金融监管信号传递与金融市场有效运行

金融市场是金融监管当局与金融市场参与者之间动态博弈、合作共生的信息不对称系统。通过把信号博弈和重复博弈思想引入金融监管理论研究，构建以金融市场有效运行为反馈信号的金融监管当局与金融市场参与者之间的监管信号传递模型，分析金融市场治理中有效监管信号的传递机制。结果表明：金融监管力度与金融市场有效运行水平之间存在分离、混同两种均衡关系；在金融监管声誉效应的驱动下，金融监管当局倾向于选择混同均衡策略，而不是分离均衡。因而只有建立通畅的金融监管信号传递及反馈机制，强化并放大金融监管信号显示，增大监管乘数效应，形成良性的监管声誉效应，才能保障金融市场的有效运行。

Financial Regulatory Signaling and Financial Market Effective Operation

The financial market is an asymmetric information system in which there are dynamic game and cooperation symbiosis between financial regulatory authorities and financial market participants. Signal game and repeated game theory is introduced to the research on financial regulation theory, regulatory signal game model is constructed between financial regulators and financial market participants using financial market effective operation as feedback signal, and effective regulatory signal transfer mechanism is analyzed under an asymmetric information condition in the management of financial markets. The analysis shows that the there exist separating equilibrium and pooling equilibrium between financial regulation and the level of financial market effective operation; The analysis in Repeated game model shows that financial regulators tend to choose pooling equilibrium strategies over separation equilibrium driven by the financial regulatory reputation effect. Therefore, only when smooth financial regulatory signal transmission and feedback mechanism are established, financial regulatory signal strengthened and amplified, and regulatory multiplier effect increased, can the financial markets effective operation be ensured.