摘要
随着互联网金融的快速发展,我国金融广告投放量呈爆发式增长。含有虚假和误导性信息的金融广告已影响到我国金融市场稳定。我国现行金融广告法律监管制度是在金融消费者权益保护的框架下,以销售者适当性义务和说明告知义务为前提,并结合传统的强制性信息披露义务。但理性投资者假设作为该制度的理论基础已遭到行为金融学理论的挑战和质疑。基于理性投资者理论而建立的以信息披露义务适当履行为基本内容的金融广告监管制度,存在固有制度缺陷,从根本上无法解决利用投资者有限理性和行为偏差的金融广告治理问题。故应针对金融广告利用行为偏差的特殊性,优化金融广告监管制度。我国应借鉴欧盟《新欧洲金融工具市场指令》的相关实践经验,制定专门的金融广告监管制度,设定中性、清晰且无误导的基本要求。
With the rapid development of Internet finance,the volume of China’s financial advertising has exploded.On the one hand,the problems caused by false and misleading information contained in some financial advertising have already affected the stability of China’s financial market.On the other hand,China’s current regulation system has inherent flaws.Under the framework of protecting financial consumers’rights and interests,it is combined with the traditional false advertising regulation system and premised on sellers’duties of appropriateness and informing.However,its theoretical premise-rational investors-is rocky,which has already been challenged by the behavioral finance theory:While making investment decisions,investors are tend to be affected by their behavioral deviations.The heuristics and behavioral deviations of the typical retail investors are often exploited by financial advertising,including representativeness bias,availability bias,framing bias,anchoring bias,and affection bias.Therefore,the system,which is based on the rational investor theory and centered on the proper fulfillment of information disclosure obligations,is flawed by nature and cannot fundamentally solve the problem of regulating financial advertising which takes advantage of investors’limited rationality and behavioral deviations.It is,thereby,necessary to establish a specialized financial advertising regulation system,so as to protect the stable operation of the financial market and the legitimate interests of financial consumers.In practice,taking advantage of investors’limited rationality and behavioral deviations is the common problem of financial advertising in China and the EU.In order to transform the theoretical achievements of behavioral finance into practical system effectiveness,China may learn from the practical regulation experience of the EU’s New Markets in Financial Instruments Directive in this regard.In terms of the optimization idea of the regulation system,an informed financial advertising regulation model should be established by taking investors’psychology and information processing mode into consideration.In terms of the optimization path of the regulation system,the basic requirements of financial advertising information should be neutral,clear and non-misleading.In addition,specific regulation systems should be further formulated for typical problems in practice,including the regulation system of financial advertising information involving historical performance,future performance forecasting,comparative financial advertising,and taking advantage of investors’affection bias.
作者
任超
Ren Chao(School of Economic Law,East China University of Political Science and Law,Shanghai 200042,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2021年第2期136-152,共17页
Journal of Shanghai University of Finance and Economics
关键词
金融广告
行为金融理论
监管
有限理性
行为偏差
financial advertising
behavioral finance theory
regulation
limited rationality
behavioral deviations
作者简介
任超(1977—),男,江苏张家港人,华东政法大学经济法学院校聘教授、博士生导师。
