| It is revealed by data on finance and economic growth that there's a puzzle in Chinese economic development,the co-existence of low-level financial system and high economic growth rate.In the first 30 years after China opening its door to the world and carrying out reform,the special non-state-owned departments offers more than 62% economic growth,while they gains not so much financial support from sate-owned financial departments as expected.This goes against the theoretical expectation on modern finance and economic growth.Civil finance provides part of the explanations for this "growth puzzle",which makes great contribution for non-state-owned economy.However,contrary to the positive role civil finance makes for Chinese economic growth,Chinese government opposes very tight control on civil finance,which forbids most civil financial forms except personal borrowing within the limitation of less than 4 times interest rate than the bank saving rate at the same period.Most civil financial forms could not gain the legal social status.The government also controls civil finance with the help of strict civil liability,administrative liability,even criminal liability.This kind of control could not meet the government's original intention.Under government strict supervision and regulation,the civil finance develops at an unexpected speed,which is like a huge energy flow blocked,once it bursts,the risk could not be imagined.This strong contradiction reveals the invalidity in Chinese civil finance regulation,which makes us thinking twice.With this question in mind,Chapterâ… of this thesis reveals the social conditions for the occurrence and rising of Chinese civil finance,and the positive meaning for Chinese economic growth.Chapterâ…¡provides theoretical base for evaluating the current conditions on civil finance regulation and its performance as well as designing suitable financial regulation for civil finance by introduction and reviews on financial regulation theories.Chapterâ…¢reviews the historical evolution of Chinese civil finance regulation, and outlines Chinese civil finance regulation conditions from legal status,legal liability, supervising subjects,and regulating measures.Chapterâ…£reveals the deficiencies on Chinese civil finance regulation and its harm by applying the performance theory on financial regulation,and establishes the base for proposing resolutions by further analyzing the causes for deficiencies.Chapterâ…¤introduces the development and practice on civil finance regulation in China and abroad,proposing the learning meaning to reconstruct Chinese civil finance regulation.Chapterâ…¥focuses on the resolution for problems.It first establishes the right concept to be followed for the reconstruction of civil finance regulation,discusses the two institutional modes to legalize civil finance,and puts an emphasis on constructing the implementation mechanism for civil regulation.The core of this thesis is:civil finance is not a subjective production in China;it is a strong objective necessity,a necessary derivative of the transition from planned economy to market economy.Its occurrence and development fosters Chinese non-state-owned economy,which is positive to Chinese economic growth efficiently.The exterior forces are to be introduced to execute suitable financial regulation for the reasons of the weakness for civil financial system,the market failure for civil finance,and incomplete contracts.Nevertheless,many reasons such as the lack of regulating liability,the gap between regulating concepts and the pursue for self interest from the government,make the coexistence of tight regulation on civil finance and low performance,which makes greater risks in financial fields and the negative effects on Chinese economic growth, therefore,we should reform and reconstruct current regulation on civil finance.The thesis points out that the key to reconstruct civil financial regulation is to reestablish new regulating concept,to bring civil finance into the legal framework by two institutional modes,to construct the regulating institutions on civil finance,and to make and improve match legal institutions.This thesis explains the practical issue on civil finance thoroughly from economic law perspective.The author carries out her thesis by following the research route under the guidance of concerning social issues,and tries to propose the basic route to resolve problems and construct comparatively complete regulating framework.The whole thesis consists of six chapters.Chapterâ… is the definition and forming of civil finance.This chapter consists of three parts.First part provides logical reconditions for civil financial regulation by defining and analyzing the implications,title and extension on confused civil finance.Second part discusses the necessity for the occurrence and rising of Chinese civil finance theoretically and practically.Third part analyzes the relationship between civil finance and Chinese economic growth.Civil finance here refers to all financial activities existed beyond clear stipulation under current law within credit market carried out between natural persons,enterprises and other economic entities other than financial agencies out of the government regulation, which could fulfill the funds demands for market economic bodies by currency transference and paying back interests in accordance with market rules.There are three theoretical hypothesizes,finance restriction theory,information dissymmetry theory and transaction cost theory,which provides institutional explanation for the occurrence of Chinese civil finance.From information dissymmetry perspective, civil finance comes from market failure.For official finance tends not to provide loans for medium and small-sized enterprises,farmers and family for the consideration of costs and gains,and these funds demanders turns to civil finance for lacking financial support from official financial agencies.From the economic institutional conditions faced by Chinese government,the strategy on pursuing developed countries in early times of the PRC and the gradual reform from double levels makes funds in great need.Government restricts finance by price and structure,and the ownership and size discrimination in the distribution of financial resources.State-owned enterprises gain limited financial support in place of budget support,which makes the great financial gap for developing non-state-owned enterprises,fostering the market need for civil finance.At the same time, the financial form established under special trust structure combines with Chinese suburban society,which forms wide social base in China.That is to say,civil finance in China is not a subjective occurrence;it comes out to meet the vacancy left by official financial organizations.Interest mechanism necessarily makes the occurrence of civil finance in the transaction from planed economy to market economy which provides strong support for non-state-owned economic development by its vigorous prolificacy.Chapterâ…¡is the theoretical basis for civil financial regulation.This chapter consists of two parts.First part is an examination and brief comment on financial regulation theories.The author proposes,the doctrine on weak finance and public interest theory only demonstrates the information dissymmetry and the exteriority in financial market,the financial high lever in financial organizations makes the financial weakness,which need to introduce market regulation.But the above two theories could not prove how to carry out regulation and how to achieve the