| Government-guided funds mainly refer to the policy funds that governments at all levels can set up individually through budgetary arrangements or drive social capital to set up together,and support the development of relevant industrial fields and entrepreneurial enterprises by investing in equity investment funds and venture capital funds,and then guiding various types of social capital.Since the establishment of Zhongguancun Venture Capital Guidance Fund,the first government-guided fund in the modern sense in 2002,after more than 20 years of development,the number of government-guided funds at all levels and of all types in China has exceeded one thousand,involving a total financial investment of trillions of dollars.The government-guided funds have become an important tool to accelerate the upgrading of China’s industrial structure,leverage the investment of civil society capital,amplify the effect of financial capital,promote the deep integration of the "visible government" and the "invisible market",and crack the problem of financing for strategic emerging industries,innovation and entrepreneurship incubation and high-tech start-ups.It has also become an important means of implementing China’s industrial policy in the new era and has played a number of positive guiding roles.However,there are many unstable factors behind the booming development of government-guided funds,such as: the serious homogenization of a large number of government-guided funds set up by local governments at all levels,the hidden impulse of local governments for extra-budgetary financing behind government-guided funds,the blind establishment of government-guided funds leading to the idle and wasteful use of a large amount of budgetary funds,the game of power between the government and the market in the operation of government-guided funds,and the scattered supervision due to the lagging supply of relevant laws and regulations.The government-guided funds are also subject to the lagging supply of relevant laws and regulations,resulting in scattered supervision.In order to fully exploit and stimulate the institutional functions of government-led funds in the future,it is inevitable to promote the standardized development of government-led funds in various aspects such as establishment,recruitment,investment,management and withdrawal.Budgetary funds run through the whole process of setting up,raising,investing,managing and retiring government-led funds,and are the main thread linking the operation of government-led funds.In addition to reflecting the core functions and value orientation of government-led funds profoundly,this thread is also the most important in preventing and controlling the risk of alienation of government-led funds.Based on this,this paper takes the budgetary funds in government-led funds as the main line,examines the current legal regulatory system of government-led funds from the perspective of budgetary regulations,sorts out the omissions,and proposes the concept,principles and specific institutional design of the future legal regulatory system of government-led funds in China based on the theory of budgetary democracy and rule of law.From the perspective of budget law,a comprehensive review of the legislative and practical development of government-led funds reveals that the legislative supply of government-led funds in China has been continuously improved in line with the vigorous development of its practice,but most of the normative documents are based on specific stages,specific links or specific issues in the operation of the micro system,and the necessary coordination between norms is lacking.To summarize,the problems in the practice of government-guided funds in China mainly focused on the following aspects: firstly,the problems in the budgeting of the financial budget funds in government-guided funds at all levels of government,including the lack of special budget section(item)level accounts established,which makes it difficult for the financial budget funds in the funds to be visible in the budget,thus leading to the lack of a basic information basis for the implementation of its budget monitoring system;Secondly,there are various kinds of misconduct and alienation in the operation of government-led funds,including inefficiency due to multiple supervision,local protection and vicious competition due to the homogenization of funds,as well as the idleness,waste and misappropriation of a large amount of fiscal funds;thirdly,the budget performance evaluation mechanism is not perfect,including the lack of a scientific and reasonable budget performance evaluation index system and the fund’s own performance evaluation,the imperfection of the financial performance evaluation system,and the lack of a social third-party performance evaluation system.Fourthly,the monitoring and accountability mechanism of government-led funds is weak,including the substantive lack of supervision by the National People’s Congress at all levels,the weakness of audit supervision,the ambiguous conditions for the application of legal responsibility and the single way of bearing legal responsibility.The essence of a series of problems in the creation,operation and regulation of government-led funds,in my opinion,can be abstractly summarized as the repeated intertwining,game and balance between government failure and market failure,which are contrary to or detached from the spirit of the theory and principles of fiscal democracy,which has universal value.In order to solve the above-mentioned problems in the operation of government-led funds,it is urgent to find the right entry point and to "hit the snake by the seventh inch",which requires clarifying the relationship between the government and the market in government-led funds,as well as regulating the boundary of the exercise of government power.The basic principles and specific rules of the budget law,such as budget democracy,budget legality,budget openness and transparency,and full-caliber budget management,should be promoted and consolidated in all areas of expenditure involving budgetary funds in government-led funds.It is