中国金融业经营体制的选择研究
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摘要
论文探讨的是金融业经营体制的选择问题。作为现代经济发展的重要支柱的金融业，其业务经营体制无疑是金融业和整体经济发展的关键。因此，选择何种金融业经营体制——分业经营体制或混业经营体制，既是各国金融业发展的核心问题，也是理论界争论的热点问题。其中最主要和最有影响的理论有风险效率假说、制度变迁供求假说和资产专用性假说，它们为金融业经营体制的选择提供了理论支撑。对金融业经营体制的成本效应分析表明，混业经营体制对分业经营体制的替代是一个渐进的过程，但混业经营体制是金融业发展的必然趋势。
论文从国际金融的角度回顾了各国在金融业经营体制选择上的实践，特别是德国、美国和日本等国金融业经营体制演进的历程，历史表明分业经营体制只是国家采取的一种应急补救的措施，而混业经营体制才是金融业发展的内在制度需求和必然选择。这对我国金融业经营体制的选择具有很强的借鉴意义。
目前，中国金融业总体上实行的是分业经营体制，这在一定程度上促进了我国金融业的稳定和发展，但也面临着许多问题，主要是不利于我国金融机构国际竞争力的提高。为了更好地促进我国金融业的发展和竞争能力的提高，我国迫切需要实行混业经营体制；并且随着我国经济金融的发展和改革的深化，我国向混业经营体制过渡的条件不断得到完善。因此，本文在借鉴西方国家金融业经营体制变迁的国际经验和对我国现实情况进行研究的基础上，认为金融控股公司模式是适合我国国情的混业经营模式，提出了我国金融业走向混业经营体制的总体战略，主张以“两梯次，三步走过渡”的战略安排向混业经营体制过渡，同时进行相应的金融监管改革。
This paper discusses the selection of the financial operation system. Due to the role of financial industry on the economic development, it is of vital importance to select the operation of the financial system. Therefore how to choose between the separated and mixed operation system is not only a key problem in the development of financial industry but also a heated question disputed in the theoretical field. There have several theories about it such as hypothesis of risk and efficiency, hypothesis of supply and demand of system transformation, hypothesis of asset specificity, which form the fundamentals for t he se lection. Based on the cost-benefit analysis of the financial operation system, it shows that the mixed operation system will progressively substitute for the separated one, and the former will be the trend.
We review the practice of international finance on the choice of financial operation system, especially the history and the process of Germany, US and Japan, and the history shows the separated operation system is just an emergency measure made by government. In fact only the mixed one is the necessary demand for institution and it is the necessary choice. And it is very significant for the choice of china's operation system to get experience for reference.
Nowadays, China's financial industry as a whole carries out the separated operation system. It promotes the development of China's financial industry to a certain extent, but it also does harm to the competitive ability of Chinese financial setups. To develop China's financial industry and to improve it's competitive ability, it is an urgent need for China to bring into effect the mixed operation system. Therefore, t hrough u se o f t he e xperience o f w estern c ountries a nd analysis o f o ur present situation, this paper points out that the model of financial holding company of mixed business operation is suitable to China's Reality, and suggests that China's financial industry should take the strategy of working towards the mixed operation system, and to make the related reform on financial supervision.
论文从国际金融的角度回顾了各国在金融业经营体制选择上的实践，特别是德国、美国和日本等国金融业经营体制演进的历程，历史表明分业经营体制只是国家采取的一种应急补救的措施，而混业经营体制才是金融业发展的内在制度需求和必然选择。这对我国金融业经营体制的选择具有很强的借鉴意义。
目前，中国金融业总体上实行的是分业经营体制，这在一定程度上促进了我国金融业的稳定和发展，但也面临着许多问题，主要是不利于我国金融机构国际竞争力的提高。为了更好地促进我国金融业的发展和竞争能力的提高，我国迫切需要实行混业经营体制；并且随着我国经济金融的发展和改革的深化，我国向混业经营体制过渡的条件不断得到完善。因此，本文在借鉴西方国家金融业经营体制变迁的国际经验和对我国现实情况进行研究的基础上，认为金融控股公司模式是适合我国国情的混业经营模式，提出了我国金融业走向混业经营体制的总体战略，主张以“两梯次，三步走过渡”的战略安排向混业经营体制过渡，同时进行相应的金融监管改革。
This paper discusses the selection of the financial operation system. Due to the role of financial industry on the economic development, it is of vital importance to select the operation of the financial system. Therefore how to choose between the separated and mixed operation system is not only a key problem in the development of financial industry but also a heated question disputed in the theoretical field. There have several theories about it such as hypothesis of risk and efficiency, hypothesis of supply and demand of system transformation, hypothesis of asset specificity, which form the fundamentals for t he se lection. Based on the cost-benefit analysis of the financial operation system, it shows that the mixed operation system will progressively substitute for the separated one, and the former will be the trend.
We review the practice of international finance on the choice of financial operation system, especially the history and the process of Germany, US and Japan, and the history shows the separated operation system is just an emergency measure made by government. In fact only the mixed one is the necessary demand for institution and it is the necessary choice. And it is very significant for the choice of china's operation system to get experience for reference.
