不受监管的影子银行是2008年金融危机的重要诱因之一。影子银行系统同样存在于中国金融系统中,并有恶化的趋势。理财产品作为影子银行的一种形式,不仅增加了银行业的系统性风险,还对金融消费者保护提出了挑战。本文试图研究理财产品的系统性风险并且探析监管部门选择不同规制手段的内在逻辑。这些监管手段在提升金融安全和促进金融自由的同时,对增强金融消费者保护也十分重要。 Unregulated shadow banks were one of the major causes of the financial crisis in 2008. The shadow banking system also exists in China’s financial system with a deteriorating trend. As a form of shadow banking, wealth management products not only increase the systemic risk of the banking industry, but also pose challenges to the protection of financial consumers. This article attempts to study the systematic risk management of wealth management products and explore the internal logic of regulatory agencies to choose different regulatory instruments. These regulatory measures are also important for enhancing the protection of financial consumers while enhancing financial security and promoting financial freedom.