1. It is beneficial to cultivate the professional technology and professional management level of the two businesses. General securities business should constantly improve professional skills and services according to different requirements of customers, while commercial banking business pays more attention to maintaining long-term and stable relations with customers.
2. Separate operation has created a stable and closed environment for the development of the two businesses, avoiding possible competition frictions and difficulties in competition and internal coordination within the comprehensive banking group.
3. Separate operation is conducive to ensuring the safety of commercial banks and their customers and preventing commercial banks from spending too much money on high-risk activities.
4. Separate operation is conducive to containing the financial crisis and creating conditions for the stable development of the country and the world economy.
Separate operation also has disadvantages:
1, which separates the two businesses in legal form, makes it difficult for the two businesses to compete in the necessary business, which has obvious competition inhibition effect.
2. Separate operation makes commercial banks and securities companies lack complementary advantages, and it is difficult for the securities industry to use and rely on the capital advantages and network advantages of commercial banks, and commercial banks cannot promote their original business development with the help of securities companies' business.
3. Separate operation is not conducive to the fair international competition of banks, especially in the face of large European universal banks with complete business, it is difficult for a single commercial bank to occupy a favorable position in international competition.
Advantages and disadvantages of mixed operation in financial industry. Compared with separate operation, mixed operation has the following advantages:
(1) Mixed operation enables banks to optimize asset structure, realize asset diversification and asset risk dispersion, reduce unsystematic risks, and make commercial banks' assets have greater overall stability than separate operation.
(2) Under the mixed operation system, banks should add investment business to 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 banks and enterprises, and enabling banks to play a greater role in economic development.
(3) From the efficiency point of view, by providing comprehensive financial services to customers under the mixed operation system, 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.
However, the implementation of mixed operation also has its disadvantages:
(1) If bank funds are allowed to directly enter the securities market, there will be three problems: 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 in an unequal competitive position with 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.
(2) Diversification of financial business may cause a series of operational problems: First, all-round financial institutions engaged in diversification have different cultures, traditions and operating mechanisms in different aspects, different clients and different service varieties, and there will inevitably be obvious and potential contradictions and conflicts 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.
(3) The complex mixed operation structure of financial institutions has caused 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.
This paper expounds the role of separate operation of financial industry in preventing financial crisis. Under the separate operation mode, financial risks are relatively simple, and financial supervision is easier to regulate. Various regulatory agencies can formulate standard regulatory measures and require financial institutions to provide "standard" products, thus bringing different financial institutions into the regulatory scope of various regulatory agencies. Supervision departments can make full use of specialization and standardization to achieve the goal of effective supervision. Second, under the separate operation mode, it is easier for the regulatory authorities to introduce risk management measures. For example, a deposit insurance system can be introduced for the banking industry, which can prevent small depositors from going bankrupt.
First of all, the separate operation and finance group said that the question you asked was very good and professional. But it is very general. Let me give you a brief answer. If the problem you find is clear, then you can communicate with me. My user name is my QQ number.
The fact is, as you said, China requires the financial industry to operate separately. But what are the reasons? What are the specific problems? I don't know how much you know, so I'll introduce what I know.
It is a mixed operation abroad. In fact, this is in line with economic laws. Large financial institutions should have perfect financial services and platforms, even a comprehensive financial structure. In this way, traditional banks (commercial banks), insurance and securities have become a troika, which is very stable.
The reason why China regulates and requires separate operation is to see the disadvantages of mixed operation.
First, in short, the troika can collude with each other. Once the three institutions belong to the same family, there will be mutual support, collusion and cooperation, and even misappropriation of funds to offset each other. Just like fund companies, we support each other and use the funds in the company to help solve problems.
There is a national situation here, that is, at the end of the last century, when the stock market was not good, in order to prevent investment problems like today, plus leverage, investment suffered many times the loss of funds, and the actual deposits of bank savings were limited. Once it is used to make up for other loss accounts, it will inevitably bring harm to banking institutions.
In fact, in the early 1990s, the four major state-owned banks in China were mixed-operation, and then securities and insurance were all branches of banks. My master is still a businessman. Later, he asked for separate operations, and my master returned to the savings department of the bank from the securities investment department.
Two. Another advantage of separate operation is to avoid monopoly operation by large financial institutions. Commercial banks, insurance companies and securities companies are several important parts of the financial industry, and no link in the financial chain can be missing. Once the chain becomes a whole, it is similar to syndicate monopoly and consortium monopoly in western countries. When commercial entities control all industries, the public will be exploited. After separation, mutual restraint, mutual checks and balances, rights and capital differentiation, the status of the four major state-owned banks will not be supreme.