necessary to revisit and emphasize the basic theories of fiscal democracy,government failure theory and principal-agent theory,which have penetrated time and space and are widely respected by modern democratic countries under the rule of law,in order to provide theoretical support for the institutional construction of budget law and regulation for the operation of government-led funds.Among them,the theory of public choice and government failure can provide us with a strong penetrating,explanatory and persuasive power to accurately understand and analyze the various problems in the operation of government-led funds qualitatively;while the universal value connotation of fiscal democracy theory can help us to solve the problems in the operation of government-led funds from the perspective of budget regulation,especially how to effectively strengthen the openness of budget preparation,the supervision by the National People’s Congress and the supervision by auditors.The theory of fiscal democracy is a solid theoretical foundation for solving the problems in the operation of government-led funds,especially how to strengthen the openness of budgeting,the supervision of the National People’s Congress,the supervision of auditors and the supervision of performance,etc.;the problems of "adverse selection" and "moral failure" arising from the theory of principal-agent remind us to deal with the problems surrounding the operation of government-led funds.The issues of "adverse selection" and "moral turpitude" arising from the principal-agent theory remind us that we should always be highly alert to the problem of rent-seeking and corruption in the operation of government-led funds,which revolves around the "huge piece of fat meat" funded by the fiscal budget,and how to design specific preventive measures that are highly targeted and practical.Based on the above review of the problems and theoretical basis of the operation of government-led funds,the author believes that the following aspects should be focused on improving the legal norms and regulatory system of China’s government-led funds: Firstly,to consolidate the premise of the budget law system and improve the content of the budget preparation.First of all,it is necessary to fully reflect the fact that huge amounts of budgetary funds are contributed by government-led funds in the budgeting technique,and to set up special budgetary accounts in the budgeting to clearly show the capital expenditure invested by budgetary funds in government-led funds;secondly,it is necessary to realize the overall system design reflecting the principle of full-caliber budget management in the technical specifications such as statistical caliber;finally,it is necessary to translate the theoretical;Secondly,to grasp the core link of the budget regulation system and enhance the review and supervision of the NPCs at all levels on the budget and final accounts,including specific rules such as clarifying the scope and manner of preliminary review by the NPCs at all levels and review by the General Assembly,and at the same time,with the supervision by the NPCs at all levels as the center,to promote the attention of diversified social entities to the investment of budgetary funds in the government-guided funds,and to build a system of diversified social supervision of the budgets of government-guided funds.Thirdly,it should focus on the key points of the government-guided fund budget law and regulations,achieve hard budget constraints on the operation of the government-guided fund,reasonably allocate the boundaries of the government’s power in the implementation of the budget of the government-guided fund,construct a set of effective and targeted standardized processes and performance evaluation mechanisms for the implementation of the budget of the government-guided fund,and grasp the dynamics and overall situation of the implementation of the fiscal budget in the government-guided fund in a timely manner Fourth,to build an effective and targeted mechanism for monitoring the budget of the government-led fund,especially to make up for the "shortcomings" of the audit and supervision of the budget of the government-led fund,and to strengthen the capacity of audit and supervision so as to make audit and supervision more efficient and regular.The audit supervision should be made more efficient and regular.At the same time,attention should be paid to the coordination between audit supervision of the government-led fund budget as internal government supervision and external supervision,such as supervision by the National People’s Congress and supervision by multiple social entities;fifth,to improve the external guarantee of the government-led fund budget law and system,to build a set of targeted legal liability system for the government-led fund budget,to clarify the conditions of application of legal liability for the government-led fund budget,the mode of liability and multiple modes of recourse,and to introduce internal administrative recourse appropriately,including internal administrative recourse.As a typical representative of the transformation of the implementation of industrial policies in the new era,the government-led fund is not only an innovative move in the reform of China’s fiscal and taxation system,but also promotes the exploration and innovation of China’s fiscal and taxation rule of law theory and system,which inevitably includes a series of challenges and breakthroughs to the existing system.In the future,China’s cooperation with the market in the implementation of industrial policies and the provision of public goods will certainly be more in-depth,which will put forward higher requirements on the concept,principles and specific system improvements of the fiscal and taxation system,especially the budgetary rule of law.It proposes the path and countermeasures for constructing the budget regulation system of government-guided funds,with the intention of exploring and opening up a new research idea and research field for the theory and practice of budget rule of law and legal regulation in the new era of China. |
PDF Full Text Request