【作者】 王鹏；

【导师】 杜莉；

【作者基本信息】 吉林大学 ， 法经济学， 2009， 博士

【摘要】 金融规制是政府规制的主要组成部分,也是包括我国在内的世界各国政府规制所关注的重要领域。当前,在学术界,金融规制问题的研究是法经济学、规制经济学研究的重点和难点问题。我国刚刚度过了渐进式的经济转型时期,市场经济体制初步建立,但还有待进一步完善,这依赖于稳定的金融体系的支撑。但是,中国在金融领域的改革是迟滞的,金融体制仍然有原有的制度特征,金融规制也没有完全同市场经济的发展相匹配,这势必会影响我国金融的可持续发展,使之很难为经济发展和经济增长提供最佳的金融生态和金融支持。因此,应该对我国金融规制目前存在的问题给予极大的关注。本文的研究以法经济学、制度经济学、规制经济学、金融学和法学等学科的理论和研究范式为基础和依据,综合运用法经济学分析法、历史分析法、比较分析法、数据分析法等多种研究方法,以政府规制和金融规制的相关理论研究及金融规制问题的分析范式为前提,立足于我国金融规制的变迁过程,并以国外政府实施金融规制的发展历程为经验背景,力求系统、全面的分析我国金融规制的现状及亟待解决的问题,提出促进我国金融稳定和金融发展的金融规制路径选择。更多还原

