国内金控集团的主要模式 Domestic gold control group's main mode

　　金控集团的出现有力地促进了交叉销售和产品创新的发展，提升了金融服务水平，为中国金融业发展注入新的活力。但是，中国金控集团建设尚处于起步阶段，仍存在诸多薄弱环节。发展路径、经营模式将不是一个单纯的市场化进程，而会在很大程度上受制于今后金融改革的取向。

The appearance of gold control group and promoted the cross sales and product innovation development,Enhance the financial service level,For the development of China's financial industry inject new vitality.but,China's gold control group construction is still in its beginning stages,There are still many weak links.Development path/Business model will not be a simple marketization process,And will to a great extent in the future subject to the orientation of the financial reform.

　　1949年以前的中国主流金融机构如中国银行(601988,股吧)、交通银行(601328,股吧)、上海商业储蓄银行等都采取综合化、集团化经营，后来因出现了新的政治经济体制而中断。改革开放后，迈出探索的步伐。

1949 years ago Chinese mainstream financial institutions such as the bank of China(601988,guba)/Bank of communications(601328,guba)/Shanghai commercial &savings bank and take comprehensive/Group management,Then because of the emergence of a new political and economic system and interrupt.After reform and opening up,Take the pace of exploration.

　　我国金控集团简史 Our country gold control brief group

　　中国金控集团的发展道路并不平坦。20世纪80年代至90年代初，中国曾实行过某种程度的混业经营，社会上也出现过金融控股公司的初级形态（如银行可以办证券、信托、保险）。但由于体制和环境等诸多因素，混业经营曾导致金融秩序混乱，并对经济过热产生了推波助澜作用。

China's gold control group development road is not smooth.The 1980 s to the 90 s,China has to implement some degree of mixed operation,The society also has appeared on the financial holding company's primary form(Such as bank can do securities/trust/insurance).But due to the system and environment, and many other factors,Mixed operation has led to the financial order,And the economy is overheating produced role.

　　1993年以后，中国金融业开始治理整顿，经多次阵痛校正了混乱局面。1997年之后逐步形成“分业经营、分业监管”的金融运行体系，并开启了以产权改革为核心的银行业改制进程。由于中国的金融改革是政府主导的市场化改革，2000年以后的改革以传统金融主力军商业银行改制为主线，金控集团没有也不可能成为改革重点。

1993 years later,China's financial industry began to regulation,After many pains correction the mess.1997 years later gradually formed"Separated operation/Supervised respectively"Financial operation system,And opened with property right reform is the core of the banking reform process.Because of China's financial reform is the government leading market reform,2000 years after the reform to traditional financial main force commercial bank restructuring as the main line,Gold control group could not become reform key.

　　由于存在市场分割、分业监管体制和法律空白等外部约束，真正意义的金控集团在我国尚未形成，但在金融国际化浪潮推动下，随着金融管制的逐步松绑和金融创新的迅速发展，在逐利动机、机制再造、资产积聚等多方面，市场化程度高的金融组织（主要是大银行）已在政府推动下开始了发展金控集团的尝试，出现了多种形式的金融综合经营模式，甚至是金融“全牌照”机构。

In the presence of market segmentation/The dividing of the supervision system and legal blank and external constraint,The real meaning of gold control group in our country has not been formed,But in the financial internationalization wave driven,With the financial control gradually relax and the rapid development of financial innovation,In the motivation by/Mechanism reconstruction/Assets accumulation and other aspects,A high degree of marketization of financial organizations(Mainly is the big Banks)The government has set up a file in the FaZhanJin push began to control group,Appeared various forms of financial integrated business model,Even the financial"Full licence"institutions.

　　国内金控集团的主要类型 Domestic gold control group's main types

　　大银行主导型 Big bank leading

　　这类金控集团以“银行母公司＋非银行子公司”模式来发展混业经营，有效规避了目前中国法律框架下对混业经营的禁止。大银行在境内外以合资或独资形式设立投资银行、保险公司、基金公司、信托公司、租赁公司、资产管理公司等非银行金融机构，并通过这些新设或控股独立的子公司来开展非自己主业的金融业务。可看作是外部全能化经营的一种形式（多个独立法人、跨行业经营、银行业为主、子公司业务围绕银行母体展开）。

This kind of gold in control group"Bank parent company + non-banking subsidiaries"Mode to develop mixed operation,Effectively evade the current China's legal framework to mixed operation prohibited.Big Banks in China in a joint venture or wholly foreign owned form the establishment of investment bank/Insurance company/Fund company/Trust company/Leasing company/Asset management companies, such as the non-bank financial institutions,And through the new sobeit holding independent subsidiary company to carry out the main their financial business.It can be regarded as external all-roundization a form of business(Multiple independent legal/Cross-industry business/Banking is given priority to/Subsidiary business around the bank maternal expansion).

