【摘要】：金融監(jiān)管制度的優(yōu)化和完善關(guān)系到一國乃至全世界的金融安全和金融發(fā)展。2008年國際金融危機(jī)中,各國金融監(jiān)管制度在監(jiān)管金融風(fēng)險(xiǎn)中存在的問題得以暴露。防范金融風(fēng)險(xiǎn)與維護(hù)國家金融安全成為各國金融監(jiān)管制度改革的方向和目標(biāo)。以往對金融監(jiān)管制度的研究主要集中在金融監(jiān)管的成本與效率研究、金融監(jiān)管的必要性研究和金融監(jiān)管的模式研究。本文從一個創(chuàng)新的視角——金融結(jié)構(gòu)來研究金融監(jiān)管制度的優(yōu)化。 金融結(jié)構(gòu)的提出發(fā)端于金融發(fā)展經(jīng)濟(jì)學(xué),是基于金融對經(jīng)濟(jì)發(fā)展的影響而逐漸形成的。但是隨著信息經(jīng)濟(jì)學(xué)、公司金融、內(nèi)生經(jīng)濟(jì)增長理論的發(fā)展,金融結(jié)構(gòu)的研究領(lǐng)域不斷擴(kuò)展,主要包括：金融結(jié)構(gòu)與經(jīng)濟(jì)增長關(guān)系、信息經(jīng)濟(jì)學(xué)視角下的金融結(jié)構(gòu)研究和“兩分法”的爭論。對金融監(jiān)管的研究主要圍繞著金融監(jiān)管的必要性、金融監(jiān)管的有效性和金融監(jiān)管體制研究。通過對文獻(xiàn)的梳理發(fā)現(xiàn),基于金融結(jié)構(gòu)視角的金融監(jiān)管制度優(yōu)化研究在理論中屬于空白,對此問題的研究具有理論創(chuàng)新價(jià)值和實(shí)際意義。通過梳理中國金融監(jiān)管制度的變遷過程,總結(jié)出其運(yùn)行機(jī)理和發(fā)展特點(diǎn)。并且結(jié)合中國金融結(jié)構(gòu)發(fā)展的歷程,分析了中國金融結(jié)構(gòu)的特點(diǎn)和現(xiàn)狀。 研究金融監(jiān)管制度與金融結(jié)構(gòu)相協(xié)調(diào)與優(yōu)化,需要對中國金融結(jié)構(gòu)進(jìn)行測度。論文構(gòu)建了一個測度中國金融結(jié)構(gòu)的指標(biāo)體系。首先利用Goldsmith的金融相關(guān)比率FIR對中國金融結(jié)構(gòu)進(jìn)行初步測度。在此基礎(chǔ)上,對金融結(jié)構(gòu)從四維度(金融工具、金融機(jī)構(gòu)、融資結(jié)構(gòu)和金融開放程度),’一共十五個指標(biāo)進(jìn)行測度,得到中國金融結(jié)構(gòu)綜合指數(shù)。測度結(jié)構(gòu)表明自2006年以來,我國的金融結(jié)構(gòu)呈現(xiàn)上升趨勢,金融結(jié)構(gòu)不斷優(yōu)化升級,金融深化程度加強(qiáng)。 論文從金融監(jiān)管程度和金融監(jiān)管結(jié)構(gòu)這兩個維度研究金融監(jiān)管制度與金融結(jié)構(gòu)的內(nèi)在聯(lián)系。結(jié)合理論分析,得出兩個推論：1.金融監(jiān)管制度的“松”或“緊”的變動與金融結(jié)構(gòu)存在內(nèi)在聯(lián)系,金融監(jiān)管制度的變遷應(yīng)當(dāng)與金融結(jié)構(gòu)的發(fā)展相匹配。2.金融監(jiān)管制度的監(jiān)管結(jié)構(gòu)受金融結(jié)構(gòu)影響,應(yīng)當(dāng)與金融結(jié)構(gòu)相匹配。為了證明以上兩個推論的正確性,構(gòu)建了金融監(jiān)管制度與金融結(jié)構(gòu)相關(guān)性的MLOGIT模型和金融監(jiān)管制度與金融結(jié)構(gòu)關(guān)系的SUR模型。金融監(jiān)管制度與金融結(jié)構(gòu)相關(guān)性的MLOGIT模型的實(shí)證結(jié)果證明了金融結(jié)構(gòu)中的金融深化對金融監(jiān)管制度中的監(jiān)管結(jié)構(gòu)存在顯著性影響；主導(dǎo)金融機(jī)構(gòu)不是影響金融監(jiān)管制度的顯著因素;市場自由化程度越高越傾向于混業(yè)監(jiān)管；部分混業(yè)監(jiān)管的國家,其政府效率較低；人均收入影響金融監(jiān)管制度是非對稱的�；贛LOGIT模型的實(shí)證結(jié)果基本上證實(shí)了推論1。金融監(jiān)管制度與金融結(jié)構(gòu)關(guān)系的SUR模型中采用兩個指標(biāo)來度量金融監(jiān)管制度的程度：法定存款準(zhǔn)備金率(RI)和存貸利差(RATE)。實(shí)證結(jié)果表明：金融深化程度與金融監(jiān)管程度呈反向變動的關(guān)系；主導(dǎo)金融機(jī)構(gòu)類型對金融監(jiān)管程度不具有顯著性影響;銀行集中度與金融監(jiān)管程度呈正向變動的關(guān)系。