我国金融混业经营新趋势下监管体制调整研究
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摘要
随着英、日、美等西方发达国家金融业经营体制由分业向混业回归，金融混业经营体制逐步发展成为了国际金融业的主流。在这一大前提下，本文首先对国际金融混业经营的背景、经济学动因以及需要的相关条件进行了简要分析，并结合我国金融业的现状，论证了我国金融混业经营是大势所趋，金融控股公司模式则是混业经营的现实选择。
然后本文通过分析金融监管的理论基础说明了金融监管的必要性，运用西方新制度经济学制度变迁理论，对混业经营趋势下我国金融监管体制调整进行了理性分析。
混业经营需要相应的条件予以支撑，其中之一就是健全而强大的金融监管体制，目前我国金融监管体制还存在一些弊端，不能适应金融混业经营的发展趋势，混业经营必将对我国金融监管体制的各个方面形成挑战，对此，本文进行了具体分析。
最后，在考察金融混业经营趋势下国际金融监管体制的改革实践，总结它们成功经验的基础上，结合我国金融业发展的具体情况，提出了我国金融监管体制调整的对策。
With the return of financial operational system of western developed countries such as UK, Japan, USA etc from separated to mixed, mixed operational system has developed into the mainstream of international financing. Under this major premise, this paper analyses the background, economics reason and relevant conditions needed of mixed operation of international financing briefly, demonstrates that financial mixed operation is the developing trend of China's financing and Financial Services Holding Company is the best form for us considering the current situations.
Then this paper states the necessity of financial supervision through the analysis of the theoretical foundations of financial supervision, Using institutional transition theory of the western new institutional economics, analyses the necessity of modulation of China's financial supervisory system in the tendency of financial mixed operation rationally.
Mixed operation needs some corresponding conditions, one of them is a perfect and mighty financial supervisory system. Still there are some drawbacks in the financial supervisory system of our country at present, can't adapt to the developing trend of financial mixed operation. All respects to the financial supervisory system of our country will be challenged by mixed operation. To these challenges, this paper analyses them explicitly.
At last, on the basis of exploring the reform practices of international financial supervisory system in the tendency of financial mixed operation , summarizing their successful experiences and combining the current situations of our country, this paper puts forward the modulation countermeasures of China's financial supervisory system.
然后本文通过分析金融监管的理论基础说明了金融监管的必要性，运用西方新制度经济学制度变迁理论，对混业经营趋势下我国金融监管体制调整进行了理性分析。
混业经营需要相应的条件予以支撑，其中之一就是健全而强大的金融监管体制，目前我国金融监管体制还存在一些弊端，不能适应金融混业经营的发展趋势，混业经营必将对我国金融监管体制的各个方面形成挑战，对此，本文进行了具体分析。
最后，在考察金融混业经营趋势下国际金融监管体制的改革实践，总结它们成功经验的基础上，结合我国金融业发展的具体情况，提出了我国金融监管体制调整的对策。
With the return of financial operational system of western developed countries such as UK, Japan, USA etc from separated to mixed, mixed operational system has developed into the mainstream of international financing. Under this major premise, this paper analyses the background, economics reason and relevant conditions needed of mixed operation of international financing briefly, demonstrates that financial mixed operation is the developing trend of China's financing and Financial Services Holding Company is the best form for us considering the current situations.
Then this paper states the necessity of financial supervision through the analysis of the theoretical foundations of financial supervision, Using institutional transition theory of the western new institutional economics, analyses the necessity of modulation of China's financial supervisory system in the tendency of financial mixed operation rationally.
Mixed operation needs some corresponding conditions, one of them is a perfect and mighty financial supervisory system. Still there are some drawbacks in the financial supervisory system of our country at present, can't adapt to the developing trend of financial mixed operation. All respects to the financial supervisory system of our country will be challenged by mixed operation. To these challenges, this paper analyses them explicitly.
