论文标题:论分业经营与混业经营制度的变迁——兼谈我国金融业务经营制度的选择
Analysis on the Operating Circumstances of MPCC and Developing Strategy
论文作者 娄文剑
论文导师 陈亚温,论文学位 硕士,论文专业 金融学
论文单位 厦门大学,点击次数 168,论文页数 57页File Size2786k
2002-08-01论文网 http://www.lw23.com/lunwen_515083807/ 金融制度;制度变迁;分业经营
CDB"s securitization;realistic significance;implementation strategy
上个世纪末，以美国和日本为代表的发达国家通过金融改革，进行金融业务制度的变迁，放弃金融分业经营，实行混业经营。本文根据金融功能演变和金融业务领域制度变迁的趋势，针对国内要求进行混业经营的呼声，对比美国和日本金融改革的经验教训，从我国所处经济发展阶段的目标和实施混业经营的条件出发，得出结论——坚持分业经营是我国当前金融业务制度的合理选择。 绪论部分阐述了文中运用的基本概念、基本理论和研究论述方法；指出本文立论的出发点是：针对金融体制改革中金融业务制度的选择问题进行论述，并不仅仅因为世界金融业自由化、一体化和国际化的发展趋势，而是因为如果仅仅是由于认同这一趋势而做出自己的判断和选择，恰恰就忽视了金融改革过程所蕴含的深刻的经济原因和金融改革要达到的目标；作者的观点：混业经营的金融业务制度安排是在市场经济充分发展基础上，金融结构、金融体系及其金融业务发展与金融制度相互推动所形成的必然趋势，它服从和服务于金融向着“资产管理、资产运用服务”的总体目标，这也将会成为我国金融体制改革的长远目标；在肯定这一长远目标的同时，针对我国所处的经济发展阶段和自身的条件，在加入WTO后的相当长一段时间内，应该把促进我国金融业的市场化，增强我国金融体系内在稳定性，尤其是提高中央银行监管能力和国有商业银行竞争力作为深化金融改革的现实目标。因此，坚持分业经营体制是当前我国金融业务制度的合理选择。 第一部分运用金融深化理论和金融结构理论，通过对金融业务制度从混业到分业再到混业的变迁历史过程的回顾，指出随着金融深化和金融自由化，金融服务功能正在从融通资金向着提供资产管理和资产运用服务转变。这是社会经济发展中，经济金融化发展过程从量变向质变转化趋势的必然结果，因此不同的经济发展阶段决定了金融改革的不同目标和相应的金融业务制度选择。 第二部分运用新制度经济理论，指出制度变迁需要一定的条件并采取相适应的方式。在此基础上，对美国和日本金融业务制度变迁过程和金融改革成效进行了比较：第一、制度变迁市场化基础；第二、制度变迁的诱致性和强制性；第三、制度变迁经济基础和时机把握。 第三部分指出当前在我国实行金融混业经营的理由不足的同时，从我国金融体制改革的现状和目标出发进一步阐述了应该坚持分业经营体制的原因：第一，实行混业经营的市场化基础还不具备；第二，金融发育还不完善；第三，金融渐进式改革方式决定了体制转变时机不成熟。文末还就深化金融体制改革提出相关政策建议。
Asset-backed securitization (ABS) has been the most important financial innovation since the 1970s". It has fundamentally changed the financial industry and redefined the asset/liability management concept of the traditional banking sector. In a way, it has given the bank new definition, or redefined the bank.In the 1990s", China started to explore the ABS business. Some successful cases emerged while many obstacles still exist. At present, we are still exploring this new financial instrument in China. Against this big backdrop, China Development Bank (CDB) put forward the idea of loan-backed securitization. CDB, the largest policy bank in China, mainly provides credit support to infrastructure projects, basic industry and mainstay industry. CDB raises funds mainly by issuing financial bonds in the inter-bank market. The characteristics of business and existing problems give CDB internal momentum and realistic significance to conduct ABS business. Through loan-backed securitization, CDB can better match its assets and liability, dilute the risks of borrowing long and lending short, broaden the funding sources, lower financing costs and effectively increase its capital adequacy ratio. In this way, CDB can meet the developing trend of international financial industry and lay the solid foundation for competitions against the foreign counterparts after China"s WTO entry.To carry out ABS business, CDB has to face many obstacles regarding law, accounting and taxation. In the mean time, CDB must also bear the risks arising from under-developed domestic capital market and ABS itself. In the dissertation, I designed the off-shore ABS model for CDB. After analyzing the characteristics and competitive edge of off-shore ABS, I carried out the feasibility study on CDB"s doing ABS off-shore. And I also articulated the risks of ABS and risk dilution methods and came up with concrete implementation strategy.
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