中国银证合作及其模式探讨
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摘要
随着金融全球化、金融市场一体化进程的加快，金融混业经营已成为一种国际潮流和趋势。我国加入WTO后与国际接轨不断深入，使得现行分业经营模式下的金融业的生存与发展面临着严峻的考验和挑战，银行业、证券业合作日显迫切。但是，目前我国银证合作研究更多关注的是对风险的防范，而对发展问题考虑不够。鉴于此，本文以银证合作为选题，拟对中国银证合作问题做尝试性研究。
文章首先从金融混业、分业层面回顾了西方发达国家银证合作的变迁与发展，并得出初步的结论与启示：对于银证合作的变迁过程与发展状况的研究，应结合当时所处的客观条件作具体分析，世界各国金融业的系统演变，基本上走的是一条组织模块化——系统化——系统标准化的路径。
在此基础上，对国内外银证合作业务作比较分析。文章从我国资本市场的发展阶段出发，概述了银证合作的现状，对国内外混业经营、分业经营体制下的金融业务发展模式作比较分析，并深入探析了我国当前银证合作存在的问题与制约因素。
第四章对适合我国现行金融经营监管格局的银证合作模式做尝试性探讨。认为现行分业经营制度下大力推行银证合作是当前最合适的选择，应当通过创新来深化银证合作业务，以此来推动组织机构的发展演变，通向一体化道路。当前，一方面要致力于直接融资与间接融资复合的银证合作模式的建构；另一方面要以国有资产控制权市场化为突破口，实施以商业银行、各类证券公司、保险、信托、基金等为业务平台，结合股权合作和业务合作，充分利用现有各种金融工具及其创新形式，建立面向问题、面向现实的银证合作模式。
With the quickening process of financial globalization and integration of financial market, mixed operation of finance has already become a kind of international trend. As China's enter into WTO, we are deepening to international standards, which make both the survival and the development of China financial industry under the current operation mode face to the severe test and challenge. However, what we are more concerned about at present is how to be our guard against risks; the problem of development hasn't been considered substantially. In view of this, the thesis regards cooperation between banks and Security Company as title, trying to study cooperation between banks and security of ours.
At first, from the aspect of divisional operation and mixed operation, this thesis reviews the development of cooperation between banks and Security Company in western developed countries. Some preliminary conclusion and enlightenment are also drawn. The research on the changes and development of international cooperation between banks and security should be analyzed in the light of specific conditions and used for reference. The system of the financial circles of every country is basically the model of organization -systematization- standardization.
On the basis of this, the thesis has done some comparative analyses to the cooperation between banks and Security Company of domestic and outside. From the developing stage of the capital market of our country, the thesis precedes the current situation of the cooperation between banks and Security Company, and comparatively analyses the finance development model under the system divisional operation and mixed operation. The question and restriction factors of the cooperation between banks and Security Company in our country are also studied deeply.
Chapter Four trying to probe into the model of the cooperation between banks and Security Company ,which is suitable for current managing and supervising pattern of our finance. It is the most suitable choice to devote major efforts to carrying out cooperation between banks and Security Company under the current operation mode. And only by means of blazing new trails to deepen the business of cooperation between banks and Security Company, can we give impetus to changes of organizations and go to integration. At present, on the one hand, it is necessary to work for the building of the mode of cooperation between banks and security company of the compound of direct and indirect finance; on the other hand , to break throu
the direct finance, to carry out cooperation between share rights and professional work on the platform of the commercial bank, all kinds of security company, insurance . trust and fund , and to make full use of all kinds of current financial instruments and their new forms to set up the mode of cooperation between banks and security company facing problems and reality.
