【作者】 杨红星；

【导师】 杨玉凤；

【作者基本信息】 江西财经大学 ， 金融学， 2004， 硕士

【摘要】 在20世纪，世界金融业先后经历了“初级阶段的混业经营--发展阶段的分业经营--发达阶段的混业经营”的发展历程。1999年11月，美国参众两院通过《金融服务现代化法案》，结束了美国长达60多年的银行、证券、保险的分业经营局面，揭开了金融业走向混业经营的新纪元。混业经营已成为当前国际金融业的发展趋势。比较而言，我国金融业也有类似的发展轨迹。改革的初期阶段我国国有银行没有形成真正意义的经营制度，而从80年代中期开始，各专业银行逐渐把经营领域向信托、证券、投资、保险、租赁等非传统业务领域拓展，凭借自己的资金实力和业务优势相继设立了一大批全资的信托公司、投资公司、证券公司形成了混业的经营制度模式。1993年6月党中央、国务院开始对金融业进行全面的整顿治理，并在1995年颁布的《商业银行法》中正式确立了分业经营原则，在政策和法律上确立了我国国有商业银行分业经营体制。如今，面对世界混业经营大潮，面对国际上金融自由化、全能化的深入发展和我国加入WTO后面对的激烈竞争，中国金融业是不是也要同世界上其他国家一样走向混业?走向混业会不会重蹈1993年的覆辙?在现阶段如何发展混业经营?这些都是我国金融界需要重新思考和研究的问题。本文正是基于对以上问题的思考，试图对我国现行分业经营体制下的金融业经营体制的取向作一些探讨。本文共分六个部分：第一部分为导论。介绍选题的背景，国内外对于混业的研究现状以及本文的基本思路和框架。第二部分从分业经营和混业经营的理论争辩出发，从风险、收益和管理的角度较为系统地对分业经营和混业经营的各项特点作了对比分析，认为对于风险的看法中，混业和分业在业务风险、道德风险和风险传递上各有不同，混业更具有道德风险和造成金融风险的传递，而分业经营无疑会因为业务单一而产生业务上的经营风险。对效益的看法，混业在适应新技术、规模经济和业务的调整方面独具优势，而分业经营的专业化经营优势也是被认同的。综合看来，混业经营更有优势，但是多样化的业务带来规模收益的同时，也带来了管理难度加大的不足。 此外，在第二部分中简要介绍了国际上金融业的演变过程，并对20世纪90年代以来国际_L出现混业经营趋势的动因进行了分析。混业经营目前之所以成为 一种趋势，绝不是一种偶然或巧合，商业银行利益驱动与分散风险的需要、金融个球化和金融自由化的推动、信息技术的发展、客户需求的多样化以及制度保证都是促成混业经营的重要原因。 第三部分介绍中国目前分业经营体制形成的过程和面临的压力。中国分业经营体制的形成是由特定时期的特殊情况决定的，对当时情况的分析有助于我们更加深入了解金融经营制度存在的合理性，也能明白形势发生变化后，分业经营体制面临的越来越大的压方。加入世贸的外部压力和分业体制与现实状况的逐渐脱节所孕育的内部压力，说明对我国金融业经营体制需要重新作出选择。 第四部分从现实的分业经营体制出发，结合我国政府己开始对分业政策进行适当调整，银、证、保开始相互渗透，实践中已经出现一些具有混业经营性质的业务对我国实行混业经营进行现实分析，认为我国国内混业的初级阶段即以银证保一方合作的形式存在的混业已取得不错的进展，收到很好的效果。同时，随着我国金融体制改革的深化，混业经营的制度框架日渐完备。表现在我国商业银行从1994年以来，在内控制度建设方面、银行内部治理结构方面均取得良好的成绩，在监管加强的情况下，决策层已开始适当放松混业经营的管制，典型的有2001年6月，人民银行发布《商业银行中间业务暂行规定》，明确商业银行在经过人民银行批准以后，可开办代理证券业务、金融衍生业务、投资基金托管、财务顾问等投资银行业务以及代理保险业务。2003年12月27新修改后的《商业银行法》将第四十三条修改为:“商业银行在中华人民共和国境内不得从事信托投资和证券经营业务，不得向非自用不动产投资或者向非银行金融机构和企业投资，但国家另有规定的除外”。因此，从现实和法律制度看，混业己是我们的现实选择。 第丘部分承接上文分析，考虑我国分业经营体制和混业经营的现实，着重考察混业经营的一般模式，即全能银行模式和金融集团模式，后者包括设立子公司和兼并收购成立控股公司两种形式。全能银行模式对一国的金融监管体系和监管效率有较高的要求，因此并不适合我国目前的实际情况，而金融控股公司节约金融服务集团化所需的资金以及效率高是得到公认的。鉴于此，文中提出我国采取金融控股集团的混业经营模式应当是当前的一种理性选择。 第六部分主要是对我国未来金融控股公司的发展作一些探讨。我国目前已有棍业经营的金融控股集团雏形，这其中包括以中信、光大、平安为代表的非银行金融机构控制模式，以国有独资商业银行为代表的银行金融机构控制模式，以山为、电力集团、海尔集团为代表的金融控股公司等。之所以称之为“雏形”是因为其缺点突出，如实业投资太多、平业不突}!毛、内部协同性及控股股东的关?更多还原

