| Financial transformation plays a key role in economic transformation and provides the guarantee for economic development. In reality, financial development falls behind while lack or loss of financial orderliness often happens and makes it impossible to give full play to financial functions, severely obstructing the development of market economy. For this reason, it is necessary to explore how to guarantee the financial order during transformation, and delve into affecting factors, acting mechanism, actual obstacles and solutions, with an aim to promote the realization of financial transformation objectives and facilitate the further economic development.Taking the analysis method of the institutionalism as the basic research method, thisdissertation studies in the process of "theoretical analysis practical reflection improvement and innovation". After describing the theory of decisive factors for financial order and objectively evaluating the financial order during transformation, this dissertation takes into account the rapid development of finance and the background of financial globalization and internationalization, and systematically generalizes the related theories for development of financial system and new institutional economics. From the approach of imitation, innovation, history and modernity, etc., the framework of finance in three dimensions, i.e. financial system, financial culture and systems environment, is reviewed carefully in an all-round way to explore their acting mechanism for order formation and delve into the roots gradually, in order to find out the answers to the theoretical and practical problems in the financial system innovation of China. In China, financial transformation complies with the law of productive relations beingsuitable for conditions of productive forces and the requirements in the theory of financial repression, and serves as a basic way to deepen economic reform. The general objective of financial transformation is to eventually realize the order formation featured by the reasonable financial structure system and the coordinated, orderly and stable development and fair competition among subsystems by means of transformation from planned finance to market finance, closed finance to open finance, and traditional finance to modern finance.During transformation, the financial operation and development order in China still fall much behind the ultimate goal, which is harmful to the realization of deepening finance.How can we change the loss of orderliness in the process of financial transformation? Theoretically, financial order is affected by such factors as financial structure and system, basis for trust, formal system, financial culture, political and economic systems and market environment. However, system is the decisive factor to the order formation, as it can restrict the government from abusing power, make equal economic subjects defend fair play, provide information for stabilized expectations and facilitate cooperation for good order. Hence, the loss of orderliness can be eliminated by means of system.In China, the supply & demand in financial system and the features of its variation exert an effect on the order formation of transformation. The government-dominated supply of financial system features the lack of adaptability, resulting in the dilemma that financial supply is unable to satisfy the demand. The compulsory system variation under the imbalance between supply and demand cannot break through the dilemma thoroughly. Eventually, people with vested interests may be easily corrupted by financial rent-seeking, while people in need but lack of system support may take risky paths against the restrictive rules under the lure of practical interests, triggering the lack of financial orderliness. Additionally, the order formation of financial transaction, competition, management and control will be obstructed by immature regulations for financial agreement and property ownership, incomplete rules on the behaviors of financial subject, and unclear relationship between government and market in China. As a result, the country engaging in transformation must make continuous efforts to eliminate such obstruction.Apart from the above formal systems, informal systems including values and faith, ethics code have also affected the formation of financial order. During transformation, the ideas, systems and measures of planned economy still have influence on national powers and social operations, while the systemization needed by market economy is still carried out extensively. Under this condition, the stability of informal systems is shattered and the informal rules may be easily twisted to obstruct the formation of new order.As a systematic process, financial transformation needs specific system environment to guarantee the implementation of various systems. Now, financial transformation faces severe legal environment, systems environment and market environment, which restrict system guarantee and order formation.In the future, the financial system in China will pursue the innovation of supply at three levels, i.e. formal system, informal system and system environment. The general idea about the innovation in the supply of formal systems is to develop the innovative model of intermediate dispersive systems with the assistance of local governments; embrace the function attitude that financial systems serve the real economy to understand the root of system; strengthen the supply of private, foreign and local financial systems and solidify the subjects in need of system. The specific innovative ways for the supply of financial systems include:constructing the financial property ownership system to improve the efficiency of financial organizations; guaranteeing the performance of financial agreements to solidify the basis for financial transactions; reforming the entry and operation rules of financial subjects to safeguard the order of financial competition; innovating the financial management and control systems to reveal the financial repression system; and improving the system for intermediary organizations in the financial market to take over during the malfunction of market and government. The innovation on the supply of informal systems is made based on the general idea as follows:construct the system guarantee mechanism to facilitate the improvement of informal systems; give play to the role of financial ethics in the guarantee of bottom line; establish the financial values suitable for market economy, nurture and solidify the cultural foundation for finance. To optimize the systems environment, it is necessary to firstly optimize the legal environment in three aspects, i.e. financial legislation, law enforcement and jurisdiction; secondly promote the mutual interaction and joint development of political system and economic system to optimize the systems environment; and thirdly optimize the market environment.In the order formation of financial transformation, it is very necessary to give play to the joint effect of system environment, formal systems and informal systems. To consolidate the foundation for system environment, it is therefore required to give play to the supporting role of system environment; reasonably construct the formal systems and reduce their conflict with informal systems; and strengthen the combination of informal systems and formal systems to guarantee the implementation of formal systems. The order formation objective of financial transformation can be smoothly realized only if such three factors can interact with and facilitate each other. |
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