【作者】 李咏怀；

【导师】 冯彦君；

【作者基本信息】 吉林大学 ， 经济法学， 2004， 硕士

【摘要】 本文主要探讨了从经济法学的角度分析日益发展的银行与证券混业经营的金融创新问题，共分三个部分。第一部分是对银行与证券混业经营的概述。银行与证券混业经营是商业银行或证券公司提供的同时具有商业银行业务和证券业务特征的金融产品和服务的经营活动。从西方发达国家的金融发展显示，银证分业经营与混业经营之间经历了两度过渡。在银行与证券混业经营的金融创新实践中，呈现为两种表现形式，其一为银行控股公司形式，其二为银行业务与证券业务的交叉。笔者认为，侧重建立防火墙机制的银行控股公司形式缺少银行业务与证券业务交叉模式对银行与证券混业经营的灵活的激励作用。但是，对于如何在回避风险和积极开展金融创新的权衡方面，两种模式为商业银行选择怎样的金融创新进程提供了参考范本。结合有关国际商业银行和中国商业银行的统计数据资料，文章分析了金融混业经营的国际形势和中国国内金融混业经营的潜在趋势。以银行业务与证券业务的交叉为假设前提，笔者进一步分析了银行与证券混业经营的金融创新方式。无论是商业银行债权性资产的证券化，商业银行参与证券的变现、流通与质押，还是商业银行参与证券承销以及代理证券、基金业务，商业银行向客户提供多元化的理财服务，都体现了商业银行利用现有的经营优势提供具有证券化特征的金融产品和金融服务。论文的第二部分探讨了银行与证券混业经营提出的新课题。银行与证券的混业经营模糊了货币市场与资本市场的传统界定，致使以往用以调控个别市场的政策工具——货币政策和资本政策，在这种混业经营的影响下，或者产生牵一发而动全身的后果，或者表现为时滞特征的不可预测性。有鉴于此，作为金融政策依据的宏观调控政策也面临着来自金融创新的冲击。宏观调控是一种政府作用于社会经济、秩序的行政职能。<WP=57>伴随着社会的繁荣和发展，宏观调控大致可以概括为金融政策、产业政策和经济公平方面的政策。政府的宏观调控与商业银行金融业务的发展是休戚相关的。为实现金融业的持续、健康发展，有关立法机构已经关注利用法律来确保政府制定并执行持续、稳定的宏观调控政策，其中尤为突出的就是被经济法所确认的金融法，以调整金融关系为核心的金融法已经成为金融业发展的规范和准则。但是，银行与证券的混业经营足以动摇以金融分业为原则的金融法制。从经济法学的角度分析，由于经济法学以经济发展为对象，因此，经济发展的宏观、持续、动态的特征赋予了经济法学研究不同于其他法学研究的特点——动态的、开放的研究视角。经济法的变量调整理论为金融政策的适时调整提供了依据。经济法理论关于规制的界定，为宏观调控法制冲破金融分业经营的限制提供了可能。笔者通过理论分析为中国的商业银行从事银行与证券的混业经营而引致的对政策和法制变革的冲击提供了解决的依据。论文的第三部分探讨经济法对银行与证券混业经营的调整，也是论文的重点部分。对商业银行而言，银行与证券的混业经营对金融市场可能造成的信用风险和通货膨胀风险决定了经济法对其调整的必要性。信用风险体现为资产证券化潜在的信用增级风险，商业银行从事证券的变现、流通、质押和证券承销、代理证券基金业务使商业银行面临的证券市场风险，商业银行提供的多元化理财服务对商业银行的信用评价风险。通货膨胀风险表现为商业银行提供的具有证券化特征的金融产品使金融领域内生的资金数量提高，实质上增加了资金的供应量，导致了通货膨胀的可能性。基于对银行与证券混业经营的实践，出现了两种监管形式。其一为以防火墙为原则的监管制度，其二为一体化的监管制度。以防火墙为原则的监管制度试图通过分离从事证券业务的附属公司与商业银行的传统业务关联关系来实现规避风险的目的。一体化的监管制度通过交易惯例、自律监督和立法监督相结合的方式实施对金融业的监管，通常<WP=58>也建立专门的监管机构。尽管存在不同的监管体制，巴塞尔银行监管委员会对银行与证券混业经营提出了一些有效的、具有实践意义的监管建议。确立有效监管的体制，安排持续性的银行监管，强调对银行资本充足率、信贷风险、内部控制的关注，明确使用现场和非现场、经常性、单一和并账基础上的和独立的外部审计等持续监管的手段，赋予监管者纠错和惩罚的权力。当前，中国的金融监管类似以防火墙为原则的监管模式。相关的基本金融法规都明确规定金融分业经营的原则，同时针对不同的金融行业分别设立了银监会、证监会和保监会。在2003年底，修正后的三大银行法体现了对银行与证券混业经营的制度激励，为银证混业经营预留了发展空间，明确了银监会对金融机构的监管职责和权限，适当剥离了中国人民银行的监管职能，强化其货币政策职能。在实践中，三个金融监管机构之间的交流与合作为商业银行从事银行与证券混业经营提供了体制保障。笔者认为，银行与证券混业经营对中国的商业银行而言是大势所趋，因此，经济法学应该积极关注规范金融混业经营的法律制度和国际组织的协议和建议，结合中国的金融特点和实际情况，及时、审慎地探讨如何调整金融法制，以促进金融法治建设，为中国的金融发展提供法制保障。更多还原

