我国金融业经营模式研究
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摘要
金融业的分业和混业经营问题争论已久。20世纪30年代，资本主义社会爆发了经济危机，金融市场崩溃，大量银行在大危机中清盘倒闭，于是人们就开始怀疑银行经营证券业务的合理性，得出混业经营是金融危机罪魁祸首的结论，并最终选择了将证券、保险等业务从银行中分离出来的分业经营模式。但是自20世纪70年代以来，随着金融自由化和金融全球化浪潮的兴起，各主要发达国家纷纷放弃了原来的分业经营制度，走上了混业经营的道路，1999年11月4日美国《金融服务现代化法案》正式生效，商业银行，证券公司，保险公司可以跨界经营，标志着美国在世纪之交最终废止了分业经营制度。在此之前，实行金融分业制度的英国，日本等国都纷纷进行了大爆炸式的金融改革，允许金融业跨行业经营业务。这些曾经是分业经营主要代表的国家纷纷放弃分业经营体制，预示着混业经营体制将成为世界金融业发展的趋势。但是在这股潮流中，各个国家在自身混业模式的选择上各有其特点。如德国银行业务的扩张主要是通过银行自身的账户来进行，也就是仍然在原有的单一法人框架内拓展业务，英国银行对证券，保险业务的渗透主要采取异业子公司的形式，而美国银行业的跨业经营则主要是通过在原来的银行控股公司制度的基础上升级为金融控股公司的方式来进行的，这些模式之间存在优胜之分，效率之别。如果我国银行业发展混业经营，应该选择哪一类模式是一个非常重要的问题。
我国已正式成为世贸组织的成员，金融业的对外开放将遵循有关原则和规定，为了保护金融业，我国采取了渐进的，逐步开放金融服务市场的策略。但是中国金融业在未来五年必将最终融入全球竞争中，面对全能型的外资金融机构的激烈竞争，我国金融业将面临严峻的考验和挑战，作为其主体的银行业更是首当其冲地遭受巨大冲击。在这样的时代背景下，我国金融业走混业经营之路成为必然。但是我国还缺乏实行混业经营的必要的经济金融环境，贸然进行转换必然造成混乱。因此，必须先营造一个让转换后的模式能成功运行的制度环境，混业经营才可能成为现实。
全文共分五个部分，其内容如下:
第一部分导言
首先对各主要发达国家混业经营的历程作了一个简要的回顾，然后从银行业
自身的角度以及对社会的影响方面来对己有的大量文献进行总结，最后对本文研
究的概念进行界定，并强调本文的研究重点是金融业中的银行业。
第二部分金融业分业经营和混业经营的理论分析
首先对支持分业经营和混业经营的理论进行回顾，然后指出近年来有越来越
多的理论和实证研究支持银行业的混业经营。从理论的发展中，从近年来的银行
发展实际，我们看到了金融业混业经营的生命力。
第三部分国际金融业混业经营的动因分析和模式比较
本部分首先对国际上金融业混业经营趋势的原因进行系统分析，以此说明混
业经营在实践上已成为一股不可逆转的趋势，然后对各个国家不同的混业经营模
式进行比较分析，为我国的混业实践的选择做出借鉴。
第四部分我国金融业经营体制的现状分析及现实选择
本部分首先对我国金融业业的分业经营现状进行分析，指出现在的金融业分
业经营制度已经严重束缚了我国金融市场的发展，从而说明了我国金融业转向混
业经营的重要性，然后分析了我国进行混业经营实践应该选择的具体模式，指出
美国的金融控股公司模式具有较强的可行性，是我国现行制度约束下金融机构实
现混业经营的可行途径。
第五部分我国金融业向混业经营转变中的制度约束和改革措施
本部分指出了我国目前并不存在能够立刻进行混业经营转变的制度条件，在
我国目前的经济金融环境中，如果盲目进行混业经营的转变必然会带来金融秩序
的混乱，因此相对混业经营的转变更重要的是进行相关制度的改革和条件的完
善，本部分对此进行了详细论述。
A familiar dispute about the choice of management mode in finance industry has lasted for a long time. In the thirties of the 20th century, the economic crisis broke out in the capitalist society, the financial market had collapsed. A large amount of banks went bankrupt in the great crises, people began to suspect the rationality of the management stock exchange of the bank and drew the conclusion that mixture run has resulted the financial crisis, then the separate run has been adapted in banking industry finally. Since 1970's, a wave of innovation concerning financial globalization and deregulation has swept the world. On November 4th, 1999, the US congress signed the
Law of Financial Service Modernization, which indicated that the pioneer of separate run abolished this regulation lasting for more than sixty years in US. Before this, the United Kingdom, Japan and Taiwan had experienced "Big Bang"-braking down their separate run. All of these have forecast that the mixture run, namely the universal banking system, has become the mainstream of financial operating field. But in this whiff of trends, each country has chosen different management mode of mixture run. There are many differences between these modes. If the mixture run will be adapted in banking industry of our country, a kind of mode is very important.