Let's talk about why we are now against the wind and mixed operations.
Economic laws cannot be violated. It is very difficult to operate separately, especially after entering the market, it is difficult for banks in China to compete internationally, and it is also impossible to resist the entry of foreign banks into China. Therefore, my master's words came true, "The general trend of the world will be divided for a long time, and it will be divided for a long time." Banks, insurance and securities will merge again sooner or later. "
By the way, as banks and investment banks in the world are mixed-operation, the internationalization of various assessment indicators and operations makes banks in China have to adapt to international practices.
So the phenomenon you mentioned appeared, and under the group, mixed operation was carried out. So why does this phenomenon exist?
An expedient measure.
Don't ignore the premise that the CBRC, CSRC and banking association in China are deeply influenced by the * * * tradition, and always regard themselves as government officials and pose as civil servants. Playing political means, especially the CSRC, will not say those who go public illegally. Compared with them, China People's Bank is better. Why, the real power of the People's Bank of China is almost gone, and it was robbed by the China Banking Regulatory Commission.
Two-industry operation is not a return to the original three-industry mixed operation. This is a word game. The CBRC is like * * *, playing tricks, starting with words and regulations, and finding any reason.
At the same time, there is another problem. At present, the well-known securities and insurance were stripped by banks at that time, and now they can't be recovered. They can only start from scratch and start again. But it is difficult to realize the rapid development of securities and insurance at the same time, so it is carried out step by step. Make sure a carriage returns successfully before starting another business.
I'm from Bank of China, and I'm going to tell you a comprehensive case of mixed operation and Bank of China. Banks in mainland China will not talk about it. In order not to violate the rules, BOC started overseas. The most famous are Bank of China Hong Kong, Bank of China Securities and Bank of China Insurance.
With the support of * * * *, the Mainland appointed the Bank of China as its business agent before the return of Hong Kong. In order to carry out the later work, BOC Hong Kong, a subsidiary of the head office, was established. Taking this as a starting point, Bank of China Securities and Bank of China Insurance were established. Hong Kong is not restricted by mainland policies. The Bank of China, together with Hongkong, made the Troika get off to a successful start.
Bank of China Hong Kong is the three largest note-issuing banks in Hong Kong, and its status is unparalleled.
Bank of China Securities in Hong Kong, with its geographical advantages and early business preparation, radiates to Southeast Asia and has a considerable overseas market share and market position. The same is true of BOC insurance, so BOC has always been proud of it, because the troika is complete and powerful, and together it will be successful.
Other big domestic banks have followed suit, but due to the lack of unique conditions of BOC, the development is slow. Unlike Bank of China, it has quietly completed its mixed operation.
You can continue to communicate with me if you have any questions.
Comparison of advantages and disadvantages between mixed operation and separate operation; The concept of financial mixed operation
1 is a narrow concept. Mainly refers to the business relationship between banking and securities. Financial mixed operation means that banking institutions and securities institutions can enter each other's fields for cross-operation.
2. A broad concept. Refers to the business relationship between all financial industries. Financial mixed operation, that is, banks, insurance, securities, trust institutions and other financial institutions can enter any of the above business areas or even non-financial areas for diversified operation.
The mixed operation of financial industry refers to the mutual penetration and intersection of the businesses of banks, securities companies, insurance companies and other institutions, and is not limited to their separate operations.
Separate operation means that financial institutions only engage in one obligation.
The problem of risk management. In regions and countries with good risk management, mixed operation can promote the development of financial industry; On the contrary, in a region and country where risk management is not perfect, separate operation is obviously safer and more conducive to the development of the national economy.
In the future, the development of China's financial industry will be divided or mixed. The concepts of divided operation and mixed operation are as follows:
Separate operation refers to some degree of "separate operation" control over the business scope of financial institutions. There are three levels of separate operation: the first level refers to the separate operation of financial industry and non-financial industry, the second level refers to the separate operation of banks, securities and insurance in financial industry, and the third level refers to the further separate operation of related businesses in banking, securities and insurance sub-industries.
Mixed operation refers to the general term for commercial banks and other financial enterprises to carry out multi-business, multi-variety and multi-mode cross-operation and services in the money market and capital market in a scientific organization way.
Since the reform and opening up, China has also experienced the process from mixed operation to separate operation. Due to the lack of financial supervision and understanding of mixed operation, a large number of financial enterprises violate the rules in competition, leading to chaos in the financial market. However, under the new market situation, mixed operation has many advantages.
Therefore, mixed operation is not only the general trend of world financial development, but also one of the ultimate goals of China's financial reform.
