我国银证合作发展探讨

【作者】 李晓敏；

【导师】 袁远福；

【作者基本信息】 西南财经大学 ， 金融学， 2004， 硕士

【摘要】 中国的金融分业经营，起始于1993年7月的抑制经济过热和“整顿金融秩序”，而随着1995年《商业银行法》和《保险法》以及1998年《证券法》的出台，我国的“金融分业”逐步地由一项治理经济过热的暂时性政策转变为一项具有长久意义的金融制度，它要求商业银行业、证券业、商业保险业的业务严格分开，禁止交叉，彼此的资金不允许相互融通。我国对金融业实行分业经营的初衷是保护金融体系的安全和稳健，但是，分业经营在便于监管和防范风险的同时，又带来了其他的风险如降低了金融机构的经营效率，金融创新效率以及资源配置的效率，甚至还会因使金融机构的资产经营缺乏灵活性和内部损益的互补性以及资产单一化反而导致风险高度集中从而形成更大的风险。从我国的实践来看，10年来的分业经营无法有效提升我国银行业和证券业的市场竞争力，难以应对加入WTO后从事混业经营的外资金融机构的挑战。但是另一方面，我国目前又尚不具备开展混业经营的条件，如金融企业的现代企业制度还未能普遍建立，金融市场体系发育不够健全，金融法律制度和监管体系还比较滞后等等。因此，在分业经营的框架下，先让银行业和证券业（或者说商业银行与资本市场）在资金、业务甚至组织机构上进行一定程度的合作，是一种现实的选择，也可以为今后实现混业经营积累一些经验。本文分为五个部分，第一、二部分主要阐述我国目前为什么要开展银证合作，第三、四、五部分则主要讨论我国的银证合作应该如何开展的问题。第一部分介绍了我国开展银证合作的理论基础。首先提出了基于功能观点的金融理论，即：尽管金融机构的形式在各地区和各时期变化多样,但金融功能却相对比较稳定;金融机构的形式变化以及金融工具创新都是围绕金融功能而变动的,金融机构的形式源于功能;金融机构创新和相互竞争导致金融体系功能的提高。因此，应该把<WP=4>研究视角定位在金融体系的基本功能之上。首先要确定金融体系应具备哪些经济功能，然后根据不同的经济功能建立能最好地实现这些功能的机构与组织。而银证的隔阂使得金融体系配置资源和管理风险的功能效率降低，同时由于银行业和证券业的生产要素非常接近，它们之间的资产专用性很弱，银证合作也因而具有较强的规模经济和范围经济特征。另外，从微观角度看，无论是商业银行还是证券公司，银证合作也符合他们的企业战略发展要求。第二部分主要讨论了我国目前开展银证合作的现实背景。一方面是我国已经具备了开展银证合作的条件，即金融企业的内控制度和监管体系更加完善，国家对经济金融的宏观调控能力日益增强，且政策面在逐渐松动；另一方面是我国资本市场和商业银行在发展中都存在着各自的潜在危机，只有通过合作才能弥补彼此的缺陷，共同提升竞争力。我国资本市场在快速发展的同时，也暴露出了不少问题，如风险约束机制发育不全，市场结构不平衡，竞争机制扭曲，资本市场定价功能未能有效发挥，市场公信力下降等。就券商而言，则存在资金规模小，融资渠道狭窄，经营机制不健全，业务和收入来源单一等问题。我国商业银行，尤其是国有商业银行，除了其制度上的缺陷以外，还存在着银行资本金不足且结构单一，负债来源和资产运用渠道有限，赢利能力较差，缺乏竞争力等问题，而要解决这些问题，就要通过金融创新，通过与资本市场的对接来寻找出路。第三部分描述了我国银证合作的现状，本文从两个角度进行分析：一是银行与资本市场的资金互动情况，二是目前银证合作的主要方式。从资金互动情况来看，银行资金流入股票市场主要有两条渠道，一是货币市场渠道，证券公司和基金管理公司进入全国银行间同业拆借市场，通过信用拆借和债券回购向商业银行拆借资金；二是贷款渠道，其中合法途径只有券商的股票质押贷款，但事实上还有大量银行信贷资金通过各种违规甚至违法的途径也进入了资本市场，加剧了股市的动荡；银行资金流向债券市场则主要通过银行持有债<WP=5>券实现。股票市场的资金流向商业银行，则主要有银行上市筹集资金，券商资金存放以及股市低迷时居民储蓄回流等几种途径。从银证合作的方式来看，我国的商业银行和券商目前主要在三个层次上进行合作：一是外部一般性业务合作，如同业拆借与国债回购，股票质押贷款以及商业银行对券商的一些融资安排，如搭桥贷款等；二是外部分工型的业务合作，如银证转账业务，银证通业务，法人结算划款与新股发行验资，基金托管和代理开放式基金等；三是企业内部的组织与股权合作，如建立纯粹性的金融控股公司的中信模式、依托共同的控股股东形成银证合作利益集团的招商银行模式、由产业资本推动金融资本结合的山东电力集团模式等。第四部分是本文的重点，作者对银证合作的发展趋势做出了自己的分析，提出了七项可行性建议：一、共同开发利用信息资源，提高银行与证券公司的运行效率。由于银证双方在获取信息方面有很强的优势互补性，而二者的客户目标市场存在一定的重叠，因此共同开发信息资源可以有效提高二者的运行效率。具体的合作内容可以是共同研究金融市场的某些重大问题, 银证开展互相征信,共同监管目标客户、银行重大贷款使用情况，合?更多还原

