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The Research of Appropriate Supervision of Finance in China during the Transition Period

Author: ChengXueYun
Tutor: DengLePing
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: transition period financial supervision appropriate supervision
CLC: F832.1
Type: Master's thesis
Year: 2009
Downloads: 156
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Abstract

China is a planned economy to market economy in transition from .In the process of transition, with China’s accession to the WTO after the progressive liberalization of financial markets and economic integration to deepen, the financial sector faced by the business rules and market environment is undergoing profound Changes. Financial regulation has become more exposed many problems and shortcomings. As the regulatory body entrusted with the responsibility to monitor the performance of professional organizations, which often involve multi-stakeholder, there is a series of complex principal-agent relationship. In all stakeholders of the interactive game, the regulators are not bound to act with the established regulatory objectives, not only because of the existence of the regulator was led to the capture of the regulatory issues of tolerance. There are regulators to use the regulatory powers of the rent-seeking, for rent regulation led to the corruption problem. There may be due to regulatory measures are too harsh and too broad scope of the regulation led to the problem of over-regulation. Especially in the current economic transition, the local governments, financial institutions, owners and other interest groups are likely to impose strong regulatory interference so that the regulatory actions deviated from the established regulatory goals. As a result, as the establishment of a sound internal governance structure of the business in general is the fundamental guarantee for the reform of state-owned enterprises and the key, reform of the financial regulatory system and regulatory bodies can really give full play to its effect to improve monitoring of performance, in a very large extent, with the financial regulators to improve their internal governance-related or not. For regulators, it must establish a scientific and effective incentive and restraint mechanisms, through a series of policies, procedures, rules to guide, bound the supervising officer’s duties, to monitor the realization of evidence, supervision of a strong, Well-optimal regulatory supervision of the state.There is no doubt that the regulatory authorities have a very crucial role in improving financial intermediation and increase the level of integrated services stability of the financial system. What is appropriate supervision has long been a subject of heated discussion. This article attempts to sorted the transition period of China’s financial supervision and management system issues on the basis of the theory and practice, supplemented by traditional financial supervision and management theory, analyzes The status quo and puts forward its own proposal against the need for improvement. The main contents are as follows:The article is divided into six parts. The first part is the preamble; the second to sixth part is the body.The first part of the main topics explains the background and significance of study, research methods and basic ideas, innovations and less. The background of the main topics from the international point of view, China’s accession to the WTO with the world economy more closely linked; Domestically, China is in an economic and financial system, great changes have taken place in the transition period. In particular, now the world is facing a global financial crisis. The question of how best to strengthen financial supervision will has more theoretical and practical significance. The main study methods to take the analogy learned from sub-loan crisis, combined with China’s actual analysis to solve the problem. This article is some innovations: First of all, it’s a relatively new subject which is a combination of sub-loan crisis of such hot current affairs; second, in the views of China, even if China is facing with the current global financial crisis, it still needs to insist on both financial supervision and financial innovation. The insufficient is: Due to the lack of practical experience, the author’s recommendations focus on more theoretical level. In practical work it may be applied up to a certain degree of difficulty. So there is the need for timely adjust and improve.The second part is the literature review. This article was based on analysis of the theory of financial regulation. The theory of financial supervision, the first question to be answered is what is the financial supervision, followed by the financial supervision of the origin and evolution, and then entered a neo-classical economic theory, the theoretical framework of the financial supervision of the sum, divided into three branches: a line is research on the vulnerability of the financial system in order to raise the issues related to financial supervision; an alternative route is to study the financial institutions and financial supervision authorities, in order to lead out the related issues of financial supervision. Finally, it analyses the internal control of the financial institutions according to the economics of information (financial regulatory framework for analysis of the new theory) and the principal-agent theory.The third part mainly focuses on China’s financial supervision and management of the development process.The fourth part focuses on the reasons of inadequate supervision and over supervision.Part V focuses on the reflection of financial supervision in China according to the sub-loan crisis in American. First, it introduces the mechanism of sub-loan crisis. Second, it introduces the contemporary financial authorities in American. Third, it focuses on the problems of financial supervision in American and the movement of reformation. Fourth, it focuses on the reflection of financial supervision in China.Part VI it gives Advices of the author on the basis of the previous analysis of the text. On how to establish a transition period of good financial supervision and management, we should think highly of both financial innovation and financial supervision. I believe that can try efforts from improving the financial supervision and management system for the external environment, improving the financial regulatory authority of the internal control system and improving financial supervision and enhancing the transparency of financial supervision in areas and improving the professional level of financial supervision.

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