Nowadays, China's financial industry as a whole carries out the separated operation system. It promotes the development of China's financial industry to a certain extent, but it also does harm to the competitive ability of Chinese financial setups. To develop China's financial industry and to improve it's competitive ability, it is an urgent need for China to bring into effect the mixed operation system. Therefore, t hrough u se o f t he e xperience o f w estern c ountries a nd analysis o f o ur present situation, this paper points out that the model of financial holding company of mixed business operation is suitable to China's Reality, and suggests that China's financial industry should take the strategy of working towards the mixed operation system, and to make the related reform on financial supervision.
引文
[1] 葛兆强．国有商业银行制度导论．北京：中国经济出版社，2000
[2] 李文华．商业银行制度论--混营-分业-综合化过程中的商业银行制度变迁研究．北京：中国金融出版社，2001
[3] 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
[4] Vittas, Dimitri. Financial Regulation: Changing the rule of the Game. EDI, 1992
[5] Kroszner, Randall S. and Raghuram G. Rajan. Is the Glass-Steagall Act Justified? A Study of the US Experience with Universal Banking Before 1933. the American Economic Review, 1994(9): 34-45
[6] 宋逢明，杜莘．关于商业银行和投资银行分业经营制度的再思考．金融研究，2000(1)：99-106
[7] 罗日军．论中国金融混业经营制度的需求与供给．金融与保险，2000(8)：19-23
[8] Kaufmank, George. US Financial Systems:Money, Markets and Institutions. Prentice: Prentice Hill, 1995
[9] 刘宇飞．国际金融监管体制研究．北京：经济科学出版社，1999
[10] IMF. Report of Working Group on Strengthening Financial System. 1998
[11] 黄铁军．中国国有商业银行运行机制研究．北京：中国金融出版社，1998
[12] 袁管华．开放条件下的国有商业银行制度创新导论．北京：中国社会科学出版社，2000
[13] Kaufman, George, Radall Kroszner. How Should Financial Institutions and Markets Be Structured? Analysis and Options for Financial system Design. American Economic Review, 1996(8): 214-246
[14] 刘波．中国商业银行发展研究．北京：中国经济出版社，1997
[15] 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
[16]Kaufman. Restructuring the American Financial System. Boston: Kluwer Academic Publishers, 1990
[17] 宫著铭，刘小林．联邦德国金融管理体制与法规．北京：中国金融出版社，1989
[18] 邢毓静，巴曙松．经济全球化与中国金融运行--中国加入WTO面临的机遇与挑战．北京：中国金融出版社，2000
[19] Frederic S. Mishkin. Financial Markets Institution and Money. Collin: Harper Collins College Publishers, 1995
[20] Maximilian, Hall. Banking Regulation and Supervision: A Comparative Study of the UK, USA and Japan. London: university Publishers, 1999
[21] 甘培根，林志琦．外国金融制度与业务．北京：中国经济出版社，1992
[22] Benston, George. The Separation of Commercial and Investment Banking. Oxford University Press, 1990
[23] Kroszner, Radall S. and Raghuram G. Rajan. Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities before the Glass--Steagall Act Journal of Monelury Economics, 1996
[24] 铃木淑夫．日本的金融政策[M]．北京：中国发展出版社，1995
[25] Kroszner. The Evolution of Universal Banking and Its Regulation in Twentieth Century America. New York Economy Review, 1996(10): 5-12
[26] BIS. International Banking and Financial Market Developments. BIS Quarterly Review, 1999 (8): 347-352
[27] 童适平．日本金融监管的演化．上海：上海财经大学出版社，1998
[28] 铃木淑夫．日本金融自由化和金融政策[M]．北京：中国金融出版社，1987
[29] 陶涛．论日本的金融行政--日本型金融管制的成败．北京：北京大学出版社，2000
[30] 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
[31] 戴相龙．迈向新世纪的中国银行业．北京：中国金融出版社，1999(10)：34-38
[32] Tamim Bayoumi. Financial Intergration and Real Activity. Manchester University Press, 1997
[33] 祝炳奎，陈瑛．提高中国金融服务贸易竞争力的战略选择．南方经济，2002(3)：73-77
[34] Kroszner, Radall S. Less is More: Limiting the Role of the Government
in Financial Development. New York:American Review, 1995
[35] 贾春新．金融深化：理论与中国经验．北京：中国社会科学，2000(3)：27-35
[36] 白钦先，郭崔荣．各国会融体制比较．北京：中国金融出版社，2001
[37] Baums Theodor. Universal Banking Abord: the Track Record. New York: University Press, 1995
