【作者】 赵孟华；

【导师】 林宝清；

【作者基本信息】 厦门大学 ， 保险学， 2009， 博士

【副题名】基于现金流特点及其风险的分析

【摘要】 20世纪70年代以来，随着金融自由化和金融创新的发展，金融集团大量涌现，目前已在金融市场中占据举足轻重的地位。2008年全球金融危机，花旗、AIG等大型金融集团被政府接管的事实，彻底打破了这类市场主体“大而不倒”的神话，并且引发了金融市场的持续动荡，由此引起了市场对金融集团风险的担忧。在新的历史时期，如何认识金融集团复杂的公司结构、超大的企业规模以及跨越金融诸多领域所带来的风险，并对其实施更有效地监管，已经引起学术界和监管机构的共同关注，本文以此为选题，具有重要的理论和现实意义。保险金融集团是一类以保险为主业，横跨保险、银行、证券等业务领域，具有复杂组织结构的金融集团。本文以之为研究对象，以现金流的差异性为主线，首先考察了保险、银行及证券公司现金流特点与差异性，然后在集团框架内分析不同性质的资金流动风险，在此基础上设计合适的监管模式，通过设置防火墙、预警体系，构建完善的监管体系。本文的主要贡献体现在以下几点：第一，论文以主业界定、区分金融集团，以现金流分析方法剖析保险(金融)集团的风险，据此设计监管体系。这种研究方法和研究角度具有一定的创新性，不仅有助于解决保险金融集团监管难题，而且为其它类型金融集团的监管提供借鉴。基于商业银行在现代金融体系中的核心地位，以及其信用中介、创造派生存款的功能，论文提出金融集团必然包括商业银行的论断，较为新颖。第二，论文分析银行、保险及证券现金流特点，并从历史和现实角度考察不同性质现金流融合的可能性及风险，然后在保险(金融)集团框架下考察资金流动的风险，最终较为深刻地把握保险金融集团的风险。第三，依据对保险(金融)集团风险的认识，论文设计出“主业监管+功能型监管”模式，并具有针对性提出包括资本充足性监管、防火墙和预警系统等在内的三位一体的监管体系。更多还原

【Abstract】 Since 1970s, with the development of financial liberalization and financial innovation, financial groups sprung up and have been played important role in the financial market. In 2008, some large financial groups, such as Citigroup and AIG, had been taken over by government. This fact thoroughly broke the myth of "too big to fail" and gave rise to the lasting turbulence in the financial market, which aroused the worry about the risk of financial group. In the new historical period, that how to understand the complex corporate structure of financial groups, large-scale as well as many risks arising from covering lot of financial areas and how to implement more effective supervision has been concerned by academic circles and supervision institutions. This article is of important theoretical and realistic significance to select this theme.Insurance financial group is a type of insurance-based financial group with complicated organization structure covering insurance, banking and securities businesses. The article takes this as study objective and the cash flow difference as the main theme. It first obverses the characteristics and difference of cash flow and then analyzes risks of capital flow with different nature in the group framework, based on which to build the complete supervision system.The main contributions of this article are following as :The first, financial groups are defined and classified with main business and the risks of financial groups are analyzed with cash flow and design the supervision system based on it .This method and the angle of study has sort of innovations, which not only solves supervision difficulties in the insurance financial groups but also provides the reference to other type of financial groups.The second, the analysis is made to the features of cash flow in commercial banks, insurance companies and security companies. The possibility and risk of cash flow with different nature to integrate is studied from historical and realistic aspects. The analysis of cash flow risk is made in the framework of insurance financial groups, which helps to deeply grasp the risks of insurance financial groups.The third, the mode of main business supervision plus functional supervision is designed on the basis of understanding risks of insurance financial groups. Three-in-one supervision system is put forward including Capital adequacy supervision, firewall and early-warning system.更多还原