| The policy system of financial supervision of every country in the world is set up on the basis of new classical microeconomics at present. From the viewpoint of this theory, financial supervision is one country's government responds to the market malfunction and that is caused by monopoly, outside quality, infective , fragility of financial market etc. so the objective realities of these phenomenon are basic reasons which make it necessary for government to carry financial supervision on financial institution and market system. However, Studying indicates, the financial safety net that is set up in order to correct the malfunction of financial market, does not reduce system risk and the probability that the bank fails, but increases unsteadiness of finance system, make the destruction strength of the financial crisis greater and greater. Theory and reality heavy contrast makes us reconsider the rationality of present financial supervision theory foundation and its policy.This text divides five parts altogether: The first part introspects the theoretical foundation in financial supervision, start with market monopoly,outside quality and asymmetric information to analyze whether those factors form the main reason that the financial market does not work and that governments supervise. The analyses of financial institution negative outside quality conclude that people exaggerate the influence of bankrupt, the financial crisis does not mainly arise from outside quality of the bankrupt ,but comes from the inherent fragility of the system of the bank and its extensive influence power and person who is correlated with numerous interests caused by incomplete of information . The analytic conclusions of monopoly in financial market are that free competition and stability exist obvious substitute, so monopoly does not form the main basis which the government supervises banking; The analytic conclusions of fragility are that the origins of bank fragility and infective lie in incomplete contract between depositor and banks and between the bank and bank under the condition of incomplete information; The analytic conclusion to incomplete information of the financial market is that asymmetric information leads to the financial market unfavorable to choose credit ration and arose morals risk issue thus lead to the situation that the financial market does not work; All these analyses above-mentioned prove that the key to supervise is information publish.The second part concentrates on the relation between financial supervision and information.Through proving the impact on financial supervision put by information efficiency ,it draws a conclusion that information is restraining to financial supervision, the reform and perfection of the financial supervision mechanism receive the restraint of the characteristic of environmental information.Through proving the relation between restrained information and effective financial supervisions, the conclusion is that the financial supervision can utilize information restraint to create rents. Therefore certain information to be retrained is essential, its key lies in information restraint produce rents should have been strengthening the capitalization of business bank, and guarantee the real result produced by the fund input to the industry( The effect that the information restrains ).The third part makes a simple analysis to the validity of supervising policy tools on the basis of the implementation of the financial supervision policy.The limitation of market entering supervision lies in the existence of the rents, the policy result is far away from original intention of the goal of the policy. The limitation of the capital reserve requires is that it is not a kind of effective supervision means of preventing the run on the bank. The limitation of sufficient capital qualities behaviors that it can not prevent bank from emergence of running as soon as non- mobile assets investments fail. The limitation of debt paying ability supervision shows it does not need fi...
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