Research On The Optimization Of Financial Efficiency Under The Modern Financial Supervision System

At present,the great changes in the world that have not occurred in a century have accelerated the evolution,and the external risk challenges have been existing and increasingly prominent.China’s economic development has entered a period of strategic opportunities and risk challenges.It is particularly important to strengthen and improve the modern financial supervision system,strengthen the financial stability guarantee system,safeguard the new development pattern with the new security pattern,and realize the dynamic balance between high-quality development and high-level security.From the perspective of financial supervision reform practice,the financial supervision pattern of "one committee,one bank,two meetings and one bureau" has become history,and "one committee,one bank,one general bureau,one bureau" has been replaced.This is the reflection of strengthening the centralized and unified leadership of the Party on financial work,and is also the internal requirement for overall development and security,and effectively improving the efficiency and regulation of supervision.Especially in the post-epidemic era when facing the "triple pressure" of economic development,it is necessary for China to achieve high-quality development by using a new financial supervision system to curb the transition from reality to reality,manage the general gate of money,prevent the continuous and rapid rise of macro leverage,achieve the same frequency of improvement of financial security and financial efficiency,and then achieve the improvement of economic quality and reasonable growth of quantity.In view of this,this study puts financial regulation,macro-leverage and financial efficiency under the same research framework,relies on the modern financial regulatory system,follows the basic spirit of the reform of financial regulatory institutions to enhance consistent supervision,strengthens the orientation consistency between financial regulatory policies and monetary policies,and focuses on the impact of economic and financial operation on the regulation of financial regulatory policies,The financial supervision index from 2007 to 2021 is constructed by entropy method to measure the status of China’s modern financial supervision;Implement the concept of overall development and security,take 31 provinces from 2007 to 2021 as research samples,and use the system GMM model to empirically test the role of regulation in boosting financial efficiency.From the perspective that macro leverage is a "double-edged sword" for financial efficiency,mathematically infer the nonlinear relationship between macro leverage as an important tool in financial supervision and financial efficiency,Using the panel threshold effect model to empirically test the impact of financial regulation on financial efficiency under different macro leverage ratios,and to solve the problem of how to better control the timing and effectiveness of financial regulation,which is in line with the reform of the financial system,is a further enrichment of China’s new strategy of governance and governance to reshape the financial regulatory system,and build a new development pattern and a new security pattern as a whole;Pay attention to the re-optimization of financial efficiency,coordinate regional financial resources,use DEA-Malmquist index to measure and decompose financial efficiency from the perspective of total factor productivity,analyze the reasons for the obvious differences in financial efficiency among provinces within the same financial supervision system and the level range of macro leverage,and promote the coordinated and high-quality development of regional finance.The study found that: first,since the financial crisis in 2008,China has been based on reality,drawing on the practical experience of foreign financial supervision,constantly enriching the concept and means of financial supervision,constantly improving the internal coordination mechanism of "monetary policy,macro-prudential and micro-regulation",constantly adjusting and restructuring the modern financial supervision system,making the organizational system more reasonable,and gradually strengthening the regulatory synergy,which is conducive to the improvement of financial efficiency;Second,there is a significant inverse U-shaped relationship between macro leverage and financial efficiency,with a critical value of 1.6806;Third,the macro-leverage ratio has a double threshold effect in the process of financial regulation’s effect on financial efficiency.When the macro-leverage ratio is lower than1.2458,loose financial regulation is more conducive to the improvement of financial efficiency,and can better take into account the objectives of "stable growth" and "stable leverage";When the macro leverage is at 1.2458-2.0788,the macro leverage ratio should be appropriately regulated.Specifically,when the macro leverage ratio is at1.2458-1.6806,it is necessary to continue to "add leverage" to play the role of the macro leverage ratio in promoting financial efficiency.When the macro leverage ratio is at1.6806-2.0788,further accurate grasp of the timing and efficiency of financial regulation will be more conducive to the improvement of financial efficiency;When the macro leverage ratio is greater than the threshold value of 2.0788,the importance of strengthening financial supervision to efficiency is more prominent.Strengthening financial supervision,especially the macro leverage ratio supervision,is an important barrier to ensure the improvement of financial efficiency;Fourth,the overall financial efficiency of all provinces in China is low.Under the same financial supervision system and macro leverage range,the financial efficiency still shows obvious regional characteristics,because the level of economic development leads to the limitation of scale efficiency,the restriction of technological progress and the inadequate implementation of regional financial support policies.Finally,based on the empirical results,it is proposed to give full play to the functions of the State Administration of Financial Supervision and the People’s Bank of China and improve the "risk-based" prudential regulatory framework;Change the current situation of the central and local financial supervision of referees and athletes shoulder to shoulder;Use financial technology to drive the coordinated development of regional finance,and act as a stabilizing valve to optimize financial efficiency;Adhere to the system concept,coordinate economic policies and other policies,and make policy recommendations as a booster for the development of regions after the revitalization of financial policies.