The Rsearch On Qinxian Bai’s Financial Theory From A New Theoretical Perspective

2011end of the year, China’s well-known senior financial experts Professor BaiQinxian won the China Education Development Foundation Mindu first "China FinancialResearch Outstanding Contribution Award." The award by the National AccreditationCommittee has selected financial discipline academic leaders and representativesdoctorate in finance doctoral-granting universities composed nearly30, and the voting isselected, selected once every two years,2011was the first, each winners selected fromone or the nominee of enrollment. This is2010Hongru China Education Foundation,"Chinese financial discipline Lifetime Achievement Award"(limited to75years or more)parallel, non-governmental, national, authoritative, professional and highest academicaward. This award is a professor of dialogue to get the first thirty years of the Qindiscipline construction and development, a review and affirmation of academic specialty,theoretical innovation, advanced personnel training and social contribution achievement.Professor Bai Qinxian grant awards word first "China Financial ResearchOutstanding Contribution Award" is called "financial system" for the study ofcomparative financial discipline system lay persons; Chinese characteristics is thepioneer of financial theory and policy Chinese policy financial practices initiator;financial resources is based on the theory and doctrine of the pioneers of the sustainabledevelopment strategy, financial; the development of financial theory and construction ofschool discipline system active advocate and facilitator; are scientific, academicExcellence practitioners construction, personnel training and service reform and openingup one of the four; economics finance humane care philosophy of care and nationalnationality who firmly uphold.At the ceremony, Professor Bai Qinxian a "new perspective" sums up his theory ofeconomic and financial innovation and tradition, and proposed a "new financial outlook"and "new development" combing their economic and financial theory. In fact, a countryor region in which the geographic, economic, social and cultural environment determinesthe countries economic and financial experts study the economic and financial problemsof vision, approach, focus, and also determines the characteristics of the theoretical construct and academic system. If the ancient Egyptians rely on irrigation systemdeveloped in a planned economy, reasonable carrier Plato as the ideal city-state in ancientGreece, the Chinese Confucian-oriented to agriculture and other providers for the end,have a distinctive characteristic of the times and the environment. Economic andfinancial theory is true, in numerous countries shows a variety of features, buildeconomic and financial theory system also presents diverse forms, such as the Britishmercantilism and liberalism, the French Physiocrats, German nationalism and historySchool, Austria marginal doctrine, the U.S. school system.When we study focused vision of modern financial theory, the voluminous academichalls, we are increasingly easy to get lost, disappeared. From textbooks to academicpapers, from theory to practice full unity, subtle market with unlimited freedom becomethe focus of finance theory, currency neutral intermediary invalid, void, such as financialmarket neutral flooded with academia, although the reality is all countries in the use ofmonetary policy to regulate the economy, in fact, non-neutral financial exclusion still befierce. Why is the obvious fact that has been repeatedly ignored? A basic assumption ofwhite Chin is the first new financial concept of financial non-neutral, out of westernfinancial theory for the currency, the intermediary market "neutral and non-neutral, validand effective" debate, research financial system, three-dimensional, resources, the basicproperties of humanities, highlighting the role of the financial and economic impact studyof the general law of financial operations on this basis.In this paper, a total of seven chapters. Chapter1is an introduction, focusing onliterature review, through systematic combing western financial theory, noted scholarsin the study of Western financial financial intermediaries, markets, money and otherissues limitations, contrast ratio combing white chin first new financial view of theliterature.Chapter2is to define new financial concept. Western financial outlook can beroughly divided into three categories, with Goldsmith as the representative of thestructure of the financial outlook that changes is the financial development of thefinancial structure, financial structure and later followers will freeze as bank-based andmarket-oriented, and discussed both the pros and cons; to Bodie and Merton function asthe representative of the financial outlook that is more stable than the structure of financial functions, from a functional perspective should analyze financial issues; usingthe Black-Scholes as the representative of the financial engineering concept thatfinancial risk management in order to develop a variety of financial instruments tomanage risk and to whom pricing, in order