The trend of gradual integration of banks, securities and insurance. Because there are great differences among banks, securities and insurance in operation, it is unified and can be accepted by all parties and meaningful to develop and construct new regulatory tools! It is the alliance analysis among the three pillars of the national financial system: banks, securities and insurance. < P > In May p>1995, Dai Xianglong, governor of the People's Bank of China, put forward two reform measures in view of the financing dilemma of China's securities firms: first, allowing qualified securities firms to enter the interbank lending market and bond repurchase market; The second is to allow qualified securities companies to borrow money from banks through the pledge of service tickets (Financial Research, No.1, 1999). In 1998, insurance companies were allowed to participate in the inter-bank bond market. In 1999, the China Insurance Regulatory Commission issued the management measures on the purchase of central enterprise bonds by insurance companies, linking insurance companies with securities firms. After several years of reform, banks, securities and insurance have gradually expanded the outline of the alliance for us and created a new financial era.

1. Feasibility analysis of banking, securities and insurance alliance

Institutional innovation is one of the main factors of modern financial development. With China's imminent accession to WTO, the pace of opening up the financial industry will be further accelerated. If Chinese financial institutions want to be invincible in the competition, they must continue to reform the financial system. At the same time, it is necessary and possible to establish an alliance of banks, securities and insurance for the reasons of China's securities and insurance companies.

(1) The financing channels of securities firms are narrow. As a financial enterprise, brokers are engaged in the underwriting business of issuing shares of listed companies; Engaged in M&A intermediary business as planning consultant for enterprise M&A; Engaged in the self-operated business of buying and selling securities with their own funds to obtain profits, and also engaged in the brokerage business of collecting commissions and facilitating investors to complete transactions. These are destined to have a huge demand for funds. There are fewer foreign funds. According to the past regulations, China's securities firms can't borrow money from banks, can't issue bonds, and can't buy back government bonds in the interbank market. In fact, brokers have only one external financing channel, and they can only borrow in the interbank market for one day. This kind of overnight borrowing is like a drop in the bucket, which has little effect on the long-term development of brokers.

the shortage of funds makes the securities firms face risks. Brokerage risk refers to the risk caused by fund raising and application, that is, the possibility of losses caused by uncertainty, which is manifested as follows: (1) Liquidity risk refers to the lack of liquidity in the financial structure of brokers due to the low liquidity ratio. When the business is unfavorable, the brokers lack sufficient liquidity and fall into a financial turnover crisis because financial products cannot be realized quickly. According to statistics, by the end of 1996, none of the top ten securities companies in China had a liquidity ratio close to 9%, while that of Morgan in the United States was 98%. (2) Capital adequacy risk. In China, the maximum ratio of net assets to liabilities of securities firms is 1:1, while the ratio of net assets of some small and medium-sized securities firms is too high. Once the business is difficult, these brokers will first fall into insolvency and even face greater capital adequacy risks.

(2) The insurance premium needs to be broadened. With the improvement of national income and the strengthening of Chinese people's insurance awareness, China's insurance industry has made great progress in recent years, and the premium income of various insurance companies has increased substantially every year. In 1997, China's premium income was 17.2 billion yuan, an increase of 2% compared with 19%. In 1998, China realized premium income of 124.7 billion yuan, an increase of 14% compared with the previous year, and the growth rate was very fast. According to the forecast of relevant departments, the total income of insurance industry in China will probably exceed 2 billion yuan before 2, and its market potential is as high as 25 billion yuan in scale. Such a huge fund is facing the contradiction between the limitation of capital operation mode, the intensification of competition between investment income and companies and investors' demand for higher return on insurance investment. Long-term life insurance funds have two basic characteristics: savings and deferred payment of expected premiums. Due to the long time interval between payment and payment, in order to ensure payment for several years or even decades and meet the expected needs of policyholders, insurance companies must maintain and increase the value of insurance funds. Therefore, it is the need of insurance itself to preserve and increase the value of insurance funds, and the fundamental way to preserve and increase the value lies in making full use of insurance funds and broadening the investment channels of insurance funds.