　　金融控股公司型 Financial holding company type

　　这类金控集团的特点是，专业性的子公司合并到一个控股公司下面来管理。金控公司自身一般不从事具体经营活动，主要负责战略规划、风险控制、财务审计、监督管理、交叉联动、服务保障和信息技术支持等职能。旗下金融业务功能齐全，结构相对均衡，但特色也各不相同。如光大、中信以商业银行为主，兼有证券、保险、期货，且有实业投资。平安作为中国市场化程度较高的金控集团，虽然已收购深发展银行以补齐银行短板，但短期内仍以保险为主导。银河作为国家实施救助的结果以原银河证券为主搭建，信达、华融等资产管理公司也在探索向此类金控集团转型。

This kind of gold control group characteristic is,Professional subsidiary merge into a holding company below to management.Gold control company oneself general not engaged in specific business activities,Mainly responsible for strategic planning/Risk control/Financial audit/Supervision and management/Cross linkage/Service guarantee and information technology support functions.Its financial business complete function,Structure relative equilibrium,But characteristic also each are not identical.Such as everbright/Citic to commercial Banks give priority to,With securities/insurance/futures,And industrial investment.Peace as the degree of marketization of higher gold control group,Although has acquired shenzhen development bank to make up for the bank's short plate,But the short term still with insurance as the leading factor.The galaxy as a national relief results to the galaxy securities give priority to build,cinda/Wisewin and asset management companies is also exploring the use of this kind of gold to control group transformation.

　　地方政府主导型 The local government leading

　　此类金控集团由地方政府主导，以地方国资金融资产为基础组建。如上海国际集团、天津泰达控股等，均以参（控）股方式进入金融领域，地方特征明显。

This kind of gold control group by local government leading,To place a mountainous financial assets as the foundation.Such as Shanghai international group/Tianjin teda holdings, etc,Are in and(control)Shares way into the financial sector,Local feature is apparent.

　　实业渗透型 Industrial infiltration

　　少数大型企业集团（包括民营）涉足金融业，形成金融控股公司架构，如海尔、新希望、华能、山东电力等。这些企业集团以实业为主，金融为辅，两业互为补充。实业渗透金融即所谓产融结合，对金融运行和金融监管都是一个考验，德隆集团就是一个失败的案例。

A few large enterprise groups(Including private)Set foot in the financial industry,Form the financial holding company structure,Such as haier/New hope/huaneng/Shandong electric power, etc.The enterprise group by industrial give priority to,Financial an ounce of prevention is worth a,Two industry complement each other.Industrial penetration financial namely so-called production with harmony,On the financial operation and financial supervision is a test,Deron group is a failure of the case.

　　综合比较

Comprehensive comparison

　　1.历史渊源差异：政府主导与市场扩展并存

1. The history origin differences:Led by the government and the market extended coexist

　　从历史渊源上看，除平安集团主要采取超常规的市场扩张方式形成外，我国主要金控集团都是经过长期演变，在政府主导下形成的。

From the historical origin see,In addition to peace group mainly adopts transnormal market expansion outside forms,Our country main gold control group are after a long evolution,In the governmental dominant forming.

　　2.治理结构比较：大银行型金控集团基本上都是核心企业主导型，由核心企业对其他子公司施加影响和控制力，在内部合作方面，核心企业发挥着基础性作用。金控公司型的顶级结构（集团）发挥主导作用，核心企业具有基础性影响地方政府主导型金控集团产权结构相对松散，总部一般不参与具体经营。

2. Governance structure comparison:Big Banks type gold control group basically all is the core enterprise domination,By the core enterprise for other subsidiary influence and control,In the internal cooperation,The core enterprise plays an essential role.Gold control company type top structure(group)Play a leading role,The core enterprise has the basic influence local government leading gold control group property right structure relatively loose,Headquarters generally does not participate in specific business.

　　3.对我国金控集团的简要评价

3. To our country gold control group's brief evaluation

　　金控集团的出现有力地促进了交叉销售和产品创新的发展，提升了金融服务水平，为中国金融业发展注入新的活力。我国当前的金控集团已基本通过控股公司形式实现了多元化经营，涉足了不同经营领域，基本能够为客户提供全方位服务，可以在一定程度上实现内部资源共享，发挥协同效应，降低经营成本，增加业务收入。

The appearance of gold control group and promoted the cross sales and product innovation development,Enhance the financial service level,For the development of China's financial industry inject new vitality.The present situation of our country's gold control group has the basic form of holding company to realize the business diversification,Your foot in the different business fields,Basic to customers to provide comprehensive service,Can to a certain extent, implement internal resources sharing,Exert synergy effect,Reducing management cost,Increase business income.

　　但是，也应该看到，中国金控集团建设尚处于起步阶段，仍存在诸多薄弱环节：法规相对滞后、经营模式和收入结构单一、公司治理结构需要完善、风险管理有待完加强。由于大部分金控集团由政府主导，治理模式的市场化程度有待提高。就当前情况看，金控集团除扩大了各企业的经营范围外，资源共享、战略协同的作用还远远没有发挥。由于我国金融业仍实行分业经营分业监管的体制，金融综合化的整体水平还不是很高。我国金控集团的发展路径、经营模式将不是一个单纯的市场化进程，而会在很大程度上受制于今后金融改革的取向。

but,Should also see,China's gold control group construction is still in its beginning stages,There are still many weak links:Regulations relative lag/Business model and income structure single/The company governance structure need to be improved/To strengthen risk management after.Since most gold control group leading by the government,Management mode to improve the degree of marketization.Just look at the current situation,Gold control group in addition to expand the business scope of the enterprise outside,Resources sharing/Strategic cooperative role is far from play.Because our country financial industry is still a separate operation the dividing of the supervision system,The financial comprehensive overall level is not very high.Our country gold control group development path/Business model will not be a simple marketization process,And will to a great extent in the future subject to the orientation of the financial reform.