文章首先从金融混业、分业层面回顾了西方发达国家银证合作的变迁与发展，并得出初步的结论与启示：对于银证合作的变迁过程与发展状况的研究，应结合当时所处的客观条件作具体分析，世界各国金融业的系统演变，基本上走的是一条组织模块化——系统化——系统标准化的路径。
在此基础上，对国内外银证合作业务作比较分析。文章从我国资本市场的发展阶段出发，概述了银证合作的现状，对国内外混业经营、分业经营体制下的金融业务发展模式作比较分析，并深入探析了我国当前银证合作存在的问题与制约因素。
第四章对适合我国现行金融经营监管格局的银证合作模式做尝试性探讨。认为现行分业经营制度下大力推行银证合作是当前最合适的选择，应当通过创新来深化银证合作业务，以此来推动组织机构的发展演变，通向一体化道路。当前，一方面要致力于直接融资与间接融资复合的银证合作模式的建构；另一方面要以国有资产控制权市场化为突破口，实施以商业银行、各类证券公司、保险、信托、基金等为业务平台，结合股权合作和业务合作，充分利用现有各种金融工具及其创新形式，建立面向问题、面向现实的银证合作模式。
With the quickening process of financial globalization and integration of financial market, mixed operation of finance has already become a kind of international trend. As China's enter into WTO, we are deepening to international standards, which make both the survival and the development of China financial industry under the current operation mode face to the severe test and challenge. However, what we are more concerned about at present is how to be our guard against risks; the problem of development hasn't been considered substantially. In view of this, the thesis regards cooperation between banks and Security Company as title, trying to study cooperation between banks and security of ours.
At first, from the aspect of divisional operation and mixed operation, this thesis reviews the development of cooperation between banks and Security Company in western developed countries. Some preliminary conclusion and enlightenment are also drawn. The research on the changes and development of international cooperation between banks and security should be analyzed in the light of specific conditions and used for reference. The system of the financial circles of every country is basically the model of organization -systematization- standardization.
On the basis of this, the thesis has done some comparative analyses to the cooperation between banks and Security Company of domestic and outside. From the developing stage of the capital market of our country, the thesis precedes the current situation of the cooperation between banks and Security Company, and comparatively analyses the finance development model under the system divisional operation and mixed operation. The question and restriction factors of the cooperation between banks and Security Company in our country are also studied deeply.
Chapter Four trying to probe into the model of the cooperation between banks and Security Company ,which is suitable for current managing and supervising pattern of our finance. It is the most suitable choice to devote major efforts to carrying out cooperation between banks and Security Company under the current operation mode. And only by means of blazing new trails to deepen the business of cooperation between banks and Security Company, can we give impetus to changes of organizations and go to integration. At present, on the one hand, it is necessary to work for the building of the mode of cooperation between banks and security company of the compound of direct and indirect finance; on the other hand , to break throu
the direct finance, to carry out cooperation between share rights and professional work on the platform of the commercial bank, all kinds of security company, insurance . trust and fund , and to make full use of all kinds of current financial instruments and their new forms to set up the mode of cooperation between banks and security company facing problems and reality.
引文
[1] 谭庆彬．我国金融业发展趋势分析．南方金融．2002．245～46
[2] 赵宁．混业经营：入世后我国金融业发展的必然趋势．甘肃金融．2002．1．26～28
[3] 赵锡军．综合经营还是混业经营——关于中国未来金融发展模式的思考．中国经济时报．2000．2．12
[4] 潘红，彭小泉．我国银证合作问题研究．中国审计．2001．7．26～27
[5] 蒲秋芳．银证合作：分业经营政策下的有益探索．银行和经济．2002．9．
[6] 范祚军．金融分业经营架构中的银证合作探讨．广西金融研究．2002．3．36～39
[7] 吴晓求．银证合作中国金融大趋势．金融与保险 2002．11．5
[8] 郑琇煦．入世过渡期内我国的银证合作制度安排．金融论坛．2002．5．28～35
[9] Peter S Rose. Money and Capital Markets: Financial institutions and instruments in a global marketplace
[10] Peter S Rose. Money and Capital Markets: Financial institutions and instruments in a global marketplace
[11] Griffith-Jones, Stephany (1998): Global Flows.pp.143.Macmillan Press Ltd.
