| In the history of world finance,due to the inherent financial fragility,many countries have successively developed huge amounts of non-performing assets that seriously threaten the liquidity of banks,endanger the security of the credit system,and even cause financial crises.International experience has shown that in order to prevent and resolve financial risks and maintain national financial security,an effective solution is to strip non-performing assets from bank balance sheets and set up special institutions to take over them.Such institutions are called asset management company.In 1999,facing the severe challenges after the outbreak of the Asian financial crisis,the Chinese government established four specialized financial asset management companies,namely Hua Rong,Great Wall,Orient and Cinda on the basis of learning from international experience to properly solve the problem of huge non-performing assets of banks at that time.The establishment of an asset management company to dispose of non-performing assets in the banking industry is a major event in the transformation of China’s financial system;practice has proved that this creative reform of institutional arrangements has played an important historical role in resolving risks in the financial system,maintaining social credit stability,and promoting the reform and listing of state-owned banks.The research object of this thesis is the above-mentioned four financial asset management companies.Different from the practice of the relevant countries in the world to dissolve such financial asset management companies after the financial crisis,the four major financial asset management companies in China began their commercialization transformation after the policy risk disposal task was basically completed.During this period,because the functions and tasks of traditional policy based finance were not completely completed,and at the same time,the financial market generated an internal driving force for the company’s commercialization,the basic development orientation of the four major financial asset management companies was gradually blurred,and the traditional policy based finance functions appeared obvious transmutation and alienation.From the perspective of macro prudential policy tools,the functions of the four major financial asset management companies are alienated,which is highlighted by the gradual departure from the countercyclical financial regulation tools and financial rescue function positioning in China’s financial system,and the evolution from a single policy oriented non-performing asset disposal institution to a financial holding company integrating multiple financial businesses.Some businesses objectively assume the role of "credit like" shadow bank in the financial system.As a negative phenomenon,alienation may cause huge risks for the stability of China’s financial system.There is little academic research in China and abroad on the financial supervision of the functional alienation of the four major financial asset management companies,which has not yet produced a strong general theory.With the help of the theory of financial function and its alienation,the four major financial asset management companies are considered in the reform and evolution of China’s financial system,and their development and changes are inferred and investigated from the practice of the interaction between the functions and supervision of the four major financial asset management companies,which is more comprehensive and integral,providing a new research paradigm and methodology for the reconstruction of China’s financial asset management companies’ regulatory model and legislative regulation.From the theoretical point of view,the thesis attempts to carefully comb the evolution path of the financial function of asset management companies through theoretical definition and empirical analysis,effectively clarify the institutional causes behind the appearance of alienation,and reconstruct the target model and ideal picture of the financial function of asset management companies.On the specific way forward,update the original institutional supervision and separate supervision concepts and principles,and propose to focus on asset management companies’ counter-cyclical financial tools and crisis relief financial functions,reconstruct asset management companies’ supervision model and supervision system,and improve the rules system and coordination mechanism.And take this as an opportunity to improve the good governance of financial supervision,and realize the rational return of the financial function attributes of my country’s asset management companies from "alienation" to "naturalization",from "should" to "actually".The main body of this paper is divided into six chapters,including the following parts:The first chapter defines the asset management company and its functions theoretically.This chapter expounds the general definition and classification of asset management,and points out the background and traditional positioning of asset management companies in China.Following the research paradigm of functional finance theory,it analyzes the continuous process of the transformation of China’s asset management companies from policy finance to commercial institutions.Through the historical dimension and long-term inspection of the development process of my country’s asset management companies,the main line and historical progress of the financial function changes of my country’s asset management companies are effectively examined.Through the historical quadrant,sort out the development and evolution of asset management companies and the context of functional alienation.Through the path of normative analysis and function comparison,the theoretical definition and empirical analysis of the financial functions of asset management companies are carried out.The second chapter defines the alienation of financial functions of asset management companies theoretically.By clarifying the relationship between financialization and financial function alienation,financial function alienation and financial innovation,and financial expansion,tracing the origin,this chapter interprets the basic connotation of the definition of alienation,and defines such financial function alienation