Compared with separate operation, mixed operation has the following advantages: \x0d\( 1) Mixed operation enables banks to optimize their asset structure, realize asset diversification and asset risk dispersion, reduce unsystematic risks, and make commercial banks' assets have greater overall stability than separate operation. \x0d\(2) Under the mixed operation system, banks increase investment business and provide enterprises with all-round financial services including investment, which is not only conducive to the development of enterprises, but also conducive to establishing a closely coordinated relationship between banks and enterprises, enhancing the comprehensive competitiveness of enterprises and enabling banks to play a greater role in economic development. \x0d\(3) From the efficiency point of view, under the mixed operation system, by providing comprehensive financial services to customers, on the one hand, the banking industry can use customer resources to extend the business chain, on the other hand, the securities industry and insurance industry can also use bank outlets, equipment and personnel to accept the entrustment of bank customers to buy and sell securities and handle insurance business, which greatly facilitates the "one-stop" operation of bank customers' assets. In addition, the financial industry can greatly reduce its operating costs by using increasingly updated and increased technology, information and equipment resources. \x0d\\x0d\ \x0d\ However, the implementation of mixed operation also has its disadvantages: \x0d\( 1) If bank funds are allowed to directly enter the securities market, three problems will arise: First, banks use other people's funds to buy and sell securities, while ordinary investors use their own funds to buy and sell securities. Obviously, ordinary investors are not equal to banks in terms of funds. Second, compared with ordinary securities investors, banks can obtain all kinds of inside information that is difficult for the outside world to know more conveniently and quickly, thus easily causing insider trading. Thirdly, due to the liquidity of bank liabilities, bank funds entering the securities market inevitably have short-term characteristics. This will increase the fluctuation of securities prices and affect the stability of the securities market. Fourth, the securities market is risky, and banks play an extremely important role in the economy. Allowing bank funds to directly enter the securities market is easy to produce a bubble stock market. Once the bubble bursts, it will lead to the stock market crisis-banking crisis-economic crisis. \x0d\(2) Diversified operation of financial business may cause a series of problems in operation: First, versatile financial institutions engaged in diversified operation have different cultures, different traditions and different operating mechanisms in different aspects, different customers and different service types, and obvious and potential contradictions and conflicts will inevitably occur when they are intertwined. Second, in order to maintain the advantages of diversified operations, all-round financial institutions must constantly carry out financial innovation. If the innovation activities in new business areas fail unfortunately, it will easily spread and lead to setbacks in other businesses. Third, it is easy to form a financial monopoly, which is not conducive to competition. \x0d\(3) The complex mixed operation structure of financial institutions has created problems that are not conducive to the implementation of effective financial supervision. If functional supervision is implemented, the regulatory structure of futures securities, insurance and banks will be clear. How to coordinate these regulatory departments, who will lead the regulatory agencies and take overall responsibility need to be properly solved.