] G20/OECD. Policy guidance on digitalisation and financial literacy[EB/OL]. (2018-06-24)[2020-10-30]. http://www.oecd.org/daf/fin/financial-education/G20-OECD-INFE-Policy-Guidance-Digitalisation-Financial-Literacy-2018.pdf. [21] 朱琳. 大学生消费信贷的互联网衍生及其规制逻辑[J]. 金融发展研究, 2016(7): 38-44.doi:10.3969/j.issn.1674-2265.2016.07.006 [22] NATALIYA M. Global survey on consumer protection and financial literacy: oversight frameworks and practices in 114 economies[EB/OL]. (2013-01-01)[2020-10-30].http://documents.worldbank.org/curated/en/775401468171251449/Oversight-frameworks-and-practices-in-114-economies-full-report. [23] G20/OECD. Report on adult financial literacy in G20 countries [EB/OL]. (2017-07-08)[2020-10-30]. http://www.oecd.org/daf/fin/financial-education/G20-OECD-INFE-report-adult-financial-literacy-in-G20-countries.pdf.,. [24] OECD. Report on financial education in APEC economies: policy and practice in a digital world [EB/OL]. (2019-10-28)[2020-10-30]. http://www.oecd.org/finance/financial-education/2019-financial-education-in-apec-economies.pdf. [25] GALE W, HARRIS B, LEVINE R. Raising household saving: does financial education work [J]. Social Security Bulletin, 2012, 72(2): 39-48. [26] WILLS L. Against financial-literacy education [J]. Iowa Law Review, 2008, 94(1): 197-285. [27] STOLPER O, WALTER A. Financial literacy, financial advice, and financial behavior [J]. Journal of Business Economics, 2017, 87(5): 581-643.doi:10.1007/s11573-017-0853-9 [28] LUSARDI A. MITCHELL O. The economic importance of financial literacy: theory and evidence [J]. Journal of Economic Literature, 2014, 52(1): 5-44.doi:10.1257/jel.52.1.5 [29] ZOKAITYTE A. Financial literacy and numeracy of consumers and retail investors [J]. Capital Markets Law Journal, 2016, 11(3): 405-413.doi:10.1093/cmlj/kmw014 [30] 江嘉骏, 刘玉珍, 陈康. 移动互联网是否带来行为偏误: 来自网络借贷市场的新证据[J]. 经济研究, 2020(6): 39-55. [31] MAK V, BRASPENNING J. Errare humanum est: financial literacy in european consumer credit law[J]. Journal of Consumer Policy, 2012, 35(3): 307-332.doi:10.1007/s10603-012-9198-5 [32] WILLIAMS O, SATCHELL S. Social welfare issues of financial literacy and their implications for regulation[J]. Journal of Regulatory Economics, 2011, 40(1): 1-40.doi:10.1007/s11149-011-9151-6 [33] 中国证券投资者保护基金有限责任公司. 2019年度全国股票市场投资者状况调查报告[EB/OL]. (2020-03-28)[2020-10-30]. http://finance.sipf.com.cn/finance/app/page/detail/dryw?a_id=3. [34] 《我国证券投资者教育的效率分析与制度建构》课题组. 中国投资者教育现状调查报告(2018)[N]. 证券时报, 2019-03-07(12). [35] OECD. National strategies for financial education OECD/INFE policy handbook[EB/OL]. (2015-11-16)[2020-10-30]. http://www.oecd.org/daf/fin/financial-education.pdf. [36] 中国人民银行金融消费者权益保护局. 2019年消费者金融素养调查简要报告[EB/OL]. (2019-07-31)[2020-10-30]. http://www.pbc.gov.cn/goutongjiaoliu/14161561283.pdf. [37] OECD. Toolkit for measuring financial literacy and financial inclusion [EB/OL]. (2018-05-01)[2020-10-30]. http://www.oecd.org/daf/fin/financial-education/2015_OECD_INFE_Toolkit_Measuring_Financial_Literacy.pdf. [38] 吴秀尧. 消费者权益保护立法中信息规制运用之困境及其破解[J]. 法商研究, 2019(3): 115-126. [39] OECD. Policy guidance on digitalisation and financial literacy [EB/OL]. (2018-07-19) [2020-10-30]. http://www.oecd.org/daf/fin/financial-education/G20-OECD-INFE-Policy-Guidance-Digitalisation-Financial-Literacy-2018.pdf. [40] GEORGIOS P, JOHN W. Financial literacy and responsible finance in the fintech era: capabilities and challenges[J]. The European Journal of Finance, 2020, 26(4-5): 297-301.doi:10.1080/1351847X.2020.1717569
计量
- 文章访问数:168
- HTML全文浏览量:11
- PDF下载量:3
- 被引次数:0