对我国银行、证券分业经营的反思

The profound consideration of the separated operation between our banking business and securities business

金融理论界一直存在着银证分合取向的争论 ,这些理论有 :加大风险说、分工效率说、防止通胀说、有利监管(调控)说、金融市场不完善说。从我国改革实践出发 ,我国存在银证合业经营的制度需求 :债转股、加入WTO、资本市场发展、国有企业改革。我国实行由分业经营向合业经营转变可以分为三个阶段。

There have still been any arguments about the trend on separated or mixed operation between banking business and securities business and there have several theories about it, such as theory of risk expanding ,theory of division leading to efficiency,theory of controlling inflation,theory of being beneficial to supervision.Seeing from our reform practice of debt- to- equity, accession to WTO, capital market development, reform of state owned enterprises ,there is a system demand on a mixed operation between banking and securities business.How to realize transformation from separated operation to mixed operation,there are three steps to go.