浅议混业经营下我国金融控股集团的风险和监管对策

一、金融控股集团组织模式 (一)金融控股集团的内涵 在混业经营趋势下,从国际金融业的发展来看,混业经营模式主要分为全能银行制、银行母公司制和金融控股集团三种,各有其优缺点.     

金融控股集团资本金重复计算问题的数学分析

二十世纪90年代以来，金融控股集团在世界范围内空前发展，并已成为金融混业经营的主要发展模式。但其复杂的股权结构及关联交易极易产生资本金重复计算问题．需要我们深入研究。本文从集合论这一新的角度来理解金融控股集团资本金重复计算问题，并对金融控股集团资本金的三种度量方法加以剖析，挖掘出金融控股集团资本金重复计算问题的成因、本质及后果，丰富金融监管理论。     

我国金融控股集团的发展现状及监管对策

面对当前我国金融控股公司发展的趋势,必须针对其“集团混业、经营分业”的特点,加强监管,以规范我国金融控股公司的运营,维护金融安全与秩序。本文介绍当前我国金融控股集团的现状,并探讨金融控股集团的监管对策。     

浅析金融控股背景下证券公司的业务发展

综合经营是当今金融界一种不可逆转的世界趋势。其中,金融控股公司是其最主要以及最典型的经营方式。作为金融控股集团下重要的组成部分之一,具有金融背景的证券公司的发展将会受益于金融控股集团下的资源整合。具有金融背景的证券公司的业务将会凭借金融控股背景实现新发展。     

金融控股集团的监管逻辑

当前我国金融控股集团发展迅速且类型多样,部分集团利用关联交易,杠杆资金快速扩张、野蛮生长,外部负面效应凸显。本文从分业、混业经营的视角,全面梳理金融控股集团的发展演变,认为金融控股集团具有"太连接不能倒"的系统性风险特征,并提出监管部门应守好监管阵地和法律底线,限制金融控股集团的野蛮发展,从构建监管生态、明确发展边界、建立法律规范、加强行为监管等方面从严管控,防范系统性风险。     

产业型金融控股集团风险度量及内部风险传染路径

非金融企业投资控股金融机构形成的产业型金融控股集团跨业经营、复杂性强、风险敞口大。重点关注产业型金融控股集团的风险计量,以测度金融控股集团进入破产边际的标准差(Z—score)为参考,度量金融控股集团及各附属机构的经营风险。以条件在险价值(CoVaR)模型为基础,刻画金融控股集团内部风险传染路径。以定量模型结论为依托,针对性提出防范、化解和处置金融控股集团风险的相关对策建议。     

金融混业下的监管协调机制

在我国金融改革与发展的实践中,金融混业经营以及混业经营的载体——金融控股集团已大量存在。顺应世界范围的金融混业经营大势,并尊重我国的金融改革与创新实践,加强金融混业形势下的监管协调与创新以及金融立法已是当务之急。     

我国金融控股集团的发展现状、特点及政策建议

我国金融控股集团的最新发展 近年来，我国综合经营趋势明显，金融机构从事多元化金融业务、大型国氽进军金融业、民营资本参股金融业等现象比比皆是。当然，涉足两个以上金融行业的企业集团不一定就是金融控股集团。判断金融挖股集团的重要标准，是母公司对涉足金融企业是否控股，以及集团能否对各金融企业实现战略协同。实际上，我国严格意义上的金融控股集团很少，有的只是初步在金融领域布局并形成金融控股雏形，     

从经营模式视角看中国金融控股集团发展

金融混业、分业经营优劣尚无定论，我国现有金融管理体制下存在金融控股集团发展的空间。在其发展中存在可获取垄断利润、增加创新空间，获得规模经济、范围经济，外资进入带来边缘化．集团治理复杂化等趋势，使金融控股集团经营前景不能确定，因而应积极、审慎的发展。     

实行混业经营应做好必要的准备

(1)在加强专业经营和风险能力控制的基础上,强化国内金融机构的综合经营能力,塑造和培育我国的全能型金融控股集团,集团对金融子公司的经营进行战略协调,对业务进行管理,,因而金融控股集团在整体上可视为全能型银行,实行金融混业经营,为广大客户提供银行证券、保险、信托等全方位金融业务.     

德国金融集团的监管

德国于2002年实行统一监管,金融监管局依照《欧盟金融集团监管指令》,对金融集团统一监管。德国金融集团监管的制度安排对中国金融控股公司的监管具有一定的启示意义。     

Regulating financial conglomerates

We analyze the risk-taking incentives of a financial conglomerate that combines a bank and a non-bank financial intermediary. The conglomerate's risk-taking incentives depend on the level of market discipline it faces, which in turn is determined by the conglomerate's liability structure. We examine optimal capital regulation for standalone institutions, for integrated conglomerates and holding company conglomerates. We show that, when capital requirements are set optimally, capital arbitrage within holding company conglomerates can raise welfare by increasing market discipline. Because they have a single balance sheet, integrated conglomerates extend the reach of the deposit insurance safety net to their non-bank divisions. We show that the extra risk-taking that this effect causes may wipe out the diversification benefits within integrated conglomerates. We discuss the policy implications of these results.     

金融控股公司发展的理论基础及启示

本文开创性的指出:获得诺贝尔经济学奖的"现代投资组合理论"为金融控股公司的发展提供了系统的理论支持,金融控股公司的发展具有历史必然性.本文较详细地论证了两个问题:为什么现实中大量集团公司在不同金融行业进行组合投资?为什么金融控股公司的组织模式具有绝对优势?希望本文的讨论既能为相关的决策提供参考,又能引发更深入的探讨.     

