银行业投资证券法律制度的理性透视

【作者】 胡艳香；

【导师】 唐自斌；

【作者基本信息】 湖南师范大学 ， 法学理论， 2002， 硕士

【副题名】兼谈中国在分业难局下的战略选择

【摘要】 世界银行业大体经历了“融合——分立——再融合”的演变过程。从表面上看，这一戏剧性的分分合合似乎只是历史的简单回复；但实质上，银行业从分业重又走向混业是市场分工深化导致的金融功能配置格局的必然重构。分业经营制度从诞生开始就以人为因素为重，它作为国家金融货币系统壁垒的可行性一直受到质疑，“促进公平竞争”、“化解金融风险”、“降低监管成本”等分业理由受到越来越多强有力的反驳。相反，混业经营的优越性受到越来越多国家的青昧。中国是世界经济的重要组成部分，无法摆脱世界金融业混业经营发展趋势的影响。但中国银行业要从分业全面走向混业，还有许多问题亟待解决。本文拟从法律、经济、管理等角度对银行投资证券法律制度进行“公平”、“安全”、“成本”的综合分析，进而思考、探讨中国银行业经营模式的未来取向。 本文共分四部分。 第一部分：综述商业银行与投资银行法律形式上的区别和本质上的相同，意在说明商业银行与投资银行的区分只是人为的隔离； 第二部分：以美日为例，对近现代银行经营模式的发展变迁进行分析，从而得出人为的法律限制终将会成为市场发展的阻碍，混业经营才真正符合市场经济对公平正义的要求； 第三部分：从公平、正义、效益、安全、成本等角度对银行分业、混业经营体制进行剖析。该部分以美国《格拉斯——斯蒂格尔法》、《金融服务现代化法》及其各自确立的分业体制、混业体制为主线，运用法律的经济分析和经济的法律分析方法，对分业经营理由进行驳斥、反思，旨在主张混业体制； 第四部分：根据中国的实情对银行经营体制的未来取向加以设想和思考。该部分从长远发展的观点出发，分析中国银行业在分业限制下存在的诸多弊端，探讨混业经营的可行性，进而思考中国银行业由分业走向全面混业的路径。更多还原

【Abstract】 In the history, commercial banking and investment banking evolved from combinating to separating, then back to combinating. The historical evolution is not a simple circle but a spiral developmnt. In substance, the conbination of commercial and investment banking is re - building of financial function structure, which results from the deepening of the division of market. The operating form to keep commercial banks out of the investement banking business meets with more and more queries. The grounds for separating such as "right", "low risk" and "low cost" can’t stand firmly on its feet any longer. On the contrary, the superiorities of combinating are in many countries’ good graces. China, too, is affected by the trend of combinating of commercial and investment banking because it is an important part of the whole world in economy. However, many problems with regard to the law system of combinating are in the urgent need of being probed into. The author makes a study on the ground for separating, using the methods of comparative research, then thinks about the mode of banking’s operating in the future in China.The thesis is composed of four parts.Part I: The author analyses the differences in form and the sameness in substance of the commereial banks and investment banks, so as to explain that distinguishing the two kinds of banks is an artificial isolation.Part II: The author analyses the historical evolution of banking development, using the model of America and Japan, so as to conclude that the artificial isolation by law is the barrier of the development of market, and that the combination mode is in line with the need of market.Part III: The author analyses the modes of separating and combi-nating from fairness , right, result, safety, cost and so on, using the Glass - Steagall Act and Financial Services Modernization Act of 1999 including their favourite operating modes. In this part, the author refute the grounds for separating, so as to advocate a policy of combinating.Part IV: The author presents the abuses of separating mode, analyses the necessity and possibility of combinating in China from the angle of long- term development. In this part, the author also thinks about the route of banking operating in the future.更多还原