| Non-standardized debt asset,refer to debt assets that are different from standardized debt assets such as bonds and asset-backed securities,including trust loans,entrusted loans,trust collection rights,acceptance bills,and receivables,Letters of credit,assets management plans,equity repurchase,and stock pledged repurchase.It started in 2006,and it prospered after the global economic crisis in 2008.The peak scale was in the several trillion yuan,and once occupied nearly 20% of the scale of social financing.However,the financial regulation department became strict on nonstandardized debt asset business in 2013,issued and implemented a series of regulatory rules,set up obstacles for both the supply and demand sides of non-standardized debt asset business.It seemed that they had the intention of blocking such business.Including the release of new asset management regulations in April 2018,one of the main goals is to strengthen restrictions on non-standardized debt asset businesses.Why is such a large-scale non-standardized debt asset business that plays an important role in the Chinese financial market,which will be severely blocked by the regulatory authorities? And what about the effectiveness and consequences of regulation? The original intention of this article is to try to sort out the causes and results of regulation on non-standardized debt asset business and analyze its causes and consequences.After my research,it is found that the subject studied is closely related to the financial repression that has always existed in China.One of its main manifestations is that the credit business of commercial banks is strictly restricted.Not only they must they meet many stringent regulatory indicators stipulated by the banking legal system,but also often face government policy interventions such as control of credit scale and credit investment target.In the domestic financing structure mainly based on bank credit indirect financing,the financing needs of the majority of enterprises are difficult to meet,and non-standardized debt asset businesses have emerged in time,and have expanded rapidly under the influence of the central government's four trillion investment plan in 2009.This is in line with what economists call the “leakage effect” under financial repression.Through the “leakage” of non-standardized debt asset businesses,investors such as commercial banks that are supervised by banking regulation and many companies with limited financing can circumvent regulation and realize regulatory arbitrage,which satisfied their own needs and gaining a lot.However,this not only leads to the accumulation of systemic risks,but also impacts the financial management order aimed at maintaining financial repression,prompting the regulators to gradually strengthen the regulation of non-standardized debt asset businesses for "deleveraging" and maintaining financial repression.But strict regulation has produced unsatisfactory results and deviated from the regulation intention,which is closely related to the disadvantages of the original domestic financial repression system: it is not conducive to the effective allocation of financial resources and the legal transformation of financial regulation.Now is the transition period of the implementation of the new rules on asset management,and the direction of non-standardized debt asset business and its regulation is still not completely clear.Therefore,this article attempts to study the subject of non-standardized debt asset business and its legal regulation in the context of domestic financial repression,explore the rationality and legitimacy of nonstandardized debt asset business,analyze the action logic,implementation process and regulatory effectiveness of regulatory authorities and influences.It also tries to put forward some suggestions from the system level based on the financial deepening thinking of financial suppression theory.This article will discusses the following aspects:1.Introduce the theory of financial repression and the current status of financial repression in China,and explain that the rise of non-standardized debt asset business originates from the "leakage effect" under financial repression,and then introduce its development history,concept disputes,positive impacts and main risks.2.After clarifying the research object and its background,through the enumeration of the basic types of non-standardized debt asset businesses such as non-standardized loan business,non-standardized bill business,inter-bank payment and holding business,“Nominal Equity Real Claims”,stock pledged repurchase and other types,The transaction structure further analyzes the legal relationship of each type of business and the legal nature of the non-standardized debt asset business as a whole.3.Analyze the path of non-standardized debt asset business legal regulation.Due to the economic risks and legal deficiencies of the non-standardized debt asset business described in the previous two chapters,based on the main regulatory motives of “deleveraging” and maintaining financial repression,the regulatory authorities have adopted the regulation mode that based on prohibitive regulations and strengthened multi-sector cooperation and joint regulation.,and the two-stage regulation implementation process from the transition of scale control to the channel and investment(financing)repression.4.Explain the current situation of non-standardized debt asset business shrinking due to strict regulation,and a series of economic problems such as tighter corporate liquidity and credit risk exposure,as well as the difficulties and obstacles which nonstandardized debt asset business transformation guided by regulatory intent encountered in practice.5.Attempt to conduct an overall evaluation of non-standardized debt asset business regulation based on the theory of financial repression,and refer to the reform plan of financial deepening.It advocates "replacing blockage by substitution" and improving non-standardized debt asset business in a more market-oriented and liberalized manner.The article tries to put forward proposals to promote the establishment of an orderly non-standardized transaction market,reduce bank credit intervention,and release the access conditions for standardized debt financing products.In view of the fact that the process of non-standardized debt asset business from popular to shrinking is only a few years,the academic research on non-standardized debt asset business and its regulation,especially in the field of law,is relatively lacking,and most of them are based on the status quo description or technical analysis.We need more macroscopic perspective and institutional theoretical exploration on this theme.So this article introduces the theory of financial repression for the first time,and refer to the financial deepening reform ideas from the theory,and maintain the certainty based on the financial legal system to make reform proposals.This should be helpful for further understanding and exploring related research on non-standardized debt asset business regulation. |
PDF Full Text Request