| For the sake of public good,the government hat to supervise and regulate the finance activity,abiding the law,regulation,through the way of administration and legislation.Finance regulation is necessary for the jurisprudence and the economics reason.But how should the government regulate the finance market? After the 1970s, as the finance liberalization developed,the finance market has changed a lot.Firstly, the trend of financial mixed operation makes it difficult to distinguish one special organization from others.Secondly,the emerging of new products and instruments makes the traditional institutional regulation,which is based on separate operation of finance,can not provide efficient supervision.Under this circumstance,two Harvard University,Robert C.Medon and Zvi Bodie invented a wholly new theory of finance regulation,the functional financial regulation,which is based on the function of finance system.Under the functional perspective,all the activities and products in the finance market are for those certain purposes of financing,no matter who undertakes the activities or provides the products.The functional regulation realizes the effect of inter-products,inter-institutions,even inter-markets consistent supervision.After the invention of functional regulation,it got to practice soon.In the real life,the model of functional regulation shows in three type:the consolidation regulation,the affiliation regulation and the umbrella regulation.United Kingdom, America,and Japan have realized the transformation of institutional regulation to functional regulation.The author researched and evaluated the process of their transformation,hoping to find the commonplace,which would provide some reference for those countries in transition.At the present time,Chinese finance regulation model is also institutional regulation,which facing the challenge of mixed operation finance and the innovation of finance instruments.The reformation finance regulation is necessary,in the author's opinion;the theory of functional regulation can help in the process of China finance regulation system reformation.And correspondingly,the author provides two schemes in order to give some helpful reference.This paper consists of three sectors,the introduction,the text part and the conclusion.The text part has five chapters,and the paper is about 40 thousand in letters.The introduction illustrates the background and meaning of this paper,and then it summarizes the former research.In this sector,it also shows the method of researching,the innovation and shortcomings of this paper.The first chapter is basic theory of finance regulation.The author analyses the necessity of finance regulation form the jurisprudence and economics perspective. Finance regulation is due to the balance of finance power,and also for the public good.Besides,the finance market is not a complete market,it failed quite often,and also due the uncompleted law and regulation,the government must regulate the finance market.In this chapter,the author reviews the history of finance regulation, and illustrates the purpose of finance regulation and the ordinary regulation model.The second chapter and the third chapter are telling the context of the functional regulation theory.The theory is needed in the real world,for the traditional institutional regulation has many shortages,such as in the trend of mixed operation of finance,it blocks the continual development of finance.The functional perspective theory gives a new way of researching finance regulation;it gets rid of the institutional perspective and looks into the basic function of finance system.The design of regulation model should according to the function of finance.The functional regulation is relatively stable,and can get used to the mixed operation of finance and innovation of financial instrument.The forth chapter introduces the content of functional regulation,the realization of which is by the modularization.The finance system could separate into several modules,according to the basic function.The financial regulators only have to monitor and supervise those modules,no matter who provides those modules.The regulator could be a unified authority or several different agents.In this chapter,it also illustrates an ideal model of functional regulation,which was design by CME.The fifth chapter uses comparative and positive method to research three functional regulation cases,which are UK,America and Japan model of finance regulation.The author hopes to find the commonplace and would provide helpful reference for China finance regulation system reformation.And the author gets the conclusion that the realization of functional regulation could be within the structure of institutional regulation.The sixth chapter reviews the history of China financial regulation system,and discusses the shortcomings of the present.Combining with the experiences of those foreign countries,the author provides two schemes suggestion for the reformation of China finance regulation system.The conclusion part the author compares the two schemes suggestion,and believe the affiliation regulation module is a practical choice for the present circumstance of China,but the ultra goal is to restructure a consolidation regulation module. |
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