综合经营趋势下金融集团的资本充足度监管

Capital adequacy regulation amid the trend of mixed operation among financial services

金融综合经营与金融集团的产生,对监管机构的资本充足度监管提出了一些挑战。在传统的分业监管框架下,金融集团可以利用其调配资本资产的灵活性进行监管资本套利,套利手段包括资产簿记调整、资本重复计算、债务资本化、利用非受监管成员企业承担风险等。我国的金融监管机构在已对银行集团和保险集团提出统一资本监管要求的基础上,应通过做实监管协调机制、扩大受监管金融集团范围、对集团内非金融企业进行审慎监管、健全金融集团内部防火墙制度等方法,完善对金融集团的资本充足度监管。

The advent and increase of financial conglomerates has brought challenges to regulators for overseeing their capital adequacy regulation. Under the traditional regulation framework for separate operation, financial conglomerates are able to take advantages of their internal flexible capital and assets transfer and gain regulation arbitrage benefits through booking adjustments, double capital gearing, capitalization of debts, and risk transfer to unregulated entities. Chinese regulators have already issued regulation rules on bank groups and insurance groups. The authors suggested to strengthen capital adequacy regulation on financial conglomerates through regulatory coordination ,expansion the scope of regulated financial groups, prudential regulation on non-financial institutions within these conglomerates, and strengthening the internal firewall system.