expected purposes.The private interest theory proves the effect of financial regulation and the key factors to influence financial regulation from many aspects. Second part is the practice on civil finance regulation by applying the above theories. The author points that,the exterior forces are to be introduced to execute suitable financial regulation for the reasons of the weakness for civil financial system,the market failure for civil finance,and incomplete contracts.At the same time,to ensure the civil financial regulation performance well,correct regulating concepts are to be established in institutional design.At the same time,other mechanisms are to be established to help the institution play well.Chapterâ…¢is the history and reality for Chinese civil finance regulation.This chapter consists of two parts.First part reviews the historical evolution and formation of civil finance regulation in four historical stages.There are three key variables in Chinese civil finance regulation evolution:first,the social economic background; second,the occurrence,development of civil finance and the social problems caused;third, the historical development and establishment for Chinese financial regulation system. Chinese current civil finance regulation system comes into being in the third stage(since 1995) which is becoming a bit flexible since 2004 for the government proposing the strategy to build new villages and develop non-state-owned economy.This kind of flexibility does not mean the tension in the above finlds being settled,which reveals that the official financial agencies alone could not fulfill the funds demands from multi bodies in the society.This requires a combined financial system including multi credit agencies, multi credit tools and forms to be established.In this part,the author proposes the current conditions for Chinese civil financial regulation by this historical review.Chapterâ…£is the deficiencies and forming reasons for Chinese civil finance regulationThis chapter consists of three parts.In the first part,the author examines the legal nature of civil financial organizations and their activities,and their current legal obligations,and reaches the conclusion that too tight regulation is imposed on civil finance in China.Compared with this,civil finance does not decrease for this;on the other hand,it is extended in some areas.Therefore,the author points out the inconsistent deficiency existed on the coexistence of too tight regulation and too less efficient performance.The author believes the evolution logic on civil finance participation and forming financial system involving much ownership being cut up by strict regulation on civil finance makes finance a state-owned monopoly by few sate-owned enterprises in 30 years after reform.Financial resources are highly monopolized by the government,while in the whole financial market there's no competitor against state-owned ownership,the common efficiency loss in finance directly infects the allocating rate for financial resources.The lack of civil finance restricts the further development of medium-and small-sized enterprises which can not gain support from official credit,thus bring negative effect on economic development.Partâ…¢discusses the reasons to cause the deficiency for civil finance regulation, which establishes a base for finding the way out.The author believes,there are many factors affecting the financial regulation performance.The reasons from deeper level are that there's interest contradiction between government personal interest and social public interest,and the civil financial system freely allocating funds beyond state control does not meet the government target and its own interest in the process of implementing the strategy of pursuing developed countries,which could not help to maintain the stable ruling.Civil finance is necessarily on a being-pushed-out status,no matter whether it meets normal logic and the financial needs from the lower parts.Chapterâ…¤is the experience and borrowing from civil finance regulation abroad.This chapter consists of three parts.The first two parts separately introduces the development and practice on developed countries' civil finance regulation.Though there's most perfect financial system in developed countries,the funds' demands are not fully satisfied,there's still market requirement for civil finance.In developed countries,civil finance is allowed to exist under the regulation of corresponding rules and regulating bodies,part of which is guided by legislation to become official finance.While there's financial restriction to some extent in developing countries(areas), therefore,finance freedom is carried out in these places but without expected results.On the other hand,most Asian countries(including China) tries to increase the supply from official finance in place of civil finance with little effect,which in turn further causes the unbalance in funds supply.Only Philippines combines official finance and civil finance together to improve economic growth by taking advantage of the two.Taiwan province is also separated in economy,it takes two approaches in dealing with civil finance:first,for commercialized financial forms,they are turned into private-owned banks;second,for normal civil financial Part three points that we learn from experience from two sides that we should consider the reasonableness for civil finance in economic development,if we can reduce its risk by institutional arrangements,we should release regulation,and regulate it in out financial regulating system. Chapterâ…¥is the reconstruction of civil finance regulation from concept to institutions.This chapter consists of four parts.In the first part,correct concept is to be established to act as the directory for civil financial regulation.The author points that the regulation on civil finance should bear the following concepts in mind:efficiency,safety, fairness,freedom,and putting an emphasis on cooperation with the civil forces.Part two discusses the institutional modes to involve civil finance in the framework of rue of law.The author points out,for the complexity of civil finance,there are two institutional modes.First,in developed areas,civil financial organizations with highly market-orientation and commercialization may turn into a part of official financial system. Second,in less-developed middle and west areas,esp.in wide suburban areas,the informality of civil finance may be left to guarantee its validity and its acting rules by civil finance basic law.Part three reconstructs the fundamental preconditions to develop civil finance successfully,complete and valid regulation institution.First,for regulating mode,this thesis proposes a mode centering by self-disciplined association with the help of local bank regulation bureau and legal regulation.Second,for regulating content,it involves market admission regulation,retreat regulation,trading activities regulation,and risk regulation.In the fourth part of this chapter,the author proposes the legal safeguard mechanism on reconstructing civil finance regulation.The author believes that the construction of regulation institutions and the legalization of civil financial activities depend on the assurance and protection from the law.The stipulation on interest rate and loan assurance by current law and the lack of personal bankruptcy legal institutions necessarily construct obstacles to reconstruct civil finance regulation.Therefore,corresponding laws should be revised to meet this demand.
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