What does rural commercial banks (credit cooperatives) take in the recruitment examination (computer class)?

In the past few years, the most exciting "vigorous" event in China's economic reform occurred in the financial industry. Regrettably, although the reform of the banking industry is advancing, the pace can not be said to be small, but it is still basically circling within the original state-owned banking sector, and the problem of ownership discrimination is very serious. In contrast, the great strides in the reform of the securities industry are impressive: the listing restrictions of private enterprises and joint-stock banks have been relaxed, the fund law is being drafted, open-end funds and private equity funds will be launched soon, and so on.

Why is the innovation of banking not as good as securities? One of the reasons should be that the banking industry has been monopolized by state-owned banks, plagued by huge bad debts and sluggish accounts, and has reached the point where it is difficult to return. In contrast, the securities industry is simply a blank sheet of paper, which can write the most beautiful words and draw the most beautiful pictures. Of course, the securities industry took a detour from the beginning: listed companies must be state-owned enterprises (privileges); Stocks are divided into A shares and B shares (market segmentation), or state shares, legal person shares and individual shares (hierarchical); As long as there are risks, abandon or not use a financial instrument-for example, our national debt repurchase market was once closed, and stock index futures were delayed (one-sided emphasis on risk prevention). However, the securities industry is relatively young and its symptoms are much lighter than those of the banking industry. As long as the prescription is right, it can not only be cured, but also go into battle lightly.

The reform of the banking industry mainly focuses on the internal adjustment of state-owned banks. From the perspective of methodology, the problem-solving thinking followed by leaders is the structure-behavior-performance paradigm, that is, it is limited to first looking at the existing functions and behaviors of banks from the perspective of bank structure, and then looking at the performance achieved by their behaviors. For banking reform, following this paradigm has its limitations. It mainly focuses on mending the original structure, disassembling and assembling it, or bringing the miscellaneous army into the regular army series, such as transforming urban credit cooperatives into city banks and treating rural credit cooperatives as quasi-state-owned banks. In this way, many bank reform measures have been taken, but the old problems have not changed. In addition, this reform idea has led to a large part of functions that need to be played by banks or other credit institutions. For example, in rural areas of China, the four major state-owned commercial banks basically contracted their business from rural areas. Last year, the Rural Cooperative Foundation was cleared and merged. Rural credit cooperatives are the most important institutions that provide loans for agriculture, countryside and farmers, but they have basically lost the nature of cooperative finance. According to the latest research results of the research group of Rural Development Institute of China Academy of Social Sciences on the financial service demand of five provinces and five villages in China, these existing formal financial institutions can no longer meet the financial service demand of farmers. Among the five villages, only one village in Wenzhou meets the demand for financial services well, because the local underground banks and informal financial service systems are very developed, although they? Quot Illegal (edited by He Annai/Hu Biliang, 2000). Recently, the reform of Jiangsu Rural Credit Cooperatives has taken the measures of revoking the legal person qualification of grass-roots rural credit cooperatives and implementing the first-level legal person system of county cooperatives. However, regardless of whether the revocation of grassroots legal person qualification is legal and compliant, it is certain that the pilot result of rural credit cooperatives will be that credit cooperatives are getting farther and farther away from farmers. From the structural point of view, the reform of bank credit system ignores the basic problems such as what is the purpose of the reform and what functions the bank credit industry should undertake as a system. A better way to reform the banking and credit system should start from the functions of the system and explore what kind of credit system, credit institutions and rules are needed to undertake these functions.

In addition to the reform within its existing framework, the reform of the securities industry also involves a larger incremental improvement beyond the existing securities business boundary, that is, a large number of financial innovations. Open-end investment funds will be introduced soon, and the Fund Law will be introduced soon, and the problem of private equity funds will also be put on the agenda. This incremental improvement beyond the original securities business boundary, from the methodological point of view, is actually the result of unconsciously following the function-structure method; From an evolutionary point of view, some of them seem to be the result of unconsciously following the functional gene method. The function-structure-paradigm was put forward by the famous German sociologist Niklas Luhmann, and the formation of the function-occurrence-paradigm is also related to its contribution (willke, 1993, pp. 6-7). At the end of last year, the author discussed this methodology with Professor He Mengbi, a German expert on China. Recently, the famous American financial economist Bodie made a report in Beijing, suggesting that financial economists should pay more attention to financial issues from the perspective of financial functions (Bodie, 2000), which on the one hand broadened the thinking of China academic circles, on the other hand showed that China did not pay enough attention to the study of social science methodology and could not absorb some standardized and stereotyped things as soon as possible, so that Professor Bodie could have four threads. It seems that economists in China should absorb the nutrients of methodology from other disciplines, including sociology.

