中国商业银行构建金融控股公司的探讨
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摘要
在“分业经营、分业监管”的金融体制下，我国一些商业银行已试探性地向金融控股公司的方向发展。发达国家金融机构的发展实践表明，金融控股公司在规模经济、范围经济等方面具有优势，这些优势构成了商业银行对金融控股公司制度需求的强大吸引力。而且，在我国，金融控股公司模式本身能够绕过分业与混业之争。因此，有必要对中国商业银行构建金融控股公司进行研究。
通过分析比较国外商业银行构建金融控股公司的成功经验，依照我国相关法律规定和商业银行实际情况，得出我国商业银行可以在现有商业银行的基础上构建金融控股公司，然后在此基础上收购兼并或新设立跨行业的金融企业作为子公司，建立多元化经营的金融控股公司。
Under the financial system of "special operation and special supervision", some commercial banks in our country have already developed to establish the financial holding company tentatively. The practices of developed countries' financial institutions show, financial holding company has some advantages, such as economy of scale effect, economy of scope effect, etc. These advantages have strong appeals for the commercial banks to establish the financial holding company. Furthermore, the mode of financial holding company itself can avoid the dispute of special operation and integrated operation in our country. Therefore, it's necessary to have a research on the commercial bank establishing financial holding company.
Our commercial banks can establish the financial holding companies on the basis of their own strength, through contrasting with the financial holding companies established by foreign commercial banks, analyzing their successful experience, and according to the relevant law and regulation of our country and our commercial banks' situations. Then, they can merge, purchase or newly set up trans-industry financial company as their subsidiary company in order to establish a financial holding company with diversified operations.
通过分析比较国外商业银行构建金融控股公司的成功经验，依照我国相关法律规定和商业银行实际情况，得出我国商业银行可以在现有商业银行的基础上构建金融控股公司，然后在此基础上收购兼并或新设立跨行业的金融企业作为子公司，建立多元化经营的金融控股公司。
Under the financial system of "special operation and special supervision", some commercial banks in our country have already developed to establish the financial holding company tentatively. The practices of developed countries' financial institutions show, financial holding company has some advantages, such as economy of scale effect, economy of scope effect, etc. These advantages have strong appeals for the commercial banks to establish the financial holding company. Furthermore, the mode of financial holding company itself can avoid the dispute of special operation and integrated operation in our country. Therefore, it's necessary to have a research on the commercial bank establishing financial holding company.
Our commercial banks can establish the financial holding companies on the basis of their own strength, through contrasting with the financial holding companies established by foreign commercial banks, analyzing their successful experience, and according to the relevant law and regulation of our country and our commercial banks' situations. Then, they can merge, purchase or newly set up trans-industry financial company as their subsidiary company in order to establish a financial holding company with diversified operations.
引文
1 夏斌．金融控股公司研究．第1版．北京：中国金融出版社，2001
2 姜波克．金融改革与金融业发展．第1版．上海：复旦大学出版社，1999
3 庄乾志．银行发展：市场化与国际化．第1版．北京：北京大学出版社，2001
4 熊波，王志强，陈柳，田晓东．金融控股公司理论与实践．第1版．北京：经济管理出版社，2002
5 安志达．金融控股公司——法律、制度与实务．第1版．北京：机械工业出版社，2002
6 吴晓求．中国金融大趋势：银证合作．第1版．北京：中国人民大学出版社，2002
