| The purpose to study financial structure is to reveal the relationship between financial structure,financial legal institutions and economic development.The relationship can be summarized as improving financial structure by improving financial legal institutions and achieving the purpose of promoting economic development.The history of the relationship between finance and economy reveals that single and unbalanced financial structure will not help economic development,while balanced and multi financial structure could help economic development.The thesis focuses on financial structure in China,which is to be carried out from the following three levels.First,what is financial structure as it ought to be? Chinese current financial structure is a state as it is,or a reality,if we are to analyze and estimate the objectivity of Chinese financial structure,we have to put it into the state as it ought to be,that is,we have to apply the theoretical system on financial structure as it ought to be to review our financial structure.Only conclusion after theoretical review could be scientific,and its advice is helpful.Therefore,the thesis first should summarize the theoretical system as it ought to be on financial structure,which consists of two things:first,what are the implications for financial structure,that is,which factors are involved in financial structure.This thesis reveals the inner factors of financial structure from two perspectives:from the perspective on financial resources allocation,it is the combination of government,formal financial organization and non-formal organization,which reveals the financial resources being allocated to the bodies in need of funds with the help of government or market forces, requiring the balance development among different allocating means which could not replace each other but commonly finish the reasonable flow of financial resources among social economic department;from the perspective of switching saving to investment,it is the combination and proportion for the legal means and tool to collect funds,which reveals the specific operation process from micro-level perspective,requiring balanced development among each financial means and tool.Different financial tool and means should keep in a reasonable proportion in social funds collection,not depending too much on some financial means or tool,which could help accelerate the transformation from saving to investment,thus achieving the balance on social funds supply and demands. Therefore,completeness is the most fundamental requirement on inner factors of financial structure.Second is what are the exterior factors affecting financial structure,that is, whether financial legal institutions could affect or determine financial structure.After analyzing financial structure by systematic theory,we can know that exterior factors such as financial legal institution,economic development stage and financial culture do influence the formation of financial structure,these exterior factors together forming the exterior environment affecting the formation of financial structure.Therefore,suitableness is the fundamental requirement on the exterior factors of financial structure.The thesis puts an emphasis on explaining financial legal institutions being the most important factors affecting the formation of financial structure,their improvement and execution level directly affect the formation of financial structure.Here,the state of financial structure as it ought to be should be summed up as the perfect combination of complete inner factors and suitable exterior factors.Second,what are problems in Chinese financial structure? The thesis examines Chinese financial structure via the above theories,finding that Chinese financial structure is in a unbalanced state,which are revealed by the following:first is the unbalance of financial resources allocation mean,that is,putting too much emphasis on commercial financial resources allocation,looking down on policy financial resources allocation,and discriminating civil financial resources allocation;second is the unbalance on the cooperation of different financial means,that is,putting emphasis on indirect funds collection and looking down on indirect funds collection in the switch from saving to investment which makes sate-owned commercial banks at monopoly in social funds collection;third,the unbalance of the portion each tool covers,that is,putting emphasis on credits tool and looking down on shares tool.The reason causing the unbalance of Chinese financial structure is the compelling evolution of financial institution evolution by the government from legal perspective,which makes Chinese financial institutions supply in great demands.This compelling institution evolution ensures the control on financial resources from the government,but the lack for the balanced development in financial means and tools leads to the monopoly of state-owned commercial banks in the market, single capital market structure and the discrimination on civil finance.The unbalances in financial structure do not help the development of economy and finance.The negative effects mainly exposed in the following aspects.First is the lack of fairness and efficiency in funds collection from the macro perspective.As far as the fairness on funds collection is concerned,the opportunities to collect funds fairly in rural areas to some extent are deprived of compared with cities;non-state-owned enterprises,especially enterprises of medium or small size are hard to collect funds compared with sate-owned enterprises.As far as financial efficiency is concerned,it is revealed by low