随着中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会、国家外汇管理局《关于规范金融机构资产管理业务的指导意见（银发〔2018〕106号）》（以下简称《资管新规》）的出台，穿透式监管也在原有的基础上受到越来越多的关注和讨论。作为一种新型的金融监管方式，穿透式监管在强化金融风险防控、促进金融业健康发展等方面具有重要意义。然而，鉴于金融创新与金融监管的动态平衡，无论对于何种监管方式，完善的制度理论与清晰的监管边界都是保障金融效率与金融稳定的重要前提。因此，本文先在理论层面对穿透式监管进行深入探讨，再通过分析《资管新规》中关于穿透式金融监管的规定，以资产管理领域为例，探索了穿透式监管的边界问题。首先，本文探索了穿透式金融监管的来源，从理论与实践两方面对这一制度进行追根溯源，为后文的探讨确定方向与视角。其次，本文分析了穿透式监管的含义，并对一些相近的概念进行了辨析，从而明确穿透式监管的内涵。然后，笔者探索了穿透式监管在我国金融监管体系中的地位，明确了穿透式监管的真正作用。最后，通过具体分析《资管新规》的规定，以规范条文作为指引，探讨了穿透式监管在两个穿透方向上的限度。总体而言，本文是对穿透式监管边界厘定的一次有益尝试，具有一定的理论与实践价值。在未来的金融监管中，穿透式监管运用必然更加广泛与深入，希望通过本文的探讨，能够为穿透式监管的边界划定提供些许参考。

With the introduction of the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions (Yinfa [2018] No. 106)" (hereinafter referred to as the "New Regulation on Asset Management") by the People‘s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange, penetrating regulation has also received more and more attention and discussion on top of its original basis. As a new type of financial regulation, penetrating supervision is of great significance in strengthening financial risk prevention and control and promoting the healthy development of the financial industry. However, in view of the dynamic balance between financial innovation and financial regulation, a sound institutional theory and clear regulatory boundaries are important prerequisites for safeguarding financial efficiency and financial stability, regardless of the regulatory approach. Therefore, this paper first discusses penetrating regulation in depth at the theoretical level, and then explores the boundary of penetrating regulation by analysing the provisions on penetrating financial regulation in the New Regulation on Capital Management, taking the asset management field as an example.First of all, this article explores the source of penetrating financial supervision, traces the source of this system from both theoretical and practical aspects, and determines the direction and perspective for the following discussion. Secondly, this article analyzes the meaning of penetrating supervision, and differentiates some similar concepts, so as to clarify the connotation of penetrating supervision. Then, the author explores the status of penetrating supervision in my country‘s financial supervision system, and clarifies the real role of penetrating supervision. Finally, through a specific analysis of the provisions of the "New Regulations on Asset Management", with the normative provisions as a guide, the limits of penetrating supervision in two penetrating directions are discussed.Overall, this paper is a useful attempt to define the boundary of penetrating supervision, which has certain theoretical and practical value. In the future financial supervision, the application of penetrating supervision will inevitably be more extensive and in-depth. It is hoped that through the discussion of this article, some references can be provided for the boundary demarcation of penetrating supervision.