At last, on the basis of exploring the reform practices of international financial supervisory system in the tendency of financial mixed operation , summarizing their successful experiences and combining the current situations of our country, this paper puts forward the modulation countermeasures of China's financial supervisory system.
引文
[1] 肖劲东，梁海峰．中国金融业混业经营模式及风险防火墙设置．现代经济探讨，2002，(8)：68～70
[2] [美]艾伦·加特．陈雨露，王智洁，蔡玲译．管制，放松，再管制．北京：经济科学出版社，1999
[3] 高晓梅．金融业从分业经营向混业经营回归的国际实践及启示．山东财政学院学报，2001，(5)：20～24
[4] Jordi Canals. Universal Banking: International Comparisons and Theoretical Perspeetibe. Oxford: Clarendon Press, 1997
[5] 叶辅靖．全能银行比较研究——兼论混业与分业经营．北京：中国金融出版社，2001
[6] 阎庆民．中国银行业监管问题研究．北京：中国金融出版社，2002
[7] Berber. What can we get efficiency, from the consolidation of banking Services. Federal Reserves Working Paper, 2001, (3): 248～260
[8] 吉卫民，常浩．分业经营与综合经营的成本效应分析．金融研究，2000，(10)：53～59
[9] 陈岗．论中国金融混业经营的时间安排与模式选择．经济评论，2000，(6)：81～83
[10] 黄禹忠，吴献金．混业经营监管机构设置研究．金融理论与实践，2002，(7)：16～18
[11] 郭洪林．对我国实行金融混业经营的分析与建议．经济研究参考，2002，(40)：12～14
[12] 鲁向东，张立洲．金融业走向混业经营的战略构想．财经问题研究，2002，(11)：31～33
[13] 周道许．现代金融监管体制研究．北京：中国金融出版社，2000
[14] Stigler G. J. The Theory of Economic Regulation. The Bell Journal of Economic and Management Science, 1971, (2): 3～21
[15] 蒋海．对金融监管理论基础及其政策的反思．经济科学，2002，(4)：87～90
[16] Thomson James B. Using Market Incentive to Reform Bank Regulation and Federal Deposit Insurance. Economic Review(Federal Reserve Bank of
Cleveland), 1st Quarter, 1990, (26): 28～42
[17] 江曙霞．银行监督管理与资本充足性管制．北京：中国发展出版社，1994
[18] 保罗·A·萨缪尔森，威廉·D·诺德豪斯．经济学．北京：中国发展出版社，1992
[19] Minsky, Hyman E The Financial Instability Hypothesis: Capitalist Processes and The Behavior of The Economy. In: Financial Crises: Theory, History, and Policy. Cambridge: Cambridge University press, 1982
[20] Friedman M, Schwartz A J. Has The Government Any Role in Money?. Journal of Monetary Economies, 1986, (17): 37～62
[21] Diamond Douglas W, Raghuram G Rajah. Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking. Journal of Political Economy, 2001, (109): 287～327
[22] Kaufman George G. Bank Failures, System Risk, and Bank Regulation. CATO Journal, Spring/Summer, 1996, (16): 17～46
[23] 张维迎．博弈论与信息经济学．上海：上海三联书店，上海人民出版社，2002
[24] Stiglitz J E, Andrew Weiss. Credit Rationing in Market With Imperfect Information. American Economic Review, 1981, 73(3): 393～410
[25] R·科斯，A·阿尔钦，D·诺斯．财产权利与制度变迁——产权学派与新制度学派译文集．上海：上海三联书店，上海人民出版社，1994
[26] 卢现祥．西方新制度经济学．北京：中国发展出版社，1996
[27] 王君．金融监管机构设置问题研究．经济社会体制比较，2001，(1)：4～12
[28] 朱春红．入世与我国的金融监管．天津工业大学学报，2001，(6)：40～43
