摘要
在风险社会背景下,传统工业社会向现代算法社会迈进。在算法的深度应用下,各种量化基金公司迅猛发展,一定程度上促进了传统基金产品的运行效率与投资效果,但因为算法的不可知性、遮蔽性等因素,量化基金公司同样产生算法黑箱问题。传统规制体系在算法黑箱的规制范式上存在不足:在规制目标上,现有规制过于强调风险控制;在规制主体上,现有规制缺乏有效的沟通协调机制;在规制手段上,现有规制未形成综合的规制手段。通过采用风险规制理论,能够有效因应当前金融风险防范的目标、对象、手段的规制问题。为化解量化基金公司算法黑箱带来的问题挑战,我国有必要从风险控制向风险规制转向,从风险规制目标、主体与手段层面切入,全面构建量化基金公司算法黑箱的规制进路。
Under the background of risk society,the traditional industrial society is moving forward to the modern algorithm society.With the deep application of algorithm,various quantitative fund companies have developed rapidly,which has promoted the operation efficiency and investment effect of traditional fund products to a certain extent.However,due to factors such as agnosticism and the obscurity of the algorithm,quantitative fund companies also have the problem of the algorithm black box.The traditional regulatory system has shortcomings in the algorithmic black box regulatory paradigm from three terms.In terms of regulatory objectives,existing regulations overly emphasize risk control.In terms of regulatory subjects,existing regulations lack effective communication and coordination mechanisms.In terms of regulatory measures,existing regulations have not formed a comprehensive regulatory approach.Adopting the risk regulation theory can effectively address the regulatory issues of current financial risk prevention goals,objects,and means.To solve the problems and challenges brought by the algorithm black box of quantitative fund companies,China must shift from risk control to risk regulation,starting from the level of risk regulation objectives,subjects and measures,and comprehensively construct a regulatory approach for the algorithm black box of quantitative fund companies.
作者
程雪军
赵畅
Cheng Xuejun;Zhao Chang(Law School,Tongji University,Shanghai 200092,China;School of Economic Law,East China University of Political Science and Law,Shanghai 201620,China)
出处
《中国科技论坛》
CSSCI
北大核心
2024年第4期127-136,共10页
Forum on Science and Technology in China
基金
国家重点研发计划青年科学家项目“智能合约与法律的创新理论及方法”(2022YFB2701800)
教育部人文社会科学研究青年基金项目“金融科技平台数据垄断的系统治理研究”(23YJC820005)。
关键词
量化基金公司
算法黑箱
风险控制
风险规制
规制进路
Quantitative fund company
Algorithm black box
Risk control
Risk regulation
Regulatory approach
