The Financial Supervision and Management Committee cooperates with international financial supervision organizations, actively participates in the formulation of international financial supervision standards, and draws lessons from foreign financial supervision experience.
Management experience, and constantly improve the professional level of financial supervision.
Keywords: financial innovation; Financial risks; financial regulation
China Library Classification Number: F832 Document Identification Number: A Document Number:1672-3988 (2009) 02-0048-05.
First, the logical connection between financial innovation and financial risks
Financial innovation promotes financial development, and financial risks force financial development from another angle. Financial innovation and financial risk.
This is also a relationship of mutual promotion and development. One of the purposes of modern financial innovation is to avoid financial risks. Especially financial innovation.
Financial innovation in the form of financial engineering has made great contributions to the management and control of financial risks. However, financial innovation is a kind of
Tools can be used well or badly. Even if it is not used and manipulated, financial innovation itself is evading.
Some risks will also bring new risks, especially financial engineering, which largely only transforms one financial risk into another.
Financial risk. In addition, some financial innovations can effectively avoid financial risks in the initial stage, but they will bring more financial winds when they mature.
Risk. The internal relationship between financial risk and financial innovation is as follows:
(1) Not all financial risks can be avoided through financial innovation. Some financial risks can be avoided through financial innovation, and some are gold.
Financial risks can only be avoided through management and other means.
(2) Not all financial innovations are used to avoid financial risks. Financial innovation has different motives, some of which are to improve efficiency.
Some are to avoid supervision and other risks besides financial risks, and of course, a considerable number of financial innovations are really used for supervision.
Avoid financial risks. Therefore, not all financial innovations shoulder the responsibility of avoiding or eliminating financial risks.
(3) Financial innovation enhances the ability of each subject to avoid financial risks. In terms of avoiding direct financial risks, the client who bears financial risks.
Individuals can make proper use of financial innovation to reduce losses. In terms of avoiding indirect financial risks, avoiding indirect financial risks caused by direct financial risks.
Financial risks are bound to be reduced, so financial innovation is also helpful to avoid indirect financial risks.
(4) Financial risks promote the development of financial innovation. From the origin of financial innovation, the original financial innovation was to avoid financial risks. The development course of financial innovation proves that the period of the fastest development of financial innovation is also the period of the fiercest performance of financial risks. financial innovation
There are many new reasons, which are directly related to the aggravation of financial risks.
(5) While avoiding financial risks, financial innovation also brings some new financial risks. From the 1980s to the present,
Financial innovation and increasing financial risks have always been the most distinctive development characteristics of international financial markets. Since 1990s, almost every financial event in the world.
Storms are all related to financial innovation. The role of financial innovation in fuelling financial risks is frightening. Financial innovation can avoid the financial wind
Risk, financial innovation will also bring new financial risks.
In a word, the inverted pyramid structure of modern virtual financial assets and physical assets is the internal source of instability of modern economic and financial system. finance
The continuous innovation and evolution of tools or financial market operation system has built this huge inverted pyramid while promoting financial development. golden
The more financial innovation, especially financial derivative innovation, develops, the bigger the inverted pyramid will be and the more unstable the financial system will be. In the giant swallow
In the face of a healthy market, the vulnerability of financial institutions is exposed. Once a part goes wrong, the whole inverted pyramid will collapse. Can't you?
It is recognized that financial innovation has played a very positive role in promoting financial development and economic development, and brought about the structure, function and institutional arrangement of the financial system.
Great changes have greatly promoted the process of economic financialization and financial liberalization. However, financial innovation is also a "double-edged sword", such as
If supervision is not properly used, financial innovation will have a great negative impact on financial stability. Contemporary financial innovation represented by derivative financial instruments
The new achievements provide speculators with a large number of advanced means and convenient tools to manipulate the market, enabling them to shake the financial market of a country or region.
High energy; When financial liberalization becomes the main theme of contemporary financial development, financial supervision aimed at ensuring the stable operation of the financial system is particularly important.
In the face of financial innovation like mushrooms after rain, it seems very powerless. All these have increased the risks of the financial system and caused the instability of the financial system.
Important factors. However, despite this, financial innovation must be carried out, otherwise it will hinder financial development. We avoid financial risks in financial innovation,
Development finance; Promote financial innovation in the supervision of new financial risks brought by financial innovation and form a virtuous circle.