【Abstract】 Nowadays, in academic circles, the research of financial regulation is a key issue and a difficult problem in Economics of Law and Economics of Regulation. Financial regulation is the sum of government’s support, guidance, specification and constraint to the main micro-finance subjects, for the purpose of promoting the development of the financial industry, making up for market failure, maintaining the stability of financial markets, and guarding against financial risks, by the means of promulgating laws and regulations and rational administrative intervention. Financial regulation is a key component of government regulation, as well as a key area of concern of all the countries in the world including China. At present, China has just spent a gradual period of economic restructuring. The market economic system has established initially and it needs to be further improved which depends on the support of stable financial system. However, the financial reform is delayed in China. Financial system still has the original institution characteristics, and financial regulation has not matched the development of market economy completely. That will certainly affect the sustainable development of Chinese finance and make it difficult to provide best financial environment and financial support for economic development and growth. Therefore, the current problems of China’s financial regulation should be given great concern. The research of this paper is based on the theory and paradigm of Economics of Law, Institutional Economics, Economics of Regulation, Finance and Law, generally using the analysis method of Economics of Law, Historical Analysis, Comparative Analysis, Data Analysis and so on. The premise of the research is the relevant theoretical studies and analysis paradigm of the government regulation and financial regulation. This article is based on the evolution of China’s financial regulation, and with a background of the development process of foreign countries’financial regulation implementation. This article tried to do a systematic, comprehensive analysis of the status quo of China’s financial regulation and the problems to be solved urgently, and to provide path selections of our country’s financial regulation for promoting financial stability and development.Ⅰ. A summary of financial regulation theoriesThe development of regulation theory is based on microeconomics and industrial organization theory, and also absorbs the theories and research achievements of Law and Economics, New Institutional Economics and other related subjects. Regulation is the most important concept in the regulation theory. It refers to the government’s effect and intervention in market activities of the main micro-finance subjects in accordance with certain rules. With the evolving of regulation practice, the regulation theories and contents are expanded and improved continuously. Financial regulation is the main component of government regulation, and is the sum of government’s support, guidance, specification and constraint to the main micro-finance subjects. Financial regulation belongs to the scope of direct regulation. It is not only different from the financial supervision, but also from the financial macro-control. After 1930s, the relevant theories of financial regulation have been enriched and developed constantly. Among them, the uncertainty principle suggests that financial markets are uncertain and requires the government to intervene. The theory of financial structure provides a theoretical basis for the government financial regulation in the perspective of financial structure and development. The theory of financial fragility suggests that the financial sector has the vulnerability of natural. The theory of financial crisis shows that there is a clear market failure and serious information asymmetry in financial sector and it requires the intervention of outside forces. The theory of finance restriction believes that the developing countries and the countries in transition must achieve an appropriate degree of government intervention. Based on the analysis framework of Law and Economics, the analysis of financial regulation can be done from several aspects, such as the system possibility border and efficiency, the balance of supply and demand, and the costs and benefits of financial regulation.Ⅱ. The changes and assessment of China’s financial regulationSince the founding of New China, the change path of China’s financial regulation can be described more or less as a process which is from the financial administration servicing for the planned economy to the regulation in accordance with laws in order to protect financial market stability and guard against financial risks. Judging from the time dimension, China’s financial regulation has undergone four specific stages of development. The first phase: it had been the stage of the financial administration under the country’s financial monopoly, from the founding of New China to reform and opening-up in 1978. The second phase: it had been the stage of the financial administration under the country’s financial control, from the beginning of reform and opening-up in 1978 to 1993. The third phase: it had been the stage of normative development of financial regulation after weakening the country’s financial control. The fourth phase: it has been the stage of deepening of country’s financial regulation since 1998. The formation of change path of China’s financial regulation is mainly due to the changes of government’s preference behavior led by the development of Chinese economic situation and the external environment. From the perspective of New Institutional Economics, there are four main features of China’s financial regulation, such as government-led, progressive, laggard, and enhanced trend of demand induced institutional change.Ⅲ. The evolution of foreign financial regulation and its implications for China“By other’s faults, wise men correct their own”. As the mature market economy countries, the United States, Japan and Germany have perfect institutional arrangements for financial regulation which are applicable to the operational mechanism of market economy. The United States is a market-oriented country. Japan belongs to the bank-oriented countries. Germany is a model of universal finance. These three countries have their own financial regulation characteristics. They can provide experiences for our country’s financial regulation from different perspectives. And both the countries in transition in Central and Eastern Europe and China, are facing with improving financial regulation measures after the transition of market economy, though their formation mechanism of market economy are not the same. Therefore, we can get some inspirations from the financial regulation arrangements of these countries to some extent.Ⅳ. The analysis of the status quo and problems of China’s financial regulationPromoting financial development and safeguarding financial stability is an important goal of financial regulation. According to the indicators of financial development and stability, on the whole, China’s current arrangements for financial regulation are effective, but unstable factors still exist. Through the comprehensive analysis of existing arrangements for financial regulation, it is found that the problems in many aspects of our country’s financial regulation arrangements still exist to varying degrees. First of all, in the aspect of financial operation, our government regulation of banking, securities transactions, and uses of insurance funds and solvency are to be further improved. Secondly, our government regulation of market access of banks, securities and insurance agencies have loopholes, and some financial institutions are in the stage of having no market access regulations. Thirdly, our government regulation on market exit of various financial institutions relies mainly on administrative measures, ignoring the role of market mechanisms. Fourthly, there is a lack of reasonable regulations of rural cooperative finance and rural private finance in the development of rural finance. Fifthly, there is a shortage of funds and financing difficulties for SMEs in China. One important reason of the phenomenon is the problems as well as the lack of government financial regulation.Ⅴ. The government regulation choices of fully promoting China’s financial development and financial stabilityAt present, China’s market economy system has been set up initially. For the problems of the existing arrangements for financial regulation, our government should improve the issues as soon as possible from the perspective of balancing between financial stability and financial development. Specifically, first, the government should develop and improve vigorously the regulation of the financial operation. Second, the government should optimize the design of market access regulation for financial institutions. Third, the government should adopt more reasonable and effective arrangements for financial regulation to guide financial institutions to exit the market. Fourth, the government should intervene in the development of rural finance in a rational manner. Fifth, the government should strengthen the enabling financial regulation supply, and solve the financing problems of SMEs effectively.更多还原