綜合來說,金融監(jiān)管制度的選擇,無論是在模式上選擇“分業(yè)監(jiān)管”或“混業(yè)監(jiān)管”,還是在程度上選擇“嚴(yán)格監(jiān)管”或“寬松監(jiān)管”,都要與客觀存在的金融結(jié)構(gòu)相協(xié)調(diào)。當(dāng)金融結(jié)構(gòu)深化程度較高的時(shí)候,傾向于選擇混業(yè)監(jiān)管,以及選擇較為寬松的監(jiān)管程度。當(dāng)金融結(jié)構(gòu)深化程度較低的時(shí)候,傾向于選擇“分業(yè)監(jiān)管”和“嚴(yán)格監(jiān)管”。當(dāng)市場自由度較高的時(shí)候,傾向選擇“混業(yè)監(jiān)管”。當(dāng)銀行集中度上升到一定階段的時(shí)候,說明金融監(jiān)管制度偏緊,如果繼續(xù)“嚴(yán)格監(jiān)管”,將造成銀行業(yè)壟斷勢力增加,不利于銀行結(jié)構(gòu)的優(yōu)化,可以酌情改變金融監(jiān)管制度,選擇“寬松監(jiān)管”。 在分析金融監(jiān)管制度優(yōu)化的研究中,引入新制度經(jīng)濟(jì)學(xué)的分析框架。在新制度經(jīng)濟(jì)學(xué)的分析框架下,運(yùn)用動態(tài)隨機(jī)一般均衡模型(DSGE)分析了金融結(jié)構(gòu)約束下的金融監(jiān)管制度變遷與優(yōu)化。其結(jié)果表明,金融結(jié)構(gòu)對金融制度的變遷具有顯著的影響,在金融監(jiān)管制度變遷路徑中,一旦出現(xiàn)金融結(jié)構(gòu)的變動,勢必影響整個金融監(jiān)管制度的變遷。金融監(jiān)管制度如果想得到優(yōu)化,最主要的是要與金融結(jié)構(gòu)相協(xié)調(diào)。金融結(jié)構(gòu)是金融監(jiān)管制度存在的環(huán)境,也是金融監(jiān)管制度對象存在的環(huán)境。 一個優(yōu)化的金融監(jiān)管制度必須同金融結(jié)構(gòu)相協(xié)調(diào)。如果金融監(jiān)管制度無法與金融結(jié)構(gòu)相協(xié)調(diào),就會產(chǎn)生一系列監(jiān)管問題：監(jiān)管真空、監(jiān)管重復(fù)、跨境監(jiān)管問題和系統(tǒng)性風(fēng)險(xiǎn)監(jiān)管問題。論文最后對金融監(jiān)管中出現(xiàn)的問題進(jìn)行分析,針對這些問題提出了政策建議。結(jié)合現(xiàn)有的金融監(jiān)管制度和對未來的合理預(yù)期,提出一個未來金融監(jiān)管制度的構(gòu)想,即在混業(yè)經(jīng)營的大趨勢下,分業(yè)監(jiān)管模式將被大部制的混業(yè)監(jiān)管模式取代,大部制混業(yè)監(jiān)管模式可能為最優(yōu)的金融監(jiān)管制度。
[Abstract]:The optimization and improvement of the financial supervision system is related to the financial security and financial development of a country and the world in the.2008 international financial crisis. The problems of financial supervision and regulation in various countries are exposed. The prevention of financial risks and the maintenance of national financial security have become the direction and order of the reform of financial supervision system in various countries. The previous research on financial supervision system mainly focuses on the study of the cost and efficiency of financial supervision, the necessity of financial supervision and the study of the mode of financial supervision. This paper studies the optimization of the financial supervision system from an innovative perspective, the financial structure.
