Construction of the financial intermediary system in the era of globalization

Author: Sun Tao
Publisher:
Publish Date: 2004-12-01
Features: To provide a platform for young talents engaged in financial theory research in China, we plan to start editing and publishing a series titled "Financial Doctor's Library" annually from 2004. This library will highlight three key characteristics. , the authors selected for the library are primarily recent PhD graduates. These authors have received rigorous training in modern economics and possess a comprehensive understanding of current domestic and international academic literature. They also have a solid grasp of China's national conditions. These authors are undoubtedly "unknown" young people—our intention in publishing their works is precisely to continuously introduce new faces to the theoretical community.
Second, the selected papers should offer rigorously argued new conclusions or provide new materials and insights that contribute to further in-depth research on the topic. Unlike some institutions in society that demand a certain number of viewpoints in a work, we do not particularly advocate for the quantity of ideas. Generally, we do not even pursue novelty in viewpoints. What we require is well-supported evidence, rigorous argumentation, and theories or arguments that can be verified or falsified. Works that lack strict premise settings, lack logical reasoning, and draw several strong conclusions based on a few unexplained data and materials without a clear process will not be included. In our view, arguing for a viewpoint is more important than merely proposing one: an unargued viewpoint is at most a genius's guess; only argued viewpoints can become scientific.
Third, the selected papers should demonstrate a proficient use of modern economic and financial theories and adhere to the formal norms of academic papers. The analytical methods we emphasize here refer to, in the context of theoretical economics, the hypotheses, models, deductions, and their tests for establishing or identifying basic facts and their relationships within a specific research field; and, in the context of applied economics, the specific techniques, tools, or procedures used to achieve a certain goal based on a theoretical hypothesis. We are fully aware that innovation in methodology is not an easy task, hence our fundamental requirement for papers is to conduct research and structure works in accordance with the research norms and basic logic of modern economics.
The initial proposal to publish this series was made by Dr. Jiang Wanling, a renowned investment banker in the international financial community. Dr. Jiang studied at a prestigious university in the United States before returning to China. After completing his studies, he devoted himself to the reform and development of "government-owned enterprises" and "party-owned enterprises" in Taiwan Province, making significant contributions. Later, as a pioneer in venture capital, he also played an innovative role in building Taiwan's venture capital system. What is particularly admirable is that from the mid-1990s, Dr. Jiang, driven by patriotic sentiments, actively participated in the economic development and financial growth of mainland China. He served as a faculty member at several renowned universities in China, such as Tsinghua University, Shanghai Jiao Tong University, and the University of Science and Technology of China, tirelessly spreading modern financial knowledge. Subsequently, leveraging his reputation in the international financial community, he organized the establishment of several investment funds, dedicated to promoting the development of the venture capital system in mainland China. Unfortunately, just as his efforts in mainland China began to show success, he passed away unexpectedly. We publish this series and name it in his honor to commemorate his contributions to the education and training of financial talent in China.
This book, by examining the relationships between financial intermediation and financial globalization, macroeconomic frameworks, and corporate governance, explains from both theoretical and practical perspectives the crucial role of strengthening financial intermediary governance and improving the financial transaction environment in building a sound financial intermediary system. If China hopes to benefit from (improve financial efficiency) and avoid harm from (prevent financial crises) the era of financial globalization, it must simultaneously strengthen financial intermediary governance and improve the financial transaction environment to construct a robust financial intermediary system.