摘要： 近年来，中国金融市场发展迅猛，新型金融组织、业态和产品不断涌现，给传统的机构型分业监管模式带来了重大挑战，中国金融监管进入大变革时代。在2017年11月设立国务院金融稳定发展委员会后，2018年3月国务院机构改革方案调整原来的“一行三会”为“一委一行两会”。此番改革的核心在于加强监管协调，引入功能监管和强化审慎监管，但仍然保留了以行业为基础的分业监管体制。在监管逻辑上，应当借鉴经济学的丁伯根法则和公共选择理论，金融监管应当以统筹防范金融风险为中心，根据金融风险的分类界定监管政策目标，配置相应的政策工具，最大限度地利用协同效应和减少冲突效应，并保障监管部门有能力抵制相关利益集团的负面影响。在改革路径上，虽然没有在根本上变革监管模式，但这符合我国现阶段金融特点和市场发展水平，值得充分肯定；但随着中国金融市场的发展，金融监管体制应当借鉴国际经验，并结合具体国情，进行监管模式的转变和创新，从分业监管完全转为混业监管。在混业监管模式中，不宜采用将各个分业监管机构简单合为一体的统合监管模式，而应采用目标(双峰)监管模式，按照行为监管和审慎监管的目标差异划分监管职责和设立监管机构。

关键词: 金融监管体制, 分业监管, 混业监管, 监管工具, 监管目标

Abstract: China's financial markets have developed rapidly in recent years, with the emergence of new types of financial organizations, business models and financial products, bringing significant challenges for the traditional institutional sectors-based regulatory framework.In response, China's financial regulation has undergone significant reforms, including the establishment of the State Council Financial Stability and Development Committee in November 2017 and the organizational adjustment of the State Council in March 2018, as a result of which the previous‘one bank, three commissions’changes to‘one committee, one bank and two commissions’.The gist of this reform is to strengthen regulatory coordination, introduce functional regulation and improve prudential regulation, but still keeps the sectors-based regulatory framework.As to regulatory logic, in accordance with Tinbergen's rule and public choice theory, financial regulation should be focused on the prevention of financial risks, identifying the regulatory objectives, finding corresponding policy tools, making most use of synergy effects and minimizing conflict effects, and ensuring that regulators are able to resist the influence of interest politics.In terms of reform approaches, the recent reform does not fundamentally change the regulatory model, which is consistent with the current local conditions in China, but in the long term, with the further development of the markets, China should, by learning from overseas experiences with due consideration of local conditions, make a paradigmatic change to its regulatory model, namely from sectors-based model to integrated model, and further choose the twin-peaks model rather than the single-regulator model.

Key words: Financial Regulatory Model, Sectors-based Regulation, Integrated Regulation, Regulatory Tools, Regulatory Objectives, Law and Economics