我国保险集团资源整合研究
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摘要
进入21世纪以来,伴随着我国经济越来越融入国际经济格局,我国保险企业面对的经营环境和竞争市场越来越复杂,我国的金融保险业已经步入了融合竞争时代。在这样的时代背景下,我国保险企业的集团化建设己越过了“为什么要集团化”的阶段,步入了“怎样集团化”的阶段。在这个发展阶段,“集团资源整合”无疑成为“怎样集团化”中的一个难点和热点课题。本文基于此,将保险集团的资源整合问题作为研究对象。在研究视角上,本文认为,无论是在实践中还是在理论研究上,资产负债管理理论已经上升为统领保险企业经营管理的战略管理思想,也是最能体现保险企业(包括保险集团)经营特色的管理理论,因此,本文从资产负债管理的角度来研究我国保险集团的资源整合问题,更具有现实性和前瞻性。
本文的主要内容包括以下几个部分:
第一章引言:界定了研究的对象,阐述了本研究的背景和意义,对前人就该问题的研究成果进行了简要介绍和评述,阐明了本文研究的逻辑思路和主要框架,明确了本文的主要研究方法,总结了本文的主要特色、创新与突破,并客观地指出本研究还存在的局限和不足。
第二章是保险集团资源整合研究的理论基础。根据研究对象分别对企业集团研究所涉及到的制度经济学、竞争学等相关理论,资源整合所涉及到的规模经济、范围经济、协同效应、内部市场、信息经济学等理论,国际实证研究所涉及到的面板数据分析方法和回归分析方法以及本文特色研究视角——资产负债管理理论进行了简要介绍。
第三章是国内实践:我国保险集团资源整合现状研究。对我国保险集团资源整合的动力进行了研判,在此基础上,在企业层面,对我国保险集团资源整合的现有模式、具体途径进行了归纳和总结。在监管层面,对现有的我国金融监管体系以及保险集团监管政策,特别是保险集团资源整合监管政策进行了梳理和评析。从而指出我国保险集团资源整合实践中存在的局限性。
第四章是国际实践:国际金融保险集团资源整合研究及借鉴。首先利用个案研究法对具有代表性的国泰金控、安盛集团、美国国际(AIG)的资源整合实践进行了研究,在经营范围上,这三家国际金融保险集团均是典型的由保险公司发展而来实现了金融保险业务的综合经营;在地域上,三个案例分别来自亚洲、欧洲和美国,有一定的代表性;在经验分析上,前两家均是成功案例的代表,AIG则是反面案例的代表;在本土和国际化经营上,国泰金控是本土资源整合的代表,安盛和AIG则是跨国资源整合的代表。得出的最重要启示是要用资产负债管理理论对于保险集团资源整合有着至关重要的意义。其次,在监管层面对美国、欧盟、日本、我国台湾地区等金融混业经营比较成熟国家和地区的行业监管政策进行了分析和研究。在此基础上,总结出国际借鉴的经验。
第五章是资产负债管理视角下的保险集团资源整合理论框架。这是全文研究的核心。本文首先利用资产负债管理理论将保险集团的资源分为资产资源和负债资源两大类,并按照资产资源的整合、负债资源的整合以及资产资源和负债资源的整合这三条基本思路,构建了基于资产负债管理视角的保险集团资源整合理论框架。三条基本思路中的前两种都对基本方式和风险规避进行了阐述,其中,第三条思路是贯穿保险集团经营管理体系的一根红线,也是统领整个保险集团资源整合全过程的战略规划。
第六章是对基于资产负债管理视角下的保险集团资源整合理论框架的计量检验。即是对第五章所提出的理论框架的实证证明。首先,利用计量经济学中的面板数据分析方法对19个国家的114家国际金融保险机构分金融混业集团、保险混业集团、专业保险公司、银行、投资银行,对他们的经营效率进行了实证比较研究,证明了本文定义的保险集团的经营效率高于专业性金融机构,而这种优势主要来自资源整合,也就证明了资源整合能够提升保险集团的竞争优势,即保险集团的资源整合有效率。其次,利用计量经济学中的回归分析方法,分析了11个国家的24家国际保险多元化集团、金融多元化集团资产负债管理效果与资源整合效果之间存在正向的回归关系,证明了保险集团基于资产负债管理的资源整合有效率。上述两个层次证明了第五章所提出的理论框架的有效性。
第七章是微观企业层面的应用——基于资产负债管理的我国保险集团资源整合企业流程设计。这是第五章在我国微观企业层面的应用。其中,母公司通常作为资源整合的组织者和评价者,子公司通常作为资源整合的参与者和受益者,角色扮演是不同的。基于此,本章主要框架分为母公司层面和子公司层面。根据我国保险企业的现实特点,母公司在资源整合中的角色又分为看得见的手——权威配置,及看不见的手——内部市场配置。子公司在资源整合中的角色根据第五章模型,分为资产类子公司之间的资源整合,负债类子公司之间的资源整合,以及资产类和负债类子公司之间的资源整合。
第八章是产业政策层面的应用——基于资产负债管理的我国保险集团资源整合监管政策建议。这是第五章在我国监管层面的应用。本章首先对我国保险集团监管政策的沿革进行了梳理,并指出了我国保险集团监管现存的盲点和应该明确的重点,最后从监管理念、监管机制和监管体系三个方面,基于保险集团的资产负债管理经营特点,对我国保险集团资源整合的监管提出了政策建议。
第九章是总结与展望。首先对本课题研究进行了简要总结,并对本研究未来深化及丰富的方向进行了展望。
从逻辑上讲,引言是提出问题部分,第二至四章属于分析问题部分,第五至八章属于解决问题部分。
