【作者】 李立松；

【导师】 魏华林；

【作者基本信息】 武汉大学 ， 金融学， 2004， 硕士

【摘要】 上个世纪80年代以来，随着金融服务的深化和发展，金融集团正作为一种趋势表现出来，代表了未来金融竞争的核心力量。保险业作为金融业的重要组成部分，也必将是这一趋势的重要参与者，因此，无论是致力于发展多元战略的保险企业，还是希望进入保险业的其他金融机构，都必须考虑在金融集团模式下经营保险业务。保险业的集团化经营，不仅是指保险企业通过一系列的战略运作转型为多元化经营的金融集团，也包括了其他金融机构在集团的框架下开展保险业务，这既是保险业融入综合性金融机构的具体进程和结果，也是金融服务一体化的重要方面。 金融服务集团化是指多个金融服务实体，通过一定的方式，组成能够从事综合化金融服务的企业集团。集团化有着特定的背景和原因。竞争压力是金融机构转型为金融集团的基本动力。在激烈的竞争下，单一金融产品的边界收益不断减少，而经营风险却不断增加，金融企业希望通过开展多样化的服务来增加收益和降低成本。信息技术和新的金融交易与风险管理技术的发展是金融集团形成的重要技术基础。信息技术使金融集团可以用比传统方式更少的成本达到更有效的管理效果，而新金融工具和风险管理技术的运用，使安全高效地管理大量金融资产并提供多元服务成为可能。全球化和放松管制也是金融集团发展的重要原因。许多国家政府对金融机构的法律和监管制度从注重安全的严格监管转变为注重效率的监管，降低了对企业经营和市场竞争的限制。另外，未来社会对创新金融服务的需求也起到了一定的推动作用。理论上，集团化的优势可以从三个方面解释：规模经济、范围经济和协同效应。规模经济是指金融集团通过扩大经营服务规模，使边界服务的成本降低或是收益增加。对于金融机构经营研究的案例分析和统计数据也支持这样的结论。范围经济是指金融集团由于生产或经营范围扩大，导致平均成本下降或是收益增加。而协同效应则是指金融集团内的业务部门互相支持和补充，能实现比各个部门单独经营更高的收益。当然，集团化也带来了新的问题，包括潜在的风险和对监管的挑战。 成为金融集团至少要经历两个步骤——转型和整合，保险业的金融集团化也不例外。就转型而言，存在着四种主要的方式：直接设立、兼并与收购、合资、战略联盟。四种方式各有特点，适用于不同的企业和不同的转型目的。总体上讲，直接设立的整合程度最高，但经营周期长;并购是快速的整合方式，但经营管理难度大;合资的风险比较低，通常带有一定的过渡性;战略联盟是一种松散的方式，容易实现，但各种效应的发挥不明显。通过对四种转型方式的比较，并结合统计数据的分析，可以对保险业金融集团化的转型提供有益的启示。 金融集团完成转型后所面对的问题是如何整合运营，这个问题涉及到金融集团的组织结构、管理控制、业务整合和服务策略等多个方面，也是集团化优势能否实现的关键。组织结构是经营战略的反映，不同的金融服务集团执行不同的多样化战略，金融服务集团一般有四种组织结构。而在运作和管理过程中，利润和风险管理是两个最重要的方面。在整个集团范围内建立以利润为中J自的管理框架，才能适应不断变化的业务环境和结构。对多样化的业务进行整合是金融集团实现经营目标的关键，而业务整合主要涉及到产品研发、市场开拓和运营管理三个方面。全能金融服务是金融集团的创新所在在时间和空间上互补，金融服务的重要方式。并形成交叉销售、打包和产品整合。要求不同金融产品捆绑式服务是全能由于银行与保险的整合是保险业集团化经营最重要的方面，对其进行系统的分析比较非常必要。从初期的效用发挥来看，银行保险比保险金融更显著。对银行与保险的研究认为，银行与保险在零售市场的合作只是即将到来的金融变革的端倪，市场将为高程度的联合和整合服务提供机会。 在中国，保险金融集团化也随金融服务业的发展而不断深化。不仅销售联盟发展迅猛，而且有部分企业已经开始了积极的尝试。平安集团和中信集团是国内金融集团的典型，可以帮助我们对中国保险业的集团化经营进行有益的思考。从未来的趋势看，金融控股公司将是主要的模式，大型商业银行将是保险业金融集团化的有力推动者，国内的保险企业则应以长远的目光看待集团化经营的问题，并根据自身的情况进行积极的准备。更多还原

【Abstract】 Insurance in financial conglomeration, in this paper, means not only insurance companies turn up to be conglomerates with diversification by a series of strategic operations, but also other financial institutions run insurance in a conglomerate. It is the progress and result of insurance integrate with other financial service, as well as an important part of finance integration. Study of insurance in financial conglomeration is to research the traditional insurance how to be integrated in a conglomerate.From the 80’s of last century, with development of financial service, Financial Conglomeration come to be a tendency and conglomerates represent the core of the future competition. Financial Conglomerate means a various financial services provided by one company, and its appearance means special background and facts. Competition, technology promotion, globalization and deregulation are major reasons of conglomeration. Competition is the basic reason about conglomeration. Under highly competition, yield of single product reducing and risk rising, companies hope to revenue enhancement and cost saving by diversification service. Promotion of information and finance technology is another reason of conglomeration, which means the better management and the lower cost than ever, and which makes it is possible to manage the great deal of asset and provide the diversified service. The regulation changed, in globalization and deregulation, to be more efficiency-oriented, and reduce the limitation of competition. And new requirement to financial service also stimulates the conglomeration. Theoretically, the advantage of conglomeration can be argued by economies of scale, economies of scope and synergy, economies of scale means conglomerates can enhance revenue and save cost by expansion, as well as economies of scope means multiplication of service. Synergy makes conglomerates with several departments, which work in one institution, earns more than the aggregation of all department if they operate by themselves. And conglomeration also means patient risks and challenges of supervision.There are at least two steps to be a conglomerate, transformation andconsolidation, which also holds ture to insurance in financial conglomeration. Four methods of transformation, which are establishment, merger & acquisition, joint venture and alliance, are adaptable to different kinds of corporations and purpose. Establishment means the highest degree of consolidation and the longer time of operation, merger & acquisition is a fast way, but there are more difficulties of consolidation. Joint venture is advantaged to save cost and reduce risk, and it is always temporary method. Alliance is a loose and easy method without obvious effect. Comparison of these methods and data analysis is helpful to know transformation deeply.Conglomerate should be facing the problem of consolidation after transformation, including structure, management, operation and service. Structure of conglomerate, which is the reflection of operation strategy, is divided into four methods. Benefit and risk are most important of management and operation. Conglomerates should build up the management structure with core of benefit so as to be adapt to the changing environment. Business consolidation includes R&D, marketing and operation. All financial service is innovation of conglomerates, and the bundling of service is a good way of it. And it is necessary to systematically discuss bancassurance and assurfinance, because coalition between bank and insurance is most important part of insurance in financial conglomeration. In the beginning of consolidation, bancassurance is more effective than assurfinance.Insurance in financial conglomeration also developed in China. Alliance of selling develops very quickly and some companies have gone on the way of insurance in finance conglomeration, for example Ping’an Group and Citicgroup. Expatiating the status and analyzing special cases is the good way to think about its future. In future, finance holding company is the majo更多还原