A Study On The Efficiency Of China’s Financial Regulation Model

In recent years,with the rapid development of Internet technology,fin-tech,computer technology and financial innovation,the current financial industry is developing very rapidly,which puts forward higher requirements for financial supervision.Whether a country’s financial supervision mode is suitable for the needs of economic and financial development is very important.For a country’s economy and finance,financial supervision is like a double-edged sword.An appropriate financial supervision mode will promote the development of economy and finance,that is,financial supervision has a positive effect on economic and financial development.On the contrary,inappropriate financial supervision mode will hinder the development of economic and financial,that is,financial supervision has a negative effect on economic and financial development.In the complex financial environment,how to find and adopt the financial supervision mode suitable for the current situation of China’s financial development,or to further improve the existing financial supervision mode,improve the efficiency of financial supervision,and achieve the goal of financial supervision is the urgent task of the current financial supervision research.Aiming at this topic,this paper studies the efficiency of China’s financial supervision mode in different historical periods by using the fuzzy hierarchy comprehensive evaluation method,and puts forward suggestions for the reform or improvement of China’s financial supervision mode based on the financial supervision mode adopted by other countries in the world.The paper is divided into nine chapters.The first chapter is the introduction,which mainly includes research background and significance,research content and methods,innovation points and shortcomings.The second chapter mainly studies the theoretical basis and literature review.The third chapter first introduces the development of China’s financial supervision model in four stages: the first stage,the planned economy period(1948-1978);The second stage is the unified supervision period of the People’s Bank of China(1978-1992);The third stage is the separate supervision period(1993--2016);The fourth stage is the Twin Peaks Supervision period(from the end of 2017 to now),and then analyzes the present situation of our country’s current financial regulatory policy,including the central bank leading financial sector development and stability policy,"separation of powers"-the core of the reform of financial supervision mode,turning to mixed regulation and functional regulation,securities regulatory commission(CSRC)to ensure the trading platform open and transparent,mixed operation and mixed supervision as the developing direction of financial regulation,those five aspects altogether,and puts forward the problems existing in China’s current financial supervision: the serious lack of supervision subject;The content and scope of financial supervision should be improved;Imperfect financial supervision laws and regulations system;The former separate supervision mode has restrained the development of financial innovation;Lack of effective supervision over foreign financial institutions;The goal of financial supervision is not clear enough;Insufficient financial supervision resources;There is a cost-benefit mismatch in regulation.The fourth chapter introduces the financial supervision mode adopted by Britain,the United States,Germany,Japan,Chinese Hong Kong and Australia,and puts forward the development trend of the current financial supervision mode: from separate supervision to mixed supervision;Transition from institutional regulation to functional regulation;From individual supervision to comprehensive supervision;Change from closed supervision to open supervision.The fifth chapter makes an empirical analysis on the efficiency of financial supervision mode during the period of unified supervision in China.The sixth chapter makes an empirical analysis of the efficiency of financial supervision mode during the period of separate supervision in China.The seventh chapter makes an empirical analysis on the efficiency of financial supervision mode during the period of twin peaks supervision.The eighth chapter makes a comprehensive analysis of the efficiency of China’s financial supervision model on the basis of the analysis.The ninth chapter first puts forward suggestions on the efficiency reform of China’s financial supervision mode: Establish a clear and perfect regulatory target system;Regulatory agencies should have statutory force,authority and relative independence;Strengthen the infrastructure construction of information resource sharing system and modern payment system;Introduce a public supervision system and establish a financial supervision system combining independent audit and internal audit;Improve the comprehensive quality of supervisors and strengthen the construction of financial supervision human resources;The value orientation of regulators should adapt to the newly established financial ecological environment;Establish incentive mechanism to promote the benign development of financial supervision;Establish withdrawal mechanism to ensure effective implementation of financial supervision;Strengthen international cooperation on financial regulation,and then looks forward to the future development direction of China’s financial supervision mode reform,including: Adhere to the central overall management of local coordination of the regulatory concept;Design coordination mechanism to carry out in-depth and comprehensive communication;Establishing a financial consumer committee to protect the rights and interests of financial consumers;Establish a fintech regulatory system to adapt to financial innovation.In the writing process,the author consulted a large number of financial supervision documents,made a systematic analysis on the efficiency reform of China’s financial supervision mode on the basis of the development status of China’s financial supervision and put forward corresponding suggestions.On the whole,the innovation of this paper mainly lies in two aspects from a research perspective and research method: one is the transformation of research perspective.There are a lot of research angles in the study of the efficiency issue of financial supervision,such as cost-benefit angle,game theory angle,etc..The research angle of this article is the conversion from efficiency of financial regulation to the degree of completing financial regulation goals,the transformation from financial supervision efficiency to the implementation of the three objectives-financial regulation,financial security,financial risk prevention.The second is to introduce the method of fuzzy hierarchy comprehensive evaluation.The research on the efficiency of financial supervision is transformed into the research on the completion degree of financial supervision objectives by using the philosophy and method of fuzzy mathematics to study the efficiency of financial supervision,according to which suggestions for the direction of China’s financial supervision reform are put forward and the future development trend is predicted.The third is the combination of longitudinal historical analysis and horizontal comparison analysis.By using the method of historical analysis,taking the historical evolution process of the financial supervision mode as the starting point of the research,this paper analyzes and compares the realization of the financial supervision objectives under different financial supervision modes in different historical periods in China.At the same time,horizontal comparison analysis method is used to analyze the different financial supervision modes adopted by various countries in the world,and make horizontal comparison and evaluation of the development process of different countries in different types of financial supervision modes.Combining vertical historical analysis and horizontal comparative analysis,this paper analyzes an efficient financial supervision mode suitable for China’s current financial development status and predicts the development trend of China’s financial supervision mode in the future.Due to the limitation of my theoretical level,there are some deficiencies in this paper.First,as the research method of fuzzy hierarchical comprehensive evaluation analysis is adopted,this paper mainly takes subjective comments as the main research data,which is different from objective data and has a certain degree of subjectivity.Therefore,authoritative experts and professional opinions are used to ensure the effectiveness of the survey and questionnaire survey.But as the research content in the area of financial regulation and feedback are often secret,it is not easy to obtain the opinions of the experts and professionals.The lack of a large number of data makes it difficult to make thorough and in-depth analysis on the regulatory mode efficiency,and to put forward useful opinions on the financial regulation mode reform.I do hope that these problems can be solved in the future study and work.