The Comparative Analysis Of The Effectiveness Of Financial Supervision Based On Macro-prudential Supervision

Since the outbreak of the international financial crisis in 2008,the term "macro prudential supervision" has been widely used in various supervision reports and bulletin boards.Countries have gradually realized the importance of implementing effective supervision and began to reform the regulatory model according to the requirements of macro prudential supervision.Macro prudential supervision is the need for systematic risk prevention.According to the situation of the financial system and macro-economic operation,the potential risk is analyzed at the macro level for the implementation of the corresponding regulatory strategy.Since the establishment of the Financial Stability and Development Committee in 2017 and the merger of the CBRC and the CIRC in 2018,there has been a trend towards the gradual development of the mixed regulatory model.However,there has been no specific arrangement for the structure of the regulatory model.More objective policy recommendations can be drawn from the experience of supervision in developed countries.This paper adopts the principal component analysis method and takes the three major objectives of financial supervision as the criterion.By selecting the index data of a series of financial markets from 2000 to 2016 in China and the United Kingdom,this paper compares the regulatory efficiency level under the two different financial supervision modes of China and the United Kingdom in order to get two different modes of supervision and unified supervision.This indicates that China's financial regulation has made great progress in recent years.In addition,since the implementation of the Twin Peaks regulatory model in 2012,the index of regulatory effectiveness has been improved continuously.And then based on the relevant data of the two countries' macroeconomic and macro policy implementation,the co-integration regression analysis model is built to analyze the relationship between China and Britain's financial supervision and macro economy,so as to further analyze whether the financial supervision of the two countries actually reflects the requirements of macro prudence.In the co-integration test model,the coefficient of China Co-integration regression residual sequence is not tested to show that the degree of the correlation between China's financial supervision and macro-economic operation is not high,the supervision can`t reflect the effective information in time,and the macro prudential supervision is not implemented enough.The correlation of China's supervision comprehensive coefficient is less than the economic operation and policy implementation.The coefficient of residual sequence of cointegration regression in Britain is tested to show that there is a correlation between British financial regulation and macroeconomic operation and macro policy implementation,and there is a longterm synergy.In the end,based on the conclusions of the analysis,combined with the beneficial experience of the British financial regulatory reform and the need for the change of the current regulatory model in our country,the policy suggestions for improving the level of financial supervision in China are put forward.The macro prudential supervision and micro prudential supervision are combined well and realize the transition from separate supervision mode to mixed supervision mode,constructing " Twin Peaks of China".At the same time,by the law centered supervision a good financial market environment can be created and the protection of investors in the financial market need to be strengthened.