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The design of system analysis and reform Chinese folk financial development

Author: ZhaoZuo
Tutor: ZhaoChangMao
School: The Central Party School
Course: Political Economics
Keywords: Folk Finance Institutional Analysis Idea of Reform Information Asymmetry Institutional Change
CLC: F832.35
Type: PhD thesis
Year: 2013
Downloads: 907
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Folk finance has a long history in our country, and it has a rich historyconnotation and the complex real background. After the founding of new China, thefolk finance once into the low tide and even imprisoned by the government. Afterthe reform and opening up, China has gradually established a socialist marketeconomic system, the rapid development of the national economy has achievedunprecedented, the proliferation of private economy and rural financial demand andserious insufficient supply of formal financial form a sharp contradiction. Therefore,as a financial product inhibition of induced institutional change in the environment,the folk financial organizations and the activities began to restore and gradually active,greatly make up for the insufficient supply of formal financial, easing the marketcapital supply and demand contradiction, improve the financial efficiency of theallocation of resources and the financial system, promoted the development of privateeconomy and the rural economy, plays an increasingly important role in economic andsocial development, to provides an integral part of the progressive reform of ourcountry financial support. However, due to the insufficient standard organization form,operation risk degree is high, the government regulation and relevant laws andregulations are unsound, such as the folk financial in fast growing at the same timealso caused certain negative influence to economic and social development.Combined with discrimination in the field of ideology has not been eliminated, so fora long time, our government suppressed and restricted the existence and developmentof folk financial. Practice has proved that the method of work was not a success, andeven to some extent produced the opposite effect. Therefore, in the financial systemreform process accelerating and under the background of the deepening of economicstructure adjustment, the comprehensive system research on the folk finance, drawlessons from international experience and through the relevant system andenvironment construction, promote healthy development of private financial, for ourcountry’s economic and social development has profound theory and practical significance.The purpose of this study was based on the research of the folk financialdevelopment, on the one hand, enables us to rediscover the positive role of privatefinance for economic development, in view of the restrictive factors hindering thedevelopment of the financial, puts forward relevant countermeasures and suggestions,to promote the folk financial give full play to its due function, become the beneficialsupplement of formal financial system and moderate rivals, to better serve the needsof the development of private economy and the reform of rural areas. On the otherhand, enable us to look at China’s formal financial system problems and deficienciesfrom a brand-new angle, and reveal the supply of formal financial service defects, andusing the experience of the folk financial development and train of thought, reformand perfect the existing financial system, promote the financial market development,promote the financial innovation, improve the level of the supply of financial servicesand efficiency.This article’s innovation mainly manifests in two aspects: on the one hand,innovate the research ideas. In folk financial past research, often from the folkfinancial market operation mechanism, government regulation, folk financial riskcontrol and the folk financial impact on economic growth and a certain angle to study,or just for a kind of specific forms of folk financial organizations, such as privatelending, private banks, private equity funds, and etc. On the basis of succeeding toexisting research results, this paper insists on the use of history, the macro view, thefolk financial development issues are analyzed under the background of the nationaleconomy, starting from the realistic national conditions, the deep reason of folkfinance produces at present stage and development, the present situation, theeconomic effect and potential factors to conduct a comprehensive system to exploreand comb, trying to choose from the internal and external environment to solve wayfor the future development of the folk financial problems. On the other hand, innovatethe research content. First, put forward the folk financial existence and developmentof comparative advantage boundary. But with the increasing scale of folk finance, it interms of the transaction cost comparative advantage will be weakened or even lost. This paper analyzes the civil finance and formal financial operation of the marginaltransaction cost and the average transaction cost changes in the relationship, to provethe comparative advantages boundary of the development scale of folk finance,namely the existence of the optimal cut-off point, thus demonstrates the privatefinance in the modern economic system existence and rationality of the existence anddevelopment space, as policy provides theory basis for the adjustment andtransformation. Second, the impact of folk finance on economic development. Privatefinance has played a positive role in promoting China’s economic development, tomake up for the lack of formal financial system. This article is based on estimates ofthe scale of folk finance, select the relevant data indicators, the use of co-integrationanalysis and Granger causality test, measured empirical analysis on the folk financeand economic growth. The results show that the presence of both long-term and stablepositive relationship in promoting economic growth, private finance is not aninefficient institutional arrangement. Therefore, government should admit and supportthe existence and development of folk finance in our country. Third, this paperpresents the principles and countermeasures to promote the development of folkfinance in our country. This paper along the formal financial transformation andformal financial cooperation between the two paths to explore the evolution of thefolk financial direction, clearly put forward the rural financial support, small loancompanies, village banks and rural cooperative banks and other private finance intothe final form of organization, discusses the possibility of vertical docking dock bothfolk finance and formal finance. On the basis of summarized the full text researchresults, this article from the construction of law, financial supervision, supportingsystem, market environment and so on several aspects put forward thecountermeasures and suggestions to promote the development of folk finance.The conclusion of this paper mainly includes the following: first, the folkfinancial existence and development has the objective necessity, if the governmentdepartments have held a denial attitude to the folk finance, ignore its positive role insome areas, would be contrary to the objective laws of economic development;Second, the scale boundary and regional personal boundaries of folk finance are exist, relative to the formal finance, folk finance has comparative advantage in small scope,solve the problem of information asymmetry rely mainly on relational credit; Third,the folk finance in promoting economic and social development is a "double-edgedsword", on the economic development of our country has both positive effect, also hasa negative effect, should take its essence to its dregs; Fourth, the development of folkfinance is restricted by its defects and external factors of double; Fifth, promote thedevelopment of folk finance needs the government play the role of guiding, moremeasures simultaneously, should be in line with efficiency first, the principle of faircompetition, independent and voluntary, risk controlled, enlarge the positive effects offolk finance, weaken its negative effects.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Financial organizations in urban and rural areas
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