【作者】 张学森；

【导师】 周洪钧；

【作者基本信息】 华东政法大学 ， 国际法学， 2007， 博士

【摘要】 《中华人民共和国国民经济和社会发展第十一个五年规划纲要》明确提出，要“完善金融机构规范运作的基本制度，稳步推进金融业综合经营试点”。这一规定为我国金融业在“分业经营、分业监管”法律原则指导下，开展综合经营试点提供了法律依据。这一规定的背景是，我国现行法律仍然实行金融业“分业经营、分业监管”的法律原则。我国开展金融业综合经营试点的政策安排，表面上看与西方发达国家在最终通过立法确立金融混业经营体制之前逐步放松金融管制的政策导向如出一辙，而事实上却有着与西方国家做法极为不同的背景和内涵。其一，我国是一个发展中国家，曾经长期实行高度集中的计划经济体制，推行有中国特色的社会主义市场经济体制时间尚短，经验不足；其二，我国金融业按照市场经济的要求进行改革和发展，以及金融法制和金融监管的确立和完善，都刚刚形成初步框架，还远未达到相应成熟程度；其三，我国根据加入WTO承诺，实施了金融服务业的对外开放，相对落后的我国金融业必须面对十分发达的境外金融机构的强力挑战。在这种背景下开展金融业综合经营试点，其目的是积累实践经验，探讨适合我国国情的金融业综合经营的模式、立法与监管体系。自美国1999年通过《金融服务现代化法》(GLBA)正式确立美国金融综合经营法律体制，结束其金融分业经营历史，进入混业经营时代，并标志着世界金融业进入混业经营时代以来，我国学界对世界金融业的这一历史性变革，给予了非常密切的关注，也进行了不少有益的探讨，但这些关于世界金融综合经营问题的研究，比较多地是从经济金融理论和实践角度的评介，而专门从法律角度对金融综合经营与监管问题进行系统研究的，少之又少。本文试图填补这方面的一个空缺。事实上，在当前经济金融欠发达条件下，我国金融业全面转向综合经营所需要的基础环境尚不具备、亟待建立。其中一个重要方面，就是要建立起完善的中国金融业综合经营与监管的法律制度体系，这就需要对世界主要国家和地区金融业综合经营与监管的金融生态和法律制度进行深入的比较研究，找出规律性东西，为我国金融业发展提供借鉴。本文在研究思路上，从经济金融全球化、金融机构业务综合化、金融机构组织集团化、金融法律趋同化、金融监管国际化等五个方面对世界金融业综合经营的法律与实践进行比较研究，探讨金融全球化、国际化和综合化背景下中国金融业经营与监管的法律制度体系。本文在研究方法上，综合使用了经济分析、比较法方法、历史分析、国别方法、定性分析等研究方法。本文认为，在金融全球化、国际化和综合化发展，以及已经加入WTO并融入世界自由贸易体制的情况下，中国金融业的未来发展，要参与国际金融市场的激烈竞争，必然要实行综合经营体制。因此，应加强对世界金融综合经营与监管体制与法律的跟踪研究，为我国金融业综合经营与监管法律体制的建立和完善提供可资借鉴的国际经验。本文包括导论和6章正文，约30万字。本文在内容结构上包括四个部分：第一部分比较研究金融全球化背景下各国金融体制与法律的因应和变革，分别界定金融经营体制、分业经营、综合经营的法律含义，比较各国金融体制，解析各国金融法的演变与特征。内容主要包括，以法律分析为方法，逐一界定金融经营体制、分业经营和混业经营；从金融全球化入手，研究各国金融体制与金融法律的因应和变革；从业务综合化入手，探讨各国(或地区)金融经营体制的历史、现状与趋势。这一部分是全文研究的基础，主要包括第1章。第二部分重点研究金融业综合经营体制的形成原因、组织形式、各国实践等，解析世界各国金融业由分业经营转向混业经营的趋势和动力，探讨了金融综合经营体制下的业务综合化、组织集团化、法律趋同化等问题，总结其中的基本规律。关于各国金融机构的业务综合化，以金融综合经营体制为中心，探讨了各国金融综合经营的体制与法律，以及金融综合经营的形成原因与发展趋势；关于金融机构综合经营的法律模式选择，以组织集团化为中心，探讨了金融机构组织形式的法律问题、集团化作为适应金融综合经营需要的组织形式、金融控股公司的立法与比较等；关于金融综合经营法律制度的国际比较，以法律趋同化为中心，探讨了金融法律趋同化的概念与特征、法律趋同化与各国(或地区)金融综合经营法律制度、金融法律趋同化与金融类国际组织等。这一部分是全文研究的核心，主要包括第2、3、4、章。第三部分主要分析当前金融监管国际化的基本理论，以及金融综合经营法律监管的国际协调与合作问题，从法律上对金融监管国际化进行了界定，从金融监管国际化的形式与特征及其与国际组织关系、金融监管国际协调与合作的比较、欧盟金融监管的协调与发展等方面对金融监管国际化进行了实证研究，并从金融控股公司监管的原则与内容、基本方式以及体制比较等方面探讨了金融控股公司的法律监管问题等。这一部分研究金融综合经营的法律监管问题，主要包括第5章。第四部分在回顾中国金融体制及其立法的基础上，分析中国建立金融分业经营体制的历史必然性，研究在金融全球化、国际化和综合化趋势下中国金融业所面临的现实压力，借鉴世界金融综合经营与监管的立法和司法经验，论证中国金融经营与监管体制改革的发展方向，探讨我国金融控股公司的立法监管问题，提出了完善中国金融经营与监管法制建设的具体建议。这一部分把国际金融综合经营趋势与中国金融发展现实相联系，探讨了“稳步推进金融业综合经营试点”的模式与方略，主要包括第6章。更多还原

【Abstract】 As one of the objectives of the reform and development of the financial sector, toperfect the fundamental systems for the normative operation of financial institutions,and to promote the experimental development of comprehensive operation of thefinancial industry, is stipulated in the Outline of the 11th Five-Year Plan for theNational Economic and Social Development of the People’s Republic of China. Thisstipulation forms the legal basis for financial institutions to practice comprehensiveoperating experimentally. In fact, financial business segregation and specializedsupervision is still the present principle of financial legislation in China.The stipulation and policy to experiment comprehensive financial operation inChina is nearly the same as the financial deregulation in the West before their puttingan end to the segregation of financial businesses between banks, securities companiesand insurance institutions by new laws. However, the situation in China is quitedifferent from that of the West. Firstly, China is still a developing country. It had beenexercising highly centralized planned economy for a long period of time, and it is notlong for it to carry out the socialist market economy with Chinese characteristics.Secondly, the market direction reform and development of the financial industry hasjust started, the financial law and supervisory system in China is only in its frame. Itcosts us time to complete them. Thirdly, China has honored its WTO accessioncommitments and further opened up its financial market. Domestic financialinstitutions in China cannot but face the challenges from international financialinstitutions. We believe that experimental development of comprehensive operation ofthe financial sector in China will help to accumulate its experience and find out thesuitable patterns, legal and supervisory systems of the financial comprehensiveoperation in China. The passage of the Financial Services Modernization Act (Gramm-Leach-BlileyAct, GLBA) in the United States in November 1999 repealed the Glass-Steagall