【Abstract】 This text mainly study the issue of financial innovation of the amalgamation operation between commercial banks and securities firms with the method of economical law, totally is divided into three parts.The first part introduces the general idea of the amalgamation operation between commercial banks and securities firms. The amalgamation operation between commercial banks and securities firms is operation business with the mixture character of commercial banks and securities firms that the commercial banks or securities firms will provide. It is appears that the evolution between the amalgamation operation and separateness has experienced two times. In the fulfillment of the amalgamation operation between commercial banks and securities firms, there are two kinds of forms, one is bank holding company, the other is the form offering the crossing products of securities firms and commercial banks. The writer think that the bank holding company which emphasize to establish the firewall system is lack of the vivid function to encourage the amalgamation operation while the latter form embodied. But for the aspect of how to set up weight between getting around the risk and positively expanding the amalgamation operation, these two kinds of modes provide usable copies for commercial banks on how to choose the financial development of the amalgamation operation. According to the statistic data of international commercial banks and that of Chinese commercial banks, the article analyzes the international situation of the amalgamation operation and the local latent trend of it in China. Taking the form which offer the crossing products of securities firms and commercial banks as supposing premise, the writer further analyses the way how to operate the amalgamation operation between commercial banks and securities firms. Whether the obligatory right property of commercial banks changing into securities, commercial banks engaging into the process of securities discount, circulation and endorsement, or commercial banks take on the services of securities underwriting and funding entailment, commercial banks offer diversified financial services to customers, all these services and products prove that using the current advantages the commercial banks can offer financial products and services with characteristics of <WP=60>securities firms.The second part of this thesis studies the new subjects that the amalgamation operation between commercial banks and securities firms bring to financial market, financial policy and financial legislation. Because the amalgamation operation will mist the traditional define of the monetary market with the capital market, so it make the old policy tools of the monetary market and the capital market which regulating the financial market respectively lead the result of pulling one hair but move the whole body, or present the unpredictable time detain under the influence of the amalgamation operation. As what has mentioned above, the macroscopic regulation that the evidence of financial policy also faces the impact from the financial innovation. The macroscopic regulation is a kind of government function in the administration of social economy and social order. Accompany with the flourish and development of society, macroscopic regulation can mostly generalize to financial policy, industry policy and aspect of economic and fair policy. Macroscopic regulation of government and development of commercial banks financial business are something to share good and bad luck. In order to realize continuous and healthy development of finance, the concerning lawmaking organizations have already paid attention to enact and carry out persistent, stable macroscopic regulation policy through insurance of law, the most outstanding one of them is financial legislation that is confirmed by economical law, the financial legislation whose core is to adjust the relationship of finance has already become the rule and standard of financial development. While the amalgamation operation between commercial banks and securitie更多还原