Hope to adopt
Advantages of financial separation in China. A Historical Review of the International Banking System
/kloc-in the middle of the 0/9th century, in the process of industrialization in Germany, the United States and other countries, universal banks appeared, that is, banks that comprehensively operate various financial services. The most typical universal bank in the Federal Republic of Germany can provide almost all banking and financial services, such as loans, deposits, securities, payment and settlement, foreign exchange, agency insurance, leasing and consulting.
After the economic and financial crisis broke out in the capitalist world in 1930s, many economists blamed the crisis on the universal banking system. They believe that universal banks had to go bankrupt in the financial crisis because they invested a lot of money in long-term securities trading. In this crisis, tens of thousands of banks in the United States closed down, and the total number of banks decreased from 25,000 to14,000, and almost all bank credits were lost. In order to prevent the recurrence of the banking crisis, the US Congress passed the Financial Crisis Act. Banking Law 1933 >: > It is forbidden for commercial banks to engage in investment banking business, especially securities underwriting and proprietary business, and it is forbidden for commercial banks to be associated with institutions engaged in securities business or to have personnel exchanges. Since then, Britain, Japan and other countries have followed suit and implemented a separate banking system with separate operation and management, keeping pace with the universal banking system of the Federal Republic of Germany.
Since 1980s, the development of international banking has entered a new era. Under the impact of financial liberalization, financial innovations emerge one after another, financial supervision is gradually relaxed, and the businesses of various financial institutions cross each other. The banking industry in western countries has gradually evolved into a universal bank. From 1987, the Federal Reserve Committee of the United States approved some bank holding companies to operate securities business, and in 1989, it approved five major banks such as Citigroup to directly underwrite corporate bonds and stocks, thus making the transformation of American commercial banks into universal banks a big step.
Since 1990s, the development of American commercial banks to universal banks has accelerated. In 199 1, the United States passed the < < kloc-0/991federal deposit insurance company improvement act >: > allowing commercial banks to hold common shares and preferred shares equivalent to their own capital 100%, indicating that the forbidden zone that has long restricted the mutual penetration between commercial banks and industry and commerce has been broken. In 1994, the United States passed:> Commercial banks are allowed to act as brokers of insurance and pension funds, which shows that the restrictions on commercial banks' participation in the insurance industry have also been broken. 1April 1998, Citibank and Traveler Group merged. After the merger, Citigroup integrated Citibank's business with travelers' investment and insurance business, becoming the world's largest financial services company.
The rapid development of universal banks has its inherent inevitability: first, fierce market competition urges financial institutions to broaden their service areas and provide more convenient service means, and financial institutions have strong profit motives to achieve mutual integration. The rapid development of modern communication and computer technology provides technical and material support for this integration and reducing costs through integration; Secondly, with the rapid development of the capital market, the traditional service industry of commercial banks can no longer meet the new needs of the development of financial markets and must be adjusted; Third, the development of financial innovation makes it possible for commercial banks to break through the traditional business scope and securities business. Commercial banks are increasingly relying on capital market tools in debt structure and asset allocation, while investment banks are increasingly infiltrating into commercial banking. Financial innovation makes the business boundary between them disappear gradually.
An important reason why the United States has accelerated the transformation of commercial banks into universal banks is that American banks are increasingly under the competitive pressure of European and Japanese banks in the international financial market. Since the 1990s, commercial banks in Western Europe and Japan have broken through the traditional separate operation, and the trend of integration has become increasingly obvious. For example, in 1992, the former EU issued the No.2 banking directive, which decided to comprehensively promote the universal banking and branch system within the EU. In Japan, at the end of 1996, the financial industry reform plan named "Big Bang" was implemented, and it is planned that banks, securities companies and insurance companies will fully cross business before 200 1.
1May and July of 1999, > It is the general trend to realize universal banking by abolishing:>.
Advantage analysis of universal bank or mixed operation system
At that time, while the United States completely denied the universal bank, the German investigation report came to a completely different conclusion, arguing that the accusation that the universal bank caused the banking crisis was unfounded, so Germany always adhered to the universal banking system. From 1975 to 1979, the expert group organized by the Federal Republic of Germany conducted a comprehensive investigation on the universal banking system, and the conclusion was the same. According to the research of Dr. Tam, a senior economist at Deutsche Bank, "the universal banking system is very beneficial to both customers and banks, and is also very beneficial to economic development". Tam summarized the advantages of the universal banking system as follows:
First of all, universal banks can provide customers with the best service. The characteristic of universal bank is to provide comprehensive financial services to customers. Customers can enjoy the widest range of financial services in one bank without dealing with many banks with different business contents. At the same time, customers can use all kinds of financial services provided by universal banks to choose the best investment opportunities, which will not only save time, reduce expenses, but also increase income.
