金融业分业经营、混业经营的政策辨析

A Policy Analysis on Mixed and Divided Operations in Financial Sector

在金融发展历史上,经历了多次金融分业、混业经营的循环演进。从宏观层面看,金融分业、混业是一种制度选择和制度变迁现象。金融结构的变化是多种利益博弈下的结果,市场结构、监控资源积累状况、人文因素等都影响制度结构安排和变迁路径。不同国家、地区采取不同的金融政策和金融制度是完全正常的,在金融分业与混业的制度选择上不能盲目照搬某一种模式。对分业经营、混业经营进行政策辨析,探究了混业经营成为国际金融业发展势趋的原因。

The financial history has witnessed a number of cyclical shifts between divided and mixed mode of operations. From the aggregate analytical point of view, the adoption of diveded or mixed mode of operation has been virtually based on the choice and transformation of the financial systems. The structural change has been a result of the game among varied interest groups, and the market structure, the supervision of the accumulation of resources as well as humanity factors have contributed to the systematically structural rearrangement and the formation of the route of transformation. Given national and regional considerations, the financial policies and systems have been varied throughout the glob, hens there exists no universal mode of operational mode. The article, through a pollcy analysis on the operational modes, attempts to explore the forces driving the trend towards mixed mode of operations.