| Finance is the core of the development of modern industry and commerce,the flow of financial resources for the economic structure,industrial development speed adjustment is the key influence.Because of the importance of the financial industry in the national economic system,the financial sector in China is in the middle of the "One Bank,three meetings" centralized regulation mode,local governments has few say in financial supervision.Under the background of financial repression,the regulatory model in preventing financial risks and maintain financial system stability development has played a positive role.And at present,our country's economic development had a new problem,the central government proposed the "cutting overcapacity,reducing excess inventory,deleveraging,lowering costs,and strengthening points of weakness" supply side structural reform plan,the original large industrial investment encountered bottleneck,urgent need for industrial structure adjustment and upgrading,all kinds of small and medium-sized innovative companies become the main force of the industrial structure adjustment.And in the process of economic transformation,supporting the development of small and medium-sized enterprises,due to its light asset characteristics has become the biggest obstacle to its smooth financing development.When there is a gap in funding needs and supplys,all kinds of new types of financial institutions and quasi-financial institutions constantly emerging and developping,they provided small and medium-sized enterprise valuable financial resources in the early-stage,but due to the inherent fragility of financial industry and the spillover of the risk,also gives the existing centralized regulation mode brings a big challenge.For such supervision of quasi-financial institutions has appeared the regulatory vacuum,and local small financial institutions also faint present the disorderly development,to standardize local microfinance development,better serve the national economic structure transformation and upgrading,the third plenary session of the central 18 Committee requirements: "perfect supervision coordination mechanism,define the central and local financial regulatory responsibilities and risk management responsibility." At the same time,under the guidance of the spirit of the central,local governments also positively explore local financial regulation system,and already had conducted a series of beneficial exploration.But local financial supervision due to a lack of top-level design at present,there are local government powers and responsibilities are not corresponding,regulatory vacuum and regulatory overlap,the central and local financial supervision coordination problems such as imperfect,we need be problem oriented,systemly explore legal issues in financial supervision of the local configuration.In the 1990 s,in the context of local economic decetralization,the central has been sent financial supervision,but due to the local governments to improper interference of financial institutions normal business operations,it have made the financial supervision alienation as the "right" to financial resources allocation,the disturbing effect of central economic policy at the same time also brought the regional financial risk,finally makes the central financial supervision to recycling.So we review and summarize this period of financial supervision configuration change historical experience,find out the central and local game relation of the economic power at the same time,also from financial regulation theory,is not only looking for local financial regulation power configuration theory support,but also to find the role orientation of local government financial regulation,financial supervision to prevent alienation again.Although state of the country,regime,there are significant different countries financial regulatory system,in order to broaden the research field of vision,using the method of comparative study,from the United States,Canada,Japan and other countries experience in stratified financial supervision practice,to perfect our financial supervision of local configuration is still has a certain reference significance.Financial affairs belongs to the basic economic system,where most of the provinces and cities in our country to carry out financial supervision innovation from the standpoint of the constitution,the legislative law,lack of legitimacy basis,but for Shanghai is different,the Shanghai international financial center construction is the national level strategy,Shanghai free trade zone had cleared the pilot work of financial innovation,the strategy for the two countries,the central on the legal system to give a lot of space in Shanghai.In the face of increasingly rich financial innovation,Shanghai also needs to need to integrate the existing local financial supervision mode,to form a more effective and comprehensive mode of comprehensive regulation,so we can first try for the construction of Shanghai international financial center as the angle of view,study construction of local financial supervision mode,after waiting for the time is right to nationwide promotion.In this paper,the theory of local financial supervision,including not only the local government of small financial institutions supervision,also includes the central financial regulation subject local resident agencies at the local regulation of behavior,and even intermediary organizations such as the unofficial system innovation of financial regulation,belong to the local financial supervision of the overall ecological environment.This paper will also from the related basic theory of financial supervision and regulation,to explore the nature of the financial regulatory functions;Adopt the method of historical analysis to comb our country the central and local financial regulation change process,and find the regulation game logic behind the central and local power change.At the same time,this article will adopt the method of empirical analysis and comparative analysis to introduce and analysis outside countries financial supervision experience and brother provinces and cities local financial regulation system,on the basis of the above argumentation and analysis,this paper will build the overall framework of local financial regulation power configuration,and based on this framework,in the perspective of construction of Shanghai international financial center,the corresponding mechanism is designed in order to try first.Based on the research train of thought,this paper research is divided into five chapters.The theoretical basis of the first chapter is the full text,from the definition of local finance and local finance supervision category,through the public interest theory,regulation of inclusive financial supervision theory,public goods demand decision-making theory and political theory such as the separation of powers theory argument,for later local configuration structure of financial regulation power to lay the theoretical foundation.Financial regulation is the government for a strong