论我国投资银行和商业银行的混业经营

Towards the Mix Management of Chinese Investment Banks and Commercial Banks

纵观近代世界金融业发展历程,商业银行与投资银行的业务经营经历了混业——分业——混业的自然变迁。在西方各市场经济国家,这一变迁是被动的和被迫的,作为后起的市场经济国家,中国完全可以走自动和自觉的金融混业道路,以期降低改革成本,提高经济效率。中国金融混业经营起步的内外条件都已具备,初步的混业模式是银行控股公司,房地产资产证券化是中国金融混业经营的天然良好契机。

Surveying the course of development of the world financial industry, we find that the management of commercial banks and investment banks has experienced a natural transformation： mix management-division management mix management again. For every nation with a market economy in the west, this transformation is passive and forced. As a lately emerging market economy, China is quite able to walk along the road of automatic and conscientious financial mix management, so that China may reduce its reform costs and increase its economic efficiency. Now internal and external conditions have become ripe for the first step of China＇ s financial mix management. The preliminary model for mix management is the bank controlled corporation, and the capital securltization of real estates serves as the great opportunity for China＇ s financial mix management.