Actof 1933. The new Act permits subsidiaries of financial holding companies to affiliatewith securities companies and insurance institutions and vice verse, thus putting anend to the segregation of the financial businesses between banks, securities companiesand insurance institutions and marking a new era for universal banking, or theso-called financial comprehensive operation. The GLBA not only introduces a historicchange into the US financial sector, but is also a milestone in the financialdevelopment of the world. From then on, special care has been given by the domesticacademia to the historic change, and a lot of research about the mixed financialoperation has been carried out. But, the research achievements focus mainly on theeconomic aspects of financial comprehensive operating, and little is about its legalaspects. This doctoral dissertation is intended to fill this blank.In fact, under the present backwardness of the national economy and finance, it isstill not the right time for the domestic financial industry in China to transformentirely into comprehensive operating system. In order to do so, some basicenvironment and financial ecology suitable to financial comprehensive operatingshould be established beforehand, and the establishment of complete legal frameworkand supervisory system is one of the most important aspects. To fulfill the purpose, itis necessary for us to carry out a series of comparative studies on the basic financialenvironment and ecology in western developed countries, as well as the legal aspectsof the financial comprehensive operation and its supervision.The characteristics and contributions of this dissertation are as follows: (1) theresearch about the laws and practices of the world’s financial comprehensiveoperation lie in the following 5 aspects: the integration of the service businesses offinancial institutions, liberalization of trade in financial services under the WTO,organizational conglomeration of financial institutions, globalization and assimilationof financial laws, internationalization of financial supervision. (2) the methodologiesof the dissertation are of a rich diversity, including approach of economic analysis,historical analysis methodology, qualitative analysis methodology, and methodologyof comparative law, and so on. (3) the dissertation considers China’s realities, i.e.,China’s specific circumstances are discussed in detail and relevant policy suggestionsare put forward to be of use for the reform of the financial sector and its supervisionsystem.The dissertation consists of an introduction and 6 chapters, with about 300,000words in Chinese. It can be divided into four parts, although the author does not do so.Firstly, ChapterⅠcan be the first part, which studies the basic concepts and theories ofthe financial and legal systems of different countries under the conditions of thefinancial globalization, and forms the theoretical basis of the whole research project.Secondly, the core part of the dissertation consist of 4 chapters, i.e. ChaptersⅡ-Ⅴ,which analyze the integration of the businesses of financial institutions, the liberalization of trade in financial services under the WTO, the organizational groupof financial institutions, and the globalization and assimilation of financial lawsrespectively. Thirdly, the dissertation has the entire chapter to discuss the legal aspectsof the internationalization of the financial supervision in ChapterⅥ. Finally, ChapterⅦspecializes in the financial system and legislation in China, especially the legalaspects of financial holding companies and their supervision, putting forward somelegislative suggestions on China’s financial business segregation and its supervision.The main contents of the dissertation are as follows:Introduction: It introduces the dissertation, and focuses mainly on theexplanation of the title of the dissertation, the significance of the research project.Also in this part, the framework of the dissertation is outlined, the characteristics,innovations and contributions of the study is summarized, and the methodologiesadopted in the research is introduced.ChapterⅠ: Financial globalization and the adaptation and adjustment of thefinancial system and laws in different countries. It academically defines such termsabout financial operation as