Financial Economic Reform And Selection Of Financial Supervision Mode

Controlling financial risk, promoting financial development and innovation and serving economy is the fundamental destination of financial supervision. Thus, financial supervision is classified as Specialized-supervision, partial-unified supervision and unified supervision. Since the 1980th, the global financial supervision system has been fluctuating, some countries have transmitted their financial supervision mode from Specialized-supervision to partial-unified supervision or unified supervision. The recent global financial crisis brought great impact on global economy in 2007.Many scholars believed that the lag and lack of financial supervision was the primary cause. In many countries, politicians are conceiving Reconstruction and re-resolution of financial supervision mode. Even in countries where reform of financial supervision system has been launched before the crisis, politicians are also scanning and evaluating the potent defects that exist in current mode. In China, the current financial supervision system is'Separating-operation and Specialized-supervision'which demonstrates a good many symptoms, that is, coordination of supervision is poor, level and efficiency of supervision is low, financial supervision law system is incomplete and there exists blank and overlap in supervision.The thesis firstly analyzes some factors which influence the mode of financial supervision by multi-logit regression model, and then studies the relationship between economic and non-economic factors and the alternatives of financial supervision mode through the horizontal analysis on financial supervision system and vertical analysis on financial supervision reform, finally drew the conclusion that there are no standard supervision mode that is suited to all countries in every period. Therefore, when absorbing the practice of financial supervision in other countries, economic, market, institutional, political and cultural factors should be taken into consideration firstly and then balance and resolution can be made. The results of model estimation and comparative analysis on cases in different countries indicate that partial-unified supervision and unified supervision mode are more suited to supervision under Separating-operation environment. Besides, unified supervision tends to separate supervision functionality of central bank. Unified supervision mode involves developed financial markets, high supervision level, good political institution and improved legislation system. The urgent task for reform of current Chinese financial supervision system is establishing a mechanism to achieve the coordination and information sharing among CBRC, CSRC, CIRC and so forth so as to reduce blank and overlap in supervision and increase abilities of supervising financial holding company, and helping international financial agencies establishing early warning mechanism of national financial crisis and rules of bilateral cooperation in international supervision.