The essence of function-structure-paradigm lies in: in the process of forming the system, we should pay attention to the functional relationship between the system and the environment, such as the functional relationship between the securities industry system and the whole financial industry system, or the whole China economy and even the global economy; Based on the functions of the system, the rules and regulations to realize these functions are formulated and the system is constructed. On the one hand, we optimize the internal structure of the existing system, on the other hand, we add some necessary factors that do not exist in the existing system, which may form a subsystem later. In fact, China's consideration of launching open-end investment funds, private equity funds and stock index futures is an incremental improvement in this sense; If we look at the evolution process of China's securities industry system, institutions and rules from scratch from the perspective of function, in other words, if we look at the realization process of securities industry functions from the perspective of evolution, then the function-occurrence-paradigm is as applicable as the above-mentioned function-structure-paradigm. Both emphasize systembildung, but the latter emphasizes biological characteristics, such as evolution and inheritance.

The functions of private equity funds are various. For example, it can meet such a demand: some investors have huge wealth and take a fancy to a high-risk venture capital project, so under the arrangement of the fund manager, * * * will also raise funds for the project. As for its sale and redemption (involving the investor's exit mechanism), the fund manager will negotiate with investors privately. People in the securities industry, including regulators, consider it precisely because they see some function of private equity funds. Quot The necessity and feasibility of building such an institutional arrangement piecemeal (in Hayek's sense) will eventually lead to the formation of this "subsystem" in the securities industry system.

The functional perspective is consistent with the demand-oriented view in general economics: the supplier in the market must face the demand, and similarly, the institutional supplier must also face the demand of the institutional demander. Here, the satisfaction of demand is the realization of function. What is the next demand-oriented institutional arrangement mentioned above? Quot Demand-oriented institutional arrangements are completely different, with qualitative differences: some decision makers think that if I come this way today and that way tomorrow, I can do whatever I want. Isn't this also the result of functional perspective? The problem is not that simple. In the former, demand-oriented institutional arrangements face the needs of institutional demanders/consumers, in which consumer sovereignty plays a role; The latter "demand-oriented" institutional arrangement is aimed at the "demand" of the institutional supplier itself, because it is not a real demand-oriented institutional arrangement, but embodies a kind of arbitrary discretion, and the institutional producer is exercising the "sovereignty" that should be exercised by consumers.

According to the latest report of china securities journal, with the promotion of the marketization of China's securities market, the regulatory thinking of China's securities market has changed from controlling risks to revealing risks. This change is no small matter! This is exactly what investors/demanders need. Investors have different risk preferences, some of which are risk neutral and some are risk preferences. Generally speaking, risk and return are symmetrical: low risk and low return, such as the national debt market; High risk and high return, such as stock market, private equity fund and stock index futures. To make people with different risk preferences meet the demand, we need a variety of investment tools, including private equity funds, stock index futures and so on.

If the competent department of the bank can look at the problem from the function and demand of various institutional arrangements, our bank reform may go faster and the goal orientation will be clearer (that is, the demand orientation of financial services). If the competent department of the bank learns from the competent department of the securities industry, and the thinking can be changed from controlling risks to revealing risks, then it can be more oriented to private enterprises (this is a function! ) Private banks will join the banking industry in China, and underground banks in Wenzhou will be regularized and legalized. They can provide financial services through risk pricing and get corresponding returns. Can the regulatory authorities strengthen risk monitoring and supervision? Quot no development "strategy. It is precisely because the banking authorities in China pay one-sided attention to the stability of the existing structure/system, that is, they pay one-sided attention to curbing financial risks and maintaining financial and social stability, thus inhibiting and prohibiting institutional innovation in this respect-so the "demand" of the system supply side (that is, the "demand" of stability and obedience) replaces the demand of the system demand side (that is, the demand of private banks as an institutional arrangement). As a result, the banking system itself has fallen into a low-level "equilibrium" characterized by monopoly of state-owned banks, high bad debt rate and low efficiency. In particular, this is a "balanced" or more precisely "unbalanced" state, because the problem of high non-performing loans of state-owned commercial banks is still accumulating and the "volcano" is still smoking. It seems that it is time for the banking authorities to learn to apply functional theory.

References:

1. Helmut Wilke: System Theory: A Problem in Social System Theory, p. 4. ueberarb。 Stuttgart/Jena, Gustav Fischer Publishing House, zip code: 1993.

2. Wei Zi Bodie: "A new method of financial research: a functional perspective", published in Economics Izvestia, No.65438, third edition, 2000.

3. He Annai and Hu Biliang (editor-in-chief): Rural Finance and Development-A Manual of Comprehensive Analysis, Case Investigation and Training, Economic Science Press, Beijing, 2000.