国有商业银行构建金融控股公司的现实意义与借鉴探索
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摘要
面对入世后金融业开放带来的严峻挑战，以股改上市为现实契机，本文论述国有商业银行构建金融控股公司的现实意义与借鉴探索，认为金融控股公司模式是我国国有商业银行现实的可行的选择。
金融控股公司拥有规模经济效应和范围经济效应。金融机构之间较低的资产专用性使得金融行业更适合采取该模式。同时，它也充分体现了资源配置效率和组织结构方面的优势。
我国国有商业银行选择金融控股公司具有现实意义。入世背景下，金融控股公司模式的产生发展是必然的和可行的，其建立成为不良资产问题解决的契机和出口，并将助力改制上市。
德国全能银行模式有悖于我国国情。日本模式直接出资设立的新公司涉足其他金融领域的构建路径可以成为有益借鉴。美国的伞式监管可移植性。以花旗集团为例，商业银行为核心的纯粹型金融控股公司模式是兼顾效率安全的选择。
就国有商业银行构建金融控股公司的操作探索有如下建议：国有商业银行积极稳妥地推进金融控股公司操作试点；有效度量控制资本不足、关联交易等风险；确立对金融控股公司的监管制度安排和组织结构，完善法律法规依据是银监会、证监会、保监会及央行必须共同面对的当务之急。
Facing the challenges following financial industry open-up due to the WTO entry, on the practical conditions of shareholding system reform and going list, FHC (financial holding company) is the prime choice.
FHC has the superiority of scale and scope economy effects. Financial institutions are more suitable to this mode due to their lower asset-specificity in capital, information and entrepreneur-ship. Meanwhile, the advantages in resources distribution efficiency and organization structure represent transaction cost economy.
Chinese state-owned commercial banks adopting FHC would take on realistic significance. WTO entry promises that mixed operation would dominate the tendency. The establishment of FHC provides favorable chance for dealing with the bad loan problems. Based on better governance structure, holding company mode would accelerate reform and going list pace which is benefit to Chinese capital market.
Germany mode is against our practical legal system at present. The character of Japan mode is investing in a new company to entering into another financial business sectors and satisfying the expansion need. This establishment route is a good example for Chinese state-owned commercial banks. The umbrella supervision of U.S. mode is transplantable. As the typical pure FHC based on commercial bank, Citi-group Inc. keeps away from legal limitation and divides the functions and risks of different businesses, winning both financial efficiency and financial security.
In practice, the exploration and experiment of state-owned commercial banks might as well include the following aspects. Accelerating experiments is feasible measure keeping to step-by-step principle.
The inherent risks of FHC comprise systemic ones and special ones. Under-capitalized risk and related transaction seem especially essential. The urgent tasks for CBRC, CSRC, CIRC and central bank include establishing supervision system and organization structure, and providing legal foundation.
金融控股公司拥有规模经济效应和范围经济效应。金融机构之间较低的资产专用性使得金融行业更适合采取该模式。同时，它也充分体现了资源配置效率和组织结构方面的优势。
我国国有商业银行选择金融控股公司具有现实意义。入世背景下，金融控股公司模式的产生发展是必然的和可行的，其建立成为不良资产问题解决的契机和出口，并将助力改制上市。
德国全能银行模式有悖于我国国情。日本模式直接出资设立的新公司涉足其他金融领域的构建路径可以成为有益借鉴。美国的伞式监管可移植性。以花旗集团为例，商业银行为核心的纯粹型金融控股公司模式是兼顾效率安全的选择。
就国有商业银行构建金融控股公司的操作探索有如下建议：国有商业银行积极稳妥地推进金融控股公司操作试点；有效度量控制资本不足、关联交易等风险；确立对金融控股公司的监管制度安排和组织结构，完善法律法规依据是银监会、证监会、保监会及央行必须共同面对的当务之急。
Facing the challenges following financial industry open-up due to the WTO entry, on the practical conditions of shareholding system reform and going list, FHC (financial holding company) is the prime choice.
FHC has the superiority of scale and scope economy effects. Financial institutions are more suitable to this mode due to their lower asset-specificity in capital, information and entrepreneur-ship. Meanwhile, the advantages in resources distribution efficiency and organization structure represent transaction cost economy.
Chinese state-owned commercial banks adopting FHC would take on realistic significance. WTO entry promises that mixed operation would dominate the tendency. The establishment of FHC provides favorable chance for dealing with the bad loan problems. Based on better governance structure, holding company mode would accelerate reform and going list pace which is benefit to Chinese capital market.
Germany mode is against our practical legal system at present. The character of Japan mode is investing in a new company to entering into another financial business sectors and satisfying the expansion need. This establishment route is a good example for Chinese state-owned commercial banks. The umbrella supervision of U.S. mode is transplantable. As the typical pure FHC based on commercial bank, Citi-group Inc. keeps away from legal limitation and divides the functions and risks of different businesses, winning both financial efficiency and financial security.
In practice, the exploration and experiment of state-owned commercial banks might as well include the following aspects. Accelerating experiments is feasible measure keeping to step-by-step principle.
The inherent risks of FHC comprise systemic ones and special ones. Under-capitalized risk and related transaction seem especially essential. The urgent tasks for CBRC, CSRC, CIRC and central bank include establishing supervision system and organization structure, and providing legal foundation.
