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现行的资本市场法律规则体系对于金融创新而言存在诸多弊端,表现在以危机防范为导向的资本市场法律规则体系压缩了金融创新的制度空间,以外生性机制为主导的金融创新模式难以为继,金融创新的司法审查过于严苛,金融创新成果的知识产权法保护严重滞后于实践,金融创新产品法律责任的缺位加剧了金融创新风险。鉴于金融创新面临制度进化与路径依赖的双重困境,未来的资本市场法制应该注重激发市场主体的金融创新活力,理顺行政管制与市场机制的关系,在加强金融监管的前提下鼓励、培育和引导金融创新,实现金融创新的祛魅与返璞。
The current system of legal rules of capital market has many drawbacks to financial innovation. It is manifested in that the system of legal rules of capital market, which is oriented by crisis prevention, has reduced the institutional space of financial innovation, and the financial innovation mode dominated by exogenous mechanisms is unsustainable. Judicial review of financial innovation is too harsh, the intellectual property law of financial innovation lags far behind the protection of practice, the absence of legal liability for financial innovation products exacerbates the risk of financial innovation. In the light of the double dilemma of institutional evolution and path dependence, financial law should focus on stimulating the financial innovation vitality of market players, rationalizing the relationship between administrative control and market mechanism, encouraging, nurturing and guiding under the premise of strengthening financial supervision Financial innovation, the realization of financial innovation, disenchantment and back to nature.