中金融监管制度优化与金融结构协调性研究
发布时间：2018-08-06 18:51
【摘要】：金融监管制度的优化和完善关系到一国乃至全世界的金融安全和金融发展。2008年国际金融危机中,各国金融监管制度在监管金融风险中存在的问题得以暴露。防范金融风险与维护国家金融安全成为各国金融监管制度改革的方向和目标。以往对金融监管制度的研究主要集中在金融监管的成本与效率研究、金融监管的必要性研究和金融监管的模式研究。本文从一个创新的视角——金融结构来研究金融监管制度的优化。 金融结构的提出发端于金融发展经济学,是基于金融对经济发展的影响而逐渐形成的。但是随着信息经济学、公司金融、内生经济增长理论的发展,金融结构的研究领域不断扩展,主要包括：金融结构与经济增长关系、信息经济学视角下的金融结构研究和“两分法”的争论。对金融监管的研究主要围绕着金融监管的必要性、金融监管的有效性和金融监管体制研究。通过对文献的梳理发现,基于金融结构视角的金融监管制度优化研究在理论中属于空白,对此问题的研究具有理论创新价值和实际意义。通过梳理中国金融监管制度的变迁过程,总结出其运行机理和发展特点。并且结合中国金融结构发展的历程,分析了中国金融结构的特点和现状。 研究金融监管制度与金融结构相协调与优化,需要对中国金融结构进行测度。论文构建了一个测度中国金融结构的指标体系。首先利用Goldsmith的金融相关比率FIR对中国金融结构进行初步测度。在此基础上,对金融结构从四维度(金融工具、金融机构、融资结构和金融开放程度),’一共十五个指标进行测度,得到中国金融结构综合指数。测度结构表明自2006年以来,我国的金融结构呈现上升趋势,金融结构不断优化升级,金融深化程度加强。 论文从金融监管程度和金融监管结构这两个维度研究金融监管制度与金融结构的内在联系。结合理论分析,得出两个推论：1.金融监管制度的“松”或“紧”的变动与金融结构存在内在联系,金融监管制度的变迁应当与金融结构的发展相匹配。2.金融监管制度的监管结构受金融结构影响,应当与金融结构相匹配。为了证明以上两个推论的正确性,构建了金融监管制度与金融结构相关性的MLOGIT模型和金融监管制度与金融结构关系的SUR模型。金融监管制度与金融结构相关性的MLOGIT模型的实证结果证明了金融结构中的金融深化对金融监管制度中的监管结构存在显著性影响；主导金融机构不是影响金融监管制度的显著因素;市场自由化程度越高越倾向于混业监管；部分混业监管的国家,其政府效率较低；人均收入影响金融监管制度是非对称的。基于MLOGIT模型的实证结果基本上证实了推论1。金融监管制度与金融结构关系的SUR模型中采用两个指标来度量金融监管制度的程度：法定存款准备金率(RI)和存贷利差(RATE)。实证结果表明：金融深化程度与金融监管程度呈反向变动的关系；主导金融机构类型对金融监管程度不具有显著性影响;银行集中度与金融监管程度呈正向变动的关系。综合来说,金融监管制度的选择,无论是在模式上选择“分业监管”或“混业监管”,还是在程度上选择“严格监管”或“宽松监管”,都要与客观存在的金融结构相协调。当金融结构深化程度较高的时候,倾向于选择混业监管,以及选择较为宽松的监管程度。当金融结构深化程度较低的时候,倾向于选择“分业监管”和“严格监管”。当市场自由度较高的时候,倾向选择“混业监管”。当银行集中度上升到一定阶段的时候,说明金融监管制度偏紧,如果继续“严格监管”,将造成银行业垄断势力增加,不利于银行结构的优化,可以酌情改变金融监管制度,选择“宽松监管”。 在分析金融监管制度优化的研究中,引入新制度经济学的分析框架。在新制度经济学的分析框架下,运用动态随机一般均衡模型(DSGE)分析了金融结构约束下的金融监管制度变迁与优化。其结果表明,金融结构对金融制度的变迁具有显著的影响,在金融监管制度变迁路径中,一旦出现金融结构的变动,势必影响整个金融监管制度的变迁。金融监管制度如果想得到优化,最主要的是要与金融结构相协调。金融结构是金融监管制度存在的环境,也是金融监管制度对象存在的环境。 一个优化的金融监管制度必须同金融结构相协调。如果金融监管制度无法与金融结构相协调,就会产生一系列监管问题：监管真空、监管重复、跨境监管问题和系统性风险监管问题。论文最后对金融监管中出现的问题进行分析,针对这些问题提出了政策建议。结合现有的金融监管制度和对未来的合理预期,提出一个未来金融监管制度的构想,即在混业经营的大趋势下,分业监管模式将被大部制的混业监管模式取代,大部制混业监管模式可能为最优的金融监管制度。
[Abstract]:The optimization and improvement of the financial supervision system is related to the financial security and financial development of a country and the world in the.2008 international financial crisis. The problems of financial supervision and regulation in various countries are exposed. The prevention of financial risks and the maintenance of national financial security have become the direction and order of the reform of financial supervision system in various countries. The previous research on financial supervision system mainly focuses on the study of the cost and efficiency of financial supervision, the necessity of financial supervision and the study of the mode of financial supervision. This paper studies the optimization of the financial supervision system from an innovative perspective, the financial structure.