to achieve the elimination of uncertainty risk.Whether it is structural concept, functional concept, or engineering concept has obviouslimitations, economic and financial issues need to be explored from another propertyfinance. White Chin-New financial outlook gives financial new four properties, namelyinstitutional properties, dimensional attributes, resources, property and humanattributes, financial outlook and the West have different values, different research paths,different underlying assumptions, and with parallel standing, is China ’s independentresearch scholar and theoretical innovation.Chapter3is the basic assumption that the new financial concept. The new financialconcept uphold non-neutral monetary-based financial non-neutral, is a leap currencyneutral and non-neutral cycle chain. Economic and financial experts on currency neutraland non-neutral discussions never stopped, Western financial scholars have long neutralor non-neutral knowledge into the whirlpool, white chin new financial concept is the firstunder the new situation has consistently uphold the non-financial neutral, completed anon-neutral monetary deepening awareness.Chapter4is the basic properties of the new concept and form of financialbackground. This chapter explores the concept of the new financial system,three-dimensional, resources and cultural attributes that the new financial concept is thepractice of reform and opening up new Chinese product, is the product of the era ofeconomic and financial globalization, is the product of reflection and theoretical financialcrisis.Chapter5is the basic content of the new financial concept. This chapterdemonstrates the relationship between the financial system, three-dimensional finance,financial and human resources, finance between the four that the four closely togetherconstitute a new financial outlook. The new micro-finance concept is the basis of thefinancial system, the financial outlook is based on a three-dimensional, based onmacroeconomic financial resources, financial constraints humanities.Chapter6is a methodology and academic contribution to the new financial concept. The new methodology is the overall financial outlook on the bigger picture, the academiccontribution of new financial outlook mainly laid a disciplinary system compares finance,creating a three-dimensional policy finance theory and financial theory, financialdeepening awareness of the nature of the property, expand the field of finance, todetermine the ultimate purpose of the financial studies, highlighting the philosophy andsocial sciences with Chinese characteristics, Chinese style and Chinese style.Chapter7is the conclusion. The main conclusions of this study are the following:First, the basic assumption is that the new financial concept of financial non-neutral.Second, the basic properties of the new financial outlook is institutional,three-dimensional, and human resources. Third, the basic elements of the new financialconcept of institutional finance, three-dimensional finance, financial resources, financialand human, these four are closely linked, in conditions "nine elements" for the formationof a new analytical framework based on the micro-finance concept Under the concreteinto commercial finance, policy, and three dimensional integrated cooperative financiallinkage race will ultimately be attributed to the nature of the financial resources, financialdevelopment is inseparable from the humanistic care pointed caring, inseparable from theconcept of sustainable development support. Fourth, the new financial concept of greatscholarly contribution. Financial system, three-dimensional finance, financial and humanresources to financial success are the basic theory attempts to financial innovation,expanding the research of finance, indicating the theoretical end-finance research.The main innovation of this paper are:(1) the structure of the Western financialsystem combing concept, functional concept and engineering concept, pointed out thatthey are light weight of the development of the development of light weightmicro-finance macro-financial, technical financial lighter weight humanities finance,heavy light theoretical and practical financial and financial limitations;(2) the white chinfirst concept summed up the new financial system, three-dimensional, resources, cultureand other four properties, and distinguish the structure, function and engineeringproperties of the Western financial;(3) system sort of economic and financial expertsabout the neutral and non-neutral monetary discussions, build the model demonstratedfinancial non-neutral;(4) the financial system, three-dimensional finance, financialresources and human and financial content together constitute a new financial outlook, and pointed out that the intrinsic link between the four, with the function expressedvividly. The main deficiency of this study is due to their own level of knowledge,structure and capacity and other factors, with the system, three-dimensional, resourcesand financial outlook humanities four white chin first outlined the profound financialtheory somewhat biased, the need for further efforts to study and research.