【Abstract】 The finance of China has been operated separately since July of 1993 ,and the original intention was restraining the overheating of economy at that time and rectifying the financial order , and with the issuing of " The Law of the People’s Republic of China on Commercial Banks " in 1995 and " Securities Law of PRC" in1998, the separate?fragmented?banking system has been changed into a monetary system with meaning for a long time .It requires the business of commercial banking , securities business , commercial insurance business to separate strictly. The purpose of separate?fragmented?banking system is to protect the security of the financial system, however, while it is easy to supervise and take precautions against the risk, the separate fragmented banking system has reduced the business efficiency of the financial institution, such as the operating efficiency, the innovative efficiency and the efficiency of resource distribution.According to the practice of our country, the separate fragmented banking system was unable to promote the competitive power both of our commercial banks and our securities companies effectively over the past 10 years, which are difficult to face the challenge of foreign financial institutions of mixed operation after joining WTO. But on the other hand , our financial system is not still qualified to launch mixed operation. So, under the separate fragmented banking system, it’s a realistic choice to let banking and securities business (commercial bank and capital market in other words) carry on cooperation of a certain degree at fund , business , organization.This thesis is divided into five chapters. The first two chapters mainly explain why our country at present will launch the cooperation between banking and capital market (CBBC), the last three chapters <WP=8>mainly discuss the problem of how to launch CBBC in our country.The first chapter launches the theoretical foundation of CBBC , including the functional and structural finance theory, the economic theory of the special-purpose assets theory , the large-scale production theory, the range –scale production theory and the enterprise’s strategy theory. The second chapter mainly discusses the background of our country’s launch of CBBC at present. On one hand our country is qualified to launch CBBC, On the other hand, our capital market and commercial banks both have potential crises in their respective development , and only through CBBC could they remedy the mutual defect and promote the competitiveness together . The third chapter describes the current situation of CBBC in our country , and it analyses from two aspects: one is the mutual fund flow between banks and capital market , the other is the main ways of CBBC at present . The fourth chapter is the key part of this thesis, the author makes her own analysis about the development trend of CBBC, and puts forward six feasible suggestions: (1)Develop and utilize the information resources together and improve the operational efficiency of both banks and securities companies; (2)Allow bank credit funds enter the stock market orderly and rationally to widen securities trader’s financing channel; (3) Develop assets management business through CBBC; (4)Through the platform of capital market , improve the mobility of commercial banks’ credit assets ; (5)Set up financial holding company; (6)Accelerate pushing into the commercial bank and securities company capital securitisation.The last part of this thesis analyses the risk that CBBC might cause , and puts forward the measure of taking precautions against the risk . <WP=9> The main contribution of this thesis is that through deep research on CBBC , using the research approach of linking theory to practice, the author elucidates the important issues that are interrelated with CBBC and puts forward feasible suggestions about the development trend of CBBC in the future.更多还原