Secondly, universal banks can make the relationship between banks and enterprises closer. Through comprehensive financial services, universal banks can better understand the mutual understanding between customers and banks, strengthen their ties, and help consolidate the ties between banks and customers.
Third, universal banks can promote the development of savings. Universal banks can provide customers with various forms of savings opportunities through their numerous branches, especially providing them with various securities that can be used as investment, so that each universal bank can be linked with thousands of depositors, thus making universal banks better serve as intermediaries for savings and investors.
Finally, universal banks have inherent stability, which is conducive to reducing financial risks. Due to the diversification of universal banking business, some business losses of banks can be made up by the profits of other businesses, which reduces the risks of banks, makes the operation of banks more stable and is conducive to the stability of the entire banking system. Universal banks can not only use the internal compensation mechanism to stabilize the bank's profit income, but also increase the chances of providing customers with the most objective and feasible suggestions through this mechanism.
Interestingly, American economist White's research in 1986 shows that "the banking law of 1933 is an overreaction to a series of real but misinterpreted problems, which actually only involve relatively few banks." This is because the number of banks declared bankrupt in the United States from 1930 to 1934 accounted for 26.3% of the total number of banks at that time, but only 15 of the 207 banks engaged in securities business declared bankruptcy, accounting for 7.2%, far lower than other banks. Even from the bankruptcy of 15 banks engaged in securities business, engaging in securities business is not the main reason for their bankruptcy, because their investment in securities business only accounts for a small part of their total assets, usually below 10%, and the total amount of these investments can be ignored if compared with the total assets of American banks. Obviously, it is unconvincing to regard the excessive speculation of commercial banks in the securities market as the main cause of the great crisis in the 1930s, and the statement that the so-called universal bank caused the crisis may be misleading.
Third, the historical reasons for the implementation of the separate management system in China.
Before 1993, China implemented mixed operation, and commercial banks were one of the main participants in the establishment of China's stock market. 1980 released by the State Council < <1; Interim Provisions on Promoting Economic Union >>, it is proposed that "banks should try out various trust businesses". In the same year, the People's Bank of China issued the Notice on Developing Trust Business < Notice on Actively Developing Trust Business >>. Banks have set up a large number of financial trust institutions in the form of sole proprietorship or equity participation. 1990 and 199 1 year, Shanghai Stock Exchange and Shenzhen Stock Exchange were established one after another. Banks have played a huge role in the formation of the securities market, which is manifested in the support of funds, technology, talents and organizational management. The main form for commercial banks to participate in securities business is to set up wholly-owned or shareholding securities companies or securities departments of trust and investment companies, and their main businesses are the issuance of corporate securities, trading agent and self-management.
Since the second half of 1992, there has been a real estate fever and a securities investment fever in the society. A large amount of credit funds from banks enter the securities market through interbank lending, which leads to financial disorder. Therefore, from June 1993, we began to vigorously rectify the financial order. It was first adopted in 199 1 year1month, and < < * * * the decision of the Central Committee on several issues concerning the establishment of the socialist market economic system > > proposed that "banking and securities industries should be managed separately"; Subsequently, 1993 65438+ February < < the State Council's decision on financial system reform > > put forward the specific provisions that "state-owned commercial banks are not allowed to invest in non-financial enterprises" and that "state-owned commercial banks should be separated from insurance, trust and securities industries in terms of people and property and operate separately"; 1The Law of People's Republic of China (PRC) Commercial Bank passed in May, 1995 has made more specific and complete provisions on this.
The results of data collection and actual investigation show that the main reason for the implementation of separate operation in China comes from the harm to the financial system caused by the implementation of mixed operation before 1993. Since the formation and development of the securities market in the 1990s, there have been serious problems in the use of funds in the banking system, that is, a considerable number of banks have misappropriated credit funds and interbank lending funds through their wholly-owned or shareholding securities companies and trust and investment companies, which has caused a series of adverse effects, increased the operational risks of banks, contributed to speculation and bubble economy, increased the difficulty of financial supervision, contributed to chaos and improper behavior, and affected the reputation and image of banks. However, the key reason for the harm is not that commercial banks engage in investment banking, but that commercial banks use their institutions engaged in securities business to transfer credit funds and interbank borrowing funds.
Developing universal banks is an inevitable choice for China's commercial banks.
