全能银行发展研究
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摘要
本文以西方发达国家的银行为对象,系统地研究了全能银行的发展现状、理论基础、发展趋势及在我国的发展设想等问题。
首先,是全能银行历史回顾与发展概述。全球银行业从400多年前开始起步发展至今,其业务范围不断拓宽,业务品种不断增加,为客户提供的服务也越来越全面。到十九世纪初,开始出现能提供全方位金融服务的全能银行。但二十世纪三十年代初大危机和第二次世界大战后,全能银行的发展受到来自监管当局的限制,为控制金融风险,以美国颁布《格拉斯一斯蒂格尔法》实行金融分业管制为标志,监管者采取了限制银行经营证券以及保险业务和在非金融企业持股等措施,致使银行业遭受到巨大的冲击,包括理论界对银行在市场中的作用和地位的质疑。但实际结果是,全能银行顽强地发展、壮大、成熟,有力地证明了自身的市场地位和作用。当今世界上发达国家和许多发展中国家几乎都采用全能银行制度,事实上,中国也没有例外,尽管只限于个案。1999年11月美国颁布《金融现代化服务法案》,取消了分业管制,标志全能银行迎来了一个蓬勃发展的全新时代。全球全能银行业的发展轨迹是:“德国模式→欧洲推广→美洲效法→亚洲行动→中国借鉴”。
全能银行的发展一直与经济社会的需求相伴随。通过对全能银行发展的动因分析发现,经济形势的变化是全能银行发展的直接原因;技术创新加速了银行的全能化;金融市场的全球化也是促进全能银行的客观因素;金融机构的全球性扩张带动了全能银行的发展。考察全能银行的发展,我们看到,全能银行起源于德国,发展在发达国家特别是在美国、日本和西欧等国,它们的银行业纷纷全面走向了全能化。美国是最早实行分业经营的国家,在发展过程中历经曲折,终于又在二十世纪九十年代末重返混业经营。日本经过对其主办银行制度的修改,在克服了亚洲金融危机后,全面实施金融改革,实现了全能银行的回归。英国等西欧国家在其银行业完成了对证券业和保险业的渗透后,实行了全能银行制度。由于资本市场发育程度不同,目前,形成了两种典型的全能银行模式,即以美国为代表的金融控股型全能银行和以德国为代表的内部综合经营型全能银行。
第二,在日益完善的资本市场中,金融中介的地位和作用以及传统商业银行如何发展,是理论上必须回答的问题,也是本文研究的重点之一。综合现代金融中介理论、
风险管理理论的基本观点,交易成本和参与成本是银行存在的根本原因;挖掘金融中介理论的创新观点,我们发现,金融中介功能具有客观性;金融中介与市场存在互补性;银行业务与非银行业务相互融合。这构成了全能银行发展的理论基础。
第三,作为能够提供全方位服务的全能银行,其功能最终是通过业务运作来实现。研究国际主流银行的业务发展,其表现各有特点,但是,多样化是全能银行在寻求业务发展选择上的本质特征,这决定了全能银行的发展趋势。本文的另一个研究重点是,在分析了全能银行的业务多样化本质特征及其成本和收益的基础上,归纳了全能银行发展的趋势,主要有三个方面。全能银行发展趋势之一:变大。银行业从出现到现在一直在不断地发展变化,银行业间的并购、变大的趋势是一直都存在的。这种变化趋势是由慢到快、由快到更快,是呈加速变化趋势的;全能银行的发展趋势之二:不断进行金融创新。金融创新贯穿于全球金融业发展的全过程,现在的全能银行无论是经营的业务,还是其组织框架或者是经营理念与经营思想,无一不有明显的金融创新的烙印;全能银行发展趋势之三:网络化。随着信息技术的飞跃发展,网络银行将会以其速度快、成本低、方便和存款利率高等优点获得巨大发展。
最后,全能银行为中国金融改革提供了借鉴。在加入WTO以后,我国银行业将面临巨大的冲击与挑战,证券业与保险业也不例外。虽然目前我国金融业仍实行分业经营,但全能银行的发展趋势在我国不可避免。本文借鉴国外全能银行发展经验,着重对分业制环境中我国全能银行的发展模式作了比较研究,提出了我国当前以及未来的全能银行发展模式、监管内容和监管模式等,希望能够为我国全能银行的发展提供一定的理论准备与思考。
This paper systematically investigates the current situation, theoretical foundation and development trend of universal banking in western countries and provides some thoughts about the development of universal banking in China.
