Research On The Basic Characteristics Of Policy-based Finance

Since China has established three Policy Banks in 1994, the Policy-based Finance System of China is running in the groundless talk 20 years. The three Policy Banks are the National Development Bank, the Agricultural Development Bank, and the Export-import Bank of China. Looking back on these 20 years, the policy-based finance experienced a arduous and tortuous period from the policy-based finance start-up, development, and the alienation by the reform of marketization and commercialization. From the domestic and foreign related representative results, the policy-based financial theory and practice problem has been carried out a lot of explorations which are more meaningful and valuable than before. But there are also problems, such as the official and industry has the relative lack in theoretical cognition and rational decision.Especially, after the alienation by the Policy-based Finance reform, there has been controversial on the deepening reform, qualitative positioning and whether existence of the policy-based finance. See through the apperarance to the essence,in the end, the fundamental reason is we didn’t accurately understand and correctly grasp the basic characteristics of Policy-based Finance. But the study on this issue is the relative lack of, even in the blank. Therefore, according to this research gap of the policy-base finance basic characteristics, return to the nature, focusing on this issue by broaden vision and clear thinking.Selecting the basic characteristics of the policy-based finance as the research object, it has great theoretical and practical significance. Especially, after the major resolution about deepening the Policy-based Finance reform in the Third Plenary Session, we should re-understand the scientific connotation of the Policy-based Finance and the basic characteristics of Policy-based Finance, in this period and this time.It helps the government and the industy reach a consensus in the terms of the theory of cognitive policy-based finance; helps to clear the fuzzy problems of the highest purpose and the qualitative positioning; helps to solve problems left over by history in the process of experiencing alienation generated; conducives to put forward scientific and rational decision suggestion about the deepening the policy-based finance reform.This paper is divided into three parts,8 chapters to study basic characteristics of the policy-based finance.The first part is finding problems(the 1st chapter and the 2nd chapter).Introduces the topic research background, leads to the research subject of the policy-based finance basic characteristics based on the literature, and defines the scientific connotation of the policy-based finance used the basica characteristics.The second part is the analysis of the problem(form the 3rd chapter to the 6th chapter).Discussing five problems, such as public characteristic, national credit characteristics, financial characteristics, specific selectivity characteristics, and the definition of policy-based finance based on the perspective of the characteristics, the chapters constitute a clear hierarchy, rigorous logic analysis frame.The third part is to solve the problem(the 7th chapter and the 8th chapter).Reflections on deepening the reform of the policy-based finance in China, based on the clear understanding of basic characteristics and essential characteristics;Summary the thesis and put forward the further research prospect. Specifically:The first chapter is introduction. Based on the discussion of the research background and research purpose of the policy-based financial baseic characteristics, this paper expounds the research on the problem of theoretical and practical significance. And then, after combiing and summarizing the related research of domestic and foreign literature, establishs the research framework ande research methods of this problem.The second chapter is the overview of the basic characteristics.through reviewed the literature, put forward the problem of the basic characteristics; and re-definite the scientific connotation of the policy-based finance.The third chapter is the studies on the public characteristics of the policy-based finance. Firstly, discusses the public and policy-based finance public features, defines the scientific connotation of the public. Secondly, whether the policy-based finance has the public characteristics and its similarities and differences with the fiscal public should be analysised. Thirdly, puts forward the commonality that public is the basic feature of the policy-based finance and the nature characteristic of the policy-based finance. Finally, detailedly mentions the specific content of the public feature, researches the problem of the public facing and the choices which should be followed in order to strengthen the public of the policy-based finance.The fourth chapter is the research of national credit characteristics of policy-based finance. First of all, through the elaboration of the scientific connotation of the national credit characteristics and the important role which the national credit has, the problem of the national credit development should be cleared, which is good to deepening financial reform and promoting the sustainable development of policy finance. Secondly, mentions the problem that may face possibly and the principles that should be followed.The fifth chapter is the research of finance characteristics of the policy-based finance. Firstly, the financial characteristic is an important sign different from non-financial, but also an important sign different from commercial finance and cooperative finance.It has some connotation, such as the currency, paid, leverage, guaranteed. Secondly, selecting the RROE which is eliminated the dependence of the state subsidy as the index, in order to make the analysis and evaluation for the financial characteristics.The sixth chapter is the research of the specific selective characteristic. It has four aspects basic connotation, such as the position in the economic and financial system, the highest purpose, sources of funding, the scope of business and business object. Introduces the minsunderstanding about the policy-based financial qualitative orientation and the internal and external reasons whichs leaded to the misunderstandings.And then, make the re-definition for the nature and location of the policy-based finance.The seventh chapter is deepening the reform of the policy-based finance based on the view of the characteristics. Make the discussion of the existing prombles of the policy-based financial reform and the fundamental reason. And the fundamental reason is we didn’t accurately understand and correctly grasp the basic characteristics of Policy-based Finance. With the three-demansion finance theory as the basic theory, the KDB which has has experienced the complete process about the Policy-based Finance from the establishment to the alienation, and then to the regression as the case, research the dialectical unity among the fouth basic characteristics of the policy-base finance.Finally, carries on the major decision on deepening the policy-based finance reform in China, and puts forward relevant suggestions and measures.The eighth chapter is the concluding remarks. That is grasping the overall ideas of this article and its main contents, and explaining the research insufficiency and the further study.This paper compared with the previous research, some innovation in the following aspects:Firstly, it extends the existing research object the selection of the study object, the research content and the research perspective has some new ideas, not only expand the existing policy-based financial theory, but also promote the policy-based financial theoretical study and discipline construction. Secondly, it richs the previous research angle and improves the traditional research methods. Discussion of previous studies foucused on between policy-based finance and commercial finance. In this paper, using the three dimensional, the lasted financial theories, as the research perspective which is more scientific, more extensive and more comprehensive than before, in order to analysis the attribution problem of Policy-based Finance. In addition, use a variety of research menthods to making the conclusion more convincing and scientific.Thirdly, the basic conclusion is feasible. Based on the research of the policy-based finance basic characteristic one by one, redefinite the scientific connotation of policy-based finance in the perspective of the characteristics and provide the identifying standard. On the basis of colving the quatitative position problem of China’s policy-based finance, make the reflection on deepening the reform of policy-based finance in China.