At present, great changes have taken place in the domestic and international economic environment. In this case, the pace of China's commercial banks' transformation to universal banks needs to be accelerated, which is an inevitable requirement for China's commercial banks to adapt to the international financial market competition and cope with the world economic integration and financial liberalization. It is also an inevitable requirement for Chinese commercial banks to seek their own development and promote the development of the national economy in the process of deepening the marketization of the national economy.
1 developing universal banks is the need to enhance the competitiveness of China's commercial banks. Compared with the business scope of universal banks in major western countries, the business scope of commercial banks in China is limited to a very narrow range. The business scope of China's commercial banks includes: (1) general commercial banking business (deposit, loan, settlement, bill discount, etc. ); (2) Some investment banking businesses (limited to issuing financial bonds, issuing, cashing, underwriting, buying and selling bonds, etc.). ); (3) part of insurance business (limited to insurance agency business); (4) Foreign exchange business; (5) International syndicated loans. The business scope of western universal banks includes: (1) general commercial banking (deposit, loan, settlement, bill discount, etc. ); (2) investment banking; (3) Holding shares in industrial and commercial enterprises; (4) Securities brokerage business. (5) Trust business; (6) Leasing business; (7) Insurance business; (8) Financial consultancy and consulting services; (9) Foreign exchange business; (10) International syndicated loan; (1 1) Travel and advertising services, etc. The limitation of business scope greatly restricts the improvement of the profitability of China's commercial banks, especially state-owned commercial banks, and further affects the improvement of the competitiveness of China's commercial banks. At present, China's commercial banks are not only unable to compete with western universal banks in the international financial market, but also unable to cope with the competitive pressure and impact brought by foreign banks entering the domestic financial market.
Developing universal banks is helpful to reduce the risks of China's commercial banks. For a long time, China's state-owned commercial banks have a single asset structure, with a high proportion of credit assets in total assets and a small proportion of securities assets and other assets. At present, judging from the total assets structure of the four state-owned commercial banks in China, the ratio of credit assets, investment and securities assets to other assets is 77: 3: 20, and 70% of credit assets are invested in state-owned enterprises. Obviously, the state-owned enterprises are not completely out of the predicament, which leads to a sharp increase in operating risks and a decline in operating efficiency of state-owned commercial banks. Compared with universal banks in major western countries, the financial situation of state-owned commercial banks in China is worrying. Judging from the advantages of the above-mentioned universal banks, reforming commercial banks and developing universal banks will certainly play a significant role in reducing financial risks.
Developing universal banks is helpful to the reform of state-owned enterprises in China. The reform of state-owned enterprises has always been a major difficulty in economic reform. The support of state-owned commercial banks for state-owned enterprises focuses on creating a good financial environment and providing various financial services for state-owned enterprises. Universal banks can fully participate in the asset restructuring of state-owned enterprises, grasp the asset status of enterprises, adjust the structure and reduce loan losses, which is beneficial to both banks and enterprises. The development of capital market requires commercial banks to transform into universal banks. Since 1990s, China's capital market has developed rapidly. By mid-July, 1999, the total number of listed companies exceeded 900, with a market value of 2.85 trillion yuan, equivalent to about one-third of GDP. The development of capital market characterized by direct financing, with its high return on assets and convenient financing conditions, will inevitably compete with commercial banks for financial resources. This will inevitably lead to the diversion of commercial banks' funds, the slowdown in the growth of credit assets, and may lead to the narrowing of commercial banks' profit margins and the increase of risks. It is inevitable that traditional commercial banks will transform into universal banks.
The Strategic Choice of Developing Universal Bank in China
On the whole, the implementation of universal banks needs the following conditions: first, commercial banks should have good behavior norms, taking into account the unity of profitability, liquidity and security; Second, there must be a perfect market system, not only a perfect market subject and market system, but also a fair competition market environment. Third, a sound legal environment and a sound legal system; Fourth, strong macro-financial control ability and effective financial supervision.
According to the actual situation in China, the transformation of China's commercial banks into universal banks can be carried out in the following steps: first, expand the business scope of commercial banks within the existing legal framework; Then, choose the pilot to gradually implement universal banks; Finally, turn to commercial banks.
The difference between separate operation and mixed operation The mixed operation of financial industry refers to the mutual penetration and intersection of the businesses of banks, securities companies, insurance companies and other institutions, and is not limited to their separate business scope.
Separate operation means that financial institutions only engage in one obligation.
It is generally believed that the financial industry can be regarded as a big industry mainly composed of three small industries: banking, securities and insurance. If the financial operators only operate a single small industry, it is called "separate operation", that is, commercial banks only engage in commercial banking, securities companies only engage in securities business, and insurance companies only engage in insurance business.