论中国金融业混业经营

【作者】 喻天辉；

【导师】 李茂生；

【作者基本信息】 中国社会科学院研究生院 ， 金融学， 2001， 硕士

【摘要】 本文从分析混业经营的历史与逻辑关系出发，对中国金融业分业与混业经营问题进行研究与论证。作者的主要观点是：分业经营是混业经营发展到一定阶段实行专业化经营的产物，混业经营又是金融创新、金融自由化和放松管制的必然结果。中国20世纪90年代以来实行的分业经营虽有其合理性，但存在着效率低、竞争力弱等诸多弊端。为此，需要在加快试点的基础上，稳步推进中国的混业经营，以适应国内经济金融发展与金融全球化的需要。 全文共分六个部分。第一部分概论，从金融对外开放出发，分析了论题的重要性，并在综述分业与混业有关观点的基础上指出，随着中国加入WTO以及美国通过《金融现代化服务法案》，金融全球化和金融创新的步伐将会进一步加快；美国以法律形式结束了分业经营的历史，重新确立金融混业经营的模式，将引导其他国家金融业向混业经营发展；金融开放条件下，国际金融财团的综合化竞争优势，将对我国现行分业经营模式构成严峻挑战，因此，重新审视我国分业经营模式，研究制定我国混业经营战略，不仅关系到我国金融业国际竞争力的提高，而且关系到我国经济如何融入国际经济以及保持经济繁荣与社会进步。 综观我国金融理论界关于分业与混业经营的争论，不少人主要以“风险”、“效率”、“信息”等要素为主线进行分析．其争论要点主要体现在基本面和因素分析方面，大多数论点缺乏历史的特别是逻辑的分析。本文从分折分业与混业的历史发展出发，辩证地考证金融业经营体制变化的规律，结合我国金融体制的现状，研究我国实行混业经营的现实性和实现条件。作者认为，实行混业经营是一种符合历史发展的必然选择。具体执行过程中，由于我国经济市场化程度较低、国有企业改革不到位，因此，一方面，不宜完全打破现有的分业经营体制，在现有分业经营的法律框架下，可暂时维持分业经营的现状，另一方面，要着手混业经营的试点和准备，待市场化提高到一定程度，金融安全网络日益健全时，全面推行混业经营。 第二部分对金融业分业经营与混业经营进行历史分析。通过研究美国、日本、英国金融经营体制变化，论述了分业经营与混业经营所蕴含的历史发展必然性。 20世纪30年代以前，各国推崇自由市场经济，混业经营比较盛行。后来，混业经营过程中出现了一些风险，为降低这种风险，开始出现分业经营倾向。这部分从分析美、日、英等部分发达国家的分业经营体制产生的原因、运营的效果以及所遇到的困难出发，分析了这些国家由分业经营向混业经营演变的历史过程，论证了混业经营发展的内在规律和要求。 第三部分对混业经营进行逻辑分析。从分业经营向混业经营转变的主要原因有：一方面，金融创新和金融自由化促进了分业经营体制的实质性瓦解，金融自由化从形式上废除了分业经营；另一方面，国际竞争的渗透也起到了重要作用，具体表现在：第一，放松对海外金融市场的监管，客观上为混业经营提供了条件；第二，实行分业经营的国家在国际金融市场上面临全能银行的竟争，其不同的金融机构不得不进行业务间的相互侵蚀与渗透；第三，由于有效监管的推进，严密有效的金融监管法规和金融监管系统的高效运作，以及完善的风险控制理论和风险控制工具，使银行业务与其他金融业务的结合不会产生过高的风险。 第四部分从现实的角度回分析中国金融业分业经营与混业经营的现状，主翌分三点论述：一是从分析我国“分业经营”概念出发，引出分业与混业经营的三个标准；二是从商业银行、保险公司和证券公司二个主体揭示分业经营在实际运行中存在的弊端；二是；鉴于分业经营的上述弊端，并结合我国80年代已有的实践；作者认为，对金融业进行完全分业经营也是不现实的，目前的金融环境中己孕育产生混业经营的趋势。 第五部分从分析混业经营的利弊得失出发，论证了中国混业经营的必耍性，主要表现庄：一是中国加入WTO会对国内金融业的冲击。外资金融机构进入中国，将促进国内金融机构业务发展，并产生馄业经营的要求；二是金融创新与业务的融合。金融创新业务的开拓可能会模糊分业的界阻，在某种程度上使金融机构在－些新产品业务上有所融合，从而成为混业的动因；三是利率市场化与混业经营的需求。利率币场化的推动会增加混业经营的动力，通过混业经营实现金融资源的有效配置：四是宏观经济发展。为适应经济发展的需要，促进国企改革，并增强银行自身的生存能力，必须椎进资产多元化。在现行法律框架的条件下，为加快金融改革步伐，从金融制度改革、金融产品创新。金融监管放松等方面为逐渐过渡到混业经营创造辜H牛；以适应经济全球化和金融自由化的要求。 总之，面对混业经营的国际趋势，中国金融业应不断拒破分业经营的侄桔，积极推进金融业务的市场化改革，由分业经营逐步走向混业经营，提高我国金融整体服务效率和金融机构的国际竞争力，以适应ZI世纪中国经济发展对现代金融制度的要求。更多还原