引文
1．国务院发展研究中心金融研究所所长夏斌，《金融控股公司研究》，中国金融出版社，2001年
2．徐晗笑，路颖，于子胜，《关于金融业混业经营的思考———兼论我国金融业混业经营存在的障碍》，《当代经济研究》，2001年第5期
3．中信国际研究所张春子，《金融集团内部各种业务关联与互动》，2000年12月
4．吴培新，《组建金融控股公司是我国金融业的发展方向》，《上海金融》，2002年第5期
5．舒志军，《金融控股公司与资本经营》，《国际金融研究》，1998年第6期
6．魏加宁，王彤，《有关金融控股公司及其监管的问题出探》，《经济界》2002年第5期
7．李曜，《论金融集团主导下的金融监管组织体系设置》，《财经研究Journal of Finance and Economics》，2003年4月
8．梅志翔，王华庆，《中国人民银行职能调整》，《金融时报》，2003年9月29日
9．徐涛，《吴晓灵：尽快把金融控股公司立法提上日程》，《上海证券报》2004年2月16日
10．(美)科斯，《制度、契约与组织：从新制度经济学角度的透视》，经济科学出版社，2003
11．(美)奥利弗·E．威廉姆森，《资本主义经济制度：论企业签约与市场签约》，商务印书馆，2002
12. Carmichael Jeffery, Financial Regulation in the 21st Century, Joural of Banking and Financial Services, pp32-34, August, 2000
13. David Llewellyn, How Countries Supervise their Banks, Insurers and Securities Markets, Central Banking Publications, 1997
14. Thomas C. Baxter, Jr.,Governing the Financial or Bank Holding Company: How Legal Infrastructure Can Facilitate Consolidated Risk Management, Current Issues in Economics and Finance, March 2003, Volume 9, Number 3
15. Fred Furlong, Federal Reserve Bank of San Francisco Economic Letter, 2000-10;
March 31, 2000
16. Senator Phil Gramm, Financial Services Modenizaton, October 22, 1999
17. Dan Slater, Financial holding companies in China not a panacea, Finance Asia, 04 November 2002
18. Framework for Financial Holding Company Supervision, Division of Banking Supervision and Regulation SR 00-13 (SUP), August 15, 2000
19. Gramm-Leach-Bliley Act, Economic Research & Data, November, 1999
20. Papers prepared by the Joint Forum on Financial Conglomerates, Supervision of Financial Conglomerates, Basle, 1999
21. 中国人民银行官方网站www. pbc. gov. cn
22. 其它：Financial Service Modernization Act of 1999, FDIC Bank Holding Company Act, 《商业银行法》等相关经济金融法律法规
2．徐晗笑，路颖，于子胜，《关于金融业混业经营的思考———兼论我国金融业混业经营存在的障碍》，《当代经济研究》，2001年第5期
3．中信国际研究所张春子，《金融集团内部各种业务关联与互动》，2000年12月
4．吴培新，《组建金融控股公司是我国金融业的发展方向》，《上海金融》，2002年第5期
5．舒志军，《金融控股公司与资本经营》，《国际金融研究》，1998年第6期
6．魏加宁，王彤，《有关金融控股公司及其监管的问题出探》，《经济界》2002年第5期
7．李曜，《论金融集团主导下的金融监管组织体系设置》，《财经研究Journal of Finance and Economics》，2003年4月
8．梅志翔，王华庆，《中国人民银行职能调整》，《金融时报》，2003年9月29日
9．徐涛，《吴晓灵：尽快把金融控股公司立法提上日程》，《上海证券报》2004年2月16日
10．(美)科斯，《制度、契约与组织：从新制度经济学角度的透视》，经济科学出版社，2003
11．(美)奥利弗·E．威廉姆森，《资本主义经济制度：论企业签约与市场签约》，商务印书馆，2002
12. Carmichael Jeffery, Financial Regulation in the 21st Century, Joural of Banking and Financial Services, pp32-34, August, 2000
13. David Llewellyn, How Countries Supervise their Banks, Insurers and Securities Markets, Central Banking Publications, 1997
14. Thomas C. Baxter, Jr.,Governing the Financial or Bank Holding Company: How Legal Infrastructure Can Facilitate Consolidated Risk Management, Current Issues in Economics and Finance, March 2003, Volume 9, Number 3
15. Fred Furlong, Federal Reserve Bank of San Francisco Economic Letter, 2000-10;
March 31, 2000
16. Senator Phil Gramm, Financial Services Modenizaton, October 22, 1999
17. Dan Slater, Financial holding companies in China not a panacea, Finance Asia, 04 November 2002
18. Framework for Financial Holding Company Supervision, Division of Banking Supervision and Regulation SR 00-13 (SUP), August 15, 2000
19. Gramm-Leach-Bliley Act, Economic Research & Data, November, 1999
20. Papers prepared by the Joint Forum on Financial Conglomerates, Supervision of Financial Conglomerates, Basle, 1999
21. 中国人民银行官方网站www. pbc. gov. cn
22. 其它：Financial Service Modernization Act of 1999, FDIC Bank Holding Company Act, 《商业银行法》等相关经济金融法律法规
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