| The law is a thread,through the implementation of transparent and fair process,stringing each sovereign state as well as financial institution operated on their own business.Financial globalization and nationality supervision is a contradiction existed in the "Chaotic financial world ".Therefore,it is necessary to exert the legal effect to prevent and defuse the gathering and spreading of various financial risks.The doctoral dissertation is written on the basis of two big backgrounds,i.e.one is the Basel Accord Ⅲ is commonly implementated by many countries,the other is the stricter supervision on the banking industry.The writer hopes to provide a correct theoretical guidance for the effective implementation of our banking supervision regulations by accurately judging the gradual changing tendency of the Basel Accord Ⅲ.Overall,contents of the doctoral dissertation mainly contain the following three parts.First,gradual changing of the Basel Accord Ⅲ from hardness to softness is demonstrated by three multivariate elements(obligation 、precision、delegation)in accordance with theory of international legal scholars.Based on the harding tendency promoted by the Basel Accord Ⅲ in 2010 and the smoothing operation of Chinese banking industry under tighter regulatory environment,the doctoral dissertation suggests that our country should not take the same or more dose of "medicine" than that of United States and European Union although the Basel Accord is considered to be a "good medicine" to ensure steady operation of the global banking industry.The solution is to adjust the unreasonable regulations based on the presental situation of Chinese banking industry.Therefore,the supervision authorities should implement the Basel Accord Ⅲ purudently and continue to adjust our banking supervision regulation by complying with the harding tendency of the agreement.Second,the doctoral dissertation led on to studies of the "risk-based" supervisory theory originated in the United States,i.e.the supervisory authority should attach more importance on prominent risk exposure of financial institution and business scope,thus ensuring the stable operation of whole financial markets by paying less regulatory costs.Under influence of the theory,Global Systemically Important Financial Insitutions(G-SIFIs)becomes the target of stringent regulatory.Therefore,Bank of China is listed as G-SIFIs by FSB for four consecutive years since 2011,Industry and Commercial Bank of China and Agriculture Bank of China is separately listed in 2013 and 2014.It means that they must comply with stricter G-SIFIs regulatory regulations.The doctoral dissertation holds the opinion that financial safety contained with efficiency possess the market energy is the endurable efficiency to ensure the market safty.Therefore,chinese supervisory authorities should follow out the essence of "risk-based" supervisory theory in practicable way by continusly assessing the risk,thus concentrating the limited supervisory resources on major risk exposure of banks to maintain the safty and efficiency at the same time.Third,the "risk-based" theory provides an entirely new angle of view for banking supervision.The theory focus on the "core" of supervision,i.e.distinguishing,measuring,monitoring and controlling the risks by attaching the limited regulatory resources on major area of risk exposures.Under influence of the theory,the doctoral dissertation conducts research on routes of regulation implementation and adjustment regarding capital supervison,leverage supervison and liquidity supervisory.In the first place,the doctoral dissertation analyses different characteristics of three regulations in the practical financial supervision.Effective implementation of the capital regulation requires mutual support,cooperation and communication of all parties.The opportunity of transnational regulatory arbitrage can be reduced by converging implementation and adjustments.Leverage has a pro-cyclical characteristics,which requires counter-cyclical leverage ratio supervision,i.e.the supervision authorities should exert elastic adjustment on leverage ratio regulations within the entire economic cycle.Dynamic changes of liquidity risk increases the difficulty of risk monitoring and controling,thus requiring supervisory authorities to adjust the regulations dynamically to make the liquidity supervision effectively.In the second place,the doctoral dissertation makes data analysis on the capital adequacy ratio,the leverage ratio and liquidity risk of five state-owned banks and eight joint-stock commercial banks to demonstrate the implementation impact and adjustment routes of new relevant supervisory regulations.In short,the thesis suggests that different supervisory regulations should be adjusted through different routes to ensure stable and safe operation of Chinese banking industry by paying lesser financial supervisory costs.German jurist Savigny said: "The law is as similar as language.It is not the peremptory tenacity and the arbitrary design.The law is the result of slow,gradual and organic development." Being the particular products of history,the forms and contents of law are not always in absolutes,which is only the transit mainting and continues for changing.The Basel Committee applies itself to build the new framework on the rubble of old system with regard to the banking industry supervision.The Basel Accord Ⅲ issued in 2010 is developing into the best supervision guideline which can optimize profitability and weaken financial risk.As a member of the Basel Committee,China implement the Basel Accord Ⅲ actively to supervise banking industry more strictly.However,it is always difficult for supervisitive authorities to keep up with financial institution’s increasing pace of innovation.Therefore,how to choose the path to make relevant adjustment on the existing banking regulatory regulations ? The current academia failed to provide satisfactory answers.In the thesis,the main contribution mainly includes the demonstration of hardening of Basel Accord Ⅲ,the effect of "risk-based" supervisory theory and the adjustment route of new supervisory regulations on capital adequacy ratio,leverage ratio and liquidity risk.First,referring to the changing tendency of Basel Accord Ⅲ,the thesis suggest that the agreement has legal effect because of common compliance by most countries although it does not have any mandatory