[29] 中国人民银行朔州市中心支行课题组．金融监管绩效的实证分析．金融研究，2002，(11)：107～112
[30] 丁满节．对银行业依法监管的思考．金融时报，4／1 4／2003
[31] 高峰．国际金融监管发展的新趋势及对我国的启示．中央财经大学学报，2001，(7)：17～21
[32] John Kose, Anthony Saunders, Lemma W S. A Theory of Bank Regulation and Management Compensation. The Review of Financial Studies, Spring 2000, (13): 95～125
[33] 王兆星．对金融控股公司的监管准备好了吗．金融参考，2003，(5)：9～11
[34] Purl. The Potential Interest Confilicts of the Universal Banks. Stanford Business Scheol, 2001
[35] Goodhart C A E. Recent Developments in Central Banking: Some Special Features of the Monetary Policy Committee and of the European System of Central Banks. Bank of England, 2000
[36] 中国银行伦敦分行．现代金融混业监管的最新模式．国际金融研究，2002，(1)：40～46
[37] 乔海曙．英国金融监管模式改革分析．欧洲研究，2003，(2)：16-19
[38] 俞剑平，汪建坤．美国金融混业经营与监管难题．金融与保险，2001，(10)：25～27
[39] Lewellyn D T. Introduction: The Institutional Structure of Regulatory Agencies. London: Central Banking Publications, 1999
[40] Ciocca P. Supervision: One or more Institutions?. BIS Review, 2001, (10):1180～1192
[41] 吴风云，赵静梅．统一监管与多边监管的悖论：金融监管组织结构理论初探．金融研究，2002，(9)：80～87
[42] 虞群娥．论全球金融监管模式变革与我国监管模式选择．财贸经济，2002，(6)：51～54
[43] 张强，曾宪冬．金融混业经营新趋势下设立监管“防火墙”的思考．金融研究，2003，(9)：66～71
[44] 巴曙松．巴塞尔新资本协议研究．北京：中国金融出版社，2003
[45] Kane E J. A Market Perspective on Financial Regulation. CATO, 1994, (13): 333～338
[46] BIS. The New Basel Capital Accod. Basel Committee on Banking Supervision Consultative Document, 2001
[47] 张强．加入WTO后中国金融监管的一个重要改革点．金融与保险，2002，(5)：37～41
[2] [美]艾伦·加特．陈雨露，王智洁，蔡玲译．管制，放松，再管制．北京：经济科学出版社，1999
[3] 高晓梅．金融业从分业经营向混业经营回归的国际实践及启示．山东财政学院学报，2001，(5)：20～24
[4] Jordi Canals. Universal Banking: International Comparisons and Theoretical Perspeetibe. Oxford: Clarendon Press, 1997
[5] 叶辅靖．全能银行比较研究——兼论混业与分业经营．北京：中国金融出版社，2001
[6] 阎庆民．中国银行业监管问题研究．北京：中国金融出版社，2002
[7] Berber. What can we get efficiency, from the consolidation of banking Services. Federal Reserves Working Paper, 2001, (3): 248～260
[8] 吉卫民，常浩．分业经营与综合经营的成本效应分析．金融研究，2000，(10)：53～59
[9] 陈岗．论中国金融混业经营的时间安排与模式选择．经济评论，2000，(6)：81～83
[10] 黄禹忠，吴献金．混业经营监管机构设置研究．金融理论与实践，2002，(7)：16～18
[11] 郭洪林．对我国实行金融混业经营的分析与建议．经济研究参考，2002，(40)：12～14
[12] 鲁向东，张立洲．金融业走向混业经营的战略构想．财经问题研究，2002，(11)：31～33
[13] 周道许．现代金融监管体制研究．北京：中国金融出版社，2000
[14] Stigler G. J. The Theory of Economic Regulation. The Bell Journal of Economic and Management Science, 1971, (2): 3～21
[15] 蒋海．对金融监管理论基础及其政策的反思．经济科学，2002，(4)：87～90
[16] Thomson James B. Using Market Incentive to Reform Bank Regulation and Federal Deposit Insurance. Economic Review(Federal Reserve Bank of