7 叶辅靖．全能银行比较研究——兼论混业与分业经营．第1版．北京：中国金融出版社，2001
8 蔡浩仪．抉择：金融混业经营与监管．第1版．云南：云南人民出版社．2002
9 吴晓求．银证合作——中国金融大趋势．金融与保险．2002(11)：13-16
10 余海丰．银证合作：我国金融控股公司组建模式的创新．金融与保险．2003(3)：74-78
11 薛琪．银证宝三方合作问题初探．金融理论与实践．2002(7)：32-33
12 白凯．混业经营：我国金融业的发展趋势．金融理论与实践．2002(6)：17-18
13 王晋德．我国银证合作的现状与趋势．金融与保险．2002(10)：94-96
14 陆静．金融混业的动因及模式研究．财经理论与实践．2002(7)：28-32
15 孙天琦，仲大维．我国金融集团发展的路径选择：基于制度竞争的分析．财经科学．2002(1)：13-19
16 雷春，王年咏．混业经营：我国商业银行的发展趋势与现实选择．金融与保险．2003(2)：86-89
17 阎彬．对金融控股公司若干问题的思考．财贸经济．2003(2)：57-61
18 方明，陈中．国有商业银行的金融控股公司化研究．国际金融研究．2001(11)：57-63
19 吴培新，乐嘉春．银行业发展的出路金融控股公司化．探索与争鸣．2002(7)：22-24
20 袁开坤．国有商业银行实施金融控股公司改革的探索．上海金融．2002(2)：24-26
21 吉卫民，常浩．分业经营与综合经营的成本效应分析．金融研究．2000(10)：53-59
22 孙天琦．银行与非银行金融机构的合作研究．金融与保险．2002(10)：77-81
23 何孝星．金融混业经营达到条件与必然性分析及对我国的启示．经济学动态．2002(4)：20-24
24 金波．美国金融控股公司的发展对中国商业银行经营模式转变的启示．商业经济与管理．2002(6)：60-62
25 崔彬．我国银保合作势在必行．经济师．2003(1)：235-236
26 谢静．我国金融业混业经营的效应分析与战略路径．财经理论与实践．2001(4)：17-18
27 何自云．商业银行的核心功能：管理金融风险——兼论商业银行的未来．财经科学．2002(5)：6-12
28 熊鹏，叶宗伟．我国券商的金融控股公司化研究．现代管理科学．2003(10)：103-104
29 潘群峰，孙晓燕．论我国银证合作的发展空间．华东经济管理．2003(4)：99-101
30 张盛根．中信：金融混业．21世纪经济报道．2003-3-3(32)
31 许可强．银行构建高速通路股市期市资金对流无碍．21世纪经济报道．2003-3-27 (15)
32 方军．中国银行业的风险与出路．经济观察报．2003-6-2(B7)
33 刘军玉．论分业向混业的过渡方式——金融控股公司．北京：首都经济贸易大学．2002
34 李从政．金融业业务经营模式的发展趋势及我国的选择．广西：广西大学．2002
35 Timothy W. Koch, S. Scott MacDonald. Bank Management. lnd ed.北京：北京大学出版社，2003
36 Mckinnon. R. Money and Capital Economic Development. Booking Institution, Washington D.C. 1998
37 Saunder, Anthony and Ingo Walter. Universal Banking in the United States. New York: Oxford University Press. 1994
38 Jodi Canals. Universal Banking: International Comparisons and Theoretical Perspectives. Clarendon Press, Oxford. 1997
39 J. Fred Weston,Braini. Johnson,Juan A. Siu. Takeovers, Restructuring, and corporate Governance. Prentice-Hall, Inc. 2001
40 Basle committee. Supervision of Financial Conglomerates. 1999
41 Baums Theodor. Universal Banking Abroad: The Track Record. New York University Press. 1995
42 Benison, George J. The Serparation of Commercial and Investment Banking. Oxford University Press. 1990
43 Sebastian Edwards. Capital Controls, Exchange rates, and Monetary Policy in the World Economy. Cambridge University Press. 1995
44 Ronald I. McKinnon. The Order of Economic Liberalization--Financial Control in the Transition to a Market Economy. The Johns Hopkins University Press. 1993
45 Franklin Allen, Anthony, M. Santomero. What Do Financial Intermediaries Do. Journal of Finance. 1999
46 Allen, Franklin. Do Financial Institution Matter. Journal ofFinance. 2001
47 Bhargava, Rahul, Fraser. On the Wealth and Effects of Commercial Bank Expansion into Securities Underwriting: An Analysis of Section 20 Subsidies. Journal of Banking and Finance. 1998, (22): 465-477
48 BernandShull, Lawrence J.White. Of Firewalls and Subsidiaries, The Right Stuff for Expanded Bank Activities. Journal of banking law.1998, (5): 12-13
49 Levine R. Financial Development and Economic Growth:View and Agenda. Journal of Economic Literature. 1997(34): 688-726
50 George J. Benston. Universal Banking. Journal of Economic Perspective. 1994, Summer: 121-143
2 姜波克．金融改革与金融业发展．第1版．上海：复旦大学出版社，1999
3 庄乾志．银行发展：市场化与国际化．第1版．北京：北京大学出版社，2001