Second, the exploration of financial supervision mode in China
Conception of establishing China Financial Supervision and Management Committee (Bureau) during the Eleventh Five-Year Plan period
According to the 11th Five-Year Plan of China, "establish and improve the coordination mechanism among banks, securities and insurance regulatory agencies and with macro-control departments".
At the same time, judging from the long-term trend of China's financial development, China's financial industry will sooner or later embark on the road of mixed operation and supervision.
Therefore, we must plan ahead and design and plan the financial supervision mode in advance. In the case of mixed operation, there are two options, namely unification.
Supervision mode and functional supervision mode. Due to the complexity of financial products and the diversity of financial risks under the mixed operation mode, the ideal supervision mode
There should be a unified and separated model, specifically, the specialized division of labor within the regulatory agencies can be implemented under a unified regulatory framework, and
A coordinated and comprehensive risk control institution can be established on the basis of functional supervision mode to realize the combination of specialized supervision and unified supervision. unite
According to the reality of China, facing the reality and focusing on the future, we can build China by implementing specialized division of labor within the regulatory agencies under a unified framework.
Financial supervision mode. Specifically, it can be led by the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, the China Banking Regulatory Commission, the China Insurance Regulatory Commission, the China Securities Regulatory Commission and the Legislative Affairs Office of the State Council.
And the central editorial office and other departments * * * to participate in the preparation. Set up China Financial Supervision Committee (Bureau) as a centralized and unified supervision framework for internal construction.
"Trinity" Functional Supervision System of China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission. At the same time, we should also strengthen the financial machine.
The internal control mechanism of the financial supervision commission (bureau) gives full play to the role of financial self-regulatory organizations and associations under the coordination of financial intermediary service management departments.
The supervisory role of accounting firms, audit firms and other social departments has built a broad financial supervision system.
The purpose of establishing a centralized and unified financial supervision model in China is to integrate the supervision resources of banks, securities and insurance, and the purpose is to
Based on the principle of streamlining institutions and improving efficiency, we will establish an efficient and capable financial supervision team and implement financial supervision by optimizing the regulatory organizational structure.
Unified formulation and implementation of policies. The advantage of this is that it can not only prevent the "two skins" or "separate supervision mode" of decision-making and implementation.
The disadvantages of "doing things in their own way" can fundamentally eliminate the problems brought by multi-level supervision, repeated supervision and institutional supervision, which is conducive to strengthening China's financial system.
Integrate the overall competitive strength of the industry and guard against financial risks and crises. In the actual operation process, in order to minimize the cost of mode reform
Limit, efforts should be made to shorten the establishment time of China Financial Supervision and Management Committee (bureau). Due to the huge model of financial supervision institutions, personnel adjustment is relatively
Many, if the reform drags on for too long, some staff will have waiting psychology and short-term behavior because of the uncertainty of work and responsibility adjustment.
It is easy to lead to the absence of financial supervision in a certain period of time. The experience of the reform of the national financial supervision mode shows that after the reform plan is determined, it will be in one
It is feasible to complete the establishment of relevant regulatory agencies within this year. At the same time, it is necessary to overcome the differences in regulatory culture of different regulatory departments as much as possible, and
Provide legal support for the establishment of a unified financial supervision model.
The establishment of China's financial supervision mode also needs to take corresponding measures to solve three major drawbacks in current financial supervision: First, financial supervision.
Inter-departmental information sharing mechanism has not yet been established, regulatory vacuum and duplication still exist, and financial supervision coordination is inefficient and lacks legal binding force.
Taking the financial holding company as an example, the emergence of its cross-cutting financial innovation tools has made banks, securities and insurance institutions penetrate each other in the business field, but
At present, there is no law to stipulate this, and there is a regulatory gap. Second, when the central bank and various financial supervision departments or other government departments
When there are differences or disputes in the orientation of monetary policy, the judgment of the degree of financial systemic risk, and the handling of sudden financial events, there is no
With an authoritative decision-making department, the problem can only be submitted to the State Council for solution, and the inefficiency of decision-making is inevitable. Third, especially at the grassroots level,
When it comes to maintaining local financial stability and preventing and defusing local financial risks, what do local governments, central banks and financial supervision departments do?
The coordination is not clear, and once risks occur, it is easy to delay the best disposal opportunity.
Therefore, it is imperative to speed up the legislation of financial supervision and coordination. It is suggested that the State Council formulate the Regulation on Coordination of Financial Supervision, which mainly includes the purpose of coordination.
