Research On The Law Systems Of Governmental Financing Guarantee

Governmental financing guarantee system is a creation and practice of economical,financial and legal systems in the process of economic and social development.The United States,Germany,Japan and other developed countries formed a unique mode of financing guarantee and guarantee mechanism by building the governmental financing guarantee system,and use the interaction between government and market effectively promotes the industry policy guidance or designated industry development.China’s governmental financing guarantee has developed for almost 30 years.National finance has invested over 1 trillion yuan,in order to better solve the problem of financing difficulty and expensive financing,improve the efficiency and quality of financial services,and promote the high-quality development of small and medium-sized enterprises,rural areas,science and technology,as well as emerging industries,.Although the current balance of China’s financing guarantee institutions is close to 4 trillion yuan,and expected to reach 15 trillion yuan during the 14 th Five Year Plan period.But the economic and social benefits of governmental financing guarantee are not so high for a long time,and the operational risks also stay at high level,the policy objectives deviate,the sustainable development ability is insufficient and other problems are prominent,some even endanger social security and stability.(China’s guarantee market outlook and investment strategic planning analysis report,2020).Governmental financing guarantee system plays an important role in corporate governance and the quality of market development(North,1990;La porta et al.,2000)In view of this,the paper focuses on the governmental financing guarantee system.Based on the economic and legal perspectives,this paper systematically studies the theory,evolution,performance,regulation,standardization,comparison and improvement of governmental financing guarantee system,hoping to further enrich the theory of governmental financing guarantee,and enrich the governmental financing guarantee theory,improve the performance evaluation theory,as well as improve the scientificity of the guarantee system and the effectiveness of the modern management system,and the efficiency of financial services,ease the financing difficulty and expensive problem,and better allocate macro-control resources.Meanwhile,it is also helpful to keep the bottom line of systemic financial risk.The main research contents and conclusions are summarized as follows:1.This paper started from the aspects of financing guarantee efficiency,effectiveness,risk and so on,reveals the reason of the low system performance lies in the economic benefits,social benefits and sustainable development,which are failed to conversion,the creditor,guarantor,debtor credit and value between each other also failed to recognize.2.By using the standard research,we found that “the security law” “the property law ”“civil code” “small and medium-sized enterprises promotion law” and other laws,as well as the national ministries and commissions such as the Ministry of Finance,ministry of industry,the China banking regulatory commission,provincial government related policies and documents,only around in the legal system of regulation guarantee behavior,instead of focusing on the governmental financing guarantee liability subject and responsibilities of the market main body,and its substantial justice in financial trading activities such as effective regulation,so failed to make corresponding regulation and adjustment on related fiscal taxation,industry supervision,risk prevention and control,as well as collaborative guarantee.3.This paper also uses the historical analysis method to study the origin,context and characteristics of the evolution of the governmental financing guarantee system,and finds that there are many outstanding problems,such as "the vacancy of market subject,the absence of risk supervision,the offside of industry supervisor,and the inadequate incentive ".4.By using the comparative analysis method,it analyzes the background,value objectives,operation mode,effect and law of the financing guarantee system at home and abroad.The research shows that the governmental financing guarantee system should be different because of different credit system,financial strength and legal system in different countries,but building a governmental financing guarantee institution with "policy oriented,market-oriented and sustainable development" is the key to basically promote the realization of modern governance management5.The research on system improvement shows that: We should better regulate the rights,obligations and responsibilities of governmental financing guarantee institutions,the market subject,safeguard the substantive fairness and justice in the operation of economic and financial markets,and let the government management function and financing guarantee function promote each other under the overall framework of the basic system of socialism with Chinese characteristics,,so as to better make up for market failure and policy loss.As an applied research,in order to solve the problems existing in China’s governmental financing guarantee system,this paper puts forward the following optimization suggestions:1.We should follow the principles of "substantive fairness,credit creation,optimal allocation of resources,autonomy of will",and deal with the problems well around the goals of “alleviating the financing difficulties and costs of small and micro enterprises” and“agriculture areas,promoting the fair development of weak industries,conducting macro-control policies smoothly,and avoiding the bottom line of systemic financial risks”.The relationship between “government,market and institution”,“security interest,value discovery and credit creation”,“social benefit,economic benefit and sustainable development”,we should grasp the object of legal regulation and the key point of adjustment,give full play to government functions,actively adapt to the market mechanism,improve the efficiency and quality of financial services,and promote the high-quality development of specific industries and economic society.2.According to different periods,different regions,different economic and social conditions,different industries,different development stages and different development priorities.We should dynamically determine the economic benefits,social benefits,risk management,sustainable development and other key indicators,and form a dynamic appraisal mechanism of mutual recognition.In order to reflect the value,purpose and significance of the legal system,we should also better establish the target principle,thinking method,framework content and collaborative guarantee mechanism of the system.3.In view of the fact that China’s social credit system and credit investigation system need to be improved,the financial ecological environment also needs to be improved,and the country’s financial strength is limited,we can not just copy foreign experience or simply regard government financing guarantee as “public goods”.It is necessary to prevent the policy of national financial funds from being alienated into "civil relief and financial direct subsidy".Meanwhile,institutional arrangements should be made in terms of "substantive fairness" of financial services.4.China’s finance is not suitable for mixed supervision,we should revise the inter ministerial joint conference system of financing guarantee business and shorten the transition period of the relevant system led by the CBRC,and try to establish a self-contained national financing guarantee supervision system as soon as possible,and make timely arrangements for financing guarantee supervision system in terms of "keeping the bottom line of risk and achieving high-quality development".5.In view of the purpose and mission of governmental financing guarantee and corporate social responsibility,its contribution can be arranged and controlled by the government,but its attribute and role should be decided by the market mechanism,its management should be entrusted to a full-time department,but the interest tendency of the Department should be effectively prevented,its target assessment can be non-profit,but the profit-making operation of senior managers and employees of guarantee institutions should be prevented.6.Under the background of the rapid iterative development of the global digital economy,we can guide all parties of financing guarantee through the innovation of governmental financing guarantee system,make good use of modern scientific and technological means,allocate economic and social resources,innovate mechanism,reconstruct mode,remanufacture process,broaden channels and optimize products,so as to effectively connect multiple enterprises through governmental financing guarantee In order to make better use of idle assets and dormant assets,we should allocate financial resources and social resources,promote their value discovery and credit creation,and further play a greater and better advantage of governmental financing guarantee system.