After China's entry into WTO, the Chinese financial institutions are destined to participate in the global economy and to face the keen competition from the "financial conglomerate" of the western developed countries. Against this background, is it still possible for the Chinese financial institutions to adhere to the separate run firmly? How can our weak financial institutions, especially the state-owned banks, compete with the strong financial conglomerate consisting of banks, security firms and insurance companies? To survive in the international competition, our financial institutions should be reformed, transforming form the separate run to the mixture run.
Our country still lacks essential economy financial environment of mixture run in banking industry. It must cause the confusion to change rashly. Therefore, we should build the good environment before mixture run will be came out.
The paper breaks into five chapters.
Chapter One-Preface
Have done a brief retrospect to every main course of developed country mixture run at first, Then the concept studied to this text is defined, and emphasize that the research focal point of this text is the banking in the financial circles, Come to
summarize a large amount of existing document from the hanging's own angle and impact on society respect at last.
Chapter Two ?Theory Analysis of Separate Run and Mixture Run in Finance Industry
This part reviews the main theories explaining the mixture run and the separate run, and then comes to a conclusion that the mixture run has become the mainstream of financial field. From the development of the theory, develop reality from bank in recent years; we have seen the vitality of mixture run in banking industry.
Chapter Three ?Reason Analysis of Mixture Run and Comparison of Mixture Management Mode in International Finance Industry
This part analyses about the reason of the trend of mixture run at first, Prove with this that mixture run in banking industries already become the trend with irreversible one share in practice .It is very important to choose a feasible mixture run mode to meet the banking industry' urgent demand. So the part analyzes the characteristics of three leading mixture run modes in Germany, the United States and the United Kingdom respectively.
