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Financial assets, structural changes and the financial system efficiency

Author: PanQingMu
Tutor: ZengKangLin
School: Southwestern University of Finance and Economics
Course: Money and Banking
Keywords: The efficiency of the financial system The structure of financial assets Structural changes Allocative efficiency Adaptive efficiency Financial regulation mechanism Capital Asset Pricing Model Factors of production resources Financial macro-control Economic instability
CLC: F832
Type: PhD thesis
Year: 2001
Downloads: 608
Quote: 3
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Abstract


The thesis focuses on the relation between the development of financial assets’ structure and the efficiency of finance.There’re five interrelated parts:1.Factors witch affect and determine the development of financial assets’ structure.2.Definition and judgement of the meaning of financial efficiency.3.Different effects to financial efficiency caused by differebt structures of financial assets.4.How the policies influence and adjust the structure of financial assets, and the influences can avoid the unstability of economy and the low efficiency of finance caused by the unreasonable acts of individuals and companies.5.What kind of adjustnent the financial macro-adjustment should take on the conditions that the structure of finacial assets is changing constantly.The thesis follows two main threads.One is the relation of financial assets’ structure and efficiency <WP=6>of financial adjustment,the other is the relation between financial assets’ structure and efficiency of financial distribution.The author’s ideas are innovative and somewhat different from others’.The concept of the efficiency of financial adjustment is instroduced ,and that is partly because the author gains enlightenment from Douglas C.North’s idea.Moreover ,the author hold the view that this concept is more inportant than the efficiency of financial distribution.The structure of financial assets may be proper or improper .Only the adjustable (proper) financial system can speed the long-term progress of economy,and the system itself can develope and survive in the changing circumstances.As for the efficiency of financial distribution,the author not only follows Harry M.Markowitz’s modern assets Porifolio Theory and W.Sharps CAPM,but also applies these famous theory of investment to the macro-anallysis of financial structure.The author’s view is that there’re three objectives which the efficiency of financial distribution must achieve.The <WP=7>first is that resources can be allocated into those fields which are most needed by the society and are the most innovative,The second is that individuals can make the best of their wealth and get the value they expect.The third is that the general risk of social financial assets can be reduced to the lowest limit.Toachieve these aims,financial asserts should be diversefied in variety and be very different in qualities. It depends on the arrangement in ths risks and anticipated profits of various assets. The author analyses the changes of financial assets’ structure in different periods since chinese reform. Meanwhile, the author makes treatise about the relation between equity financing about credit fginancing, problems in the development of stock market,and the financial adjustment system in acomplex structure of financial assets.In the last part,the author propases aset of policies to improve the efficiency of chinese financial system from the point of view that there should be proper adjustment to the structure of financial assets.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking
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