For a long time, the use of insurance funds in China has been restricted, and it can only be deposited in banks. It has been relaxed in recent two years, and it is also limited to buying and selling government debts and financial bonds. Therefore, in China, the deposit and the difference between the debt interest and the predetermined interest rate of the insurance policy become the main sources of income for insurance companies. Although the proportion of insurance companies investing in treasury bonds is expanding at present, the scale and proportion of investment are restricted because of the small scale of treasury bonds, and the funds invested in banks still account for a certain proportion. In this way, since 1997, with the seven reductions in the interest rate of bank savings deposits, it has brought great losses to insurance companies. For a long time, it will shake the solvency of insurance companies. With the development of world economic integration, the pace of China's accession to the WTO is accelerating, which requires member countries to play their cards according to the rules of the World Trade Organization, that is, China's insurance industry should accelerate the pace of opening up. Reduce the income standard and improve the investment income, so as to improve their core competitiveness in the strong insurance industry. In order to solve the phenomenon that the spread of insurance funds is reduced or even inverted due to the downward adjustment of bank deposit interest rate, only through effective multi-channel capital utilization and improving the rate of return on funds is the key to solve the spread inversion of insurance companies and their long-term development in the future. In countries with developed market economy, the ability of insurance industry to accumulate and finance is second only to that of banking industry. For example, the business volume of American insurance companies accounts for more than one third of its financial market business. Therefore, from a long-term perspective, the use of funds in China's insurance industry needs a great development both in form and means.

(3) The scope of banking business needs to be broadened. Since 2, financial regulators have encouraged commercial banks and insurance companies to carry out business innovation and agency business. Banking business can be expanded in the following aspects for insurance business and securities business:

1. More than 8% of insurance business of foreign banks is handled through market intermediaries, that is, agent brokers. China should also make full use of the characteristics of extensive banking business, relatively high personnel quality and familiarity with the insurance industry, and vigorously develop insurance agency business.

2. With the development of electronic network technology, banks and insurance companies can share network resources. Insurance companies can choose to use the customer resources and information database owned by banks, and banks can act as financial consultants for insurance companies and provide custody services for funds.

3. Insurance companies can provide insurance services for banking products such as consumer credit, personal mortgage loans and automobile mortgage loans.

4. As a kind of securities, insurance policy can be used to effectively pledge bank loans. How to combine savings certificates with insurance policies and funds can also be studied.

5. In terms of financing business, insurance companies are large depositors of banks, and may become the main investors of bank financial claims in the future. Banks and insurance companies can finance funds through borrowing and bond repurchase to improve the liquidity and yield of funds.

6. Banks and securities can interact in marketing, and enjoy the marketing network and customer resources. Banks have a broad customer base and branch networks, and can use the existing networks to develop securities business, fund business and insurance business.

second, analysis of alliance modes of securities, insurance and banks

through the feasibility analysis of alliance among the above three, it is necessary for us to put forward specific alliance modes.

(1) the choice of alliance mode between insurance funds and securities market. Since 1997, the interest rate of RMB savings deposits has been lowered seven times, among which the interest rate of one-year bank deposits has dropped by 7%, and the interest rate of three-year five-year deposits has also dropped by the same extent, with an unprecedented drop. Compared with the current bank deposit interest rate, the insurance company has obvious interest rate inversion phenomenon, the application environment of insurance funds is getting worse and worse, and the operation of the insurance industry has never been more difficult. The voice of expanding the use channels of long-term life insurance funds is growing in the industry. At the same time, there are still some problems in China stock market, such as small scale and lack of stable sources of funds. How to solve the above problems has been concerned by the government and the securities industry, and has become an urgent problem for managers.

China's insurance funds can be invested in the following ways:

1. Determine the rational use structure of insurance funds according to the use cycle of funds to ensure the safety and efficiency of funds. Short-term high-definition investment business, such as commercial paper, for short-term liabilities such as unearned liability reserve and outstanding claims reserve; Except for a small amount of personal insurance reserves belonging to medium and long-term liabilities, most of them can be used for medium and long-term investments, such as government bonds, financial bonds, corporate bonds, etc. The general reserve and underwriting surplus, which are the most suitable funds for medium and long-term investment, can buy high-quality stocks, real estate and mortgage loans in the secondary market.

2. Insurance companies directly purchase securities funds. That is, to subscribe for or buy various securities investment funds in the primary market and the secondary market, the competent insurance department at the same level should strictly limit the investment ratio to ensure the safety and efficiency of insurance funds and protect the interests of investors.

3. Establish a securities investment insurance fund. Securities investment insurance fund is a major operation mode to solve the capital investment channels of insurance companies in countries with developed capital markets. Considering the actual situation in China, qualified insurance companies can be allowed to establish securities investment insurance funds, and the amount of capital issued by them can be determined by a certain proportion of their total assets. The way can be initiated by securities companies and trust and investment companies to establish new insurance fund management companies, or they can choose the established fund management.