从方法论上看,第二章是理论介绍,第三、四章是分析实践,用第一章的理论来分析第三、四章介绍的实践,得出新的理论框架即第五章,第六章用实践数据来检验这个新的理论框架,第七章和第八章就是将经过验证的新理论框架再运用到实践中去。
在研究方法上,单一的研究方法往往具有逻辑的局限性,因此,本文力求通过两种相对的研究方法的互补和组合,使其扬长避短。主要包括:规范分析与实证分析相结合,微观分析与宏观分析相结合,经济学分析方法与管理学分析方法相结合,案例分析与计量分析相结合的方法。在研究创新上,一是研究对象创新——首次系统地研究我国保险集团的资源整合问题;二是研究视角创新——将资产负债管理作为战略思想而不是战术方法来构造我国保险集团资源整合理论框架;三是研究成果创新——构建出基于资产负债管理的保险集团资源整合理论框架并加以应用。此外,在文中还存在其他创新点:一是分别利用计量经济学中的面板数据理论和回归分析方法,对19个国家的114家国际金融保险机构9年的经营效率进行了实证比较研究,对11个国家的24家国际金融保险集团的资产负债管理效果与资源整合效果之间的关系进行了实证分析,无论是数据样本量还是研究思路应该算作一次创新尝试。二是运用经济学理论总结分析了我国保险集团资源整合的现有模式。三是运用综合评价方法,构建了保险集团资源整合综合评价指标体系,并讨论其指标权重赋值、评价流程等问题等。
With entering the 21st Century, the China's current macroeconomic situation are more and more effected by the global macroeconomic situation. And the On the other hand, the progress of financial reforms and improvement of life insurance functions drive the Chinese financial sector into an era of integration and competition. Under this historical background, the process of the insurance company building to the insurance group has enter the seedtime of "how to develop to an insurance group" from the seedtime of "why to develop to an insurance group". In this seedtime, the insurance groups' resources integration has been becoming the focus to answer how to develop to an insurance group. So this article focuses on the insurance groups' resources integration. In this article, the Asset-Liability Management (ALM) Theory is thought of the most important and characteristic theory which has been used as an enterprise strategy management theory. So it's practical and the forward-looking to do the research of the insurance groups' resources integration in China with the perspective of asset-liability management (ALM) theory.
Based on the topic, this article depicts the following seven chapters.
In the introduction, the article defines the major topics such insurance group, resources integration and so on. The background, significance, innovation, means, disfigurement and the conclusion of this research will be state in this part.
The topic of the second chapter is the theory basement of the insurance groups' resources integration. It includes the institutional economics, competition theory, economy of scales theory, economy of scope theory, coordination effect theory, Information Economics, panel data model and the asset-liability management (ALM) theory etc.