Firstly, this paper provides an overview of the development history of universal banking in the world. The history of the world banking industry may be traced back to over 400 years ago. Today’s banks now has a much more extensive business scope than before and are able to provide highly diversified services for their customers. Universal banks which provide the full range of financial services appeared in the early 19th century. But during the period of the Great Depression in the end of the 1930s’ and after the Second World War, development of the universal banking was frustrated due to restrictions imposed by the supervising authority. In order to control financial risks, some regulations were issued to prohibit banks from dealing with securities and insurance as well as holding shares in non-financial enterprises, among which the Class-Steagall Act of 1933 issued by the U.S government marks the beginning of divided operation of banks. This brought a great shock to the world banking industry. The function and status of banks in market were even doubted by many scholars. However, universal banking has survived through the adverse situation and grown up, and successfully established its position in the market. Nowadays, universal banking system has been adopted by almost all developed countries and many developing countries. China also has a few universal banks now. In November of 1999, the U.S government issued the Financial Services Modernization Act of 1999 and abolished the regulation of divided operation, which ushered a thriving era for the development of universal banking. The development track of global universal banking may be summarized as: Originated in Germany→widely adopted in Europe→introduced into America→followed by Asia→to be introduced and integrated into China’s banking system.
The development of universal banking is closely related to the demand of the society and economy. Analysis about the driving mechanism for the development of universal banking shows that: the change of economic situation is the direct driving force; technological innovation has accelerated its development; globalization of financial market and global expansion of financial institutes have promoted the development of universal banking as well. Universal banking originated in Germany and then was widely adopted
by developed countries such as the U.S, Japan and Western European countries. The U.S is the first country to adopt divided operation, however, after a lot of ups and downs, it finally returned to mixed operation in the end of 1990s. After the Asian financial crisis, Japan transformed its banking system thoroughly and returned to universal banking system. Universal banking system was also adopted by U.K. and other Western European countries after banks in these countries had successfully penetrated into securities and insurance sector. There are two typical universal banking modes, which are the result of capital market of different maturity, one is the universal bank of financial holding company in the U.S, the other is the universal bank of mixed holding company in Germany.
Secondly, the status and function of financial medium in the increasingly sophisticated capital market and how traditional commercial banks should develop themselves is an important theoretical topic to be explored, which is also one of the focuses of this paper. According to the theory of modern financial medium and the principle of risk management theory, transaction cost and participation cost are the fundamental reasons for banks to exist. Guided by innovative insights of financial medium theory, we have achieved the following conclusions: financial medium has the characteristic of objectivity; financial medium and market are complimentary to each other; banking business and non-banking business may in
首先,是全能银行历史回顾与发展概述。全球银行业从400多年前开始起步发展至今,其业务范围不断拓宽,业务品种不断增加,为客户提供的服务也越来越全面。到十九世纪初,开始出现能提供全方位金融服务的全能银行。但二十世纪三十年代初大危机和第二次世界大战后,全能银行的发展受到来自监管当局的限制,为控制金融风险,以美国颁布《格拉斯一斯蒂格尔法》实行金融分业管制为标志,监管者采取了限制银行经营证券以及保险业务和在非金融企业持股等措施,致使银行业遭受到巨大的冲击,包括理论界对银行在市场中的作用和地位的质疑。但实际结果是,全能银行顽强地发展、壮大、成熟,有力地证明了自身的市场地位和作用。当今世界上发达国家和许多发展中国家几乎都采用全能银行制度,事实上,中国也没有例外,尽管只限于个案。1999年11月美国颁布《金融现代化服务法案》,取消了分业管制,标志全能银行迎来了一个蓬勃发展的全新时代。全球全能银行业的发展轨迹是:“德国模式→欧洲推广→美洲效法→亚洲行动→中国借鉴”。
全能银行的发展一直与经济社会的需求相伴随。通过对全能银行发展的动因分析发现,经济形势的变化是全能银行发展的直接原因;技术创新加速了银行的全能化;金融市场的全球化也是促进全能银行的客观因素;金融机构的全球性扩张带动了全能银行的发展。考察全能银行的发展,我们看到,全能银行起源于德国,发展在发达国家特别是在美国、日本和西欧等国,它们的银行业纷纷全面走向了全能化。美国是最早实行分业经营的国家,在发展过程中历经曲折,终于又在二十世纪九十年代末重返混业经营。日本经过对其主办银行制度的修改,在克服了亚洲金融危机后,全面实施金融改革,实现了全能银行的回归。英国等西欧国家在其银行业完成了对证券业和保险业的渗透后,实行了全能银行制度。由于资本市场发育程度不同,目前,形成了两种典型的全能银行模式,即以美国为代表的金融控股型全能银行和以德国为代表的内部综合经营型全能银行。
第二,在日益完善的资本市场中,金融中介的地位和作用以及传统商业银行如何发展,是理论上必须回答的问题,也是本文研究的重点之一。综合现代金融中介理论、
