分业经营?混业经营?——全球混业环境下中国金融业的制度选择

Dispartial Banking?Universal Banking?——The Choice of China Financial System in Global Universal Banking

本世纪全球金融经历了混业 -分业 -混业的制度变迁。全球混业的深层原因在于以金融服务的分解与重整、资产证券化和金融衍生产品为特征的金融业的重大变革。中国金融分化水平低 ,特别是微观主体缺乏自我约束能力决定了分业经营是当前中国金融业的现实选择。混业经营是我国金融业的发展趋势 ,应采用渐进过渡的方式。

The global financial service changed from universal banking to dispartial banking,and again to universal banking in this century.The main reason of universal banking is that the division and reconstruction of financial service,the securitilization of assets and the financial derivatives instrument.China should choose dispartial banking because her financial polarization is low,especially financial institutions are short of self-restrict.In the future,China should change into universal banking gradually.