intervention in financial markets,first of all should divid the power of the government and the market boundary,otherwise the financial supervision is prone to dissimilation to be local government financing vehicles,therefore shall specify the essential attribute of the financial supervision and the connotation of local financial supervision.Financial regulation is through the behavior of market main body of rules and regulations,to prevent financial risks and maintain financial market stability and healthy development of the goal,there are local financial supervision function orientation for the development of local financial scale is misunderstanding of financial regulation.Local financial regulation and local financial related to a certain extent,but not completely consistent,local financial regulation is not merely to local financial forms of supervision,this article defined by local financial regulation more reflects the financial regulatory powers in the local configuration.Mainly involves three aspects: the layered configuration about financial regulatory authority of the central and local governments,the configuration about central financial regulatory body in local institutions supervision,administrative supervision and regulation of non-executive layered configurations(self-discipline,social supervision)function.Financial supervision is the central focus in the past practice of the regulatory system in our country,nowadays under the background of new economic,financial,also needs corresponding theoretical support.From the financial supervision theory,public choice theory of regulation cost and benefit analysis method can be demonstrated for us the local financial demand for regulatory product,inclusive concept from the angle of financial fair regulation pointed out the direction of the difference of the local government regulation,functional regulation is a comprehensive financial regulatory reform of Shanghai international financial center to provide the reasonable path;Look from economic theory,where local government as a representative of the central government,where there is no law specifically its supervision and risk management responsibility,prone to principal-agent problems,to establish a reasonable incentive compatibility mechanism,should specifically the local government in local financial regulatory responsibilities consistent by law,through safeguard the interests of local governments in supervision to resolve principal-agent problems.Financial regulation as public products provided by the government,enjoy the product is the public,public products is whether satisfied should evaluate by the public,so in terms of local financial supervision,local governments will surely know more about a specific area of the public preferences,their participation in the area of financial regulation products can increase the welfare of the regulation;From the point of political theory,the power of the centralized prone to corruption and inefficiency,power needs to be divided into different categories and by exercised different main body,through different power checks and balances relationship among the subjects to ensure efficient operation of the power.The second chapter is the necessity of local financial regulation power configuration in argument.First of all,from the perspective of historical evolution analysis,China's financial supervision with the market economy system and the change of the local economic decentralization,experienced " a long period of division,close long will points " the cycle of development process,presents the four stages of development: the planning stage of financial " unified " the financial system,financial supervision to try down stage after reform and opening up," One Bank,three meetings " centralized supervision pattern formation stage and the stage of local financial offices involved in financial regulation.Through to the historical process,we can found that financial supervision is not always belong to the central transaction,and local can't step in,the local financial supervision right down and recovery,not only related to the efficiency of the place to exercise the right of financial regulation,and with the central and local political power and economic power game has great relevance,such as dominant local economic affairs under the political centralization decentralization has brought the financial supervision,and at the time of the local loss of economic influence in central but can implement financial regulatory focus by political power to.Second,the new situation of development of local financial forms also need to reconfigure the financial supervision in place,local small micro differentiation of financial management mode with the traditional banking sector,securities industry,insurance industry has obvious different,the central financial regulatory body is so weak to cover so many small micro completely;At the same time as the free trade area,the financial comprehensive reform pilot area,the international financial center,etc.Series of the set up of the financial system innovation area,the original traditional financial management way is faced with great changes,it will challenge the original power for the central core of regulatory model,it need change to this kind of regulation,more emphasis on line regulation,things need regulatory power sinking,therefore in the financial system innovation area,the central financial regulators and local resident agencies also need dividing the supervisory powers for investigation and punishment.Again,the local governments in local regulation has certain exploration,but there are still many problems,such as unclear orientation of the role of the financial services office,function,regulatory vacuum and regulatory overlap phenomenon is obvious,local financial offices and offices of the central financial supervision coordination mechanism inefficient,and so on,all the local repair mechanism can be perfect,and need financial supervision of local configuration for overall design.The third chapter is to use the method of comparative study on the financial supervision outside of layered configuration experience in practice,and to seek wisdom of perfecting our country's local financial regulation system.First is in accordance with the standards of polity,could be divided into two classes of countries outside the federal system and unitary state,and federal system select the United States,Canada,Germany,respectively,more than double regulation system in the United States,Canada's double coordinate regulatory system and integrated supervision system of Germany;Unitary state selection,Bangladesh and Japan mainly introduces its for small micro financial regulatory model.By outside supervision experience,you can see that the distinction between federal system and unitary regime is not the only standard is whether the local configuration of financial supervision,not federal system must be double between federal and state regulation,it is not a unitary state in the local governments have not financial