Chapter Four-the current situation and realistic choice of mixture run in Chinese banking industry
In this chapter, with reviewing the history of the separate run in China, the paper points out that the current banking operation system -separate run has brought many negative effects on Chinese banking industry although it has contributions to control financial risks. Afterwards, the paper presents that the mixture run has become an inevitable tren
我国已正式成为世贸组织的成员，金融业的对外开放将遵循有关原则和规定，为了保护金融业，我国采取了渐进的，逐步开放金融服务市场的策略。但是中国金融业在未来五年必将最终融入全球竞争中，面对全能型的外资金融机构的激烈竞争，我国金融业将面临严峻的考验和挑战，作为其主体的银行业更是首当其冲地遭受巨大冲击。在这样的时代背景下，我国金融业走混业经营之路成为必然。但是我国还缺乏实行混业经营的必要的经济金融环境，贸然进行转换必然造成混乱。因此，必须先营造一个让转换后的模式能成功运行的制度环境，混业经营才可能成为现实。
全文共分五个部分，其内容如下:
第一部分导言
首先对各主要发达国家混业经营的历程作了一个简要的回顾，然后从银行业
自身的角度以及对社会的影响方面来对己有的大量文献进行总结，最后对本文研
究的概念进行界定，并强调本文的研究重点是金融业中的银行业。
第二部分金融业分业经营和混业经营的理论分析
首先对支持分业经营和混业经营的理论进行回顾，然后指出近年来有越来越
多的理论和实证研究支持银行业的混业经营。从理论的发展中，从近年来的银行
发展实际，我们看到了金融业混业经营的生命力。
第三部分国际金融业混业经营的动因分析和模式比较
本部分首先对国际上金融业混业经营趋势的原因进行系统分析，以此说明混
业经营在实践上已成为一股不可逆转的趋势，然后对各个国家不同的混业经营模
式进行比较分析，为我国的混业实践的选择做出借鉴。
第四部分我国金融业经营体制的现状分析及现实选择
本部分首先对我国金融业业的分业经营现状进行分析，指出现在的金融业分
业经营制度已经严重束缚了我国金融市场的发展，从而说明了我国金融业转向混
业经营的重要性，然后分析了我国进行混业经营实践应该选择的具体模式，指出
美国的金融控股公司模式具有较强的可行性，是我国现行制度约束下金融机构实
现混业经营的可行途径。
第五部分我国金融业向混业经营转变中的制度约束和改革措施
本部分指出了我国目前并不存在能够立刻进行混业经营转变的制度条件，在
我国目前的经济金融环境中，如果盲目进行混业经营的转变必然会带来金融秩序
的混乱，因此相对混业经营的转变更重要的是进行相关制度的改革和条件的完
善，本部分对此进行了详细论述。
A familiar dispute about the choice of management mode in finance industry has lasted for a long time. In the thirties of the 20th century, the economic crisis broke out in the capitalist society, the financial market had collapsed. A large amount of banks went bankrupt in the great crises, people began to suspect the rationality of the management stock exchange of the bank and drew the conclusion that mixture run has resulted the financial crisis, then the separate run has been adapted in banking industry finally. Since 1970's, a wave of innovation concerning financial globalization and deregulation has swept the world. On November 4th, 1999, the US congress signed the
Law of Financial Service Modernization, which indicated that the pioneer of separate run abolished this regulation lasting for more than sixty years in US. Before this, the United Kingdom, Japan and Taiwan had experienced "Big Bang"-braking down their separate run. All of these have forecast that the mixture run, namely the universal banking system, has become the mainstream of financial operating field. But in this whiff of trends, each country has chosen different management mode of mixture run. There are many differences between these modes. If the mixture run will be adapted in banking industry of our country, a kind of mode is very important.
After China's entry into WTO, the Chinese financial institutions are destined to participate in the global economy and to face the keen competition from the "financial conglomerate" of the western developed countries. Against this background, is it still possible for the Chinese financial institutions to adhere to the separate run firmly? How can our weak financial institutions, especially the state-owned banks, compete with the strong financial conglomerate consisting of banks, security firms and insurance companies? To survive in the international competition, our financial institutions should be reformed, transforming form the separate run to the mixture run.
Our country still lacks essential economy financial environment of mixture run in banking industry. It must cause the confusion to change rashly. Therefore, we should build the good environment before mixture run will be came out.
The paper breaks into five chapters.
Chapter One-Preface
Have done a brief retrospect to every main course of developed country mixture run at first, Then the concept studied to this text is defined, and emphasize that the research focal point of this text is the banking in the financial circles, Come to
summarize a large amount of existing document from the hanging's own angle and impact on society respect at last.
Chapter Two ?Theory Analysis of Separate Run and Mixture Run in Finance Industry
This part reviews the main theories explaining the mixture run and the separate run, and then comes to a conclusion that the mixture run has become the mainstream of financial field. From the development of the theory, develop reality from bank in recent years; we have seen the vitality of mixture run in banking industry.
