The Research On Reform And Innovation Of Policy-based Financing Institutions Under The Market-oriented Perspective

The third plenary session of the eighteenth central Committee of the CPC on the comprehensive deepening of the reform of a number of major issues clearly put forward " to promote the reform of policy-oriented financing institutions".The year 2014 marks the 20 th anniversary of the establishment of three policy banks in China(The agricultural development bank of China,The export-import bank of China and The china development bank),and the establishment of China export credit insurance company for more than 10 years.It is not only necessary to comprehensively summarize experiences and lessons,but also urgent to explore new ideas,new ways and new methods for deepening reform and innovation and development.At present,the research on the reform and development of policy-oriented financing institutions is based on the theory of policy-oriented finance and development-oriented finance.Theoretically,both the policy-oriented finance theory and the development-oriented finance theory are the original academic works in China.It is also necessary to further improve and seek theoretical innovation in combination with the economic sociology and other theoretical theories.This is also the urgent need to construct the economic finance theory with more oriental and Chinese characteristics and environmental needs under the new situation of the new century.Therefore,the article is not only conducive to prosperity and promote the development of finance and policy-oriented finance theory of academic research,but also for the current reform and development of policy-oriented financing institutions,especially the strengthening and return of "policy functions",in order to become a real policy-oriented financing institutions,that has a certain practical pertinence.Over the past 100 years,the policy-oriented financing institutions in the modern sense have gone through the historical stages of creation,development,reform and improvement.Although the development paths of the policy-oriented financing institutions in different countries are different due to their respective historical,political,cultural,economic and institutional differences,in theory,the policy-oriented finance itself has its inherent,inevitable and general laws.According to the research ideas of " research background ? theoretical basis ? empirical analysis ? experience reference ? system construction",this paper adopts the research methods of field investigation and literature study,historical test and horizontal comparison,system and multi-measurement joint test,mainly from the theoretical analysis paradigm innovation of policy financing institutions based on market decision,the measurement and influencing factors of efficiency level of policy financing institutions in China,the practical path selection and mechanism innovation of market decision and " three banks and one insurance" reform,the role mechanism and realization path of national governance in the reform and development of policy financing institutions,the theoretical and practical development of foreign policy financing organizations,and promote the reform and practice of policy financing institutions in China.Firstly,the theoretical analysis paradigm of policy financing institutions based on market decision is put forward.The main theoretical basis of this study is the market decision theory and related theory.On the basis of combing the evolution of China's policy-oriented finance theory,this paper redefines the basic theoretical category of policy-oriented financing institutions according to the relationship between government and market theory,and expounds the starting point and focus of this study;Based on the comparison between policy finance and related theories,this paper proposes a new concept of policy finance based on market decision theory,and tries to construct a theoretical basis for the reform and development of policy financing institutions which can reflect the decisive role of the market in the allocation of financing resources.Secondly,the efficiency level of China's policy financing institutions is measured and evaluated and its influencing factors are analyzed.On the basis of summarizing and analyzing the institutional changes of policy financing institutions in China,this paper creatively puts forward the evaluation index system of policy financing institutions under the category of social rationality by adopting the dual structure analysis method of policy financing institutions' efficiency,which combines social rationality with economic effectiveness and focuses on the former,and makes theoretical and empirical analysis accordingly.Then based on DEA-Malmquist index,the paper empirically analyzes the level of economic effectiveness and the main factors affecting the efficiency level of China's policy-oriented financing institutions,so as to lay a certain empirical foundation for the research on the reform and development of policy-oriented financing institutions.Third,the main policy financing institutions in China " three banks and one insurance" as the research object,first using pest-swot analysis of China's policy financing institutions facing the macro environmental factors and development trend,second,respectively,analysis of their different development process,current problems and reform motivation.Fourth,it studies the problem of constructing the national governance system in the reform and development of policy-oriented financing institutions.From the perspective of institutional embeddedness,this paper analyzes the influence of state construction and non-market governance mechanism on policy-oriented financing institutions.On this basis,from the legislative,policy support and compensation mechanism and external differential supervision system of policy financing institutions,this paper discusses the implementation path of policy financing institutions reform of governance mechanism in developing countries.Fifth,using the international comparative research method,there are combing and analyzing the foreign policy financing organization theory and practice development and the latest trend.Focusing on the fields of development policy finance,import and export policy finance and agricultural policy finance,this paper makes a comprehensive and multi-angle comparative study and reference on the basic theory,policy practice,latest trends,main features and experiences and lessons of foreign relevant policy financing organizations,and draws some profound enlightenment for China.Finally,it is to promote the reform of China's policy-oriented financing institutions and innovative development of the options and countermeasures.First of all,based on different perspectives,different positions of policy-related financing institutions reform and development programs are summarized,compared and evaluated,and combined with international experience and local characteristics of considerations,put forward for the government to formulate policy-oriented reform and development of China's policy financing institutions countermeasures and suggestions.Finally,guided by market decisions,reference to the social enterprise model and foreign policy financing institutions experience,respectively,this article explore reform direction and goal,function positioning and the corresponding reform and innovation model of the "three banks and one insurance".The innovation point or contribution of this result is mainly reflected in: first,the theoretical perspective is new.Clasp important spirit of research on the relationship between government and market of the third plenary session,from the perspective of the market determine the allocation of resources,analysis of market rules and policy coupling mechanism between the financing institution reform and innovation,combining sociology,national governance,such as developmental finance related theory,so as to put forward the market decision theory,namely,let the market play a decisive role in the allocation of resources,better play to the role of the government at the same time.Second,the research content is new.The mechanism of the reform and development of policy-based financing institutions is comprehensively studied from the perspective of the institutions themselves and the domestic and external systems.To highlight the characteristics of social rationality,with emphasis on the degree of policy implementation evaluation,index system of innovative design policy financing institutions,and empirically theory of social rationality problem,etc.,so as to realize the economic effectiveness analysis of a single,dual analysis to the social rationality and economic effectiveness of the new exploration.Third,the application strategy is new.Contrast the policy-based financing institutions overseas latest practice and draw lessons from the experiences and lessons,and discussed the current situation of policy-oriented financing services supply,demand factors,from the specific empirical observation summed up the policy financing institutions in our country law of development and reform the best solution,both the theoretical scheme comparison and analysis,and combines the actual conditions of policy-based financing institutions put forward specific institutional reform,development and innovation model,which makes more feasibility and pertinence countermeasures.