Research On Financial Structure Evolution And Financial Regulation Optimization Coupling

Throughout the history of the world's financial development,the change of financial structure is closely related to the financial system,including the financial supervision system;the reform and optimization of the financial supervision system are affected and restricted by the level of financial development in a certain period,that is,the financial structure.Different financial structures lead to different financial risks.The primary goal of financial supervision is to prevent and control financial risks.The optimization process of financial supervision reflects the evolution of financial structure.According to economist Ba Shusong,from the perspective of structure,financial structure determines the system and structure of financial supervision.The evolution of financial structure and the optimization of financial supervision are both dynamic.They interact,influence and restrict each other in the process of development.There is a close cooperation and coordinated development relationship between them.The relationship between the evolution of financial structure and the optimization of financial supervision is relatively complex,which belongs to the field of coupling theory.It is feasible and innovative to use coupling theory to study the relationship between the evolution of financial structure and the optimization of financial supervision.This paper tries to study the coupling relationship between the evolution of financial structure and the optimization of financial supervision in theory,mechanism,demonstration and application,in order to provide some policy basis for the development of China's finance.The theoretical analysis shows that there is a close relationship between the evolution of financial structure and the optimization of financial supervision.The financial structure determines the system and structure of financial supervision;the optimization of financial supervision affects and restricts the evolution of financial structure.There is a dynamic coupling relationship between the evolution of financial structure and the optimization of financial supervision.In the aspect of mechanism research,the coupling between the evolution of financial structure and the optimization of financial supervision can be regarded as a hypercycle system,including all the coupling subjects of the evolution of financial structure and the optimization of financial supervision within the system;the external environment of the system is affected by the external environment such as economy,society,law,culture and ideology.The evolution of the coupling between the evolution of financial structure and the optimization of financial supervision is influenced by the interaction among the evolution subsystem of financial structure,the optimization subsystem of financial supervision and the coupling system of the evolution of financial structure and the optimization of financial supervision,thus forming a super cycle.Empirical research shows that the total amount of stock issuance,stock market value and fund size in the capital market are the main factors that constrain the optimization of financial supervision.In the optimization of financial supervision,the capital adequacy ratio of commercial banks,the stock trading volume of capital market and the inflation rate are the main factors that restrict the evolution of financial structure.From 2002 to 2017,the timing changes of the coupling degree between the evolution of China's financial structure and the optimization of financial supervision show an obvious "W" shape,which shows that the coupling has the characteristics of stage and volatility.And the coupling degree of the two shows a declining trend,indicating that there is bad coupling between them.At the same time,we use the theory of dynamic stochastic general equilibrium model to build the dynamic model of financial supervision optimization under the condition of financial structure evolution constraint,analyze the adaptability of the coupling system of financial structure evolution and financial supervision optimization,and find that the autocorrelation coefficient of financial structure evolution and financial supervision optimization is high,which shows that both of them have obvious path dependence characteristics.