【作者】 唐鹰；

【导师】 高晋康；

【作者基本信息】 西南财经大学 ， 经济法学， 2007， 硕士

【摘要】 金融控股公司是金融业混业——分业——混业的发展进程催生出来的产物,是金融业重新实现混业经营的载体之一。金融业的最初混业被20世纪30年代那场席卷几乎所有资本主义国家的经济危机叫停并让人心存余悸。痛定思痛之后,大多数国家和地区对分业体制做出了艰难的选择。在世界范围内,70年左右的分业历程孕育了新一轮的混业经营,金融控股公司应运而生,成为实现金融混业经营的新的经济组织形式,承担着提高金融资源配置效率、满足客户全方位金融需求、增强金融机构竞争力和创新能力的历史使命。但是,与此重要地位形成鲜明对比的是金融控股公司经营中面临的巨大风险,这种风险不仅是单个机构风险的叠加和重组,而且具有极大的变异性。巨大的经营风险蕴藏于庞大的组织体系、复杂的产权关系和多样化的业务中,给金融监管提出了新的要求。金融监管的理念从金融机构业务的合规性监管转向金融控股公司内控机制健全性和资本充足性的风险性监管。风险控制成为金融控股公司监管法律制度追求的核心目标。风险管理的全面性和立体性决定了对金融控股公司的监管也是全面的、立体的。通过对金融控股公司的发展背景和其发展对金融监管提出的挑战考察,不难发现“分业经营、分业监管”的监管理念已严重滞后于金融实践的发展。金融监管法律体制发展的新动态表明完善的金融监管法律体制是法定性的外在监管与自律性的内在管制的有机统一,是一个由市场准入监管、运营监管与市场退出监管组成的系统工程。其实,这种监管理念在分业经营、分业监管的体制下已完全得到确立,现在的问题是如何在金融控股公司的监管中来完善这种金融监管体制。在全球金融一体化、金融监管立体化浪潮的强势推动下,本文以“设立监管——运营监管——退出监管”为纵轴,以“微观控制——中观监督——宏观监管”为横轴构建了一个针对金融控股公司的全方位、立体、持续监管的坐标。按照这一思路,本文分为五章展开论述:第一章,金融业经营模式与金融监管,考察金融业经营模式的历史演进,指出金融控股公司是实现金融混业经营的方式之一,不同的经营模式又决定了对金融监管体制的不同选择,其目的是寻求孕育金融控股公司的社会、历史土壤和探寻在新的监管理念下,构建金融控股公司监管法律制度的必要性和特殊性;第二章,金融控股公司的风险与监管,在风险目标监管体制下实施对金融控股公司有效监管的前提是明确金融控股公司所面临的风险,然后确定相应的监管策略,“有的放矢”,因此,对金融控股公司的监管存在着与对单个金融机构监管不同的监管原则、内容和模式;第三章,金融控股公司的准入监管,从金融控股公司准入监管的理论基础和内在动因考量金融控股公司准入监管的必要性和可能性,对金融控股公司设立方式的探讨则回答了如何将金融控股公司纳入监管者的视野,借鉴各国对金融控股公司准入监管的具体规定,提出我国进行金融控股公司设立监管的建议;第四章,金融控股公司的运营监管,金融控股公司自身经营管理水平与外部监管的有效性决定了金融控股公司经营风险的高低,宏观的法律监管权、中观的行业自治权和微观的机构自主权的协调平衡是实现有效监管的重要因素,指出机构自主、行业自律均是在法律指引下展开的前置性的监管措施;第五章,金融控股公司的市场退出监管,从公共需求理论着手考量市场退出监管的必然性,然后从事前、事中和事后三个环节来设计金融控股公司市场退出的不同制度安排;文章的最后是结论,对金融控股公司的监管法律制度作了比较完整的概括,认为对金融控股公司进行有效监管的途径是确立风险控制的目标型监管体制和选择多元化的监管模式。在文章的整体框架下,对金融控股公司的监管法律制度进行了比较深入的论述。准入监管是保障金融控股公司运营安全的第一道屏障,机构设置的类型、业务范围的大小和人员任职资格的考察是在设立阶段对金融控股公司进行监管的重要内容。运营监管和退出监管中“纵横交错”的监管措施则是为金融控股公司稳健运营保驾护航的第二、第三道屏障。运营监管是金融控股公司监管法律坐标纵轴上最为重要的一个点,相比位于该轴起点和终点的准入监管和市场退出监管而言是动态的。运营监管的成败是决定整个金融控股公司监管成败的关键性因素。而运营监管的成败又由该监管坐标中横轴上的三种监管权协调与制衡的程度决定,即微观的机构自主权、中观的行业自治权和宏观的法律监管权。三者之间,机构自主权是基础,行业自治权是保障,法律监管权是核心,前二者是法律指引下的自主和自治,自主和自治优先于法定的风险监管。这一纵横模式有效地避免了因信息不对称而引发的监管真空问题的产生,构筑了保证风险性监管理念得以体现的第二道屏障。这一监管环节又由金融控股公司的法人治理结构、金融防火墙、自律性规范和资本充足性监管等具体制度构成,充分体现了风险性监管理念。市场退出监管是金融控股公司监管法律制度的最后一环,这一环同样呈现出纵横交错的局面。公共需求理论成为研究金融机构市场退出监管的理论基础。在该理论的指引下,金融机构市场退出预警机制、市场退出的事前、事中和事后的不同制度共同构成了纵向监管的内容;而预防性的并购、救助和接管以及善后性的存款保险制度和控股母公司的加重责任则共同构成了横向的监管内容。只有将金融控股公司监管法律制度中两个纵横交错的环节视为一体,才能把握金融控股公司监管法律制度的全貌。本文收集了大量的目前国内研究金融控股公司的最新文献资料和部分外文资料,充分回顾和借鉴了国外对金融控股公司监管的研究范式和研究进路,针对目前国内关于金融控股公司的监管法律规范严重滞后和“分业经营、分业监管”的监管体制与现实严重脱节的现状,形成了自己的研究模式。从考察金融控股公司的法律监管与金融业经营模式和传统金融监管的关系着手,将本文的研究起点确立为金融业混业经营趋势和金融监管理念的创新。并进而在行文中处处体现金融控股公司监管是此种趋势和创新的综合反映:金融控股公司是实现金融混业经营的方式之一,并逐渐成为全球混业经营的发展趋向;金融控股公司的监管体现了监管理念由对金融业务的合规性监管向内控机制健全性和资本充足性的风险性监管的转变。而后,通过对金融控股公司经营中所面临的特殊风险的概括和总结,根据风险目标型监管的要求,展开金融控股公司监管法律制度的具体内容。综合运用经济分析方法、比较分析方法和历史分析方法,最终得出对金融控股公司实行全面、系统、立体和持续的监管应是金融控股公司监管法律制度构建的方向的结论。本文以前人的研究成果为基础,借鉴经济学领域研究金融控股公司风险控制模式的范式来还原金融控股公司监管法律制度的本来面目,为研究金融控股公司的监管法律问题确立了一个比较完整和系统的分析框架。法学领域对金融控股公司监管法律制度分解研究的成果和经济学领域对金融控股公司进行全面风险控制的研究范式启发了作者的思维,加之笔者对金融实践的发展也给予了充分关注,这些成为解决研究中的困难的重要保证。本文的研究成果具有以下意义:第一,呈现了金融控股公司监管法律制度的全貌和本来面目,实现了在一个比较完整、系统的分析框架下审视各项监管措施的目的;第二,挖掘了构建金融控股公司监管法律制度的理论基础,为具体制度的确立进行了理论储备,为矫正现行法律制度提供了理论依据;第三,迎合了金融监管理念不断创新对具体监管制度的构建所提出的新的要求;第四,提供了重塑和矫正我国金融控股公司监管法律制度的新思路;第五,对金融实践的发展做出了务实性的回应,对推动我国与国际金融监管法律制度的对接也许会起到一定的积极作用。更多还原

