Research On Japanese Policy-Oriented Finance

Chinese financial system had gong through series of great reform since the reform and opening policy after 1978. Based on commercial bank separated from the central bank, the policy-oriented financial institutions were separated from commercial finance too. After the fandation of China development bank, China agriculture develoment bnak and China import and export bank, China had independent policy-oriented financial institutions and policy-oriented financial system relatively, and constituted quite complete financial system with central bank, commercial bank and other financial institutions together. The three policy-oriented financial institutions have had important part in promoting China's economy develoment, espacially in infrastructure construction, agricultural production and foreign trade development. But, with the rapid economy development and changing and the adjustment of the economic structure in China, Chianese policy-oriented financial system cannot adapt the request of change and development more and more because of sorts of reasons. The development of China's policy-oriented finance appears many puzzles—lock of the legal regime, the function localization is not clearing, the management direction is not clearing, the government supervision is weak, the management risk is increasing. Through the investigation and research on the domestic and foreign policy-oriented financial institutions, we can draw an conclusion:Japan is the most sucessful country in applying policy-oriented finance to promote economic development. From the broad sense of Japanese policy-oriented finance-overall finance syetem,combining theory with practice, histry and practice, qualitative with quota, crosswise with longitudinal, overseas with domestic, we want to find general rule and condition for healthy policy-oriented finance operation. Experiences of policy-oriented finance in Japan will have important theory and practice significance to China's policy-oriented finance development. Finally, we will give our policy suggestions about the further reform of China's policy-oriented financial institutionsThe paper comprises eight chapters and three parts as well as an introduction at the beginning.The first chapter focusee on general analysis on policy-oriented finance based on generalizing and appraisal kinds of definitions about policy-oriented finance given by Chianese and Japanese sholars, combined with auther's practice and thinking,then gets myself's viewpoint. Taking the base of this,comparing with commercial bank and public finance and analysizing, I will give essential features and function characteristices of policy-oriented finance.Chapter two focuses on the common theories of policy-oriented finance. From four aspects-market failure theory, financial deepening theory, economical launching theory and supporting imbark theory-this chapter discusses theorm basement of policy-oriented finance appearing. These thoeries not only explaine the inevitability of the policy-oriented finance existence, but also promulgate that the policy-oriented finance development is a dynamic process.Chapter three focuses on historical evolution of Japanese policy-oriented finance. Fristly,give simpil introduction and analysis to the history and development of Japanese policy-oriented finance befor world war two,pionts out the postwar Japan's public finance financing system had already established in prewar.Then,seperating three stages-economical revival stage, high speed growth stage, structure adjustment stage-to launch systematic,comprehensive elaboration and analysis to historical evolution of Japanese policy-oriented finance, and get development rule of Japanese policy-oriented finance.Chapter four focuses on operational mechanism of Japanese policy-oriented finance.This chapter elabrates and analysizes the operational mechanism of Japanese policy-oriented finance from broad policy-oriented finance's"entrance","intermediary"and"extrance".Especially,combined with influnce of the Japanese public finance system reform to captial origin and application,and introduce the appraisal mechanism of policy-oriented finance utilization effect in Japan.Chapter five fousese on management and operation system of Japanese policy-oriented finance.In this chpater, taking the sucessful Japan developmnet bank and after-conformity Japan policy investment bank for example,I will give systematic,comprehensive elaboration and analysis to coperate goverement, organization, human resources management and risk management. Chapter six focuses on function analysis of Japanese policy-oriented finance.In this chapter, based on Chianese and Japanese sholars'achievements,it will give thoroughly, the systemetic research on function of Japanese policy-oriented finance and the siginificance.Chapter seven focuese on current Japan's policy-oriented finance reform. At first, elabrate the problems of Japan's policy-oriented finance under the change of domestic and foreign economic environments, then, elabrate and analysize the great reform and significance of Japan carrying on to the policy-oriented finance after enttance in new century.Chapter eight focuses on reference to Chian's reform and development of Chianese policy-oriented finance. The siginificance of research on Japan's policy-oriented finance is for Chian's reform.In this chapter, firstly reviewing the process of Chianese policy-oriented finance, and proposes some problems appearing in the Chinese policy-oriented finance development. Finally, integreting the historical evolution rule of the Japanese policy-oriented finance and the current reform,I will give myselves'viewpionts to existence significance and healthy development in Chianese policy-oriented finance.