supervision,whether the local have financial supervision is the result of comprehensive effect such as a country's economic development,political philosophy and cultural traditions.Second we will introduce other provinces and cities in our country about the experience of the local financial supervision practice,using the research methods of empirical research analysis,mainly show the results of Wen Zhou financial comprehensive reform pilot area of effective accordingly,at the same time around the comparison on the particularity of financial regulation.At present,because of the constitution,the legislative law system,financial regulation around the practice exploration is the lack of legal basis,but the Shanghai international financial center have its special national strategic position,can be called local financial supervision of the first test sample first,strive for forming,replicable experiences which can be promoted.The fourth chapter about the overall framework of the local financial regulation system design.The first is to determine the local financial supervision concept,this paper argues that should respect the market rules,financial fairness,Power,Responsibility and interests consistent and with the central financial regulation as the core and so on four big regulatory concept;Followed by the existing local financial regulation the reshaping of the subject,this paper argues that the local financial supervision main body role positioning is not accurate,and numerous agencies,cause regulatory vacuum and regulatory overlap exist,at the same time between the central and local regulatory agencies it exsiste such as lack of effective communication and coordination,therefore this paper argues that it is necessary to reshape the local financial supervision main body on building.This paper holds that local financial offices should be specific main body status of the financial regulation,illegal actions should be pay more attention to financial regulation and financial services rather than the development of local financial scale,existing institutions such as industrial and commercial bureau,business committee's supervision power on a certain a small micro financial sector should be focused on the local financial offices,forming a unified platform for the local financial supervision.At the same time in order to enhance the independence of the financial supervision and regulation,to prevent the local government department is not appropriate intervention to financial regulation,it is necessary to do singled out from under the general office of the local government,set up the local financial regulator,deals with local financial supervision work;Again,it is necessary to place the function of financial regulation and other functions,transformation of local government attaching great importance to financing,despising regulatory mode of action,and from process control,the guidance of central supervision as well as the social intermediary organization and so on three aspects of local government financial supervision control.Finally,from the regulation of liquidity and capital regulation debate,prudential regulation and the differentiation of prudential supervision debate we will argue the different mode of local financial supervision mode with the central financial regulation,the local government in the financial regulation need to employ effective regulation methods to monitor local novel small financial institutions.The fifth chapter is based on the fourth chapter about the overall framework of the local financial regulation design,design suitable for the construction of Shanghai international financial center of first try.In terms of local financial supervision innovation,Shanghai has a more superior system conditions,other provinces and cities due to the constitution,the legislative law and other legal authority,local financial supervision innovation practice will inevitably have without legal basis or unconstitutional,illegal,but in Shanghai,on the other hand,a national level of Shanghai free trade area strategy and the construction of Shanghai international financial center has endowed with Shanghai local legislation and law enforcement authority,Shanghai local local financial regulation can be carried out more innovation and leading to try first,and the time when appropriate to mature experience in local financial supervision practice in the nationwide promotion and replication.In addition to a bigger space on the legal system,Shanghai local good social credit environment,appoint the supervision to the prosperity of financial intermediary organizations in the concept of development,and financial services office in Shanghai as the main body of the more specialized local financial supervision organizations for the Shanghai local financial regulation feasibility basis is provided for first try.Specific initially try measures mainly include: Shanghai financial services office upgraded to Shanghai municipal finance bureau,at the same time,districts and counties set up under the finance bureau,the national development and reform commission of current financial office bureau shall also be single for the financial work.The financial bureau core function is financial regulation,and regulation of contradictory functions shall be ruled out;To facilitate dispute resolution,international financial centre construction of Shanghai financial judicial highland,it is necessary to establish Shanghai financial court,rank equivalent to the intermediate people's court,corresponding to establish the corresponding people's procuratorate at the same time;Should pay attention to the communication and coordination between the central and local financial regulator,to prevent the emergence of regulatory vacuum,overlapping regulatory issues,firstly central shall remain regulatory traditional licensed financial institutions,secondly according to the concept of functional regulation,local regulation will not absorb public deposits,the management of regional defining feature of financial activities,other has not yet been classified financial activities should be coordinated with central and local financial regulator.About the coordination mechanism,this paper argues that shall establish a local financial supervision committee,led by the people's bank of Shanghai headquarters,mainly responsible for central controversy in the process of information sharing and regulatory coordination;Should pay attention to the unofficial regulation in the form of innovation,including system innovation of the unofficial regulation,mainly financial practices and rules of financial transactions.Unofficial auxiliary supervision main body of innovation,mainly industry self-discipline organization;On the regulatory mode transformation,mainly embodies the different from traditional financial institutions licensed differentiation regulation characteristics,such as risk early warning index system set up,the concept of service-oriented supervision implementation,etc. |
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