【Abstract】 Financial holding company is the product of“integrated-separated-integrated”financial operational process, is the carrier of integrated operation. The former integrated operation was stopped by the crisis in 1929-1933. And after that, most countries in the world adopted separated operation mode. With the changes in financial concept, efficiency other than safety becomes the core value in finance and the tendency of integration in financial industry gives impetus to the development of financial holding company. Since it was born, financial holding company has become a new organization mode for integrated operation. It has many advantages: increase the distributive efficiency of financial resources, satisfy customers’need for all-around financial services and strengthen competitiveness and innovation of financial institutions. In contrast to that important status, financial holding company has tremendous operational risks, which are not only the reflection and combination of single institution, but the variation of former risks. Besides, the comprehensive structure, complicated property relationships and diversification of business all together put new supervisory requirements forward.After studying the background of financial holding company development and the challenges it puts to supervision, it is easily found that“separated operation, separated supervision”has become a great obstacle to financial reality. The latest development in financial supervision system shows a profound system is a mechanical unification of external legal regulation an internal control, is a systematical organization of market entry regulation, operational regulation and market leaving regulation. In fact, such a supervisory system has already been made, what we should do now is to transplant it into the supervision of financial holding company. Influenced by financial integration, this essay argues the regulation of financial holding company in vertical view: market entry-operation-market leaving and in horizontal view: internal control-trade discipline-legal supervision. Following that idea, the essay is divided into five chapters. In the first chapter, financial operation model and financial regulation are concerned. From the historical angle, we may find financial holding company is one of the realization forms of integrated operation and different operation model decides different choice of financial regulatory system. Influenced by the latest supervisory idea, the necessity and specialty in supervision of financial holding company are discussed. In the second chapter, the essay studies the special risks financial holding company is faced with and specifies the definite supervisory tasks. To conclude, regulatory principles, contents and model of financial holding company are quite different from those of a single institution. In the third chapter, it is mainly concerned with the regulation of market entry, which is composed of the theory basis, the motivation and different forms of setting up a financial holding company. And then it studies the legal regulation of several countries. The fourth chapter discusses the most important sector in financial holding company supervision, that’s operational regulation. Administrative level and efficiency of outer supervision decides the risks level. The harmony of legal regulation, trade discipline and internal control is a key factor in financial supervision. In the fifth chapter, how to leave market is the central topic. From the theory of public need, the market leaving of financial holding company is essential. And then build a supervisory system of“before-in-after”leaving to ensure the safety and stability of national economy. Finally there is a conclusion, in which contents of supervising the financial holding company are summarized.Under the frame, the essay goes into the specific contents of