【Abstract】 At the beginning of the paper,we analyze the historical relationship and the logic of universal banking,then we do some research on the practical problem of universal banking and core banking in China. The main points of the paper are as follows:core bank is a baby during its development of universal banks,while universal banks are definite results of financial innovations and deregulation. Nowadays,core bank in China is rational,however,it shows inefficiency and low competitiveness,etc. Therefore,under the base of experiments of universal banks,we need to put forward universal banking in China in order to satisfy the requirements of the financial globalization.There are six sections in the paper. The first section is the general discussion. From the start of financial opening up,I analyze the importance of the topic. After summarizing on different ideas about core banking and universal banking,I show the following viewpoint. With the speed-up of China’s entry WTO and the agreement of "the Modem Finance Service Act" in the United States,the pace of the financial globalization and innovation will become faster. The history of the core banking in the United States was over by law. Reestablishment of the mode of the universal banking will make the operation of many other countries toward universal banks. Under the condition of financial opening up policy,the advantage of the international universal banks will bring challenges to China’s core banking at present. Therefore,we need to examine the mode of core banking in China,and to formulate the policy of universal banking,all these will not only improve the international financial competitiveness of Chinese financial system,but also make the country enter into international economy and keep economic prosperous and social improvement.1 make comprehensive survey of the research of. core banking and universal banking in Chinese academy and find two main points,whose main lines of analysis are risk,efficiency and information,which concentrates their discussions on the basic and factor research. All the research lack historical and logical analysis,that is,they are one-sided.From the research of the history of core banking and universal banking,I examine logically the rules of the change of financial system. Combining with the fact of our country’s financial system,I focus my research on the reality and condition of universal banking in China. In my opinion,at present,the depth of market is low and the reform of the state-owned enterprises doesn’t finish,so we shouldn’t give up completely the core banking operation system,especially under the present law. Keep the status of core banking,meanwhile we need to do some experiments of the universal banking. As the market depth is improved gradually,the financial safety web is becoming better,universal banking will be a definite choice that will be in accordance with the historical development.The second section does some research on the history of core banking and universal banking. Through the analysis of the changes about the rules of financial system in the United States,Japan and the United Kingdom,I find the probability of the historical development of the core banking and universal banking. In this section I analyze reasons,results and difficulties of core banking in some developed countries,such as the United States,Japan and the United Kingdom. Then I show the reasons and process of the change from core banking to universal banking in order to give out the inner rule and requirement of universal banking.The third section gives the logic research on the universal bank. The main reasons of the transmission are the following:the first reason is the financial innovation and deregulation. The second is the international competitiveness. The third is the improvement of efficient supervision.Following the history and logic research,the fourth section analyzes the status of Chinese core banking and universal banking from the point view of reality. In the first part I give the three standards of the core b更多还原