operation efficiency in state-owned banks and low financial resources allocation efficiency.Second is the effect on enterprises and its operation without long-term funds support from microscope. State-owned commercial banks not providing long-term financial support and the low resources allocation efficiency in capital market make enterprises lack long-term financial support.At the same time,nowadays in China debts financial structure is the major mode in state-owned banks,which can not meet shareholders-centered corporate control mode, and weakens the efficiency of corporate control.Third is the abnormal activity of civil finance from the finance itself,which weakens the function of financial regulation.Third,how can we improve Chinese financial structure? The insufficient supply on Chinese financial legal institutions is the key reason for unbalance of financial structure by the above analysis;therefore,we can improve financial legal institutions to rectify the unbalance in Chinese financial structure.The legal institutions to overcome financial structure mainly includes the following:first is the legal institutions to regulate the monopoly of state-owned commercial banks;second is to improve legal institutions on constructing multi-level capital market to expand the financial channels;third is to improve legal institutions on regulating civil finance,making it meeting the financial demands from different economic bodies and becoming formally as part of Chinese financial structure.This thesis consists of three parts in ten chapters.The first part is on theory:relationship between financial structure,financial legal institutions and economic growth.This part is the theoretical basis,focusing on the relationship between financial structure,financial legal institutions and economic growth, which could summarize as improving financial structure by improving financial legal institutions and achieving the purpose of promoting economic development.This part consists of four chapters.Chapterâ… is the relationship between financial structure and economic growth,which is the meaning to write this thesis,that is,study financial structure is to improve financial structure and help promote economic development.In this chapter,the author first defining the implications of financial structure from two levels:financial structure is a product of mutual effects from different financial allocation means from the perspective of financial allocation means;financial structure is the product of mutual collocation and combination of different financial means and tools from the perspective of transition from saving to investment;financial structure is comparatively stable,revolutionary, legitimate,flexible and systematic.Second,the author explains the base to produce financial structure.There are object base and subject base for financial structure:the former refers that with the expansion of financial means and financial size as well as the appearance of structure conflicts,which sets the material base for further research on financial structure,that is,with the credit form and credit means developing and enriching increasingly financial structure becomes more complex,it is possible and necessary to analyze financial problems from the structure;the latter refers that to reduce financial risk and raise financial efficiency,we need to study how the inner factors in financial structure keeping reasonable proportion and combination state to make the research necessary.In the end,the thesis explains the different effects on economy caused by single,unbalanced financial structure and the multi,balanced financial structure,which reveals the relationship between financial structure and economic development.Chapterâ…¡is the inner factors in financial structure.First,the author analyzes the financial structure system under system theory,explaining that as a system financial structure has the nature of unity,relativity and openness,thus points out that the completeness of the inner factors for financial structure is the key to ensure the unity performing its functions well.Second,the author believes that financial structure is a combination of different financial resources allocation,and then further analyzes the characteristics and function of policy,commercial and civil financial resources allocation. In the end,the author believes that financial structure is a proportion and collocation in social finance for different financial means and tools,thus explains the function of fundamental factors and derivative factors on finance from the perspective of transition from saving to investment.Chapterâ…¢is the exterior factors in financial structure:laws and others.This chapter focuses on the relationship between financial structure system and exterior environment factors,pointing out that the change in exterior environment could change financial structure.First,the author explains why law is important for financial development.After introducing the main ideas on "law determination" and "law and finance ",the author believes that the importance of law on finance comes from the weakness and invention of finance.Second,the author explains the effects of financial legal institutions on financial structure.This issue is to be explained from how financial legal institutions could influence financial structure.Chapterâ…£is the financial structure in developed countries and their revelation.First, the author introduces the characteristics and comparative advantage of "market-oriented" financial structure in Britain and US,and "bank oriented" financial structure in Germany and Japan.Then,the author discusses the