Is there a diversification discount in financial conglomerates?

This paper investigates whether the diversity of activities conducted by financial institutions influences their market valuations. We find that there is a diversification discount: The market values of financial conglomerates that engage in multiple activities, e.g., lending and non-lending financial services, are lower than if those financial conglomerates were broken into financial intermediaries that specialize in the individual activities. While difficult to identify a single causal factor, the results are consistent with theories that stress intensified agency problems in financial conglomerates engaged in multiple activities and indicate that economies of scope are not sufficiently large to produce a diversification premium.     

Strukturmerkmale deutscher Versicherungskonzerne im Jahr 2000

German insurance groups are in a long term process of economic and juridical reorganisation. With important characteristics a typology of insurance groups can be set up. An empirical investigation of groups in 1980 and 2000 shows the recent developments. In future most groups will be organised under a holding company. Special problems are related to mutual and to companies under public law. For future formation of German financial conglomerates a clear prognosis is not yet possible.     

On the risk situation of financial conglomerates: does diversification matter?

In general, conglomeration leads to diversification of risk (the diversification benefit) and a decrease in shareholder value (the conglomerate discount). Diversification benefits in financial conglomerates are typically derived without explicitly accounting for reduced shareholder value. However, a comprehensive analysis requires competitive conditions within the conglomerate, i.e., shareholders and debt holders should receive risk-adequate returns on their investment. In this paper, we contribute to the literature on this topic by comparing the diversification effect in conglomerates with and without accounting for altered shareholder value. We derive results for a holding company, a parent-subsidiary structure, and an integrated model. In addition, we consider different types of capital and risk transfer instruments in the parent-subsidiary model, including intragroup retrocession and guarantees. We conclude that under competitive conditions, diversification does not matter to the extent frequently emphasized in the literature. The analysis contributes to the ongoing discussion on group solvency regulation and enterprise risk management, which is of relevance to insurance groups and other financial conglomerates.     

金融控股公司及其在我国的立法制度构想

目前,我国在金融机构或普通工商企业基础上形成的两类“准金融控股公司”,存在无法可依、实业资本与金融资本相互控制、组建随意、监管缺失、经营无序等混乱现象。为此,迫切需要加强金融控股公司的立法,以促进金融控股公司的风险监管,提高金融效益,保障存款人、投资人的合法权益,促进我国的金融改革和提高金融国际竞争力。构建金融控股公司立法制度要从安全、效益和提高竞争力的角度出发,通过构建准入制度,有利于金融控股公司在我国的发展;构建防火墙制度,有利于防范风险的传递;构建监管制度,有利于监管机构加强监管。     

The Prudential Supervision of Financial Conglomerates in the European Union

Abstract

Around the world, the formation of financial conglomerates is gaining importance. In the United States, the provisional agreement between Congress and President Clinton’s administration to break down the barriers between banking, insurance, and securities firms by repealing the Glass-Steagall Act is no less than revolutionary. Meanwhile, in the European Union (EU), where the establishment of financial groups working in all three sectors has long been permitted, the Financial Services Action Plan (COM 1999),¹ as endorsed by European Heads of State at the Köln Council, identifies the further development of prudential rules for financial conglomerates as a top priority for EU financial services legislation in the coming years.

The focus of EU prudential legislation is on individual financial services undertakings, that is, on the bank, insurance company, or securities undertaking and not on the position and operation of the conglomerate as a whole. From this angle, the potential danger is one of a growing mismatch between the prudential approach, which looks at the individual legal undertakings separately, and the business approach, which manages and controls the conglomerate as a whole in different product and geographic areas. For this reason, the basic EU prudential framework has been supplemented to address the conglomerate dimension.

This paper presents an overview of financial services prudential legislation in the EU. It explains the role of the European Commission and gives a summary of the basic prudential framework for financial services, focusing on the single passport concept and the principle of mutual recognition. It examines the recent history of financial concentration and conglomeration in Europe and discusses general prudential issues arising from financial conglomerates. The paper also examines existing EU prudential legislation on financial conglomerates and how this might be developed in the future. Finally, some conclusions are drawn. It is hoped that this brief overview of how the European Union has tackled and is tackling the difficult issue of financial conglomerate supervision might be of interest to North American readers at a time when the United States is changing its prudential legislation to permit the development of financial conglomerates.     

关于组建金融控股公司的对策建议--基于成功案例的分析

虽然我国法律上对金融控股公司没有明确界定,但现实生活中金融控股公司已经大量存在并得到一定程度的发展.本文结合中信集团成功组建金融控股公司的案例,在具体分析其战略步骤的基础上,提出组建金融控股公司应注意的问题和相关对策,为拟组建金融控股公司的相关企业集团提供参考建议.     

Internal Capital Markets in Financial Conglomerates: Evidence from Small Bank Responses to Monetary Policy

This paper looks at internal capital markets in financial conglomerates by comparing the responses of small subsidiary and independent banks to monetary policy. I find that internal capital markets in financial conglomerates relax the credit constraints faced by smaller bank affiliates. Further analysis indicates that those markets lessen the impact of Fed policies on bank lending activity. The paper also examines the role of internal capital markets in influencing the investment allocation process of those conglomerates. My findings suggest that frictions between conglomerate headquarters and external capital markets are at the root of investment inefficiencies generated by internal capital markets.