The topic of the third chapter is the domestic practice-the research to the insurance groups' resources integration in China. First of all, this paper analyses the motility of the insurance groups' resources integration. On base of this, it summarizes the pattern and the passes of the insurance groups' resources integration in China. At last, it concludes the regulatory measures to the financial companies, insurance groups and the insurance groups' resources integration in China.
The topic of the fourth chapter is the international practice-the truth analysis to the global insurance groups' resources integration. At first, this paper presents a representative cases analysis which including the Cathay financial holding company in the Taiwan area (Cathay) , the AXA insurance group in France (AXA) and the America International Group in USA (AIG) . The three insurance groups are the representative from Asia, Europe and USA. Cathay and AXA are the typical characters which obtained the success in resources integration and AIG is the unsuccessful one. AXA and AIG are the examples which integrate their resources in global and Cathay does this domestically. Following, this part focus on the international regulatory measures to the financial companies including insurance groups in USA, EU, Japan and Taiwan area.
The topic of the fifth chapter is the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory. This part is the core of the whole paper. At first, with the perspective of ALM theory, the insurance group's resources are divided to asset management resources and the liability management resources. So the insurance groups' resources integration includes the resources integration between the asset management resources, the resources integration between the liability management resources and the resources integration between asset management resources and the liability management resources. All the above three resource integrations include the approaches and the ways to control the risks. The resources integration between asset management resources and the liability management resources is the stratagem of the insurance groups' resources integration, and it also is a key run-through the insurance groups' management.
The topic of the sixth chapter is to make two econometric models to test the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory. Firstly, the paper uses the panel data model to compare the efficiency in different types of insurance and finance enterprises including financial groups , Insurance groups , life insurance companies, non-life insurance companies, reinsurance companies, commercial banks and investment and chartered banks. And the conclusion is that, because of the insurance groups' resources integration, the insurance groups are more preponderant than the single-crop farming financial enterprises. Secondly, the paper makes a linear equation to analyses the relationship between the efficiency of ALM and the efficiency of the resources integration. And the conclusion is that, insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory is efficient and effective.
The topic of the seventh chapter is the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory being used in the insurance enterprises. In the insurance group, the parent company is the organizer and valuator in the insurance groups' resources integration. The subsidiary companies are the participators and runners in the insurance groups' resources integration. The parent company integrates the recourses through the market mechanism and administrative means. The resources integration in the subsidiary companies include the integration between the asset management subsidiary companies, the integration between the liability management subsidiary companies, and the integration between the asset management subsidiary companies and the liability management subsidiary companies.
The topic of the eighth chapter is the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory being used in the insurance regulatory organization. Firstly, this part reviews the regulatory to the insurance group in China. Secondly, the blind spot and the key spot in the insurance group regulatory are pointed. Last but not the least, this part presents the suggestions for the insurance groups' resources integration with the perspective of ALM theory in China. It includes the regulatory thinking, regulatory mechanism and the regulatory system.
The topic of the ninth chapter is the conclusion and expectation. It is the brief summary to the research and the view to perfect this research.
In all of the chapters, the introduction is the part to bring the question, the fist three chapters are the part to analyze the question, and the last three chapters are the part to solve the question.
In the side of the research of methods, the article thinks that one single study methods has the localization. So this article tries to integrate the relative two methods together such as integrate the positive and normative analysis together, integrate the micro and macro analysis together, integrate the economics and management analysis together, integrate the contrast analysis and historical analysis together, integrate the dynamic analysis and static analysis together, integrate the case study and econometric study together. The possible breakthrough of this article mainly includes three aspects. Firstly, the research target is innovative: it first analyzes the insurance groups' resources integration. Secondly, the research perspective is innovative: The ALM theory is used as not a tactical way but a strategic idea to analyze the insurance groups' resources integration in China. Thirdly, the research result is innovative: The insurance groups' resources integration theoretic frame-with the perspective of ALM theory is built up and applied in China. Besides, there are other three breakthrough points: firstly, the paper uses the panel data model to compare the efficiency in different types of insurance and finance enterprises including financial groups, Insurance groups, life insurance companies, non-life insurance companies, reinsurance companies, commercial banks and investment and chartered banks. It is possible innovative in the methods and number of the data. Secondly, it summarizes the pattern and the passes of the insurance groups' resources integration in China. Thirdly , the paper builds up the multiple-objective-comprehensive-evaluation system (MOCE) for the insurance groups' resources integration in China and the indexes and their weights are discussed in the paper.
