中国金融混业经营的安全底线——商业银行介入投资银行业务的必要法律界限研究

Safety Bottom Line of Universal Banking System——on the Legal Boundary of Commercial Bank's Investment Banking

中国商业银行日益突破传统的存贷业务,开始经营理财产品等投资银行业务。而相关商业银行法规仍然建立在分业监管的基础上,对混业经营创新业务的风险防范明显不足。为了保障储蓄业务的安全,必须解决在混业经营中商业银行究竟"从事哪些业务才是安全的,不能从事哪些高风险银行业务"的问题。次贷危机之后,西方纷纷推出的"结构性改革"措施,核心思想正是加强对商业银行高风险投资银行业务的监管。目前中国银行介入投资银行业务处于缺乏法律规范的发展状态,应当吸取"结构性改革"的有益经验,划定商业银行应当禁止从事的高风险投资银行业务的范围,明确法律界限的"双重维度",防范系统性风险。

The commercial banks of China are increasingly breaking through the traditional deposit and loan business. They begin to run the financial management business and other investment banking business.However,the commercial banking law of China is still based on divided financial system,which causes an apparent deficiency of risk prevention mechanism for universal banking. For the safety of the saving,‘what kind of business is safe enough for the commercial banks to run,what is too dangerous to run＇is a problem that must be solved in the universal banking system. After the subprime crisis,many countries adapt Structural Reform measures which prohibiting commercial banks＇ engagement in high risk business. Recent investment banking of commercial banks of China is in a barbaric growth. To effectively prevent the risks of investment banking and keep savings safe,lessons of Structural Reform should be learned,a clear line of investment banking by commercial banks should be made,and dual dimension of legal boundary should be set.