Dissertation On China’s Investment Banking Regulation

On the basis of the theory and practice, this doctoral dissertation tries to make a systematic study on the regulation of investment banking in China.For such a purpose, this dissertation first illustrates the object of the study elaborately, which is the starting point of study, and then introducing the domestic and overseas achievements in scientific research on the topics of economic regulation, financial regulation & supervision and regulation of investment banking. Based on these researches, this dissertation also discusses the necessity of regulation of investment banking.After all these theoretical preparations, this dissertation argues that the evolution of capitalism credit is conformed to the dialectical law of the negation of negation, and defines the new form of the credit as "Capital Credit", which sublates the meaning of Commercial Credit and Banking Credit. Based on the definition of Capital Credit, the dissertation reveals the connotation of the term "Investment Banking", which represents all the economic activities reflecting the relationship of the Capital Credit and which is indeed the physical carrier of the economic relationship of Capital Credit.Applying the analysis of historical course of Investment Banking on the above theoretical argument, the dissertation classifies the Investment Banking as three items: securities alike, innovative and derivative items. And then this dissertation focuses on the analysis of the implication, operating subjects and characteristics of these three classified investment banking. This dissertation also lays special stress on induction and summery of the necessity, goals, subjects, objectives and principal contents of the regulation of these three classified investment banking in China.What’s more, international organization such as west main developed country and Basel committee has had accumulated a wealth of experience in the field of regulation to investment banking business of all kinds, has worked out comparatively perfect regulation system. Carry out analysis and comparison on it, can invest in the improvement that banking business controls to China and improve the enlightenment playing arrive at fine draw lessons role as well as reaching a few is beneficial. For instance, investing banking business in bond kind controlling aspect, be more perfect than relevance laws and statutes system builds, strengthen the law means controlling, weaken an administrative means; Be going to change to the become market-oriented leading factor from the administration leading factor controlling; Be going to build and to strengthen to the supervision controlling the main body’s restraint mechanism; Ask the autonomy reinforcing bond kind business to control waiting. Be in enterprise buy business controlling aspect together, being going to oppose the basic goal monopolizing as enterprise and buying the legislation controlling, persist in competing for principle open, impartial, impartial;Perfect relevance enterprise actively buy law, regulations controlling together, build a set of all-round but systematic enterprise buy the system controlling law and regulation together; Need to build a independence but authority’s controlling enforce the law organization; Be going set off from actual in the homeland national conditions working out enterprise to buy principle and policy controlling together. Legislation investing in business in starting an undertaking controlling aspect, being going to perfect the in relation to starting an undertaking investing in business controlling; Be going to work out a set of scientific community as soon as possible deciding high technology enterprise standard and way; Need to put appropriate measure into effect controlling principle; Should pay attention to giving full scope to industry autonomy sufficiently. Securitization in assets business controls aspect, should take securitization all-round assets risk administration as core, promote a commercial bank in the finance business being innovative keep manage cautiously; Need to concentrate efforts on the standard uniting the criterion and lowest controlling in building securitization operation’s; Should attach importance to the risk susceptibility revealing the allocation carrying out capital to securitization risk, different according to risk degree, stipulate that the difference capital deploys call for. In the finance derive from the product controls aspect, the need to perfect and perfect finance derives from laws and statutes, system that product business controls; Should put the function type into effect controlling principle, reinforce every coordination and cooperation between the organization controlling; Reinforce a finance derive from product relevance organization autonomy function; Reinforce a finance derive from product information disclosure aspect controlling formulating essential rules and regulations.Finally, the dissertation summarizes the main problems and causes of regulation of investment banking in China, and put forward proposals for improvement. Overseeing authority ought to the cognition arrives at, capital credit is to the negation of negation the law acts on the inevitable result that credit develops, it does not take personal subjective will as metastasis. With capital, the credit antenna stretches each field, the inner carrying out the security company or so-called "scope of business with investment of bank " (relative to commercial bank) being confined to tradition already impossibly again with investment of banking business to the economic life. The marketplace main body moves downwards other in capital credit traction, natural participator that can become a link in capital credit chain; become the activity investing in banking business. Therefore, would rather dredge than stop up in the aspect controlling with investment of banking business, ought to become the guiding ideology of what be abided by controlling investing in banking business mssingle with sparse generation. The improvement that besides, investment banking business controls ought to grasp a general principle is a characteristic specifically for not managing with diversity with investment of banking business, have adopting differentiating is not same control policy. Come to talk, to carry out to those business concretely already comparatively, stability, marketplace capacities already have certain scale investment banking business, the bond is similar to business, right away ought to the principle that practical basis administration permission law ascertains compresses administration controlling authority, reduce the range that administration controls, depend on a marketplace to reach administration coming self s adjustment mechanism controlling the what wanted to reach be but been beyond self s capacity target; not-related to the public investor, the investment investing in banking business, starting an undertaking for example which can not produce damage to the economic security of the country business to those, not ought to control with administration more give first place to. Outside criticizing and registering procedures except necessary newspaper, the measure administration is controlled can be all completely withdraw from, the autonomy carrying out industry with the industrial association of on behalf of controls, government departments fulfills but the function controlling only specifically for the industrial association. Such is just now beneficial to bringing the enthusiasm starting an undertaking investing to promote the advance of science and technology and technological innovation; Having the high risk characteristic to those, there is a maximum national economy system brought about the investment banking business that the lurking pounds even possibly to finance system, securitization with the finance derive from product business, not being to weaken administration controlling authority, on the contrary, practical sharpening relevance administration to control risk of credit assets.