4 熊波，王志强，陈柳，田晓东．金融控股公司理论与实践．第1版．北京：经济管理出版社，2002
5 安志达．金融控股公司——法律、制度与实务．第1版．北京：机械工业出版社，2002
6 吴晓求．中国金融大趋势：银证合作．第1版．北京：中国人民大学出版社，2002
7 叶辅靖．全能银行比较研究——兼论混业与分业经营．第1版．北京：中国金融出版社，2001
8 蔡浩仪．抉择：金融混业经营与监管．第1版．云南：云南人民出版社．2002
9 吴晓求．银证合作——中国金融大趋势．金融与保险．2002(11)：13-16
10 余海丰．银证合作：我国金融控股公司组建模式的创新．金融与保险．2003(3)：74-78
11 薛琪．银证宝三方合作问题初探．金融理论与实践．2002(7)：32-33
12 白凯．混业经营：我国金融业的发展趋势．金融理论与实践．2002(6)：17-18
13 王晋德．我国银证合作的现状与趋势．金融与保险．2002(10)：94-96
14 陆静．金融混业的动因及模式研究．财经理论与实践．2002(7)：28-32
15 孙天琦，仲大维．我国金融集团发展的路径选择：基于制度竞争的分析．财经科学．2002(1)：13-19
16 雷春，王年咏．混业经营：我国商业银行的发展趋势与现实选择．金融与保险．2003(2)：86-89
17 阎彬．对金融控股公司若干问题的思考．财贸经济．2003(2)：57-61
18 方明，陈中．国有商业银行的金融控股公司化研究．国际金融研究．2001(11)：57-63
19 吴培新，乐嘉春．银行业发展的出路金融控股公司化．探索与争鸣．2002(7)：22-24
20 袁开坤．国有商业银行实施金融控股公司改革的探索．上海金融．2002(2)：24-26
21 吉卫民，常浩．分业经营与综合经营的成本效应分析．金融研究．2000(10)：53-59
22 孙天琦．银行与非银行金融机构的合作研究．金融与保险．2002(10)：77-81
23 何孝星．金融混业经营达到条件与必然性分析及对我国的启示．经济学动态．2002(4)：20-24
24 金波．美国金融控股公司的发展对中国商业银行经营模式转变的启示．商业经济与管理．2002(6)：60-62
25 崔彬．我国银保合作势在必行．经济师．2003(1)：235-236
26 谢静．我国金融业混业经营的效应分析与战略路径．财经理论与实践．2001(4)：17-18
27 何自云．商业银行的核心功能：管理金融风险——兼论商业银行的未来．财经科学．2002(5)：6-12
28 熊鹏，叶宗伟．我国券商的金融控股公司化研究．现代管理科学．2003(10)：103-104
29 潘群峰，孙晓燕．论我国银证合作的发展空间．华东经济管理．2003(4)：99-101
30 张盛根．中信：金融混业．21世纪经济报道．2003-3-3(32)
31 许可强．银行构建高速通路股市期市资金对流无碍．21世纪经济报道．2003-3-27 (15)
32 方军．中国银行业的风险与出路．经济观察报．2003-6-2(B7)
33 刘军玉．论分业向混业的过渡方式——金融控股公司．北京：首都经济贸易大学．2002
34 李从政．金融业业务经营模式的发展趋势及我国的选择．广西：广西大学．2002
35 Timothy W. Koch, S. Scott MacDonald. Bank Management. lnd ed.北京：北京大学出版社，2003
36 Mckinnon. R. Money and Capital Economic Development. Booking Institution, Washington D.C. 1998
37 Saunder, Anthony and Ingo Walter. Universal Banking in the United States. New York: Oxford University Press. 1994
38 Jodi Canals. Universal Banking: International Comparisons and Theoretical Perspectives. Clarendon Press, Oxford. 1997
39 J. Fred Weston,Braini. Johnson,Juan A. Siu. Takeovers, Restructuring, and corporate Governance. Prentice-Hall, Inc. 2001
40 Basle committee. Supervision of Financial Conglomerates. 1999
41 Baums Theodor. Universal Banking Abroad: The Track Record. New York University Press. 1995
42 Benison, George J. The Serparation of Commercial and Investment Banking. Oxford University Press. 1990
43 Sebastian Edwards. Capital Controls, Exchange rates, and Monetary Policy in the World Economy. Cambridge University Press. 1995
44 Ronald I. McKinnon. The Order of Economic Liberalization--Financial Control in the Transition to a Market Economy. The Johns Hopkins University Press. 1993
45 Franklin Allen, Anthony, M. Santomero. What Do Financial Intermediaries Do. Journal of Finance. 1999
46 Allen, Franklin. Do Financial Institution Matter. Journal ofFinance. 2001
47 Bhargava, Rahul, Fraser. On the Wealth and Effects of Commercial Bank Expansion into Securities Underwriting: An Analysis of Section 20 Subsidies. Journal of Banking and Finance. 1998, (22): 465-477
48 BernandShull, Lawrence J.White. Of Firewalls and Subsidiaries, The Right Stuff for Expanded Bank Activities. Journal of banking law.1998, (5): 12-13
49 Levine R. Financial Development and Economic Growth:View and Agenda. Journal of Economic Literature. 1997(34): 688-726
50 George J. Benston. Universal Banking. Journal of Economic Perspective. 1994, Summer: 121-143