本文的主要内容包括以下几个部分:
第一章引言:界定了研究的对象,阐述了本研究的背景和意义,对前人就该问题的研究成果进行了简要介绍和评述,阐明了本文研究的逻辑思路和主要框架,明确了本文的主要研究方法,总结了本文的主要特色、创新与突破,并客观地指出本研究还存在的局限和不足。
第二章是保险集团资源整合研究的理论基础。根据研究对象分别对企业集团研究所涉及到的制度经济学、竞争学等相关理论,资源整合所涉及到的规模经济、范围经济、协同效应、内部市场、信息经济学等理论,国际实证研究所涉及到的面板数据分析方法和回归分析方法以及本文特色研究视角——资产负债管理理论进行了简要介绍。
第三章是国内实践:我国保险集团资源整合现状研究。对我国保险集团资源整合的动力进行了研判,在此基础上,在企业层面,对我国保险集团资源整合的现有模式、具体途径进行了归纳和总结。在监管层面,对现有的我国金融监管体系以及保险集团监管政策,特别是保险集团资源整合监管政策进行了梳理和评析。从而指出我国保险集团资源整合实践中存在的局限性。
第四章是国际实践:国际金融保险集团资源整合研究及借鉴。首先利用个案研究法对具有代表性的国泰金控、安盛集团、美国国际(AIG)的资源整合实践进行了研究,在经营范围上,这三家国际金融保险集团均是典型的由保险公司发展而来实现了金融保险业务的综合经营;在地域上,三个案例分别来自亚洲、欧洲和美国,有一定的代表性;在经验分析上,前两家均是成功案例的代表,AIG则是反面案例的代表;在本土和国际化经营上,国泰金控是本土资源整合的代表,安盛和AIG则是跨国资源整合的代表。得出的最重要启示是要用资产负债管理理论对于保险集团资源整合有着至关重要的意义。其次,在监管层面对美国、欧盟、日本、我国台湾地区等金融混业经营比较成熟国家和地区的行业监管政策进行了分析和研究。在此基础上,总结出国际借鉴的经验。
第五章是资产负债管理视角下的保险集团资源整合理论框架。这是全文研究的核心。本文首先利用资产负债管理理论将保险集团的资源分为资产资源和负债资源两大类,并按照资产资源的整合、负债资源的整合以及资产资源和负债资源的整合这三条基本思路,构建了基于资产负债管理视角的保险集团资源整合理论框架。三条基本思路中的前两种都对基本方式和风险规避进行了阐述,其中,第三条思路是贯穿保险集团经营管理体系的一根红线,也是统领整个保险集团资源整合全过程的战略规划。
第六章是对基于资产负债管理视角下的保险集团资源整合理论框架的计量检验。即是对第五章所提出的理论框架的实证证明。首先,利用计量经济学中的面板数据分析方法对19个国家的114家国际金融保险机构分金融混业集团、保险混业集团、专业保险公司、银行、投资银行,对他们的经营效率进行了实证比较研究,证明了本文定义的保险集团的经营效率高于专业性金融机构,而这种优势主要来自资源整合,也就证明了资源整合能够提升保险集团的竞争优势,即保险集团的资源整合有效率。其次,利用计量经济学中的回归分析方法,分析了11个国家的24家国际保险多元化集团、金融多元化集团资产负债管理效果与资源整合效果之间存在正向的回归关系,证明了保险集团基于资产负债管理的资源整合有效率。上述两个层次证明了第五章所提出的理论框架的有效性。
第七章是微观企业层面的应用——基于资产负债管理的我国保险集团资源整合企业流程设计。这是第五章在我国微观企业层面的应用。其中,母公司通常作为资源整合的组织者和评价者,子公司通常作为资源整合的参与者和受益者,角色扮演是不同的。基于此,本章主要框架分为母公司层面和子公司层面。根据我国保险企业的现实特点,母公司在资源整合中的角色又分为看得见的手——权威配置,及看不见的手——内部市场配置。子公司在资源整合中的角色根据第五章模型,分为资产类子公司之间的资源整合,负债类子公司之间的资源整合,以及资产类和负债类子公司之间的资源整合。
第八章是产业政策层面的应用——基于资产负债管理的我国保险集团资源整合监管政策建议。这是第五章在我国监管层面的应用。本章首先对我国保险集团监管政策的沿革进行了梳理,并指出了我国保险集团监管现存的盲点和应该明确的重点,最后从监管理念、监管机制和监管体系三个方面,基于保险集团的资产负债管理经营特点,对我国保险集团资源整合的监管提出了政策建议。
第九章是总结与展望。首先对本课题研究进行了简要总结,并对本研究未来深化及丰富的方向进行了展望。
从逻辑上讲,引言是提出问题部分,第二至四章属于分析问题部分,第五至八章属于解决问题部分。
从方法论上看,第二章是理论介绍,第三、四章是分析实践,用第一章的理论来分析第三、四章介绍的实践,得出新的理论框架即第五章,第六章用实践数据来检验这个新的理论框架,第七章和第八章就是将经过验证的新理论框架再运用到实践中去。
在研究方法上,单一的研究方法往往具有逻辑的局限性,因此,本文力求通过两种相对的研究方法的互补和组合,使其扬长避短。主要包括:规范分析与实证分析相结合,微观分析与宏观分析相结合,经济学分析方法与管理学分析方法相结合,案例分析与计量分析相结合的方法。在研究创新上,一是研究对象创新——首次系统地研究我国保险集团的资源整合问题;二是研究视角创新——将资产负债管理作为战略思想而不是战术方法来构造我国保险集团资源整合理论框架;三是研究成果创新——构建出基于资产负债管理的保险集团资源整合理论框架并加以应用。此外,在文中还存在其他创新点:一是分别利用计量经济学中的面板数据理论和回归分析方法,对19个国家的114家国际金融保险机构9年的经营效率进行了实证比较研究,对11个国家的24家国际金融保险集团的资产负债管理效果与资源整合效果之间的关系进行了实证分析,无论是数据样本量还是研究思路应该算作一次创新尝试。二是运用经济学理论总结分析了我国保险集团资源整合的现有模式。三是运用综合评价方法,构建了保险集团资源整合综合评价指标体系,并讨论其指标权重赋值、评价流程等问题等。
