Prospective Study On The Accountability Mechanism Of Financial Investment Decision-making Errors In13th Five-year Plan Of China

The public finance is the basis and important pillar of national governance. The scientificfinancial and taxation system is the institutional guarantee to optimize the allocation of resources,safeguard the unity of the market, promote social justice and realize the nation’s lastingpolitical stability. Investment is one of the three carriages pulling the economic development ofour country, and its importance is remarkable. Since the reform and opening-up, the nationaleconomy developed rapidly, and our country has made great achievements through the meanssuch as financial investment, but also faces serious financial investment decision-making errors.The third Plenum of the18th Communist Party of China (CPC) proposed a new thesis thatpromoting the modernization of national governance system and governance ability. Themodernization of national governance system and governance ability cannot leave themodernization of financial system; and the establishment of a modern financial system needs topromote the rule of law. The fourth Plenum of the18th CPC made the decision to promote the ruleof law comprehensively, put forward to establish the system of a lifelong liability accountabilitysystem for major decisions and a retrospective mechanism. This means that the financialinvestment decision and its error accountability will be all-round into a lawful orbit. The centralfiles of the CPC have repeatedly mentioned the establishment and improvement of theaccountability mechanism towards financial investment decision-making errors. This isthe intrinsic element of building a responsible and service-oriented government. The paperanalyzes the serious consequences of the current financial investment decision-making errors, points out the problem of lacking the accountability mechanism of financial investmentdecision-making errors. It summarizes the lessons of financial investment decision-making errorsin the period from the Seventh Five-Year to the Twelfth Five-Year and the insufficiencies of therelated regulations, and it learns from the experience of the developed countries in terms ofaccountability practice in financial investment decision-making errors, and puts forward thetargeted countermeasures and proposals towards establishing and perfecting the accountabilitymechanism of financial investment decision-making errors in13th Five-Year plan of China in theapplication of the top-down design idea.The full paper is divided into seven sections:Chapter Ⅰ: Introduction. This section introduces the necessity、importance from theperspective of promoting the modernization of national governance system and governance abilityin order to achieve the institutionalization and legalization of accountability to financialinvestment decision-making errors. It also introduces research methods of the paper. In thissection, the author sorts out researches on the financial investment decision-making and theaccountability system of decision-making errors systemically at home and abroad.Chapter Ⅱ: The set of the problems related to financial investment decision-making errors.This section sets the basic concept about financial investment (including its definition andcharacteristics), and sorts out the basic concepts about financial investment decision-making errorsand its accountability mechanism clearly.Chapter Ⅲ: The basic theoretical basis of this paper. The section analyzes the theoretical basisof accountability to financial investment decision-making errors systematically: the limitedgovernment theory, the public choice theory and the accountability ideas of the Marxism, etc.which provides theoretical support for further study.Chapter Ⅳ: The analysis of mechanism supply problems of the accountability to financialinvestment decision-making errors and their causes in China. The paper analyzes the concreteproblems and their causes in combination with current relevant regulations about theaccountability to financial investment decision-making errors of China.Chapter Ⅴ: The enlightenment about accountability practice of financial investmentdecision-making errors in the developed countries. This part analyzes and draws lessons from theexperience which the developed countries accumulated in accountability practice to financialinvestment decision-making errors, focusing on analysis of their ideas and practical experience.Chapter Ⅵ: Make attempts to use the ideas of top-level design to put forward the targetedcountermeasures and suggestions to establish and perfect the accountability mechanism tofinancial investment decision-making errors, and the countermeasures and suggestions are feasible,systematic and forward-looking. Chapter Ⅶ: Conclusion. This section refines and summarizes the content of full text, andpoints out some problems for further study.