金融危机后,金融市场监管架构改革颇多。本文首先以资本要求规则的设计为例,对近期监管浪潮带来的改善金融稳定性的效果是否真如经常声称的那般显著提出质疑。其次,笔者以信贷基金监管为例,探讨监管范围扩大对企业融资市场竞争的消极影响。最后,通过分析更多以市场为导向的解决方案,笔者提出在欧洲范围内,要提高金融稳定性,最重要的措施可能是加强资本市场。 After the financial crisis, the financial market regulatory structure reform quite a lot. This article begins with the design of the capital requirements rule as an example and raises significant questions as to whether the effect of the recent wave of regulatory improvements on improving financial stability has so often been claimed. Second, the author uses the supervision of credit funds as an example to explore the negative impact of the expansion of supervision on the competition in the corporate finance market. Finally, by analyzing more market-oriented solutions, the author proposes that the most important measure to improve financial stability in Europe is probably to strengthen the capital market.