business segregation and universal banking, or financialspecialized operation and comprehensive financial services, and analyzes the pros andcons of both financial specialized operation and comprehensive services. Specialemphasis is laid on the financial operating system and financial law under thecircumstances of financial globalization.ChapterⅡ: Financial services integration and the present situation and tendencyof the financial operation systems in different countries. It discusses and compares thefinancial systems and financial laws of the US, UK, German and Japan. Analyzing thereasons of universal banking systems, it gives specialized research on the financialliberalization, financial globalization, the intense competition in financial markets,financial innovation, financial disintermediation, financial information technology,and the modernization and normalization of financial supervision. In the third section,it studies the tendency of the comprehensive financial services and the relationshipbetween the different financial industries.ChapterⅢ: Organizational conglomeration of financial institutions and thechoice of organizational patterns of financial institutions to carry out comprehensiveservices businesses. It discusses the fundamentals of the legal organizations offinancial institutions, the development and characteristics of the financialconglomerates, and places special emphasis upon the legal aspects of financialholding companies and their supervision. It analyzes in details and comparesgenerally the financial conglomerate legislations of the US, EU and its members,Japan, and Chinese Taiwan.ChapterⅣ: Globalization and assimilation of financial laws and theinternational comparison between laws for comprehensive financial services ofdifferent countries. It is in this chapter that the author defines integration of financiallaw, analyzes the relationship between financial globalization and integration of financial laws, and compares in details the financial legal systems of differentdeveloped countries and international financial organizations. In fact, it discusses thefinancial legal systems of the US, UK, Germany, Japan, and deals with theinternational monetary law under Bretton woods system, the law for trade in financialservices under WTO, and the international banking supervisory rules under BasleFramework.ChapterⅤ: Internationalization of financial supervision and the internationalcoordination and cooperation in it. Firstly, it defines such terms as internationalizationof financial supervision, financial comprehensive operation and the internationalaspects of its supervision. Secondly, it studies the experiences and characteristics ofthe internationalization of financial supervision from some key international financialorganizations. Thirdly, it discusses the legal aspects of the supervision of financialholding companies (FHCs), comparing different supervision systems for FHCs. Alongwith the trend for comprehensive financial operation, the financial supervisionsystems all over the world changes correspondingly, and there emerge the followingsupervision patterns as the mega-supervisor, the leading-supervisor, the parallelsupervisors, the two-peak supervisors and the umbrella supervision plus functionalsupervision in the US.ChapterⅥ: Legal aspects of financial holding companies and their supervisionin China, with some legislative suggestions on China’s financial business segregationand its supervision. To tell the truth, one of the ultimate objectives of this dissertationis to do specific study on China’s financial services industry and its supervision. Onone hand, it recalls the evolution of China’s financial system since the end of 1970s,analyzes the historic backgrounds, main causes and effects of the segregation infinancial services business, points out that China should promote the experiment oncomprehensive financial operation through the pattern of FHCs. On the other hand, itgives some policy suggestions on the legislation and supervision of the FHCs underuniversal banking system or comprehensive financial operation system.Moreover, the author wants to express his sincere appreciation to Prof. ZhouHongjun and other team members of the doctoral advisors of the international lawcollege from East China University of Politics and Law.更多还原