中国银行证券混业经营制度变迁研究

【作者】 畅会珏；

【导师】 黄泽民；

【作者基本信息】 华东师范大学 ， 金融学， 2002， 硕士

【摘要】 金融在一国国民经济发展中处于核心位置。金融制度本身具有二重性，即金融制度可以成为经济进步的工具，也可以成为经济发展的障碍，作为金融制度的子系统的经营制度自不例外。我国金融业自1993年以来，尤其是1995年的《商业银行法》颁布以来一直实施严格的分业经营制度。改革开放，虽说我国的金融业有了长足的发展，但与国际平均水平相比，金融业对整个国民经济的贡献偏低，且增长缓慢。在此背景下，特别是我国加入WTO以后，金融业如何发展是一项迫在眉睫的重大理论问题和现实问题。历史地看，美国在“大危机”之后通过的GS法案开创了以立法形式要求银行业与证券业分业经营的先河，此后，英、日、法等国步其后尘，建立了与其类似的金融制度与监管框架。但自80年代以来，根据具体的国内情况及国际金融的发展潮流，英、法、日等国先后放弃了这一分业经营制度，并一度确立了在国际金融领域与美国抗衡的优势，而美国由于实行分业经营的弊端，在与英、日、德等国的较量中曾一度处于下风。由于“大危机”，出于国家短期稳定、安全利益的考虑，美、日、法等国以立法形式确立了分业经营制度，但随着国际环境的变化及金融机构(主要指商业银行)的逐利动机，从而以金融创新、金融工程的方式在实际上实现了混业经营，随后各国立法给予了事后的确认。 哈特提出的“不完全合同”的概念，以及许成钢的“法律的不完备性”的理论是研究金融制度变迁的重要理论支柱。没有抽象深入的理论分析，只凭感觉和直观的经验将不可能深刻理解金融制度变迁过程，无法把握金融制度变迁中具体事件与普遍现象之间的逻辑关系。因此，将金融经营体制变迁纳入理论分析框架十分重要。对金融经营体制变迁的经济学分析包括风险效率假说、制度变迁供求假说和信息经济学对金融制度变迁的解释。风险效率假说较多地从银行经营风险与效率的角度来论述金融制度变迁的原因，其认为各国金融经营制度从混业到分业，再从分业到混业，其核心就是如何处理商业银行的风险与效率的关系问题。制度变迁供求假说是应运新制度经济学的制度变迁的基本原理对金融制度变迁分析的一种理论解释。无论是分业经营制度，还是混业经营制度，都是由其制度供给与制度需求共同作用的结果。这其中商业银行是金融制度变迁的制度需求主体，金融监管当局是金融制度变迁的制度供给主体。信息完备与否决定金融经营制度的方式与效率。混业经营的一个充分必要条件是金融机构的信息处理能力，以及获得这种能力的努力是值得的，即混业经营的边际收益能够弥补由此产生的交易成本和信息成本。 运用不完全合同理论可以更好地解释各国的金融经营制度变迁。新制度经济学中的不完全合同理论认为“不完全合同”是“合同双方缔结的合同是不完全的，具体来讲，合同可能会提及某些情况下各方的责任，而对另一些情况下的责任只做出粗略或模棱两可的规定”。形成不完全合同的主要原因是是合同规定的项目中有些是第三者无法验证的，以及交易费用的存在。“在当前的法律制度状况下，合同在中国甚至比在西方更加不完全”。现实中的法律都是不完备的(当然包括金融法律)。由于人们的有限理性、不确定性和复杂性，所以无论是多么伟大的立法者都不可能预料所有将来发生的事件，从而不可能把法律定义的无限清楚，用语言准确地、无差异地写出来。因此，我们可以运用不完全合同理论从宏、微观来解释金融制度变迁规律，并预测中国金融制度的改革方向。 1993年以后中国实行分业经营制度，其主要特征是，银行绩效指标呈下降态势，其中国有独资商业银行不良贷款的比例非常高。根据科斯定理对其进行分析，可以发现国有独资商业银行的不良贷款增多的一个主要原因就是国有企业和国有银行的共生关系，其共生关系的特征是国有银行、国有企业的法人财产权不能得到保障，从而国有银行与国有企业一荣俱荣、一损俱损。影响我国金融体制变革方向的现实因素有以下几条。其一如何确定国有企业的地位及决定国企改革成败的因素。国企改革进程直接决定着国有银行的命运，及金融体制变革的方向。只有按市场经济运行的内在规律和现代企业制度的要求，将国有企业改为按照“四自”原则运行的独立市场法人主体，才具备从分业经营向混业经营迈进的微观运行机制。其二国有商业银行的改革。包括产权制度与组织制度的改革、积极进行商业银行业务创新和加强商业银行的内部风险管理。其三市场中介作用的充分发挥与资本市场，尤其是证券市场的发展。其四金融管理当局的监管水平。其五利率市场化改革的进程。其六加大培养、引进混业经营需要的复合型、管理型人才。其七金融法规的进一步完善与行业自律行为的加强。 金融控股公司是实行混业经营的一种形式，其比较优势包括规模经济优势、范围经济优势、协同效用优势和风险递减优势。根据投资主体的不同，我国现存的从事两个或以上金融行业的金融企业形式可分为三类;以金融机构(包括商业银行、信托投资公司和保险公司)为主组建的金融控股公司;以投资集团为主组建的金融控股公司;实业公司直接参股、控股两个或以更多还原

