金融混业经营的风险控制研究
摘要
自上世纪八十年代,伴随我国证券市场的出现,我国金融初级混业经营局面初步形成,这样的体制运行至九十年代中期引发诸如证券业巨头南方证券公司破产等金融事件,1995年我国先后出台了《中华人民共和国中国人民银行法》、《中华人民共和国商业银行法》、《中华人民共和国保险法》直至1998年《中华人民共和国证券法》的出台,明确了我国金融运行从初级的混业经营走向分业经营、分业监管的体制。随着中国人民银行、中国证券监督管理委员会(1992年)、中国保险业监督管理委员会(1998年)以及2003中国年银行业监督管理委员会的分设,四方分业监管的格局维系至今。
在我国加入WTO后带来竞争与机遇的大环境下,金融分业经营和管理显现出一些新问题,引发了我国金融业界对混业经营的理论探讨和实践探索,出现了以国有资本为背景的中信集团、光大集团率先尝试混业经营的资本集团。
本论文首先通过对比美国、德国的金融发展史、对比分析金融危机的影响原因以及我国近三十年金融发展历程,认为在当前金融分业经营的体制下初现的混业经营模式发展的同时,控制风险、抑制危机的形成是现实的、迫切的、必须研究的课题；其次论文分析了当前金融混业经营业务模式以及重点风险控制范围,最后论文通过案例分析对风险控制重点从实务角度进行了分析论述,并提出了建设性建议。
本论文立足于现代金融控股集团经营背景,在所有权与经营权分离的现实基础上,切实从企业发展、外部市场需求、同时兼顾监管要求等多角度出发,提出了主要业务风险管理措施,可以起到金融控股集团内外兼顾发展并使风险控制得到有效平衡的作用,相信既是股东也是监管当局所期望的,可以在创造股东企业价值最大化的同时更好体现企业的社会价值和责任。
Since the 1980s, with the securities market grow from in our country, our financial primary mixed-business management situation preliminary form, this system since the mid 1990s to cause such as securities giant southern securities company bankruptcy financial events,1995, China has launched a "law of the People's Republic of China on the people's bank of China", "the commercial banking law of the People's Republic of China", "the insurance law of the People's Republic" in 1998 until the "securities law of the People's Republic of China" comes on stage, the clear from the primary financial operation mixed-business management to decentralized management, supervised respectively. Along with the people's bank of China, the China securities regulatory commission (1992), the China insurance regulatory commission (1998) and in 2003 China banking regulatory commission, and the supervised respectively set pattern of sustaining today.
After China's access to WTO that brings in competition with the opportunity of the environment, financial management and decentralized management, some new problems appeared in the financial industry, to thoughts brought with the theory of the mixed-business management and practice, appeared the CITIC group and the China Ever bright group that are the state-owned capital as the background, the first attempt of mixed operation of capital group.
This paper through the comparison of the United States, Germany, comparison and analysis of financial development of financial crises in China for nearly thirty years and financial development, show in the current financial decentralized management system of the early next mixed-business management model, development and risk control, inhibiting the formation is the reality of the crisis, pressing, must research topic. Second paper preliminarily analyzed current financial mixed-business management business model and key risk control, finally through the case of risk control key from the Angle of practice are analyzed, and puts forward some constructive Suggestions.
This paper based on the modern financial holding company operating background, and the separation of ownership from managerial authority ownership, argue from the practical reality of the enterprise development and external demand, both think over aspects of regulatory requirements, put forward the main business risk management measures, financial holdings both internal and external development and risk control effectively balance effect, believe that both shareholders and regulators are expected, can create shareholders of the maximization of enterprise value and better reflect the social value of the enterprise and responsibility.
