金融控股公司监管法律制度研究

【作者】 廖振中；

【导师】 高晋康；

【作者基本信息】 西南财经大学 ， 经济法学， 2003， 硕士

【摘要】 本文在介绍了混业经营优势与风险的共生性，对混业经营监管的目的、意义、原则以及金融控股公司监管法律制度的特点等内容的基础上，从理论上探讨了金融控股公司监管法规的制度、原理、主要内容及行政监管机构设立等问题，并实际研究了美国金融业由分业经营转为混业经营时期监管法律制度的演进及原因，以为我国建立金融业混业经营的监管法律制度提供有益的经验和借鉴。本文第一章阐述了金融业混业经营的诸多优势，混业经营成为世界各国金融业发展的必然趋势的动因，同时介绍了金融控股公司制度的概念、来源、特点，并与其他混业经营制度作了比较；第二章介绍了混业经营有可能扩大金融业的风险、损害消费者利益的缘由，说明了混业经营监管的必要性和监管的目的、原理；第三章到第五章研究了金融控股公司监管法律制度，为本文论述的重点。其中第三章是关于监管制度和监管内容的理论研究，第四章介绍国外金融控股公司监管的实践，第五章关于监管机构的设立问题；最后，第六章对有关中国金融改革、金融控股公司监管制度的设立等问题提出了一些看法。上世纪九十年代以来，金融混业之风在全球迅猛发展，过去实行分业经营的国家纷纷转为采用混业经营体制，英国从1986年出台的《金融服务法》到1998年《英格兰银行法》正式完成了混业经营监管制度；日本关于金融控股公司解禁的两部法律在1997年12月通过标志着金融控股公司的混业经营制度的确立；美国在1999年正式确立了金融控股公司的混业经营制度；中国台湾地区2001年立法开放设立金融控股公司，可以说目前世界金融业已经进入混业经营时代。美国在经历了1933年的经济危机后为防止银行对证券业的投机造成市场崩溃，实施了分业经营制度，给美国的经济带来了稳定。但经济的发展，特别是全球化的90年代初，分业经营的弊端显现出来，不利于金融机构进入更广泛的领域，限制了经济规模，降低了经济实体运作效率，不利于银行业、证券业、保险业的优化，不利于金融品种的创新，同时在国际金融一体化进程加快之际不利于实行分业经营的<WP=3>国家与实行混业经营国家金融机构的国际竞争，因而以美国为主实行分业经营的国家采取果断措施迅速转为实行混业经营。我国目前实行的分业经营体制自1995年实施以来在稳定金融形势、平抑通货膨胀、保证社会安定等方面卓有成效，但近年来银行业面临经营品种单一，经营效益低下，呆帐和不良资产继续增加，银行惜贷而企业贷款难等问题，其改革必须进一步深化。更紧迫的是我国已经进入WTO，几年之后必将面对实行混业经营的国际金融集团的竞争。因此，实行混业是目前我国金融业改革的一个重要内容。由于金融业本身具有“负债经营、高收益”的特点，金融市场的高度脆弱性以及由于金融业的公共性而产生的巨大外部负效应，并考虑到金融业的高度垄断和信息不对称可能给消费者带来的损害，金融业历来就是受政府监管最严厉的行业。而混业经营有可能将证券业务的高风险引入银行业进一步扩大金融业的这种风险，集团内部各机构之间的不良关联可能增大对客户造成危害的范围和程度，其风险可能造成集团破产，甚至危及整个金融行业。因此，对混业经营的适度监管是混业经营成败的关键。由于混业经营的风险和不当关联是与混业经营的优势相伴随的，具有共生性。对其监管就面临着如何在安全和效益之间取舍的两难选择。分业体制立足于金融体系的安全而牺牲了金融企业的效益，混业经营在充分发挥综合性优势的同时放纵了各种风险。对其监管目标应确定为达到安全和效益的有机统一，实现社会利益的最大化，保持金融机构自主经营权和金融监管机构公权的平衡。金融控股公司是主要在美国、日本、韩国和我国台湾地区实行的一种混业经营模式，由于集团内部子公司具有独立法人地位和防火墙制度，与德国的全能银行模式、英国的“金融混合体”模式相比，虽然经营效率受到一定限制，但易于监管，能较好地消减和控制混业经营带来的各种风险。根据目前国外金融集团的监管现状和经验，金融控股公司受到三个层次法规的规制，即金融行业监管、混业经营基础性监管和金融控股公司特殊的监管。金融行业监管即银行、证券和保险行业的主管部<WP=4>门和监管部门分别对各行业的监管，这些行业监管的目的和重点都因各自的经营内容的不同而不一样，但却是最基本的监管，如银行业的市场准入，业务经营范围，资本充足性、资金流动性、贷款集中监管以及存款保险制度和银行危机处理的制度，现场检查制度等。证券业监管包括审批权和核准权、制定规证制度和有关规范性文件，对相关机构证券业务活动进行监督管理等。保险业主要是制定相关法规，准入监管，制定商业保险主要险种的基本保险条款，监督管理保险经营机构的保险业务活动等。第二层次的混业经营基础监管为旨在获取混业经营的好处而防止金融风险扩散和利益冲突所需的最基本的监管，其特点是强调在行政部门的检查和市场机制的约束下企业的自律行为，它所适用的范围包括目前世界上各种混业程度不同的金融体制，从宽松的德国全能银行到监管严厉的美国金融控股公司，其代表是1999年发表的BIS《对金融集团的监管原则更多还原

