金融控股公司与中国金融监管模式选择

【作者】 刘翔；

【导师】 金霞； 付文佚； 杨振发； 黄颖；

【作者基本信息】 昆明理工大学 ， 国际法， 2016， 硕士

【摘要】 全球范围内混业经营已经进入一个新的阶段,金融控股公司业务交叉融合在提高服务效率和质量的同时,也对相对分割的监管体制带来不小挑战。经济全球化与金融国际化已经势不可挡,金融业蓬勃发展的背后也伴随着诸多的问题。2008年国际金融危机对全球金融体系进行了重塑,将金融监管改革推向了一个新的高度。各国对自身监管模式也进行了改善的同时也对既有国际金融秩序也发出了强烈的改革呼声。中国加入世界贸易组织以后金融业开放程度不断提高,金融混业经营在当前中国也已成为一种趋势,加之光大、平安等金融控股集团出现更是加剧金融混业经营发展。金融控股公司混合经营给中国现行分业金融监管体制带来了不小的挑战。2013年的“钱荒”以及2015年的“股灾”,对中国经济尤其是金融业稳定造成了巨大的冲击,2016年发生的“宝能与万科之争”更是将人们的记忆拉回到2004年“德隆事件”。引发对中国金融监管模式选择的再思考。中国金融控股公司虽已蓬勃发展,但尚未形成系统完整的金融监管模式,加上中国金融业实施分业监管体制,对金融控股公司监管滞后易形成系统性风险,加之,金融控股公司既具有分散风险以及降低企业运营成本、实现金融业稳定与效率以及推动金融业创新的优点,也兼具有容易发生关联交易以及风险传染、资金违规性流动和形成市场垄断造成不正当竞争的劣性。本文主要运用比较法研究,分析美国、英国、澳大利亚金融控股公司发展情况以及现行金融监管模式,辅助以机构性监管和功能性监管适用性分析,得出中国金融监管模式所存在问题。并进一步结合中国的国情以及近几年来发生的社会事件,从强化金融稳定局职能,注重宏观审慎监管、加快构建和完善金融法律体系,实现“有法可依”、加快由机构型监管向功能型监管转化以及建立和完善金融消费者保护机制角度出发创新性提出中国金融监管框架构想,为中国金融控股公司发展方向提供一些建议。更多还原

【Abstract】 Mixed worldwide has entered a new stage, the financial holding company’s business in the cross-integration services to improve efficiency and quality, but also the relative split regulatory system is not a small challenge. Economic globalization and financial internationalization has been overwhelming, behind the booming financial sector is also accompanied by many problems. In 2008 the international financial crisis on the global financial system remodeling, financial regulatory reform will be pushed to a new height. States for their own regulatory model has been improved but also on the existing international financial order also issued strong calls for reform.After China joined the World Trade Organization to continuously improve the openness of the financial sector, financial mixed operation in the current China has become a trend, combined with China Everbright Group, a financial holding group and other peace is exacerbated by the emergence of financial mixed development.Mixed financial holding company operating sub-sector to China’s current financial regulatory system brought no small challenge.2013 "money shortage" and the 2015 "crash" of the Chinese economy, especially the financial sector stability caused a huge impact in 2016 occurred "treasure with Vanke dispute" is the people’s memories back to 2004, "Delong event." Priming on Chinese Financial Supervision Mode Select Again.Although Chinese financial holding companies to flourish, but not yet formed a complete system of financial supervision model, coupled with the implementation of sub-sector regulatory system Chinese financial industry, the financial holding company is easy to form systemic risk regulatory delays, combined with the financial holding company with both dispersion risks and reduce operating costs, achieve financial stability and efficiency, and promote the advantages of financial innovation, and has also prone to the risk of infection and related transactions, illegal financial flows and the formation of monopolies in the market caused by unfair competition inferiority. In this paper, the use of comparative law research, analyzes the United States, Britain, Australia and the development of the financial holding company model the current financial regulation, in order to assist regulatory agencies and Functional Regulation suitability analysis, the Chinese financial supervision mode problem. And further integration of China’s national conditions and social events occurred in recent years, from the strengthening of the financial stability functions of the Board, focusing on macro-prudential supervision, accelerate the construction and improvement of financial legal system, to achieve "legal basis" to speed up the regulatory agency to function type type conversion and regulatory point of view to establish and improve financial consumer protection mechanisms departure innovative idea put forward China’s financial regulatory framework, to provide some suggestions for the development direction of Chinese financial holding company.更多还原