【Abstract】 Modern finance institute plays a core role in the national economy. The finance institute, especially the finance operating institute, has dual functions itself, it is, at one hand, a useful instrument to promote the national economy, at other hand, is a barrier to hander the development of the national economy. Since 1993, especially the promulgation of commercial bank act 1995,China has carried out the strict separation operation of commercial bank and security corp. Although China finance industry developed sharply since the reform and the openness in 1978,the contribution of our finance industry in the national economy is lower, contrast to the international average level. It is urgent, important theoretical and practical problem how to develop our finance industry in the background of the entrance to WTO. Historically, "Glass-Steagal act of 1933 in America is legally originative to regulate the separation operation of commercial bank and security corp.. Then England, Japan and France follow America to found the similar frame of the finance institute and the finance regulation. But since 80s, England, Japan France successively have abounded the separation operation institute and have the better advantages according to the their conditions ar i the development trend of international finance. Owing to the inherent malpractice of the separation operation institute, American commercial banks have inferior strength in competing with other countries. England, Japan and France legally established the separation operation institute because of the consideration of countries’ benefits and security which big depression harmed. But with the change of the international economic and financial environment and the aim of commercial banks pursuing the profits, financial innovation and financial engineering in fact make crossed operation come into effect, which soon afterwards is confirmed legally.The theory of incomplete contract and incomplete law is the basic analysis instrument, which the finance institute is studied by. Without theoretical analysis, the direction of the finance institute change is not forecasted exactly. So it is very important to place the finance operating institute change into the frame of the theoretical analysis. Besides the theory of incomplete contract and incomplete law, the economics analysiswhich explain the finance institute change includes the hypothesis of risk-efficiency, the hypothesis of the demand and the supply of the finance operating institute change and the explanation of information economics. The hypothesis of risk-efficiency study the cause of the finance operating institute change from the risk and efficiency in bank operating, which core viewpoint is how to deal with the risk and efficiency in the finance operating institute change. The hypothesis of the demand and the supply of the finance operating institute change utility the "institute" in new institute economics to analysis the cause of the finance operating institute change, which consider that the financial regulator is the institute supplier and the commercial bank is the institute demander in the finance operating institute change. Information is the basic concept in information economics. The ability of dealing with the information determines the pattern and the efficiency of the finance operating institute. The key condition of the implement of the finance crossed operation is the ability of dealing with the information by the finance intermediacy and the MR of finance crossed operation is equal to MC of transaction cost and information cost.The theory of incomplete contract and incomplete law can fairly explain the finance operating institute change. The concept of incomplete contract in the new institute economics is that the contract signed by two parties is complete, it is, this contract maybe confirm the responsibilities which two parties take respectively in some conditions, but it can not stipulate the responsibilities, or stipulate the responsibilities only simply or vaguely or in other conditi更多还原