论金融控股公司演进路径:社会抉择与制度设计

On the financial holding company evolution path:social choice and system design

金融控股公司作为现代金融业最重要的经营组织形式,在金融危机中表现出巨大抗风险能力。后金融危机时代,金融业并没有出现上世纪大萧条的分业经营,许多业务单一的金融机构开始了新一轮大规模的兼并与重组,一大批新金融航母开始出现。实际上,金融业经营模式作为一种金融制度安排,它与宏观经济、技术进步等经济环境密切相关,是在一定经济条件下社会抉择的结果。本文通过金融控股公司演进路径的梳理,重新认识到政府干预与自由市场之间选择的重要性,可以对我国金融业改革提供一个新的思路。

As the modern financial industry＇s most important business organizational forms,financial holding company have shown great ability to resist risks in the financial crisis.In the era of post-financial crisis,the financial sector does not appear separate operation as in the Great Depression,and a single financial institution for many businesses began a new round of large-scale mergers and restructuring with a large number of new financial carrier appearing.In fact,as a financial system arrangement,the business model of the financial industry is closely related with the macro-economic,technological progress and economic environment,and it is the result of social choice under certain economic conditions.Combing through the evolutionary path of the financial holding company,and new understanding of the importance of the choice between government intervention and free market,this paper can provide a new way of thinking of China＇s financial sector reform.