[12] Pobert Dekle. The Japanese "Big Bang"Financial Reforms and Market Implication. Journal of Asian Economics,Vol.9,No. 1998
[13] 王姝，程燕林．金融创新中的模块化现象．金融时报．2003．3．31．7
[14] Hishleifer D．Resedual risk，trading costs and commodity futures risk Premia． Review of Financial studies 1，1998，(11)：173-178
[15] International Monetary Fuan(1997): International Capital Markets, Developments, Prospects, and Policy, Issues, November, Washington, DC: IMF.
[16] 金春来，蒋伟龙．关于中国资本市场发展战略的理性思考．经济师．1999．99～10
[17] 李海波．金融与证券．上海：立信会计出版社，2001．6．111～115
[18] Sachs J., Tomell and Velasco (1996): Financial Crises in Emerging Markets: the Lessons from 1995.Brooking Papers on Economic Activity, 1: pp. 147～198
[19] 王雪冰．国际金融报告．北京：经济科学出版社，2000．1．50
[20] 石小敏．2001年民间投资能否成为抖动经济增长的第一动力．中国银行再造有多险．文汇出版社．2001．8．58
[21] 汪卉．我国商业银行银证合作的深化．武汉金融．2001．11．42
[22] Lawrence S Ritter, William L Silber. Money, Banking, and Financial markets. Basic Books Inc, 1989,34-40
[23] John. Thornton. Real stock price and the long run demand for money in Germany. Applied Financial Economies,1998,8
[24] 洪虹，阎庆民．中国金融前沿课题研究．北京：中国金融出版社，2002．35
[25] 陈海威．现阶段我国金融分业经营框架内的银证合作探讨．金融论坛．2001．6．22～26
[26] David, Ayling. The Internationalization of Stock Markets. Gower Studies in Finance and Investment. Cambridge University, 2002, 39
[27] 吴晓求，银证合作中国资本市场发展的迫切要求．现代商业银行．2002．3．16
[28] 金秀，吴豪．构建新型的银证合作关系．东北大学学报．2002．4．95～98
[29] 吴晓求．银证合作中国金融大趋势．金融与保险．2002．11．5
[30] 吴小灵．银证合作：既定政策下的有益探索．现代商业银行．2002．3．13
[31] 罗明忠．战略联盟：我们的选择．云南财贸学院学报经济管理版．2001．4．12．64～65
[32] Milon. Friedman. Money and Stock Market. Journal of Political Economy, vol. 1988. 96
[33] 洪虹，阎庆民．中国金融前沿课题研究．北京：中国金融出版社，2002．35
[34] 元王燕，徐滇庆，王直，翟凡．中国养老金隐性债务、转轨成本．经济研究．2001．5．3
[35] 万兰明．我国金融创新的症结及其对策构思．南方金融．2003．6．49～51
[36] 何光辉，杨咸月．我国分业经营体制下银证合作的空间分析．新金融．2001．78～11
[37] Alex Fleming, and Michael Taylor. Integrated Financial Supervision: Lessons from Northern European Experience. World Bank Working Paper, No.2223, 1999,11
[38] Charles Goodhart. Measuring Performance in Central Banks and Financial Regulatory agencies. Workshop of The Emerging Framework of Financial Regulation. Cambridge University, 2002.8～12
[39] 魏革军．设立银监会—货币政策和银行监管将更加专业化．金融时报．2003．3
[40] 洪虹，阎庆民．中国金融前沿课题研究．北京：中国金融出版社，2002．51
[41] Charles Goodhart and Dirk Schoenmake. Should the Function of Monetary Policy and Banking Supervision Be Separated? Oxford Economic Papers, Vol.47 (4), 1995
[2] 赵宁．混业经营：入世后我国金融业发展的必然趋势．甘肃金融．2002．1．26～28
[3] 赵锡军．综合经营还是混业经营——关于中国未来金融发展模式的思考．中国经济时报．2000．2．12
[4] 潘红，彭小泉．我国银证合作问题研究．中国审计．2001．7．26～27
[5] 蒲秋芳．银证合作：分业经营政策下的有益探索．银行和经济．2002．9．
[6] 范祚军．金融分业经营架构中的银证合作探讨．广西金融研究．2002．3．36～39
[7] 吴晓求．银证合作中国金融大趋势．金融与保险 2002．11．5
[8] 郑琇煦．入世过渡期内我国的银证合作制度安排．金融论坛．2002．5．28～35
[9] Peter S Rose. Money and Capital Markets: Financial institutions and instruments in a global marketplace
[10] Peter S Rose. Money and Capital Markets: Financial institutions and instruments in a global marketplace
[11] Griffith-Jones, Stephany (1998): Global Flows.pp.143.Macmillan Press Ltd.