implemnetaion effect.The legal binding force is growing,which become hardening in the practical implementation process.In order to judge the trend of the agreement more correct,this thesis makes demonstration on three elements including authorization,obligations and precision.With regard to authorization,the Basel Committee is always trying to make up the drawbacks of its "soft" power by making avail of variety of ways to promote all parties discussing,using and recognizing the Basel Accord and relevant documents mutually although the Committee failed to establish power of enforcement mechanisms.With regard to obligations,the Basel Accord I is mainly implemented for "internationally active banks" in G10 and does not fit for commercial banks still existed under the early development.However,the implementation scope of Basel Accord Ⅱ has extended to all subordinate of a holdingbanking Group.As far as the Basel Accord Ⅲ,the members should transform relevant regulations into domestic law since 2013 and implement the relevant regulations more detailed and strictly.Taking the adjustment of the capital adequacy as an example,the thesis demonstrates that the Basel Committee is making efforts to adjust relevant regulations to be more reasonable and accuratly.By synthesizing directions of three elements,the thesis hold the opinion that the Basel Accord Ⅲ is gradual changing from "softness" to "hardness",which will develop into the "sacred Convention" with soft form and hard effect adapted for the global banking industry.Second,referring to "risk-based" supervisory theory,the thesis abstracts its unique feature that focus on the effect of risk assessment and emphasize on major risk exposure in terms of institutions or businesses to maintain the financial safety and efficiency at the same time.Under the influence of this theory,the thesis suggests that the goal of financial supervision is not the financial safety itself,but the efficiency based on safety.In view of this,the adjustment of Chinese banking supervision regulations should thoroughly follow the "risk-based" theory attaching importance on the potential credit risk and liquidity risk.The supervisory authority should make inspection on fields with heavy risk exposures.The relevant supervisory regulations should be adjusted on the basis of regular risk monitoring and assessment,thus chosing the field of heavy risk exposure as supervisory emphases.A effective supervisory model designed should be realized by paying lower costs to obtain higher returns of whole financial industry to maintain the safety and steady of financial market.Third,the thesis points out the routes of implementation and adjustment according to different features of relevant new supervisory regulations in banking industry.Referring to new capital supervisory regulations,the thesis argues that our current strict regualtions makes most commercial banks suffered tremendous capital supplement pressure.Considering the "soft" law nature of Basel Accord Ⅲ,china does not possess pressure of implementing the regulation completely or strictly in short time.Therefore,the thesis holds that china should keep effective supervisory balance between self-protection and conntection with international regulations,ensuring more consistent regulations,keeping same pace with other members to minimize the transnational arbitrage problems.Referring to new leverage ratio regulations,the procyclical characteristics of the leverage makes it to be an important indicator for counter-cyclical prudential supervision.Therefore,the authorities should make effective supervision by means of elastical adjustment.With regard to new liquidity supervisory regulations,the Basel Accord III initially establish a measurable liquidity standards and assistant tools to provide a unified and accurate measurable standard for global banking industry.However,the dynamic changes in liquidity risk increases the difficulty of monitoring and controlling risk by supervision authority.It means that the Basel Committee still needs to satisfy supervision requirements for a country or region by adjusting regulation constantly because there is not any unified standard which can monitor the liquidity risk fand accurately.Although China has implementated new liquidity supervisory regulations under the guidance of the Basel Accord Ⅲ,it still needs to pay close attention to the latest changing tendency of liquidity regulation based on the liquidity condition of banks.Under the influence of "risk-based" supervision theory,the thesis suggests that authorities should make overall and completely assessment on regularly liquidity risk.The differential liquidity supervision should be understanken according to different features of banks,i.e.improving the indexes of Liquidity Coverage Ratio and Provision Coverage Ratio on systemic important banks while lowering standard of liquidity supervision on non-systemic important banks.In short,the dynamic adjustment of liquidity regulation should be realized by dynamic balance of profitability,safety and liquidity.Referring to banking supervision,the supervisor and the supervised are just like both sides on seesaw game,always searching for a balance in continuous adaptation and adjustment process by playing dynamic game of "supervision ─ innovation ─ supervision ─ innovation".The thesis suggests that Chinese supervisory authorities must jump out intrinsic models of traditional legal regulation to avoid falling into a rigid supervisory stereotype,which not only makes the supervisory authorities unable to respond flexibly the continous innovative financial activities,but also unable to provide regulations of fair competition for international development of commercial banks.By judging "harder" tendency of the Basel Accord Ⅲ,the "risk-based" theory should be reasonable applied and three new supervisory regulations should be continuous adjusted in Chinese banking industry.The innovative opinions of the thesis are as follows: the banking supervisory regulation systems with clear structure and comprehensive content should be gradually established by complying with the "harder" tendency of the Basel Accord Ⅲ,implementing the "risk-based" supervision theory,monitoring various risks,assessing on commercial banking industry and adjusting supervisory regulations moderately through different routes. |
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