中文摘要：

由于现实中我国金融市场的“全国性”与法院组织的“地方性”这两者之间存在固有的体制冲突，因此人们期待以“去地方化”为目标之一的司法改革方案能够有效提升金融市场的司法环境。然而，我们应当意识到，对于金融市场法律争议案件的处理，地方法院与最高法院之间的关系是多层次的，并非简单地用“地方保护主义”和“反对保护主义”就可以完全概括。实证资料表明，除了纠正地方法院的不当司法行为之外，最高法院同时也经常性扮演了地方法院“利益代言人”的角色；而地方法院较之最高法院则会有更强的内在激励去能动地扮演金融市场法律规则“供给者”的角色。由此，可能引致上下级法院之间关系带有更多行政化色彩的司法改革方案能否有效回应金融市场制度需求这一值得深思的问题。

英文摘要：

Because of the inherent conflict between ＂nationwide＂ financial market and ＂localized＂ courts in China, people expect the current judicial reform proposals with the purpose of delocalization will improve the judicial environment of Chinese financial market. We ought to realize, however, that in terms of dealing with the legal disputes of the financial market, the re- lationship between the Supreme Court and local courts is multilayered and we cannot generalize it simply by ＂local protection- ism＂ and ＂anti-- local protectionism＂. The empirical materials show that, in addition to rectifying the misconduct of local courts, the Supreme Court frequently plays a role of spokesmen for the interests of local courts; compared with the Supreme Court, local courts have more motivation to proactively play a role of ＂provider＂ of legal rules for the financial market. Hence, whether the judicial reform proposal, which may make the relationship among different levels of the court more administrative- ly, can effectively respond to the requirements of the financial market is questionable.