Cleveland), 1st Quarter, 1990, (26): 28～42
[17] 江曙霞．银行监督管理与资本充足性管制．北京：中国发展出版社，1994
[18] 保罗·A·萨缪尔森，威廉·D·诺德豪斯．经济学．北京：中国发展出版社，1992
[19] Minsky, Hyman E The Financial Instability Hypothesis: Capitalist Processes and The Behavior of The Economy. In: Financial Crises: Theory, History, and Policy. Cambridge: Cambridge University press, 1982
[20] Friedman M, Schwartz A J. Has The Government Any Role in Money?. Journal of Monetary Economies, 1986, (17): 37～62
[21] Diamond Douglas W, Raghuram G Rajah. Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking. Journal of Political Economy, 2001, (109): 287～327
[22] Kaufman George G. Bank Failures, System Risk, and Bank Regulation. CATO Journal, Spring/Summer, 1996, (16): 17～46
[23] 张维迎．博弈论与信息经济学．上海：上海三联书店，上海人民出版社，2002
[24] Stiglitz J E, Andrew Weiss. Credit Rationing in Market With Imperfect Information. American Economic Review, 1981, 73(3): 393～410
[25] R·科斯，A·阿尔钦，D·诺斯．财产权利与制度变迁——产权学派与新制度学派译文集．上海：上海三联书店，上海人民出版社，1994
[26] 卢现祥．西方新制度经济学．北京：中国发展出版社，1996
[27] 王君．金融监管机构设置问题研究．经济社会体制比较，2001，(1)：4～12
[28] 朱春红．入世与我国的金融监管．天津工业大学学报，2001，(6)：40～43
[29] 中国人民银行朔州市中心支行课题组．金融监管绩效的实证分析．金融研究，2002，(11)：107～112
[30] 丁满节．对银行业依法监管的思考．金融时报，4／1 4／2003
[31] 高峰．国际金融监管发展的新趋势及对我国的启示．中央财经大学学报，2001，(7)：17～21
[32] John Kose, Anthony Saunders, Lemma W S. A Theory of Bank Regulation and Management Compensation. The Review of Financial Studies, Spring 2000, (13): 95～125
[33] 王兆星．对金融控股公司的监管准备好了吗．金融参考，2003，(5)：9～11
[34] Purl. The Potential Interest Confilicts of the Universal Banks. Stanford Business Scheol, 2001
[35] Goodhart C A E. Recent Developments in Central Banking: Some Special Features of the Monetary Policy Committee and of the European System of Central Banks. Bank of England, 2000
[36] 中国银行伦敦分行．现代金融混业监管的最新模式．国际金融研究，2002，(1)：40～46
[37] 乔海曙．英国金融监管模式改革分析．欧洲研究，2003，(2)：16-19
[38] 俞剑平，汪建坤．美国金融混业经营与监管难题．金融与保险，2001，(10)：25～27
[39] Lewellyn D T. Introduction: The Institutional Structure of Regulatory Agencies. London: Central Banking Publications, 1999
[40] Ciocca P. Supervision: One or more Institutions?. BIS Review, 2001, (10):1180～1192
[41] 吴风云，赵静梅．统一监管与多边监管的悖论：金融监管组织结构理论初探．金融研究，2002，(9)：80～87
[42] 虞群娥．论全球金融监管模式变革与我国监管模式选择．财贸经济，2002，(6)：51～54
[43] 张强，曾宪冬．金融混业经营新趋势下设立监管“防火墙”的思考．金融研究，2003，(9)：66～71
[44] 巴曙松．巴塞尔新资本协议研究．北京：中国金融出版社，2003
[45] Kane E J. A Market Perspective on Financial Regulation. CATO, 1994, (13): 333～338
[46] BIS. The New Basel Capital Accod. Basel Committee on Banking Supervision Consultative Document, 2001
[47] 张强．加入WTO后中国金融监管的一个重要改革点．金融与保险，2002，(5)：37～41