以金融控股公司作为国内商业银行混业经营的阶段性战略选择

在国际金融改革放松管制和中国金融市场进一步开放的情况下,目前的国内商业银行体系将使我国金融机构在竞争中处于极为不利的地位,难以与国际大型金融控股集团有效抗衡。金融控股公司形式将是一种有效混业形式,能提高金融资源的配置效率。目前实际已经有一些集团按照金融控股公司模式运作,但在没有相关法律规范的情况下,可能会出现金融控股公司内部的风险传递、金融控股公司的财务杠杆风险、内部关联交易风险等,损害投资者和消费者的利益。因此,本文将以金融控股公司作为国内商业银行混业经营的阶段性战略选择,并研究相关法律框架的问题。本文的研究主要分为两部分。第一部分,对国内商业银行混业经营的战略选择进行研究;第二部分,分析金融控股公司这一独特的金融混业经营模式的法律框架。

Financial Holding Company:A Strategic Choice by Stages for Overall Management of Domestic Commercial Banks

Under the circumstances of less control in the international finance reform and more open-up of China's financial market, the existing system of domestic commercial bank will put China's financial institutions into an extremely unfavorable position in the competition and it will be difficult for them to compete effectively with international large-scale financial holding companies (FHCs). FHCs will be an effective form of overall management that will improve the efficiency in the allocation of financial resources. In fact some groups just operate in the same mode as the FHCs. However, with no relative legal regulations, it is likely that the in-company risk transfer, financial leverage risk, associated transaction risk, etc. will occur to impair the interests of investors and consumers. Therefore, this essay presents that the FHCs will be a strategic choice by stages for overall management of domestic commercial banks. It then makes a study on the relative legal framework of FHCs. This essay is composed of two parts. Part I makes a study on the strategic choices for overall management of domestic commercial banks. Part II analyses the legal framework of the particular mode of FHCs for financial overall management.