金融综合经营与分业经营的比较分析与实证研究

Universal Banking and Fragmented Banking: Comparative Analysis and Empirical Study

金融业综合经营或通常所称的混业经营已成为全球性的趋势,但分业经营制度在主要国家的终结并不意味着分业经营与综合经营的争论已告结束,相反,很多实行综合经营的金融机构屡屡出现的问题反复昭示,这一问题决非此优彼劣的简单选择。对于已经加入WTO并且金融开放正在稳步推进的我国金融来说,继续实行分业经营还是顺应世界潮流实行综合经营更是金融当局面临的艰难选择。本文首先对有关分业经营与综合经营的理论争论进行全面分析,这些争论主要涉及系统风险、利益冲突、金融业的垄断、竞争与效率以及范围经济与规模经济等。以上分析和研究表明,分业管制并不能导致降低金融系统风险,综合经营也不必然产生利益冲突,但在垄断、竞争与效率以及规模经营和范围经济方面仍存有分歧。最后,本文对我国当前的分业经营政策进行讨论,认为分业管制政策的实施在某种程度是一种误判,比分业管制更重要是的金融机构之间防火墙以及金融机构内部“中国墙”的建立和完善。

Although the universal banking system has become a global trend, the debate on universal and fragmented banking system does not quiet down. The paper analyzes the advantages and disadvantages of both systems. The conclusion is that the fragmented banking system does not lead to financial safety and soundness, and the universal banking system does not necessarily result in conflict of interest neither. With the fragmented banking in China, the author thinks that firewalls and the Chinese wall are more important than the fragmented regulation.