Incremental Reform And Industry Politics:the Historical Institutionalism Analysis On The Transformation Of Banking Financial Form In China (1984-2015)

In recent years,the internet finance emerged as a new financial form and greatly attracted the attention of academia.To be different from those ideas which emphasize the essence of technology innovation on internet finance,this research will have a survey on internet finance from the long period development of China's banking financial system.The form of China's banking financial system has undergone three stages of important changes since 1980 s which are: the first stage change from the professional segmented monopoly of state-owned banks to the diverse system of commercial banks during 1984 and 2007;the second stage change represented by the rise again and institutionalized development of folk finance during 2008 and 2012;the third stage change represented by the rapid development of internet finance.As one kind of industrial institutional change,the transformation of China's banking financial form in the past 30 years reflect the change process of economic system reform in China.On the development of China's banking financial system,the existed researches mainly include three clues.One is from the perspective of financial repression or financial deepening to analyze the impact of the financial system on the development of banking sector in China;Two is from the debate of market structure and ownership structure to discuss the possible path of Chinese banking system reform;Three is from the binary opposition of mandatory institutional change and induced institutional change to discuss the driving force and the nature of the institutional change of Chinese banking system.The existed researches provide us important theoretical framework and perspective to understand the development or change of China's banking financial system.However,those researches could not reveal the historical institutional logic deeply behind the change of Chinese banking financial form and also could not give us an effective analysis framework to understand a series of complex or emerging financial phenomenon such as the internet finance.So,this research attempts to construct a new approach and framework on understanding the 3 stages transformation of Chinese banking financial form during 1984 and 2015 by applying the perspective and theoretical tool of historical institutionalism in the economic Sociology.Concretely,this research will make an empirical analysis on the evolution of Chinese banking financial form from three logically connected dimensions which are policy maker's cognition,construction of the incremental strategy and industry politics.And then this research attempts to outline or reveal the consistent historical institutional logic of Chinese banking financial system development.This research finally came to a conclusion that the change of China's banking financial form during 1984 and 2015 is essentially a industrial institutional transformation process dominated by the state administration.The transformation of Chinese banking financial system from early banking system's diversified development to the resurgence of folk finance,and then to the appearance of the internet finance continuously presented the same historical institutional logic which is one kind of incremental reform of banking financial system dominated by the state administration.The first is the incremental change of the development represented by joint-stock banks compared with the state-owned banking system.The second is the incremental change of the institutional development of folk finance compared with the formal financial system represented by the state-owned banks and joint-stock banks.The finally is the incremental change of the rapid development of internet finance compared with the traditional financial form.Through the above a series of incremental changes,the state attempted to promote the development of Chinese banking system adaptively to provide better financial service for the development of national economy and society and to better meet the needs of multi-level financial resource and services.