At present time,"credit failure"is common and has become a problem of morality.It can be attributed to the lack of long -standing expecta tion,and the results of the followin g two factors:(1)property right is in-distinct or cannot get protection effectively;(2)in the period of trans -economy,there is absence of restrictions to behaviors of the government.To reconstruct the modern system of moralit y in finance,we must set up one foun-dation,build two mechanisms,and constraint behaviors of the governmen t.The system that we want to reconstr uct belongs to"horizon morality".We must correctly handle the relati on between the construction of morality and the pursuing for fame and fortune.