With entering the 21st Century, the China's current macroeconomic situation are more and more effected by the global macroeconomic situation. And the On the other hand, the progress of financial reforms and improvement of life insurance functions drive the Chinese financial sector into an era of integration and competition. Under this historical background, the process of the insurance company building to the insurance group has enter the seedtime of "how to develop to an insurance group" from the seedtime of "why to develop to an insurance group". In this seedtime, the insurance groups' resources integration has been becoming the focus to answer how to develop to an insurance group. So this article focuses on the insurance groups' resources integration. In this article, the Asset-Liability Management (ALM) Theory is thought of the most important and characteristic theory which has been used as an enterprise strategy management theory. So it's practical and the forward-looking to do the research of the insurance groups' resources integration in China with the perspective of asset-liability management (ALM) theory.
Based on the topic, this article depicts the following seven chapters.
In the introduction, the article defines the major topics such insurance group, resources integration and so on. The background, significance, innovation, means, disfigurement and the conclusion of this research will be state in this part.
The topic of the second chapter is the theory basement of the insurance groups' resources integration. It includes the institutional economics, competition theory, economy of scales theory, economy of scope theory, coordination effect theory, Information Economics, panel data model and the asset-liability management (ALM) theory etc.
The topic of the third chapter is the domestic practice-the research to the insurance groups' resources integration in China. First of all, this paper analyses the motility of the insurance groups' resources integration. On base of this, it summarizes the pattern and the passes of the insurance groups' resources integration in China. At last, it concludes the regulatory measures to the financial companies, insurance groups and the insurance groups' resources integration in China.
The topic of the fourth chapter is the international practice-the truth analysis to the global insurance groups' resources integration. At first, this paper presents a representative cases analysis which including the Cathay financial holding company in the Taiwan area (Cathay) , the AXA insurance group in France (AXA) and the America International Group in USA (AIG) . The three insurance groups are the representative from Asia, Europe and USA. Cathay and AXA are the typical characters which obtained the success in resources integration and AIG is the unsuccessful one. AXA and AIG are the examples which integrate their resources in global and Cathay does this domestically. Following, this part focus on the international regulatory measures to the financial companies including insurance groups in USA, EU, Japan and Taiwan area.