The development of financial structure is based on financial development economics, which is based on the influence of Finance on economic development. However, with the development of the theory of information economics, corporate finance and endogenous economic growth, the research fields of financial structure are expanding, mainly including the relationship between financial structure and economic growth, and the perspective of information economics. The study of financial structure and the argument of "dual law". The study of financial supervision mainly focuses on the necessity of financial supervision, the effectiveness of financial supervision and the study of financial supervision system. Through the review of the literature, the research on the optimization of financial supervision system based on the perspective of financial structure is a blank in the theory. It has theoretical innovation value and practical significance. By combing the process of the change of China's financial supervision system, it summarizes its operating mechanism and development characteristics, and analyzes the characteristics and current situation of China's financial structure in combination with the course of the development of China's financial structure.
To study the coordination and optimization of financial supervision system and financial structure, we need to measure the financial structure of China. This paper constructs an index system to measure China's financial structure. First, the financial structure of China is preliminarily measured by the financial related ratio FIR of Goldsmith. On this basis, the financial structure is from the four dimension (financial workers). A total of fifteen indicators are measured and the comprehensive index of China's financial structure has been measured. The measurement structure shows that since 2006, the financial structure of China has shown an upward trend, the financial structure has been continuously optimized and upgraded, and the financial deepening is strengthened.
This paper studies the internal relations between the financial supervision system and the financial structure from the two dimensions of financial supervision and regulation. Combined with the theoretical analysis, the paper draws two inferences: 1. the "loose" or "tight" changes in the 1. financial supervision system have internal relations with the financial structure, and the change of the financial supervision system should be related to the financial structure. The regulatory structure of the.2. financial supervision system is affected by the financial structure and should be matched with the financial structure. In order to prove the correctness of the above two deductions, the MLOGIT model of the correlation between the financial supervision system and the financial structure and the SUR model of the financial supervision system and the financial structure are constructed. The financial supervision system and the financial structure are also established. The empirical results of the relevant MLOGIT model prove that financial deepening in the financial structure has a significant impact on the regulatory structure in the financial regulatory system; the leading financial institutions are not the significant factors affecting the financial regulatory system; the higher the degree of market liberalization is, the more it tends to be supervised by the mixed industry. The rate is low; the impact of the per capita income on the financial regulatory system is asymmetric. The empirical results based on the MLOGIT model basically prove that two indicators are used to measure the degree of the financial regulatory system in the 1. SUR model of the relationship between the financial supervision system and the financial structure: the legal deposit reserve ratio (RI) and the deposit and loan margin (RATE). Ming: the relationship between the degree of financial deepening and the degree of financial supervision has a reverse change; the type of the leading financial institution does not have a significant influence on the degree of financial supervision; the degree of bank concentration has a positive relationship with the degree of financial supervision. "Industry supervision" or "strict supervision" or "loose supervision" should be coordinated with the objective financial structure. When the financial structure is deepened, it tends to choose mixed supervision and choose more loose supervision. When the financial structure is lower, it tends to choose "the sub division". When the degree of banking concentration rises to a certain stage, when the degree of bank concentration rises to a certain stage, it shows that the financial supervision system is tight. If "strict supervision" continues, it will cause the increase of the monopoly power of the banking industry, which is not conducive to the optimization of the bank structure, and can change the money as appropriate. The regulation system is melted and the "loose supervision" is chosen.
In the study of the optimization of financial regulatory system, the analysis framework of the new institutional economics is introduced. Under the framework of the new institutional economics, the dynamic stochastic general equilibrium model (DSGE) is used to analyze the changes and optimization of financial regulatory system under the constraints of financial structure. The results show that the financial structure has a significant change in the financial system. In the course of the change of financial supervision system, the change of financial structure will affect the change of the whole financial supervision system. If the financial supervision system is optimized, the most important thing is to coordinate with the financial structure. The financial structure is the environment of the financial supervision system and the object of the financial supervision system. Environmental Science.
An optimized financial regulatory system must be coordinated with the financial structure. If the financial regulatory system cannot be coordinated with the financial structure, a series of regulatory issues will arise: regulatory vacuum, regulatory duplication, cross-border supervision and systemic risk supervision. Some suggestions are put forward. Combining with the existing financial supervision system and the future reasonable expectation, a future financial supervision system is proposed. That is, under the big trend of mixed operation, the mode of division supervision will be replaced by the mixed supervision model of the large ministry, and the model of the large ministry mixed industry supervision may be the best financial supervision system.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.1

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