(2) the choice of alliance mode between banks and insurance companies. Once China's insurance market is opened to the outside world, foreign insurance companies will inevitably have an impact on China National Insurance Company by virtue of their advantages in asset strength, marketing means and management technology. With the increasing use of funds by insurance companies and the improvement of risk awareness, the cooperation between insurance companies and commercial banks is no longer limited to simply collecting premiums and striving for deposits, mainly in the following aspects: < P > 1. Capital cooperation. At present, the State Council has announced that insurance funds can indirectly enter the stock market through securities investment funds, and the People's Bank of China has also made a decision that commercial banks can try out agreement deposits with insurance companies. As far as life insurance is concerned, life insurance payment is not as unpredictable as property insurance and liability insurance, and the investment strategy mainly focuses on the long-term stable growth of value, so it reflects positively on the agreed deposit business opened by commercial banks. Moreover, in the process of connecting with international practices, insurance companies must avoid the risk of centralized control of funds, and will transfer some funds from the four major commercial banks. Banks should seize this opportunity and make full use of the powerful means of opening agreement deposits to carry out financial cooperation with life insurance companies.

2. Business cooperation. Foreign life insurance products have completely changed from savings-oriented products to investment-oriented products, and domestic life insurance companies are exploring and striving for variety innovation. Recently, life insurance companies have launched a very attractive product. Because of its unique investment and financial management function on the basis of insurance protection, this product has attracted a group of investment-conscious policyholders. Banks should strengthen cooperation with life insurance companies in product development and marketing, combined with the development of private financial management business. At the same time, China's commercial banks can make use of the advantages of outlets to vigorously carry out insurance agency business and increase the deposits of insurance funds and corresponding operating income.

3. Technical cooperation. Banks should use life insurance companies to introduce foreign advanced management experience and marketing methods, speed up the opportunity of technological innovation, develop technical support systems by issuing joint cards with life insurance companies, expand telephone banking and online banking services, establish long-term mutually beneficial cooperative relations, and strive for two customer groups.

(3) the choice of alliance mode between banks and brokers. At present, banks and securities firms have made a good start in cooperation in investment banking, and accumulated successful experience in bridging loans. In the clearing of securities transactions, banks can apply for the clearing qualification of stock exchanges. On the basis of developing the above businesses, Chinese banks should expand their banking and investment banking business in a broader field: < P > 1. Develop asset securities business. Asset securities business is a process of transforming financial assets that generate income cash flow at present and in the future into securities that can be sold and circulated in the capital market. In the process of securities trading, the original owner (promoter) sells the assets to the carrier (issuer) established for the purpose of securitization, and the issuer uses the cash generated from this asset as collateral to issue asset-backed securities that can be circulated in the secondary market to investors to purchase the assets transferred by the original owner, and the carrier trustee uses the cash flow generated from the transferred assets to pay the investors. This business can improve the liquidity of bank assets and provide new ideas for the management of bank assets and liabilities. Banks can provide securitized assets for securities companies, and evaluate and plan securitized assets, while securities companies can play a role in overall planning, planning and innovation of trading tools and trading securitized assets.

2. Develop fund custody business. At present, China's fund industry has been greatly developed, such as securities investment funds in the stock market, social welfare funds and social security funds, which have turned into market-oriented operations. Due to credit considerations, such funds very much hope that banks will enter. Specific practice: the fund signs a fund management agreement with the brokerage firm, and at the same time requires the brokerage firm to open a custody account change and operation in the bank to prevent risks. The bank can explore this business, use the bank's account management function and credit to bridge the gap between customers and brokers, collect handling fees from it, and at the same time increase deposits.

3. Financing business with listed companies. When the company puts forward the demand for working capital, the bank can provide bridge loans guaranteed by securities companies to provide listed companies with services such as collection and settlement of shares; In the process of listing by backdoor or shell, banks can cooperate with securities companies to help backdoor or shell companies choose shell source companies in the capital market and help plan operation plans, and provide financial and project information support for backdoor or shell companies within the scope permitted by the state; When a listed company issues a rights issue, the securities company, as the underwriter of the rights issue, the bank can participate in the design of the rights issue plan and the recommendation of the rights issue project, and provide secured bridge loans and the collection of rights issue funds; When a company shares concurrently, banks can provide services such as recommendation of concurrent purchase projects and leveraged financing.

Third, the conclusion

When the huge amount of bank credit funds can't find the loan target, when the deposit interest rate of commercial banks falls again and again, the whole capital market obviously exceeds demand, but the financing of securities firms is in crisis; The premium income of China's insurance companies has increased substantially every year, but the huge funds cannot be fully preserved or increased because of the narrow financing channels; At the same time, the business scope of China's commercial banks is narrow, which fails to give full play to its characteristics of wide network and large amount of information. Banks, securities and insurance are contradictory and complementary to each other in the capital market. Therefore, an effective chain can be found to link them and give full play to their own advantages. (National Research Information)

Further reading: How to buy insurance, which is good, and teach you to avoid these "pits" of insurance.