【作者】 李艳；

【导师】 耿明斋；

【作者基本信息】 河南大学 ， 国民经济学， 2005， 硕士

【摘要】 二十世纪七十年代以来,随着全球的金融技术进步和金融创新的飞速发展,以金融自由化为核心的金融体制改革浪潮席卷整个世界。以美国、英国、日本为代表的大批奉行金融分业制度的西方国家,出于国际竞争和自身金融业发展的需要,先后对本国金融体制进行了自由化改革,其中的主要内容之一即是放弃了分业经营制度,由此而形成了全球金融业混业经营的发展趋势。在此形势下,随着我国加入 WTO, 我国金融业将在有限的时间内全面融入国际金融大市场。如何适应国际潮流,探求既能使我国金融业有能力参与国际竞争,又适应金融业现实发展水平的金融经营和监管体制模式,己成为我国金融深化改革过程中面临的一个迫切而重要的课题。本文从金融分业和混业制度变迁及其理论背景的研究出发,对我国金融业发展的制度性约束和混业化需求进行重点分析和论述,并在此基础上提出适合我国国情的改革方向和思路,同时着重分析了金融控股公司模式在我国的发展及其现实意义。本文分为三部分,第一部分对二十世纪国际金融业经营制度变迁及其理论背景进行了分析和阐述。首先以新兴古典经济学的新分工理论为主要理论基础,对金融业分业与混业问题进行立体透视,从中揭示金融业分工演进的内在机制和客观趋势;其后,以资产专用性理论和现代资产组合理论分析了混业经营相对于分业经营的潜在的和客观内生的优势,为中国金融业分工演进和监管体制的变革提供理论依据;最后,回顾了现实中西方各国以及我国在金融制度变迁中走过的历程,以史实验证了本文所述的金融经营模式的演进理论框架。第二部分着重分析了我国现阶段的金融业混业经营状况,特别是金融控股公司的超前发展。首先对我国现阶段存在的各种混业经营形式以及监管状况进行了分析;其后,文章着重以我国第一家金融控股公司―― 中信集团为例分析了近年来金融控股公司在我国的发展及其面临的风险;最后,在对我国混业经营发展现状的分析基础上,分析阐述了现阶段在我国进一步发展混业经营的制度性约束,同时也就未来进入全面的混业经营必须面对的问题进行了具体分析。在分析金融业经营制度的客观演进趋势和我国目前发展状况的基础上,本文在第三部分构架了我国未来金融业走向混业的途径和可能的监管模式。首先指出了必须创造出适合混业经营的制度条件,改善金融制度环境,才能进一步谋求混业经营在我国的健康发展;其后,针对当前我国金融经营体制条件指出了金融控股公司应该是现阶段金融业混业的发展方向;进而分析在我国发展金融控股公司模式的制度安排。最后,基于现阶段我国金融市场发展水平、金融法制、监管环境和微观市场主体发展不成熟等客观因素,在对国际先进经验和目前我国监管机构现状研究的基础上,就金融控股公司模式下我国金融监管体制改革的主要内容提出一些建议,并尝试性的提出我国未来混业监管体系设计构想。本文以新兴古典经济学的新分工理论为主要理论基础,运用模型构建、案例分析和对策研究等方法,对金融业的分业与混业问题进行立体透视,从中揭示金融业分工演进的内在机制和客观趋势,为中国金融业经营制度和监管体制的变革提供理论依据和政策建议。本文尝试性的构建了一个金融业分工演进的理论框架,将金融业分业和混业的问题置于分工结构历史演进的背景中进行思考,从而为金融业的分合变迁提供了基本的洞察力。继而,运用经典的资产组合理论和资产专用性理论评析了混业经营的客观优势,并在以上理论框架的基础上,采用案例分析的方法,分析了我国现阶段混业经营的发展及其制度约束。本文通过研究中国金融业分工演进的历史轨迹、现实状况和制度约束,重点讨论了混业经营在中国实施的内生必然性及其约束条件,提出了我国金融业走向适度混业经营的策略及未来的监管模式。最终得出的结论是在我国现阶段,发展金融控股公司模式的混业经营是我国金融经营制度改革的方向所在,而建立统一协调的多层次金融监管体系则是保障我国金融业混业经营健康发展的基础要求。更多还原

【Abstract】 Since the seventies of the 20th century, with the rapid development of globalfinancial technique and financial innovation, the tide of financial system reformation atthe center of financial liberalization has watered down into the entire world. To be morecompetitive in the global competition and to fit the virtual needs, Western countries,represented by U.S.A., Britain and Japan, successively carried on the liberalizationreform to the national banking system. One of main resorts is to give up theDivisional-Operation system. And then ,the global Mixed-Operation became the trend.Under this circumstance, especially with the China’s entry into the WTO, China’sfinancial industry will be totally immersed into the global financial market. It raised acritical topic China’s financial reformation needs to face: how to create a scheme offinancial operation and supervise that can facilitate China’s participation in globalcompetition under current global evolutional trend and current status? Starting from theresearch on the systematic evolution and theoretic background of financial managementsystem, focusing on analysis on the system restraint and the trend of Mixed-Operationof China’s financial industry, the article figures out appropriate ways and methods thatfits well into China’s current status and discusses the evolution and meanings to theFinancial Holding Company. This dissertation is divided into three parts. The one is analysis and description onevolution and background international financial development of 20th-centry. In thebeginning, based on the theory division of labor of new classical economics, Thisdissertation reveal the inherent law and trend of the evolution in division of labor offinancial industry, through conducting analyzing the problems of financial developmentfrom an overall perspective; second, This dissertation discover the advantages of Mixed-Operation through applying the theory of asset specificity and modern portfoliotheory, which provides sound arguments to the evolution in division of labor andreformation of system of China’s financial industry; Finally, This dissertation justifiesthe theory of the evolution in division of labor of financial industry through reviewingthe history of the transformation of financial system happened in China and westerncountries. The second part focuses on describing current China’s mixed-operation, especiallythe development of the Financial Holding Company. At first, the paper conduct acomplete analysis on the forms and supervise of the China’s current mixed-operation;then the paper identifies the development stage and problems of the Financial HoldingCompany through a case study on CITIC, which is the first Financial Holding Companyin China;finally, based on the analysis on current status of China’s mixed-operationmodel,the paper states the system restraint to the further development and conductedpossible problems of complete consolidation nowadays in China . In the third part, the paper constructs the foundation of mixed-operation andproposes supervise model in China. In the beginning, the paper analyzes approaches tomixed-operation fits China’s current status, and figured out the critical criteria todevelop the mixed-operation healthily, such as creating a system condition formixed-operation, improving the financial regulation environment; then, the article statesthat the Financial Holding Company would be the solution to mixed-operation incurrent stage in accordance with China’s financial regulation situation and analyzes theregulation setting of developing FHC pattern. Finally, based on factors of China currentfinancial market and through the research on success experience of western countriesand China’s current supervise status, the article makes proposals on reformation ofChina’s financial regulation scheme and tentatively provides a framework of China’sfuture centralized regulation.This dissertation makes a deep research on the separation and consolidation offinancial industry, based on the theory division of labor of new classical economics更多还原