Standards, basic principles, rights and interests of coordinating institutions, central banks, financial supervision departments, other government departments and local governments in the coordination mechanism.
Services, etc. The Regulations on Coordination of Financial Supervision should clarify the specific leadership and organizational functions of the central bank in the coordination mechanism, and put the central bank and financial supervision departments in the performance.
Differences, conflicts and blind spots in responsibilities are the focus of coordination.
In view of the considerable risks in China's financial supervision, after the establishment of China Financial Supervision and Management Committee (Bureau), in order to strengthen finance
The coordination of supervision and monetary policy needs to deal with the cooperation between financial supervision institutions and the central bank in preventing risks and establish cross-departmental cooperation.
Financial stability institutions responsible for coordinating the relationship between monetary policy and financial supervision can set up a monetary security and stability bureau, because finance
Although there are significant differences between supervision and monetary policy, there is a relationship between function and reaction in policy operation. Proper financial supervision will not
It can only effectively maintain the stability of the financial system, provide good external support for the operation of monetary policy, and also help to cultivate health and vitality.
The financial system enhances the sensitivity to changes in monetary policy and improves the transmission efficiency of monetary policy. Correct monetary policy can effectively
Promoting the healthy and smooth operation of the real economy is the fundamental guarantee for preventing and resolving financial risks and maintaining the security of the financial industry. China People's Bank is
If the two can cooperate with each other and form a joint force in policy operation, the effects of monetary policy and financial supervision will have multiple effects. But if not,
Maintaining harmony will have a negative impact on each other. Practice has proved that improper monetary policy will increase the pressure to prevent and resolve financial risks.
Force, increasing the difficulty of financial supervision; Too strict or too loose financial supervision will interfere with the effective operation of monetary policy and affect the reality of monetary policy.
Effect. Therefore, taking the Financial Security and Stability Board as a permanent coordinating agency can not only create stable finance under the coordination of this agency.
System, and can improve the supervision efficiency. At the same time, it is necessary to strengthen international cooperation and exchanges in financial supervision, especially with the parent bodies of foreign banks in China.
China's financial supervision departments pay close attention to the operating conditions of foreign banks to prevent foreign financial risks from spreading to China.
On the specific working system level of financial supervision and coordination, the central bank should work out a coordination mechanism with various financial supervision departments in accordance with the relevant provisions of the State Council.
Support system of the system. The first is to establish an information sharing system. Clarify the scope of information enjoyed by * * *, the specific division of labor of information collection, exchange methods, confidentiality provisions, etc.
Rong. The second is to establish a joint inspection system. Try to take joint actions on some related businesses and cross businesses to avoid repeated inspections and improve the supervision effect.
Rate. The third is to establish an emergency consultation system. According to the different situations of daily state, emergency state and crisis state, especially sudden financial risks.
Events, stipulate the conditions and procedures for the start of bilateral or multilateral consultation mechanisms, and clarify the responsibilities, disposal methods and legal responsibilities of all parties concerned. At the same time, add
Strengthen the cooperation between China Financial Supervision and Management Committee (bureau) and international financial supervision organizations, actively participate in the formulation of international financial supervision standards, and borrow
Learn from the experience of foreign financial supervision and constantly improve the professional level of financial supervision.
In order to give full play to the role of the financial supervision and management committee (bureau), the financial supervision and consulting department can be established under the financial supervision and management committee (bureau).
Group, make full use of academic and financial institutions, financial experts, social celebrities and other social resources, and listen to the supervision of finance from all walks of life.
Opinions on management and financial development provide a broad mass and social basis for the adjustment of financial supervision policies. From the legal environment, for
In order to keep up with the pace of financial reform and opening up and meet the needs of all-round development of financial business, the regulatory legal system should be cleaned up.
The legal provisions on China's financial development shall be abolished or amended, and inappropriate provisions in existing laws and regulations on banking, securities and insurance supervision shall be amended and formulated as soon as possible.
People's Republic of China (PRC) Financial Safety Supervision and Management Law and Regulations on Financial Safety Supervision and Coordination, etc. To enhance the adaptability of financial laws and regulations.
Sex, feasibility and operability, improve the specialization and efficiency of financial law enforcement, and create for the all-round development of China's financial industry and effective financial supervision
The necessary legal environment.
In a word, from the reality of China's financial reform and development, we should work out specific measures to establish China Financial Supervision and Management Committee (bureau) in sequence.
