近年来的金融市场实践证明中国最后贷款人的立法和操作都充满模糊性,再加上中国的特殊国情,这样的安排给了市场“政府包办、救助易得”的错误信号,最后贷款人制度被滥用,同时引发严重道德风险。因此,中国的最后贷款人制度必须明确走向“更明确化”而非“更模糊化”。本文建议以防范系统性危机为标准,将我国的最后贷款人制度明确化、制度化、公开化。 In recent years, the practice of financial markets has proved that the laws and operations of China’s lender of last resort are full of fuzziness. Coupled with China’s special national conditions, such an arrangement gives the market a false signal that the government is “arranged by the government and is easily accessible” and the final loan Abuse of the human system, while causing serious moral hazard. Therefore, China’s system of lenders of last resort must clearly move toward “more explicit” rather than “more fuzzified.” This paper suggests that we should clarify, institutionalize and open the final lender system in our country with the aim of preventing systemic crisis.