【Abstract】 In the perspective of law and finance, this thesis attempts to introduce the basic concepts of universal banking system and Financial Holding Company (FHC) as well as the purpose and principles used in supervising FHC, to explore relative issues including the supervision legal system and the establishment of supervision organization of FHC, and to discuss how to build appropriate supervision legal system of FHC in China by referring to the process in which other countries changed their financial system from segregation to FHC with step-by-step plans.There are six chapters: In the first chapter, the author introduces the concept of FHC and various causes behind the development of FHC at the age of financial modernization; chapter 2 explains the necessity and the objective of the supervision of FHC by exploring the potential dangers in universal banking system which may lead to the collapse of financial market. The author puts his critical point of views in chapters3-5. The third chapter is about the financial and legal theory of the supervision system ; the chapter 4 shows readers some practical developing process of the supervision system of FHC in America; the chapter 5 is concerned about the establishment of the supervision organization of FHC. Finally, the author probes some issues in how to build suitable supervision legal system of FHC in China.Since 1980’s, more and more countries have changed their financial system from segregation to universal banking system: the UK preluded the financial deregulation in 1986; Japan followed with the adoption of the financial Big Bang in 1996. In view of the importance of the US in the world economy ,the passage of the Gramm-Leach-Bliley Act should be the milestone of the coming of the new era for FHC. The reason why these countries changed their attitudes is that they realized more disadvantages of segregation system in modern world. In China,<WP=8>segregation system has been retained in order to keep a steady financial system since 1995. However, facing the oversea challenges after the entry to WTO, China has to reform its financial system by adopting FHC.FHC is one kind of universal banking system which is dangerous since financial system has potential risks by itself and universal banking system is bound to expand these risks. In order to avoid these risks , such as Intra-group Transactions, conflicts of interests and monopoly, the supervision legal system of FHC is indispensable. At the same time, this system should obtain an equilibrium between the efficiency and safety of financial system.Universal banking system adopts different models in different countries. Being a kind of model of universal banking, FHC is adopted in America, Japan, Korea and Taiwan region. Compared with the universal banking structure in Germany and the financial conglomerates in the UK, FHC is better in controlling financial risks due to its special defending system: "Corporate Separateness" and "firewall".According to FHC supervision experience in the world, FHC is regulated by three levels of legal system including internal regulating law for various financial sectors, fundamental regulating law for common universal banking system and special regulating law for FHC. Internal regulating law for various financial sectors includes supervising law in banking, securities and insurance sectors; fundamental regulating law for common universal banking system is adopted by all universal banking system countries, from Germany to America. Its specialty is to pay attention to self-regulation of financial enterprise, which is represented by BIS (The Principle Documents of Supervision of Financial Conglomerates). The most strict level is special regulating law for FHC, which is written in Gramm-Leach-Bliley Act as well as other regulating documents American Federal Reserve. These laws are effective in avoiding incorrect clerk and funds influence between subsidy companies<WP=9>of FHC, protecting the interests of financial consumers and preventing monopoly.FHC and its supervision s更多还原