Chapter Three ?Reason Analysis of Mixture Run and Comparison of Mixture Management Mode in International Finance Industry
This part analyses about the reason of the trend of mixture run at first, Prove with this that mixture run in banking industries already become the trend with irreversible one share in practice .It is very important to choose a feasible mixture run mode to meet the banking industry' urgent demand. So the part analyzes the characteristics of three leading mixture run modes in Germany, the United States and the United Kingdom respectively.
Chapter Four-the current situation and realistic choice of mixture run in Chinese banking industry
In this chapter, with reviewing the history of the separate run in China, the paper points out that the current banking operation system -separate run has brought many negative effects on Chinese banking industry although it has contributions to control financial risks. Afterwards, the paper presents that the mixture run has become an inevitable tren
引文
[1] 叶靖辅．全能银行比较研究[M]．北京：中国金融出版社，2001
[2] 夏斌．金融控股公司研究[M]．北京：中国金融出版社，2001
[3] 杨大光．试折银行垄断与银行规模经济[J]．经济学动态，2003，(7)
[4] 高波、于良春．中国银行业规模经济效应分析[J]．经济评沦，2003，(1)
[5] 程卫红．资源共享：混业经营的基础[J]．金融研究，2002，(7)
[6] 赵晓康．金融中介理论及其演变[J]．经济学动态，2003，(1)
[7] 唐迪、唐雷．金融控股公司模式与我国商业银行经营体制改革[J]．当代财经，2003，(8)
[8] 王常柏、纪敏。金融资产同质性：关于全能银行的一个理论分析[J]．金融研究，2002，(6)
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[11] 曾康霖、虞群娥．辩证的看待银行业的分业经营与混业经营[J]．金融研究，2003，(7)
[12] 刘江会．论“利益冲突”与银行的混业经营[J]．投资研究，2003，(1)
[13] 秦国楼．金融综合经营与分业经营的比较分析与实证研究[J]．金融研究，2003，(9)
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[17] 李艳虹、王聪．美国商业银行混业经营对证券承销市场的影响及启示[J]．国际金融研究，2003，(11)
[18] 陈道江、王利民．制度演进：金融混业经营与分业经营的分义[J]．财经理论与实践，2003，(9)
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[2] 夏斌．金融控股公司研究[M]．北京：中国金融出版社，2001
[3] 杨大光．试折银行垄断与银行规模经济[J]．经济学动态，2003，(7)
[4] 高波、于良春．中国银行业规模经济效应分析[J]．经济评沦，2003，(1)
[5] 程卫红．资源共享：混业经营的基础[J]．金融研究，2002，(7)
[6] 赵晓康．金融中介理论及其演变[J]．经济学动态，2003，(1)
[7] 唐迪、唐雷．金融控股公司模式与我国商业银行经营体制改革[J]．当代财经，2003，(8)
[8] 王常柏、纪敏。金融资产同质性：关于全能银行的一个理论分析[J]．金融研究，2002，(6)
[9] 刘兵军、黄智峰、欧阳令南．金融业混业经营的经济学解释[J]．上海金融，2003，(4)
[10] 张强、曾宪东．金融混业经营新趋势下设立监管“防火墙”的思考[J]．金融研究， 2003，(9)
[11] 曾康霖、虞群娥．辩证的看待银行业的分业经营与混业经营[J]．金融研究，2003，(7)
[12] 刘江会．论“利益冲突”与银行的混业经营[J]．投资研究，2003，(1)
[13] 秦国楼．金融综合经营与分业经营的比较分析与实证研究[J]．金融研究，2003，(9)
[14] 张磊．银行业的产业结构、行为与绩效[J]．外国经济与管理，2000，(3)
[15] 王元龙．论国际银行的发展趋势[J]．国际金融研究，2002，(3)
[16] 王国言．全球金融混业现象与中国金融体制结构的选择[J]．国际经济评论，2001，(1)
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