[12] Pobert Dekle. The Japanese "Big Bang"Financial Reforms and Market Implication. Journal of Asian Economics,Vol.9,No. 1998
[13] 王姝，程燕林．金融创新中的模块化现象．金融时报．2003．3．31．7
[14] Hishleifer D．Resedual risk，trading costs and commodity futures risk Premia． Review of Financial studies 1，1998，(11)：173-178
[15] International Monetary Fuan(1997): International Capital Markets, Developments, Prospects, and Policy, Issues, November, Washington, DC: IMF.
[16] 金春来，蒋伟龙．关于中国资本市场发展战略的理性思考．经济师．1999．99～10
[17] 李海波．金融与证券．上海：立信会计出版社，2001．6．111～115
[18] Sachs J., Tomell and Velasco (1996): Financial Crises in Emerging Markets: the Lessons from 1995.Brooking Papers on Economic Activity, 1: pp. 147～198
[19] 王雪冰．国际金融报告．北京：经济科学出版社，2000．1．50
[20] 石小敏．2001年民间投资能否成为抖动经济增长的第一动力．中国银行再造有多险．文汇出版社．2001．8．58
[21] 汪卉．我国商业银行银证合作的深化．武汉金融．2001．11．42
[22] Lawrence S Ritter, William L Silber. Money, Banking, and Financial markets. Basic Books Inc, 1989,34-40
[23] John. Thornton. Real stock price and the long run demand for money in Germany. Applied Financial Economies,1998,8
[24] 洪虹，阎庆民．中国金融前沿课题研究．北京：中国金融出版社，2002．35
[25] 陈海威．现阶段我国金融分业经营框架内的银证合作探讨．金融论坛．2001．6．22～26
[26] David, Ayling. The Internationalization of Stock Markets. Gower Studies in Finance and Investment. Cambridge University, 2002, 39
[27] 吴晓求，银证合作中国资本市场发展的迫切要求．现代商业银行．2002．3．16
[28] 金秀，吴豪．构建新型的银证合作关系．东北大学学报．2002．4．95～98
[29] 吴晓求．银证合作中国金融大趋势．金融与保险．2002．11．5
[30] 吴小灵．银证合作：既定政策下的有益探索．现代商业银行．2002．3．13
[31] 罗明忠．战略联盟：我们的选择．云南财贸学院学报经济管理版．2001．4．12．64～65
[32] Milon. Friedman. Money and Stock Market. Journal of Political Economy, vol. 1988. 96
[33] 洪虹，阎庆民．中国金融前沿课题研究．北京：中国金融出版社，2002．35
[34] 元王燕，徐滇庆，王直，翟凡．中国养老金隐性债务、转轨成本．经济研究．2001．5．3
[35] 万兰明．我国金融创新的症结及其对策构思．南方金融．2003．6．49～51
[36] 何光辉，杨咸月．我国分业经营体制下银证合作的空间分析．新金融．2001．78～11
[37] Alex Fleming, and Michael Taylor. Integrated Financial Supervision: Lessons from Northern European Experience. World Bank Working Paper, No.2223, 1999,11
[38] Charles Goodhart. Measuring Performance in Central Banks and Financial Regulatory agencies. Workshop of The Emerging Framework of Financial Regulation. Cambridge University, 2002.8～12
[39] 魏革军．设立银监会—货币政策和银行监管将更加专业化．金融时报．2003．3
[40] 洪虹，阎庆民．中国金融前沿课题研究．北京：中国金融出版社，2002．51
[41] Charles Goodhart and Dirk Schoenmake. Should the Function of Monetary Policy and Banking Supervision Be Separated? Oxford Economic Papers, Vol.47 (4), 1995