美国银证结合三部曲及其启示

The Integration of Banks and Security Companies in America and its Enlightment

美国银行业与证券业历经半个多世纪，经过内外迂回、银证板块结合，金融创新、银证交叉渗透，制度变革、银证回归一统三个阶段，至２０世纪９０年代，完成了分业经营向混业经营的转变。混业经营由此成为国际金融业发展的主要趋势。我国即将加入ＷＴＯ，由分业经营走向混业经营是金融业发展大势所趋，美国在这一转变过程中的经验值得借鉴。

American banking sector and security sector have experienced three stages in the past fifty years or so. By the 1990s, its transition from specialized management to mixed management bad come to a close. The latter has become the main trend of international finance. With China' s entry into WTO, it will be an inevitable trend for China' s finance sector, which should benefit from America' s practices.