在我国加入WTO后带来竞争与机遇的大环境下,金融分业经营和管理显现出一些新问题,引发了我国金融业界对混业经营的理论探讨和实践探索,出现了以国有资本为背景的中信集团、光大集团率先尝试混业经营的资本集团。
本论文首先通过对比美国、德国的金融发展史、对比分析金融危机的影响原因以及我国近三十年金融发展历程,认为在当前金融分业经营的体制下初现的混业经营模式发展的同时,控制风险、抑制危机的形成是现实的、迫切的、必须研究的课题；其次论文分析了当前金融混业经营业务模式以及重点风险控制范围,最后论文通过案例分析对风险控制重点从实务角度进行了分析论述,并提出了建设性建议。
本论文立足于现代金融控股集团经营背景,在所有权与经营权分离的现实基础上,切实从企业发展、外部市场需求、同时兼顾监管要求等多角度出发,提出了主要业务风险管理措施,可以起到金融控股集团内外兼顾发展并使风险控制得到有效平衡的作用,相信既是股东也是监管当局所期望的,可以在创造股东企业价值最大化的同时更好体现企业的社会价值和责任。
Since the 1980s, with the securities market grow from in our country, our financial primary mixed-business management situation preliminary form, this system since the mid 1990s to cause such as securities giant southern securities company bankruptcy financial events,1995, China has launched a "law of the People's Republic of China on the people's bank of China", "the commercial banking law of the People's Republic of China", "the insurance law of the People's Republic" in 1998 until the "securities law of the People's Republic of China" comes on stage, the clear from the primary financial operation mixed-business management to decentralized management, supervised respectively. Along with the people's bank of China, the China securities regulatory commission (1992), the China insurance regulatory commission (1998) and in 2003 China banking regulatory commission, and the supervised respectively set pattern of sustaining today.
After China's access to WTO that brings in competition with the opportunity of the environment, financial management and decentralized management, some new problems appeared in the financial industry, to thoughts brought with the theory of the mixed-business management and practice, appeared the CITIC group and the China Ever bright group that are the state-owned capital as the background, the first attempt of mixed operation of capital group.
This paper through the comparison of the United States, Germany, comparison and analysis of financial development of financial crises in China for nearly thirty years and financial development, show in the current financial decentralized management system of the early next mixed-business management model, development and risk control, inhibiting the formation is the reality of the crisis, pressing, must research topic. Second paper preliminarily analyzed current financial mixed-business management business model and key risk control, finally through the case of risk control key from the Angle of practice are analyzed, and puts forward some constructive Suggestions.
This paper based on the modern financial holding company operating background, and the separation of ownership from managerial authority ownership, argue from the practical reality of the enterprise development and external demand, both think over aspects of regulatory requirements, put forward the main business risk management measures, financial holdings both internal and external development and risk control effectively balance effect, believe that both shareholders and regulators are expected, can create shareholders of the maximization of enterprise value and better reflect the social value of the enterprise and responsibility.
引文
1康华平著.金融控股公司风险控制研究[M].北京：中国经济出版社,2006.55-202.
2光明日报[N].柴野.2008.11.02
3光明日报[N].柴野.2008.11.02
4中国银行业监督管理委员会《商业银行市场风险管理指引》
5中国银行业监督管理委员会《商业银行流动性风险管理指引》
6中国银行业监督管理委员会《商业银行操作性风险管理指引》
7中国银行业监督管理委员会《商业银行声誉风险管理指引》.
8车迎新等.金融控股公司的公司治理风险管理和监督[M].北京：中信出版社,2009.55-230.
9金融界[EB/OL].费新.2009.10.15
10车迎新等.金融控股公司的公司治理、风险管理和监督[M].北京：中信出版社,2009.45-260.
11新京报[N].赵侠.2006.8.17
12搜狐[EB/OL]李梦学.2007.11.27
[1]全国人民代表大会常务委员会.中华人民共和国商业银行法[S].1995.
[2]中国银行业监督管理委员会.信托投资公司管理办法[S]2007.
[3]全国人民代表大会常务委员会.中国人民共和国证券投资基金法[S].2004.
