| As comprehensive management have already applied in global financial, along with supporting regulatory theory, the jurist and economist are trying to seek the best regulation mode for the financial. Since the financial regulatory system of separate operation and separate supervision has established in 2003, China maintained a high economic growth rate, and has also successfully weathered the periphery of the financial crisis, however, calls for reform of the financial regulatory system has never stopped. The "Money Shortage" in 2003, the stock market crash in 2015 and the risk of the financial system since the events of recent years, which pushed the financial regulatory reform to the forefront in the list of the overall financial reform task. The Third Plenary Session of the 18th Central Committee of the CPC has noted that we should strengthen the financial supervision and improve the regulatory reform task coordination mechanism. The fifth Plenary Session of the 18th Central Committee of the CPC has noted that we should strengthen macro-prudential financial management system construction and co-ordination, improve and complete the regulatory framework to adapt to the development of modern financial markets. However, in 2013 the establishment of financial supervision and coordination of inter-ministerial joint conference did not make financial regulation to keep pace with the development of the financial sector, which mainly as unclear responsibilities result in regulatory gaps, regulatory capacity asymmetry and vicious competition among regulators. Whether the official declared on many occasions and public opinion mean for financial supervision to the "one bank and three commissions" as the core of the reform to the urgency of the moment? What is the efficiency of the financial supervision that set the "one bank and three commissions" as the center? Whether effectively promote the economy? What kind of impact on the economy risks? This paper will mainly focus on those questions.The first part of this paper mainly introduce the background and significance, research ideas and methods. The second part, is the review of theory of measurement of lateral financial decentralization, and finally find the idea for establishing the basic framework of lateral financial decentralization measurement, and the difficulty may be confronted with in this paper. The third part is mainly introduce the concept of lateral financial decentralization with the basis of the previous study. The fourth part is mainly construct the index system being used to measure the lateral financial decentralization, which is on the basis of the assets and liabilities of the financial institution and its classification. The fifth part is the empirical analysis of the lateral financial decentralization, which mainly used the index system, measure the absolutely influence, the relative influence and the overall level of financial decentralization of "one bank and three commissions" from 2003 to 2014. The sixth part is mainly test the relationship between the level of financial decentralization, economic growth and the risk of economy by establishing a multiple linear regression model. The last part of this paper is used to recommend policy based on the conclusions, including the direction and the point in time of financial and economic reform.Conclusions of this study include:firstly the definition of horizontal financial decentralization is in order to adapt to the economic development strategy, and improve the ability to serve the real economy, to ensure rapid economic growth under the premise of risk control, the decentralization of one country's financial supervision between two or more regulatory body. Secondly, decentralization measure implementation results show that:the power of the central bank is narrowing; power CBRC has an absolute advantage, not beyond the CSRC and the CIRC in the short term; the power of the "one bank and three commissions" has been little change, but marginal changes in annual power instability, which has a greater relationship with the year's economic environment and policy; the general trend of financial power is toward centralized. Thirdly, under the semantic of horizontal financial decentralization, the economic growth and controlling economic risk can't have both, centralization is conducive to economic growth, but is not conducive to controlling economic risk, China has gone through the tangled process for more than a decade, that want to maintain the rapid economic growth and controlling the economic risk. At present, China is in the economic transition period, the risk of economic operation to maintain the upward trend, while the economic growth rate has dropped significantly, so in short term should increase the separation of powers to prevent the risk of runaway economy. Long-term, when "excess returns" acquired from economic growth and "possible loss" where a risk of runaway economy brings does not match, is the point of time to reform the financial and economic.Combined with research findings, this paper put forward three suggestions: First, in the supervision and management of the financial sector allocation scheme design should be combined with the country's economic development strategy to achieve appropriate separation of powers, a comprehensive measure of the benefits of economic growth and economic risk should be taken. Also according to changes of the development make adjustments to the financial supervision and management to ensure that the financial maximize the economic growth. Secondly, given the risk of the economy in recent years, and China's economic growth is declining. In the long term, fully consider the risks and benefits of the whole economy, choose the best time to reform the financial and economic. Third, under the premise of risk control, the supervision of corporate bonds and medium-term notes should return to CSRC. Fourth, improve the quality of our financial statistics, and expand the type of database.Compared with existing research the innovation of this paper may be that:the first time to define the concept of horizontal financial decentralization, and successfully constructs the horizontal financial power measuring index system; second, this paper attempts to construct an index system is relatively comprehensive to measure the horizontal financial decentralization level, is the first time in China; third, paper uses data for 2003 to 2014 to achieve the measure of horizontal financial decentralization, and empirical analyze the relationship between the level of financial decentralization and economic growth, the economy risks.Overall, this paper has the following shortcomings:First, the regulatory body id more than "one bank and three commissions", this paper just considers the CBRC, CSRC, CIRC and Central Bank. Second, although the paper constructs a comprehensive index system to measure the level of the horizontal financial decentralization, but in the implementation of decentralization measures, selected only a surrogate for decentralization as a whole level of representation, so there may be some deviations from the actual. Third, the calculation method of social financing scale of the CBRC, CSRC, CIRC, may not completely cover all of the funds under the definition of social financing scale. |
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