tendency of the two financial structures and the revelation on Chinese financial structure construction.Partâ…¡is on practice:the practice of Chinese financial structure.Chinese financial structure is formed and developed with the financial system reform,therefore,from the historical perspective,Chinese financial structure goes from single to multi with a increasingly efficiency growth;on the other hand,the inner factors in financial structure do not develop in a balanced way,prominently being revealed by state monopoly in the banks property and the monopoly of state-owned banks in financial market.The double monopoly makes state-owned commercial banks at an "ultimate superiority" in financial structure,which not only restricts the development of other financial means,but also makes the financial structure in an unbalanced state.The main reason for the unbalanced financial structure lies in the compelling evolution of Chinese financial institution,which is revealed by the lack of financial legal institutions to overcome the unbalanced financial structure,and the essence of which is the lack of exterior legal environment to form reasonable financial structure.This part consists of three chapters.Chapterâ…¤is the evolution and characteristics on Chinese financial structure.First, the author introduces the historical evolution of Chinese financial structure.Chinese financial structure experienced three stages:first is the period before 1983 which is characterized by finance at the main position;second is the period from 1983to 1990 which is characterized by bank credits;third is the period since 1990 which is characterized by multi bodies gradually.The author also analyzes the characteristics and deficiencies of the financial structure at each stage.Second,the author points out that the main problem in Chinese financial structure is unbalanced structure,which is revealed by the development unbalance in financial resources allocation,collocation unbalance in financial means and proportion unbalance in financial tools,which ultimately are revealed by the monopoly of state-owned commercial banks in financial structure.Chapterâ…¥is the negative effect on Chinese financial structure.This chapter revels the negative effects caused by unbalanced financial structure from macro,micro and finance itself.First,from macro level,it causes the lack of fairness in finance and efficiency.Second,from micro level,it causes the enterprises lacking long-term financial support and a low efficiency in corporate control.In the end,from finance itself,it causes the abnormal financial activities too much active,weakening the function of financial macro regulation.Chapterâ…¦is the reason analysis on Chinese unbalanced financial structure.The key reason to cause the unbalanced financial structure is the compelling institution evolution from the perspective of system evolution.In this chapter,the author first introduces the two ways of institution evolution,explaining their applying fields,consequence and their philosophy basis,and reaches the conclusion that too much application of some institution evolution form does not help the formation of good institution;second,the author discusses the compelling evolution of Chinese financial system as well as its performance in bank system and capital market system;in the end,the author explains the two consequences caused by compelling evolution of Chinese financial system,less incentive for institution evolution and less supply for institution.Part three is remedy:legal institutions to overcome unbalanced Chinese financial structure.This part proposes legal advice to overcome unbalanced financial structure from the perspective of system building,mainly in two aspects:first is the legal institutional building to overcome the monopoly of state-owned commercial banks;second is to improve legal institutional building for other financial channels.This part consists of three chapters.Chapterâ…§is legal institutions to overcome the monopoly of state-owned commercial banks,including four aspects:first is to improve the legal institutions on market admission for commercial banks to improve market structure;second is to normalize the market admission institutions for non-state owned banks to strengthen market competition for commercial banks;third is to improve the legislation for policy bank to separate their policy operation from sate-owned commercial banks;fourth is the legal institutions on common management in state-owned commercial banks to improve their operation efficiency.Chapterâ…¨is the legal institutions constructed to improve multi-level capital market. First,the legal institutions should be built for two boards market to provide financial support for small and medium-sized enterprises and high-tech enterprises.Second,legal institutions on bonds market should be improved to optimize capital market structure. Third,the legal institutions on investing funds are to be improved for providing financial support on risk investment and high-tech developing enterprises.Chapterâ…©is the legal institutions to improve normative civil finance.First is to analyze the living space for civil finance and reveal that we should not look down but "friendly treat" civil finance.Second,the author analyzes the living condition s of Chinese civil finance and specific supervision measures,believing that the supervision on civil finance in China lacks more means and punishes too much,which do not do good to its the existence and development.In the end,the author proposes some legal advices on how to regulate civil finance.
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