[4]杨明辉.张翔燕.邵正强等.金融控股公司实务与操作[M].北京：中信出版社,2004.
[5]尹晓冰.公司财务理论[M].天津：南开大学出版社,2008.
[6]巴塞尔银行监管委员会.统一资本及资本标准的国际协议：修订框架[M].北京：中国金融出版社,2004.
[7]康华平.金融控股公司风险控制研究[M].北京：中国经济出版社,2006.
[8]付正辉.商业银行资本与风险控制--释解《巴塞尔新资本协议》[M].北京：经济日报出版社,2006.
[9]加约翰.赫尔.风险管理与金融机构[M].北京：机械工业出版社,2001.
[10]车迎新.金融控股公司的公司治理风险管理和监督[M].北京：中信出版社,2009.
[11]光明日报[N].柴野.2008.11.02.
[12]金融界[EB/OL].费新.2009.10.15.
[13]新京报[N].赵侠.2006.8.17.
[14]搜狐[EB/OL].李梦学.2007.11.27.
[15]董华.金融风险控制与防范[M].北京：电子工业出版社,2010.
[16]杨子强.金融风险与管理[M].北京：中国金融出版社,2001.
[17]张宗新.金融资产价格波动与风险控制[M].上海：复旦大学,2006.
[18]Philippe Jorion(菲利普·乔瑞)著.金融风险管理师手册[M].北京：人民大学出版社,2004.
2光明日报[N].柴野.2008.11.02
3光明日报[N].柴野.2008.11.02
4中国银行业监督管理委员会《商业银行市场风险管理指引》
5中国银行业监督管理委员会《商业银行流动性风险管理指引》
6中国银行业监督管理委员会《商业银行操作性风险管理指引》
7中国银行业监督管理委员会《商业银行声誉风险管理指引》.
8车迎新等.金融控股公司的公司治理风险管理和监督[M].北京：中信出版社,2009.55-230.
9金融界[EB/OL].费新.2009.10.15
10车迎新等.金融控股公司的公司治理、风险管理和监督[M].北京：中信出版社,2009.45-260.
11新京报[N].赵侠.2006.8.17
12搜狐[EB/OL]李梦学.2007.11.27
[1]全国人民代表大会常务委员会.中华人民共和国商业银行法[S].1995.
[2]中国银行业监督管理委员会.信托投资公司管理办法[S]2007.
[3]全国人民代表大会常务委员会.中国人民共和国证券投资基金法[S].2004.
[4]杨明辉.张翔燕.邵正强等.金融控股公司实务与操作[M].北京：中信出版社,2004.
[5]尹晓冰.公司财务理论[M].天津：南开大学出版社,2008.
[6]巴塞尔银行监管委员会.统一资本及资本标准的国际协议：修订框架[M].北京：中国金融出版社,2004.
[7]康华平.金融控股公司风险控制研究[M].北京：中国经济出版社,2006.
[8]付正辉.商业银行资本与风险控制--释解《巴塞尔新资本协议》[M].北京：经济日报出版社,2006.
[9]加约翰.赫尔.风险管理与金融机构[M].北京：机械工业出版社,2001.
[10]车迎新.金融控股公司的公司治理风险管理和监督[M].北京：中信出版社,2009.
[11]光明日报[N].柴野.2008.11.02.
[12]金融界[EB/OL].费新.2009.10.15.
[13]新京报[N].赵侠.2006.8.17.
[14]搜狐[EB/OL].李梦学.2007.11.27.
[15]董华.金融风险控制与防范[M].北京：电子工业出版社,2010.
[16]杨子强.金融风险与管理[M].北京：中国金融出版社,2001.
[17]张宗新.金融资产价格波动与风险控制[M].上海：复旦大学,2006.
[18]Philippe Jorion(菲利普·乔瑞)著.金融风险管理师手册[M].北京：人民大学出版社,2004.
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