| From the year of2008when " Guiding opinions on the pilot of small loan company "(hereinafter referred to as "Guiding opinions") was issued to now, whether the supervision system of the small loan company is appropriate has been the focus of many arguments. The small loan company is currently an important way to the legalization of the folk finance, which makes the research on the supervision system of the small loan company has great practical significance. And in order to research the supervision system, the problems about the relationship between government and market, the limitation of government intervention and the value conflict in system design should be discussed, which makes this research subject with theoretical significance.Since the creation of the small loan company, whether it is the financial institution has been controversial. The explicit nature of the small loan company has a decisive influence on supervision institution and mode. The small loan company’s business is financial business, and the people’s bank of china has recognized its nature of financial institution, the connotation and extension are consistent with financial institutions. Therefore, small loan company can be defined as financial institution. The small loan company originates from the folk finance, but in the institutional constraints, it has lost its informality which is the basic feature of the folk finance. And it is not approved by financial regulators and without routine supervision of financial regulators, which makes it does not belong to the formal finance. So it is a semi-formal financial institution between formal finance and informal finance. At the same time, the small loan company’s background and risk are particular; we can not simply copy the current regulatory rules applicable to formal financial institutions. It is needed to equip appropriate regulatory system according to the particularity of small loan company.At present, numerous restrictions on access and operation in supervision system hinder the development of small loan company, and the mission of supporting the "three rural" development has not been completed well. Seeing from "Guiding opinions" and local management regulations, the existing regulatory mode is mainly as follows:dominated by administrative regulation, strict standard of market access and business operation, serious lack of risk supervision, self-discipline and social supervision, multiple supervision institutions, and the examination and approval authority, the checking authority and the authority of administrative penalty are separate. The main causes of current situation of the system of small loan company are value conflict and path dependence. The value conflict in the development of small loan company is the conflict between efficiency and safety in the process of system design and execution. The path dependence is the government control tradition of the finance and the repression of institutional arrangements of folk finance.Different subjects have their corresponding research results in the solution of value conflict. Through the value conflict resolution method in law, public policy and ethics, we can sum up the solution of the efficiency and safety conflict in the development of small loan company, combined with the social reality analysis, it is found as follows:the promotion of the efficiency of small loan company is conducive to the prevention of risk, business goals should be put in the first place during the development of small loan company, and the efficiency priority on the value of the security value in the development process of small loan company at present. Regulation value goal setting should follow this value premise. We should give priority to efficiency and take safety into account, which is the value basis of moderate supervision.Due to the dependence of our government’s control of finance and the repression of folk finance path, there inevitably exists excessive administrative interference phenomenon in the supervision of small loan company. To research the appropriate supervision system of small loan company helps to overcome the negative effects of path dependence. In order to achieve the appropriate regulation, we must first clarify the relationship between the government and the market, and then define the function of government, and when face concrete problems we also need to do moderate supervision measures.From a historical point of view, the degree of government intervention in the market changes with the development of society and economy. After the small government theory, the big government theory, now the proper government theory is commonly agreed throughout the world. To achieve the appropriate government intervention, government must respect the social reality, limit intervention to correct market failures, and shall not infringe upon the legitimate rights and interests of the market subjects. Moreover, in the face of specific issues, cost benefit analysis is still needed to determine the specific institutional supply. The small loan company’s market failures are mainly about the information asymmetry, the injustice allocation of financial resources and negative externalities. Supervision should be able to overcome these defects and pay attention to guarantee citizen’s survival right, development right and fair competition right of market subjects. So the offside of supervision system mainly as follows:the strict compliance regulation is not economic. The lack in supervision system mainly as follows:the lack of incentive regulation, relevant laws and regulations are not perfect and the market discipline mechanism is insufficiency. The dislocation of supervision system is shown as the improper regulatory bodies. Therefore, in order to achieve the appropriate supervision, it is necessary to loose the offside of supervision, make up the vacancy and correct the misplaced regulation.Accordingly, the supervision system of small loan company can be reformed from the following aspects:the determination of the CBRC for regulators; the relaxation of the admittance and operation requirements and detail the exit regulation; the strengthen of incentive regulation; the equipment of the supervision system of certain effect level; the construction of the individual bankruptcy, mortgage and other related systems; and giving full play the role of market mechanism by improving the information disclosure mechanism, enriching risk prevention means, strengthen the construction of industry association and improving the internal governance structure of small loan company. |