【Abstract】 In the 20th century, world financial circles went through " mixed-business in primary stage - divided-business of developing stage -Development course on developed mixed-business of stage ". November of 1999, American Senate and House of Representatives have finished the more than 60 years -long bank of U.S.A., the situations of divided-business of the securities, insurance through " modernized bill of the financial service ", move towards new era of mixed-business after revealing financial circles. Mixed-business has already become the development trend of present international financial circles.Comparatively speaking, the financial circles of our country has a similar development orbit too. The state-run bank of our country does not have management system which forms the real meaning on initial stage reforming, and since middle period of the eighties, every specialized bank expands the operation field in non-traditional business fields, such as trust, securities, investment, insurance, leasing, etc. gradually, rely on one’s own fund strength and business advantage to set up large quantities of wholly-owned trust companies in succession, investment company, securities broker company have formed the management system mode of the mixed-business . The Central Party Committee, the State Council began to manage overall rectification to financial circles in June of 1993, and has established the business principles of divided-business formally in " law for commercial bank " issued in 1995, establish of our country state-run commercial bank management system of dividing into etc. in law in policy. Nowadays, in the face of world mixed-business spring tide, in the face of financial liberalization in the world, all can take deep to develop and face keen competition after that of our country accession to the WTO, China financial circles will move towards the mixed-business as other countries in the world? Move towards mixed-business following the same old catastrophic road of 1993? How to develop mixed-business at the present stage? All these are questions that financial circles of our country need thinking and studying again. This text because of thinking of the above question, attempt financial circles orientation of management system of managementsystem make some discussion to of our country current fen industry just. This text divides six parts altogether:First part it is the introduction. Introduce the background of the selected title, the research current situation and basic train of thought and frame of this text to the mixed-business both at home and abroad.Second part And theory of mixed-business argue and set out from operate separately, comparatively every characteristic with mixed-business has done analysis of comparing with to divided-business systematically in terms of risk, income and management, in the perception that to the risk, mixed-business and divided-business have nothing in common with each other in business risk, morals risk and risk are transmitted, person who mix have morals risk and cause transmission of financial risks even more, is it can produce business risk of business because the business is single undoubtedly to operate separately. The view on benefit, the mixed-business has advantages alone in meeting the adjustment of new technology, large-scale production and business, and it is that were admitted to manage the advantage in specialization operated separately. It seems synthetically that there are advantages even more in mixed-business, while diversified business bring the scale income, have brought the deficiency that the difficulty in management strengthens too.In addition, have introduced the development course of financial circles in the world briefly in the second part, and to appear mixed-business reason of trend analyse in the world since the 1990s. Mixed-business becomes a kind of trend at present, it is not a kind of chance or coincidence definitely, commercial bank benefit urges and disperses the need of the risk, push of financial globalization and financial liberali更多还原