摘要： 处置措施是商业银行风险处置制度的核心,事关金融稳定。当前相关立法的体系不清、细节缺失,不利于实现风险处置的“效率”和“公平”,更无法调和两者的潜在冲突。法经济学提供的三种视角有助于揭示处置措施的经济逻辑,进而指导规则的多元优化。“向后看”关注措施的当下效益,讲求高效善后。处置措施据此可分为增量型、过渡型和存量型三种功能类型,分别需要不同的规则加以约束或促进才能实现效率。“向前看”侧重措施的未来激励,关乎公平分配。法律应基于资金来源明确处置措施使用时的排序、底线和杠杆思维,以此保障公平。“向上看”用于权衡前两种视角的冲突,追求整体福利的最大化。处置措施的实施策略应根据总体金融稳定的状态进行调整,立法需澄清启用和停用相关处置措施的标准和条件。

关键词: 银行风险处置, 处置措施, 商业银行法, 金融稳定法, 法经济学

Abstract: Resolution tools are pivotal for bank resolution and financial stability.The existing legislation lacks coherence and specificity, posing challenges in achieving the legal values of efficiency and fairness, let alone alleviating their potential conflicts.Insights from law and economics offer three perspectives, aiding in understanding the economic logic of resolution tools and refining rule design and implementation.“Ex post viewpoint” focuses on the current efficiency of tools, emphasizing efficient post-crisis measures.Resolution tools can be categorized as “incremental,”“transitional,” and “decremental,” each demanding specific rules for constraint or promotion.“Ex ante viewpoint” emphasizes future incentives for fair distribution, requiring legislation to explicitly embed the sequence, baseline, and leverage considerations when deploying resolution tools based on the “source of funds.” The conflicts between the first two viewpoints shall be reconciled to pursue the maximization of welfare.The implementation strategy of resolution tools should be adjusted based on the state of overall financial stability, and legislation needs to clarify the standards and conditions for activating and deactivating relevant resolution tools.

Key words: Bank Resolution, Resolution Tool, Commercial Bank Law, Financial Stability Law, Law and Economics