分业与混业的历史选择——美国百年混业经营准入制度的嬗变与借鉴

Historical Choice of Mixed and Separated Operation——The Centennial Evolution and Reference of American Admittance System for Mixed Operation

美国1933年以来的混业经营准入制度,经历了戏剧性的"分业-混业-适度分业"的演变过程。我国从20世纪末开始逐渐放松分业经营管制,商业银行开始大规模从事混业经营活动。然而,2008年席卷全球的次贷危机,暴露出商业银行从事高风险混业经营业务产生的弊害,危机后美国又推出了限制商业银行混业经营的"沃尔克规则"。在这种背景下,我国的商业银行是应该继续深化混业经营还是回归分业经营体制这一问题凸显出来。对美国1933年以来混业经营准入法律制度的回顾,可以为我国在发挥商业银行混业经营优势的同时防范混业经营风险提供有益借鉴。

Since 1933,American Admittance System for Mixed Operation has experienced dramatic evolution＂Separated Operation-Mixed Operation-Moderate Separated Operation＂. Since the end of twentieth Century,China began to relax the regulation of separate operation,and commercial banks began to engage in mixed operation.However,in 2008 the global subprime crisis has exposed the evils for commercial banks to engage in risky business generated from mixed operation. After the crisis,the United States launched the ＂Volcker rule＂to restrict the mixed operation of commercial banks. In this context,the problem is that China＇s commercial banks should continue to deepen the mixed operation or return to the system of separate management. The review of American Admittance System for Mixed Operation since 1933 can provide a useful reference for our country on how to play the advantages of the mixed operation of commercial banks and prevent the risk of mixed operation.