[38] 易宪容．混业经营：21世纪全球金融业的发展趋势．北京：社会科学文献出版社，2001
[39] 陆静．金融混业的动因及模式研究．财经理论与实践，2002(4)：28-32
[40] 杨胜刚，黄炜．金融控股公司：分业经营走向混业经营的有效途径．经济问题，2002(1)：36-38
[41] 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)：30-34
[42] 葛兆强．金融控股公司与我国商业银行发展．河北经贸大学学报，2001(2)：28-37
[43] 王德河，韩立岩．论中国金融业市场开放的对策．经济评论，2002(3)：81-84
[44] 张鹏．全能银行—我国银行业的发展方向和现实选择．河北经贸大学学报，2000(4)：47-50
[45] 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
[2] 李文华．商业银行制度论--混营-分业-综合化过程中的商业银行制度变迁研究．北京：中国金融出版社，2001
[3] 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
[4] Vittas, Dimitri. Financial Regulation: Changing the rule of the Game. EDI, 1992
[5] Kroszner, Randall S. and Raghuram G. Rajan. Is the Glass-Steagall Act Justified? A Study of the US Experience with Universal Banking Before 1933. the American Economic Review, 1994(9): 34-45
[6] 宋逢明，杜莘．关于商业银行和投资银行分业经营制度的再思考．金融研究，2000(1)：99-106
[7] 罗日军．论中国金融混业经营制度的需求与供给．金融与保险，2000(8)：19-23
[8] Kaufmank, George. US Financial Systems:Money, Markets and Institutions. Prentice: Prentice Hill, 1995
[9] 刘宇飞．国际金融监管体制研究．北京：经济科学出版社，1999
[10] IMF. Report of Working Group on Strengthening Financial System. 1998
[11] 黄铁军．中国国有商业银行运行机制研究．北京：中国金融出版社，1998
[12] 袁管华．开放条件下的国有商业银行制度创新导论．北京：中国社会科学出版社，2000
[13] Kaufman, George, Radall Kroszner. How Should Financial Institutions and Markets Be Structured? Analysis and Options for Financial system Design. American Economic Review, 1996(8): 214-246
[14] 刘波．中国商业银行发展研究．北京：中国经济出版社，1997
[15] 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
[16]Kaufman. Restructuring the American Financial System. Boston: Kluwer Academic Publishers, 1990
[17] 宫著铭，刘小林．联邦德国金融管理体制与法规．北京：中国金融出版社，1989
[18] 邢毓静，巴曙松．经济全球化与中国金融运行--中国加入WTO面临的机遇与挑战．北京：中国金融出版社，2000
[19] Frederic S. Mishkin. Financial Markets Institution and Money. Collin: Harper Collins College Publishers, 1995
[20] Maximilian, Hall. Banking Regulation and Supervision: A Comparative Study of the UK, USA and Japan. London: university Publishers, 1999
[21] 甘培根，林志琦．外国金融制度与业务．北京：中国经济出版社，1992
[22] Benston, George. The Separation of Commercial and Investment Banking. Oxford University Press, 1990
[23] Kroszner, Radall S. and Raghuram G. Rajan. Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities before the Glass--Steagall Act Journal of Monelury Economics, 1996
[24] 铃木淑夫．日本的金融政策[M]．北京：中国发展出版社，1995
[25] Kroszner. The Evolution of Universal Banking and Its Regulation in Twentieth Century America. New York Economy Review, 1996(10): 5-12
[26] BIS. International Banking and Financial Market Developments. BIS Quarterly Review, 1999 (8): 347-352
[27] 童适平．日本金融监管的演化．上海：上海财经大学出版社，1998
[28] 铃木淑夫．日本金融自由化和金融政策[M]．北京：中国金融出版社，1987
[29] 陶涛．论日本的金融行政--日本型金融管制的成败．北京：北京大学出版社，2000
[30] 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
[31] 戴相龙．迈向新世纪的中国银行业．北京：中国金融出版社，1999(10)：34-38
[32] Tamim Bayoumi. Financial Intergration and Real Activity. Manchester University Press, 1997
[33] 祝炳奎，陈瑛．提高中国金融服务贸易竞争力的战略选择．南方经济，2002(3)：73-77
[34] Kroszner, Radall S. Less is More: Limiting the Role of the Government
in Financial Development. New York:American Review, 1995
[35] 贾春新．金融深化：理论与中国经验．北京：中国社会科学，2000(3)：27-35
[36] 白钦先，郭崔荣．各国会融体制比较．北京：中国金融出版社，2001
[37] Baums Theodor. Universal Banking Abord: the Track Record. New York: University Press, 1995
[38] 易宪容．混业经营：21世纪全球金融业的发展趋势．北京：社会科学文献出版社，2001
[39] 陆静．金融混业的动因及模式研究．财经理论与实践，2002(4)：28-32
[40] 杨胜刚，黄炜．金融控股公司：分业经营走向混业经营的有效途径．经济问题，2002(1)：36-38
[41] 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)：30-34
[42] 葛兆强．金融控股公司与我国商业银行发展．河北经贸大学学报，2001(2)：28-37
[43] 王德河，韩立岩．论中国金融业市场开放的对策．经济评论，2002(3)：81-84
[44] 张鹏．全能银行—我国银行业的发展方向和现实选择．河北经贸大学学报，2000(4)：47-50
[45] 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