financial holding company supervision in detail. Regulation in market entry is the first defense line for safety. The type of institutions, the scope of business and the qualification of personnel are the key contents in market entry supervision. Regulation in operation and market leaving becomes the second and third defense lines respectively. Compared with the first and last defense lines, operational regulation is of great importance because it’s moving while the other two are relatively stable. Success or failure in operational regulation decides whether the regulation of financial holding company succeeds or fails, which is decided in turn by the coordinating level of three rights: legal supervisory right, trade disciplinary right and self disciplinary right. Among the three, self-discipline is the basis, trade discipline is the safeguard and the legal supervision is the key. This structure avoids the regulation vacuum due to dissymmetry of information. In detail, operational supervision is made up of corporation administrative structure, internal fire wall and capital adequacy which are a reflection of risk-oriented supervisory concept. As to market leaving of financial holding company, from the theoretical angle of public need, it is quite necessary. The complete system is composed of risk prediction mechanism and measures of before-in-after leaving. To be exact, it includes preventive combination, help in crisis, takeover and rescuing deposit guarantee and heavier burden of holding company. Generally speaking, in order to get a full picture of financial holding company supervision, the former mentioned contents should be considered.Abundant latest domestic and foreign materials have been collected for this research. Reviewing and referring to the latest foreign study methods and concerning the domestic reality of financial holding company supervision, a personal research style is formed. Beginning with the relationship between changed legal regulation concept and financial operation model and traditional regulatory theory, based on the integrated operation tendency and innovation in supervisory concept, a conclusion is drawn: risk-oriented supervisory concept should take the place of rule-oriented concept. Relying on standardized analysis methods such as economic, historical and comparative analysis, a complete regulation picture about financial holding company is obtained. Meanwhile, a systematical analytical frame is set up.The author is inspired by the former research achievement in different fields, esp. the all-around risk control method in economic circle and is concerned with the topic for a long time. All these lay a solid foundation to overcome the difficulty in study. So the achievement of this essay involve: firstly, this essay restores the original picture of financial holding company supervision, realizes the aim of examining diversified regulatory measures in a vertical and systematical frame. Secondly, the essay excavates the theory basis for regulating financial holding company, makes theory storage for establishing rules and provides theory foundation to correct the present legal system. Thirdly, the essay caters to the new supervisory requirements, which are put forward by innovation of regulatory concept. Fourthly, this essay changes the train of thought to rebuild and correct present rules. Lastly, by responding to financial reality, the essay may help accelerate the merging of domestic and international supervisory rules.更多还原