Case, the implementation of financial supervision functions to re-integrate, to prevent departmental interests, institutional expansion, the implementation of institutional streamlining, and promote the optimization of regulatory resources.
Distribution, give full play to the benefits brought by the unified financial supervision mode, improve the efficiency of financial supervision, maintain the stable operation of the financial industry and promote the development of the national economy.
Sustained, stable, rapid and healthy development.
2. Design of financial supervision mode in China in the future.
In the long run, China's financial industry will embark on the road of mixed operation and supervision in the future. Therefore, we should not only face the reality, but also focus on the future.
In the future, we will effectively improve the efficiency of financial supervision under the current legal system. In view of the fact that the mode of financial holding company may become the mode of financial mixed operation in China.
The financial supervision mode should also be adjusted accordingly. In addition, we should strengthen the internal control mechanism of financial institutions and give full play to the role of accounting.
Audit firms, audit firms, financial self-regulatory organizations and other social sectors play a supervisory role, and build a broad financial supervision system.
(1) Supervision subject and its functions. The regulatory bodies mainly include: the existing People's Bank of China and the Securities Regulatory Commission (hereinafter referred to as the CSRC).
Will), China Insurance Regulatory Commission, China Banking Regulatory Commission and the upcoming financial supervision in China.
Management Committee (bureau) and Trust Supervision Bureau. Main functions: The Financial Stability Bureau of the People's Bank of China is responsible for the supervision of financial holding companies, including
Market access, capital adequacy ratio, risk assessment, information disclosure, etc. China Banking Regulatory Commission and Trust Supervision Bureau are responsible for banking and trust investment respectively.
Supervision, assigning the existing banking and trust supervision functions of the People's Bank of China to the CBRC and the Trust Supervision Bureau; China Securities Regulatory Commission and China Insurance Regulatory Commission.
Will be responsible for the supervision of the securities industry and the insurance industry respectively, and the CSRC and the CIRC will continue to perform their current supervision functions.
(2) Coordination among regulatory agencies. China Financial Regulatory Commission (bureau) is responsible for the supervision of CBRC, CSRC, CIRC and trust.
Coordination of the Authority. Convene joint meetings regularly, and all regulatory agencies shall submit regulatory information to the China Financial Supervision and Administration Commission (bureau).
China Financial Supervision and Management Committee (Bureau) is responsible for coordinating and solving the problems raised by the framework, and all regulatory agencies should exchange information as much as possible.
* * * Enjoy it.
(3) Establish and improve financial self-regulatory organizations and give full play to their regulatory role. Financial self-regulatory organization is the self-management and self-supervision of the financial industry.
Self-discipline is a form of folk management. Through the internal management of the industry, unfair competition can be effectively avoided, its behavior can be standardized and its development can be promoted.
Cooperate with each other and jointly safeguard the stability and security of the financial system with the regulatory authorities. Financial self-regulatory organization is the focus of China's financial supervision system.
An indispensable part of financial supervision. At present, such organizations in China are not perfect, and even if they have been established, their functions are useless.
Give full play to it. In the future, China Financial Supervision and Management Committee (bureau) should take the lead in establishing and perfecting financial self-regulatory organizations and adopt membership management.
In management, financial institutions decide to join the organization independently, and those who join the organization must pay membership fees and abide by the articles of association. Financial self-regulatory organizations participate in supervision and are mainly responsible for
Train financial practitioners, manage members, provide information services for members, communicate with regulatory authorities in time, and release them to the public in time.
Close regulatory information, etc.
(5) Strengthen exchanges and cooperation between international financial regulatory authorities. The current turmoil in the international financial market is increasingly affecting a country's economic security.
Obviously. After China's accession to the World Trade Organization, a large number of foreign-funded financial institutions will enter China, and China financial institutions will also go abroad. the other/opposite side
On the other hand, with the establishment of financial holding companies, due to their extensive business, the business scope will cross regional and cross-border areas, and the regulatory policies of various countries are poor.
Therefore, it is not enough to rely solely on the supervision of domestic regulatory authorities. It is necessary to strengthen coordination, exchanges and close cooperation with international regulatory authorities.
Prevent the occurrence and spread of financial risks.
References:
Cao Hui. Coordination and development of EU financial supervision [J]. China Finance, 2007, (5).
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[3] Lu Wei. On the legislative status and perfection of China's banking market access supervision [J]. Reform and Strategy, 2007, (10).
The risk is similar to that of bank financing