as a phenomenon of deviation from the original system design of asset management companies,and even of abandonment the original target positioning.The basic reflection of the alienation of financial functions is financial virtualization,and the main manifestations can be considered from the four dimensions of value-based characteristics,basic intermediary functions,and system construction.The third chapter discusses the corresponding characteristics of alienation and typifies them to further determine the internal logic of alienation and its potential risks.According to Max Weber’s typology theory,this thesis gives a theoretical outline of the types of functional alienation of the four major financial asset management companies in China,and divides the alienation types of the four major financial asset management companies in China into four categories: target and positioning alienation,financial value orientation alienation,organizational system alienation,and main business alienation.The typological analysis of alienation helps to determine the internal operation logic and potential risks behind the appearance of functional alienation of the four major financial asset management companies in China,and thus provides an important entry point and interface for governance of financial functional alienation of the four major financial asset management companies in China.The fourth chapter carries out the research on the institutional causes of the alienation of the financial functions of China’s asset management companies.The emergence of the alienation of financial functions of the four major financial asset management companies in China has its own logic,and the causes of alienation are complex.From the perspective of financial intermediary attributes,policy attributes and commercial attributes are mixed,and the unclear legal positioning leads to the ambiguity of their financial function identity;from the perspective of financial supervision and regulation,the alienation of financial functions reflects the inherent influence and requirements of neoliberal theory on financial freedom.In neoliberalism,based on the values of classical liberalism,the regulatory policy characterized by deregulation promotes the evolution of asset management companies from single-policy non-performing asset disposal institutions into "universal banks".At the same time,the supply imbalance of the regulatory system is manifested in the coexistence of lack of supervision and offside,and the coexistence of duplication and blankness of supervision.The evolution of the financial intermediary function of asset management companies has been greatly separated from the original institutional arrangements and regulatory rules.Judging from the spontaneous characteristics of market entities,asset management companies in the process of their own operation systems,the natural expansion of financial value-added under market economy conditions has evolved into a "crowding out effect" on their functional positioning.In the Chinese context,the alienation based on regulatory factors is the main cause of the alienation of the four major financial asset management companies in China,and regulation is the key and the most important force to correct the alienation of the financial functions of the four major financial asset management companies.The fifth chapter conducts the international comparison and reference study of the restructuring of the regulatory mechanism.By selecting non-performing asset disposal institutions from representative countries in the United States,Europe and Asia for research,this thesis compares and analyzes the similarities and differences between Chinese and foreign financial asset management companies in terms of business objectives,disposal models,regulatory rules,transformation arrangements,supervision and evaluation.The system design and supervision arrangement of foreign countries for financial asset management companies have a certain inspiration for China to deal with the conflict between policy based finance and commercial finance of the four major financial asset management companies.Their design of financial asset management companies in terms of supervision technology and mechanism still has a certain reference significance and value for improving the supervision system of the four major financial asset management companies in China.The sixth chapter conducts research on the basic framework of regulatory reconstruction based on the perspective of functional alienation correction.The existing regulatory mechanism arrangement has many inherent shortcomings and defects that cannot be overcome by the four major financial asset management companies.To fundamentally solve the problem of functional alienation of financial asset management companies and realize the functional attributes from "alienation" to "regression",we must reconstruct the existing regulatory mechanism and make new regulatory arrangements.In a word,the reconstruction of the regulatory system of the four major financial asset management companies in China should take the "should be" functional positioning as the starting point,make it clear that as a policy oriented financial institution,it should take resolving financial risks and serving the real economy as its business objectives,take counter cyclical adjustment tools and crisis relief financial services as its basic functional positioning,closely follow the main line of functional correction,redefine the objectives and principles of financial supervision.And take this as a guide,reconstruct the financial supervision mode and specific arrangement of the supervision system of the four major financial asset management companies,improve the supervision coordination mechanism of the four major financial asset management companies,and make the four major financial asset management companies,as financial intermediaries and their behaviors,gradually move towards "rationality" and return to the goal standard through the social responsibility oriented value orientation of the financial law and the "mandatory" constraint and "incentive" mechanism of financial supervision of financial subjects and their behaviors,and effectively play its due role. |
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