风险管理理论的基本观点,交易成本和参与成本是银行存在的根本原因;挖掘金融中介理论的创新观点,我们发现,金融中介功能具有客观性;金融中介与市场存在互补性;银行业务与非银行业务相互融合。这构成了全能银行发展的理论基础。
第三,作为能够提供全方位服务的全能银行,其功能最终是通过业务运作来实现。研究国际主流银行的业务发展,其表现各有特点,但是,多样化是全能银行在寻求业务发展选择上的本质特征,这决定了全能银行的发展趋势。本文的另一个研究重点是,在分析了全能银行的业务多样化本质特征及其成本和收益的基础上,归纳了全能银行发展的趋势,主要有三个方面。全能银行发展趋势之一:变大。银行业从出现到现在一直在不断地发展变化,银行业间的并购、变大的趋势是一直都存在的。这种变化趋势是由慢到快、由快到更快,是呈加速变化趋势的;全能银行的发展趋势之二:不断进行金融创新。金融创新贯穿于全球金融业发展的全过程,现在的全能银行无论是经营的业务,还是其组织框架或者是经营理念与经营思想,无一不有明显的金融创新的烙印;全能银行发展趋势之三:网络化。随着信息技术的飞跃发展,网络银行将会以其速度快、成本低、方便和存款利率高等优点获得巨大发展。
最后,全能银行为中国金融改革提供了借鉴。在加入WTO以后,我国银行业将面临巨大的冲击与挑战,证券业与保险业也不例外。虽然目前我国金融业仍实行分业经营,但全能银行的发展趋势在我国不可避免。本文借鉴国外全能银行发展经验,着重对分业制环境中我国全能银行的发展模式作了比较研究,提出了我国当前以及未来的全能银行发展模式、监管内容和监管模式等,希望能够为我国全能银行的发展提供一定的理论准备与思考。
This paper systematically investigates the current situation, theoretical foundation and development trend of universal banking in western countries and provides some thoughts about the development of universal banking in China.
Firstly, this paper provides an overview of the development history of universal banking in the world. The history of the world banking industry may be traced back to over 400 years ago. Today’s banks now has a much more extensive business scope than before and are able to provide highly diversified services for their customers. Universal banks which provide the full range of financial services appeared in the early 19th century. But during the period of the Great Depression in the end of the 1930s’ and after the Second World War, development of the universal banking was frustrated due to restrictions imposed by the supervising authority. In order to control financial risks, some regulations were issued to prohibit banks from dealing with securities and insurance as well as holding shares in non-financial enterprises, among which the Class-Steagall Act of 1933 issued by the U.S government marks the beginning of divided operation of banks. This brought a great shock to the world banking industry. The function and status of banks in market were even doubted by many scholars. However, universal banking has survived through the adverse situation and grown up, and successfully established its position in the market. Nowadays, universal banking system has been adopted by almost all developed countries and many developing countries. China also has a few universal banks now. In November of 1999, the U.S government issued the Financial Services Modernization Act of 1999 and abolished the regulation of divided operation, which ushered a thriving era for the development of universal banking. The development track of global universal banking may be summarized as: Originated in Germany→widely adopted in Europe→introduced into America→followed by Asia→to be introduced and integrated into China’s banking system.
The development of universal banking is closely related to the demand of the society and economy. Analysis about the driving mechanism for the development of universal banking shows that: the change of economic situation is the direct driving force; technological innovation has accelerated its development; globalization of financial market and global expansion of financial institutes have promoted the development of universal banking as well. Universal banking originated in Germany and then was widely adopted
by developed countries such as the U.S, Japan and Western European countries. The U.S is the first country to adopt divided operation, however, after a lot of ups and downs, it finally returned to mixed operation in the end of 1990s. After the Asian financial crisis, Japan transformed its banking system thoroughly and returned to universal banking system. Universal banking system was also adopted by U.K. and other Western European countries after banks in these countries had successfully penetrated into securities and insurance sector. There are two typical universal banking modes, which are the result of capital market of different maturity, one is the universal bank of financial holding company in the U.S, the other is the universal bank of mixed holding company in Germany.
Secondly, the status and function of financial medium in the increasingly sophisticated capital market and how traditional commercial banks should develop themselves is an important theoretical topic to be explored, which is also one of the focuses of this paper. According to the theory of modern financial medium and the principle of risk management theory, transaction cost and participation cost are the fundamental reasons for banks to exist. Guided by innovative insights of financial medium theory, we have achieved the following conclusions: financial medium has the characteristic of objectivity; financial medium and market are complimentary to each other; banking business and non-banking business may in
引文
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