论银行与证券业务的分与合

On Separation and Union of Banking and Security Businesses

中国证券市场发展之初，银行业务和证券业务是无法切然分开的。但是随着金融市场的不断发展，尤其是银行信贷资金在资本市场与货币市场之间的自由流动，在监管不力的情况下，导致了较大的金融风险。所以，１９９４年以后，银行与证券业务实行分业经营。在分开的前提下，银证如何密切合作，是值得认真研究的课题。

Banking businesses and securities businesses are totally Separated in the early development phase of Chinese securities market. With the continuous process of the financial market, especially the free flow of credit loans of banks between capital market and monetary market, inadequate inspection may cause financial risks. As a result, banking businesses and securities businesses have been separately managed since 1994. There- fore, it is a worthwhile research to make a study on the way to carry on cooperation between banks and enter- prises under such separated business management.