The topic of the fifth chapter is the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory. This part is the core of the whole paper. At first, with the perspective of ALM theory, the insurance group's resources are divided to asset management resources and the liability management resources. So the insurance groups' resources integration includes the resources integration between the asset management resources, the resources integration between the liability management resources and the resources integration between asset management resources and the liability management resources. All the above three resource integrations include the approaches and the ways to control the risks. The resources integration between asset management resources and the liability management resources is the stratagem of the insurance groups' resources integration, and it also is a key run-through the insurance groups' management.
The topic of the sixth chapter is to make two econometric models to test the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory. Firstly, the paper uses the panel data model to compare the efficiency in different types of insurance and finance enterprises including financial groups , Insurance groups , life insurance companies, non-life insurance companies, reinsurance companies, commercial banks and investment and chartered banks. And the conclusion is that, because of the insurance groups' resources integration, the insurance groups are more preponderant than the single-crop farming financial enterprises. Secondly, the paper makes a linear equation to analyses the relationship between the efficiency of ALM and the efficiency of the resources integration. And the conclusion is that, insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory is efficient and effective.
The topic of the seventh chapter is the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory being used in the insurance enterprises. In the insurance group, the parent company is the organizer and valuator in the insurance groups' resources integration. The subsidiary companies are the participators and runners in the insurance groups' resources integration. The parent company integrates the recourses through the market mechanism and administrative means. The resources integration in the subsidiary companies include the integration between the asset management subsidiary companies, the integration between the liability management subsidiary companies, and the integration between the asset management subsidiary companies and the liability management subsidiary companies.
The topic of the eighth chapter is the insurance groups' resources integration theoretic frame- with the perspective of asset-liability management (ALM) theory being used in the insurance regulatory organization. Firstly, this part reviews the regulatory to the insurance group in China. Secondly, the blind spot and the key spot in the insurance group regulatory are pointed. Last but not the least, this part presents the suggestions for the insurance groups' resources integration with the perspective of ALM theory in China. It includes the regulatory thinking, regulatory mechanism and the regulatory system.
The topic of the ninth chapter is the conclusion and expectation. It is the brief summary to the research and the view to perfect this research.
In all of the chapters, the introduction is the part to bring the question, the fist three chapters are the part to analyze the question, and the last three chapters are the part to solve the question.
In the side of the research of methods, the article thinks that one single study methods has the localization. So this article tries to integrate the relative two methods together such as integrate the positive and normative analysis together, integrate the micro and macro analysis together, integrate the economics and management analysis together, integrate the contrast analysis and historical analysis together, integrate the dynamic analysis and static analysis together, integrate the case study and econometric study together. The possible breakthrough of this article mainly includes three aspects. Firstly, the research target is innovative: it first analyzes the insurance groups' resources integration. Secondly, the research perspective is innovative: The ALM theory is used as not a tactical way but a strategic idea to analyze the insurance groups' resources integration in China. Thirdly, the research result is innovative: The insurance groups' resources integration theoretic frame-with the perspective of ALM theory is built up and applied in China. Besides, there are other three breakthrough points: firstly, the paper uses the panel data model to compare the efficiency in different types of insurance and finance enterprises including financial groups, Insurance groups, life insurance companies, non-life insurance companies, reinsurance companies, commercial banks and investment and chartered banks. It is possible innovative in the methods and number of the data. Secondly, it summarizes the pattern and the passes of the insurance groups' resources integration in China. Thirdly , the paper builds up the multiple-objective-comprehensive-evaluation system (MOCE) for the insurance groups' resources integration in China and the indexes and their weights are discussed in the paper.
引文
1 资料来源:H.钱纳里等《工业化和经济增长的比较研究》,上海三联书店和上海人民出版社1995年,第70-71页。
2 2009年4月,在先后拿到银监会和保监会的通行证后,交行、北京银行分别入股中保康联人寿和太平洋安泰保险,这意味着银行业混业经营再获实质性进展。2009年4月11日在第五届中国金融改革高层论坛上,银监会监管一部副主任赖秀福表示,日前银监会已和保监会就银行试点保险公司达成共识,首先将在四家大型银行进行试点。2009年4月29日,保监会新闻发言人袁力在保监会一季度新闻发布会上称,银行投资保险公司已经获得了国务院的原则同意。
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