The development of financial structure is based on financial development economics, which is based on the influence of Finance on economic development. However, with the development of the theory of information economics, corporate finance and endogenous economic growth, the research fields of financial structure are expanding, mainly including the relationship between financial structure and economic growth, and the perspective of information economics. The study of financial structure and the argument of "dual law". The study of financial supervision mainly focuses on the necessity of financial supervision, the effectiveness of financial supervision and the study of financial supervision system. Through the review of the literature, the research on the optimization of financial supervision system based on the perspective of financial structure is a blank in the theory. It has theoretical innovation value and practical significance. By combing the process of the change of China's financial supervision system, it summarizes its operating mechanism and development characteristics, and analyzes the characteristics and current situation of China's financial structure in combination with the course of the development of China's financial structure.
To study the coordination and optimization of financial supervision system and financial structure, we need to measure the financial structure of China. This paper constructs an index system to measure China's financial structure. First, the financial structure of China is preliminarily measured by the financial related ratio FIR of Goldsmith. On this basis, the financial structure is from the four dimension (financial workers). A total of fifteen indicators are measured and the comprehensive index of China's financial structure has been measured. The measurement structure shows that since 2006, the financial structure of China has shown an upward trend, the financial structure has been continuously optimized and upgraded, and the financial deepening is strengthened.
This paper studies the internal relations between the financial supervision system and the financial structure from the two dimensions of financial supervision and regulation. Combined with the theoretical analysis, the paper draws two inferences: 1. the "loose" or "tight" changes in the 1. financial supervision system have internal relations with the financial structure, and the change of the financial supervision system should be related to the financial structure. The regulatory structure of the.2. financial supervision system is affected by the financial structure and should be matched with the financial structure. In order to prove the correctness of the above two deductions, the MLOGIT model of the correlation between the financial supervision system and the financial structure and the SUR model of the financial supervision system and the financial structure are constructed. The financial supervision system and the financial structure are also established. The empirical results of the relevant MLOGIT model prove that financial deepening in the financial structure has a significant impact on the regulatory structure in the financial regulatory system; the leading financial institutions are not the significant factors affecting the financial regulatory system; the higher the degree of market liberalization is, the more it tends to be supervised by the mixed industry. The rate is low; the impact of the per capita income on the financial regulatory system is asymmetric. The empirical results based on the MLOGIT model basically prove that two indicators are used to measure the degree of the financial regulatory system in the 1. SUR model of the relationship between the financial supervision system and the financial structure: the legal deposit reserve ratio (RI) and the deposit and loan margin (RATE). Ming: the relationship between the degree of financial deepening and the degree of financial supervision has a reverse change; the type of the leading financial institution does not have a significant influence on the degree of financial supervision; the degree of bank concentration has a positive relationship with the degree of financial supervision. "Industry supervision" or "strict supervision" or "loose supervision" should be coordinated with the objective financial structure. When the financial structure is deepened, it tends to choose mixed supervision and choose more loose supervision. When the financial structure is lower, it tends to choose "the sub division". When the degree of banking concentration rises to a certain stage, when the degree of bank concentration rises to a certain stage, it shows that the financial supervision system is tight. If "strict supervision" continues, it will cause the increase of the monopoly power of the banking industry, which is not conducive to the optimization of the bank structure, and can change the money as appropriate. The regulation system is melted and the "loose supervision" is chosen.
In the study of the optimization of financial regulatory system, the analysis framework of the new institutional economics is introduced. Under the framework of the new institutional economics, the dynamic stochastic general equilibrium model (DSGE) is used to analyze the changes and optimization of financial regulatory system under the constraints of financial structure. The results show that the financial structure has a significant change in the financial system. In the course of the change of financial supervision system, the change of financial structure will affect the change of the whole financial supervision system. If the financial supervision system is optimized, the most important thing is to coordinate with the financial structure. The financial structure is the environment of the financial supervision system and the object of the financial supervision system. Environmental Science.
An optimized financial regulatory system must be coordinated with the financial structure. If the financial regulatory system cannot be coordinated with the financial structure, a series of regulatory issues will arise: regulatory vacuum, regulatory duplication, cross-border supervision and systemic risk supervision. Some suggestions are put forward. Combining with the existing financial supervision system and the future reasonable expectation, a future financial supervision system is proposed. That is, under the big trend of mixed operation, the mode of division supervision will be replaced by the mixed supervision model of the large ministry, and the model of the large ministry mixed industry supervision may be the best financial supervision system.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.1
本文编号：2168668
[Abstract]:The optimization and improvement of the financial supervision system is related to the financial security and financial development of a country and the world in the.2008 international financial crisis. The problems of financial supervision and regulation in various countries are exposed. The prevention of financial risks and the maintenance of national financial security have become the direction and order of the reform of financial supervision system in various countries. The previous research on financial supervision system mainly focuses on the study of the cost and efficiency of financial supervision, the necessity of financial supervision and the study of the mode of financial supervision. This paper studies the optimization of the financial supervision system from an innovative perspective, the financial structure.
The development of financial structure is based on financial development economics, which is based on the influence of Finance on economic development. However, with the development of the theory of information economics, corporate finance and endogenous economic growth, the research fields of financial structure are expanding, mainly including the relationship between financial structure and economic growth, and the perspective of information economics. The study of financial structure and the argument of "dual law". The study of financial supervision mainly focuses on the necessity of financial supervision, the effectiveness of financial supervision and the study of financial supervision system. Through the review of the literature, the research on the optimization of financial supervision system based on the perspective of financial structure is a blank in the theory. It has theoretical innovation value and practical significance. By combing the process of the change of China's financial supervision system, it summarizes its operating mechanism and development characteristics, and analyzes the characteristics and current situation of China's financial structure in combination with the course of the development of China's financial structure.
To study the coordination and optimization of financial supervision system and financial structure, we need to measure the financial structure of China. This paper constructs an index system to measure China's financial structure. First, the financial structure of China is preliminarily measured by the financial related ratio FIR of Goldsmith. On this basis, the financial structure is from the four dimension (financial workers). A total of fifteen indicators are measured and the comprehensive index of China's financial structure has been measured. The measurement structure shows that since 2006, the financial structure of China has shown an upward trend, the financial structure has been continuously optimized and upgraded, and the financial deepening is strengthened.
This paper studies the internal relations between the financial supervision system and the financial structure from the two dimensions of financial supervision and regulation. Combined with the theoretical analysis, the paper draws two inferences: 1. the "loose" or "tight" changes in the 1. financial supervision system have internal relations with the financial structure, and the change of the financial supervision system should be related to the financial structure. The regulatory structure of the.2. financial supervision system is affected by the financial structure and should be matched with the financial structure. In order to prove the correctness of the above two deductions, the MLOGIT model of the correlation between the financial supervision system and the financial structure and the SUR model of the financial supervision system and the financial structure are constructed. The financial supervision system and the financial structure are also established. The empirical results of the relevant MLOGIT model prove that financial deepening in the financial structure has a significant impact on the regulatory structure in the financial regulatory system; the leading financial institutions are not the significant factors affecting the financial regulatory system; the higher the degree of market liberalization is, the more it tends to be supervised by the mixed industry. The rate is low; the impact of the per capita income on the financial regulatory system is asymmetric. The empirical results based on the MLOGIT model basically prove that two indicators are used to measure the degree of the financial regulatory system in the 1. SUR model of the relationship between the financial supervision system and the financial structure: the legal deposit reserve ratio (RI) and the deposit and loan margin (RATE). Ming: the relationship between the degree of financial deepening and the degree of financial supervision has a reverse change; the type of the leading financial institution does not have a significant influence on the degree of financial supervision; the degree of bank concentration has a positive relationship with the degree of financial supervision. "Industry supervision" or "strict supervision" or "loose supervision" should be coordinated with the objective financial structure. When the financial structure is deepened, it tends to choose mixed supervision and choose more loose supervision. When the financial structure is lower, it tends to choose "the sub division". When the degree of banking concentration rises to a certain stage, when the degree of bank concentration rises to a certain stage, it shows that the financial supervision system is tight. If "strict supervision" continues, it will cause the increase of the monopoly power of the banking industry, which is not conducive to the optimization of the bank structure, and can change the money as appropriate. The regulation system is melted and the "loose supervision" is chosen.
In the study of the optimization of financial regulatory system, the analysis framework of the new institutional economics is introduced. Under the framework of the new institutional economics, the dynamic stochastic general equilibrium model (DSGE) is used to analyze the changes and optimization of financial regulatory system under the constraints of financial structure. The results show that the financial structure has a significant change in the financial system. In the course of the change of financial supervision system, the change of financial structure will affect the change of the whole financial supervision system. If the financial supervision system is optimized, the most important thing is to coordinate with the financial structure. The financial structure is the environment of the financial supervision system and the object of the financial supervision system. Environmental Science.
An optimized financial regulatory system must be coordinated with the financial structure. If the financial regulatory system cannot be coordinated with the financial structure, a series of regulatory issues will arise: regulatory vacuum, regulatory duplication, cross-border supervision and systemic risk supervision. Some suggestions are put forward. Combining with the existing financial supervision system and the future reasonable expectation, a future financial supervision system is proposed. That is, under the big trend of mixed operation, the mode of division supervision will be replaced by the mixed supervision model of the large ministry, and the model of the large ministry mixed industry supervision may be the best financial supervision system.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.1
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