金控集团的理论基础 Gold control group theoretical basis

　　金融控股公司犹如金融航母，在一国之中具有很高的政治地位和社会地位，它的一举一动都对国内乃至世界经济、政治的稳定和发展产生深刻影响。崛起的大国必然有一批崛起的金融航母。

Financial holding company is like a financial aircraft carrier,In a country with a high among the political status and social status,It's every move in domestic and even the world economy/Political stability and development have a profound effect.Rising power must be a batch of rising financial aircraft carrier.

　　金控集团迈向主流之路的内在逻辑和动力是什么？上述历史演变过程和几种诠释给人以启发，然而就金融论金融终究是不够的。回答这个问题，还必须进行更加基础性的、深入的理论分析。

Gold control group towards mainstream road inner logic and power is what?The historical evolution process, and several kinds of interpretation to people in order to inspire,However, financial theory financial after all is not enough.To answer this question,They must conduct more basic/Thorough theoretical analysis.

　　分工与交易 Division of labor and trade

　　1776年3月，亚当·斯密在《国富论》中提出了劳动分工的观点，系统地阐述了劳动分工对提高劳动生产率和增进国民财富的巨大作用。他列举制针业来加以说明。“如果他们各自独立工作，不专习一种特殊业务，那么他们不论是谁，绝对不能一日制造二十枚针，说不定一天连一枚也制造不出来。他们不但不能制出今日由适当分工合作而制成的数量的二百四十分之一，就连这数量的四千八百分之一，恐怕也制造不出来。”尽管亚当·斯密并没有直接提出企业起源问题，但他的分工思想，对企业起源问题研究却有很大启发性。分工不仅导致交易次数增加，还促使交易日益多样化。只要交易费用合适，企业主就会把性质关联但又有所不同的分工整合到自己的企业之中，从而构成综合性企业组织的雏形。

In march of 1776,Adam Smith in[The wealth of the nations]Puts forward the point of view of division of labor,This paper expounds systematically division of labor to improve labor productivity and promote the great effect of national wealth.He lists system needle industry to explained."If their respective work independently,Learning is a kind of special business,Then they no matter who he is,Absolutely can't make a day 20 pieces of needle,Perhaps one day even a gold also manufacturing don't come out.They not only can't make today by the appropriate division of labor and cooperation made of one over two hundred and forty of the number,Even the number of one over four thousand eight hundred,I'm afraid also manufacturing don't come out."Although Adam Smith and no direct origin of enterprises are put forward,But he thought of the division of labor,To the enterprise origin problem research has great heuristic.Division of labor not only led to increase the number of transactions,Also prompted trade increasingly diversified.As long as the cost of trading right,Business owners will be properties correlation but different division of labor integration to their own enterprise in,Thus constitute the prototype of the comprehensive enterprise organization.

　　如果抽象掉具体的产品界定，上述理论对金融组织形态的变迁同样具有解释力。例如银行、证券与保险等金融活动是满足各种金融需求的分工的产物，但作为一个企业组织只要内部组织费用低于市场交易费用，它就会把相关金融业务都纳入自己的体系。从金融业发展历史看，由于客户需求和金融技术（包括金融创新和信息技术的支持）的发展，金融服务和金融产品种类越来越多。这导致的主要结果就是同一金融机构生产多种金融产品而每类产品又需要组织系统支撑，综合演变的结果即是金融控股公司的产生。

If the abstract off the concrete product definition,The above theory to financial organization form of change also has explanatory power.For example Banks/Securities and insurance and other financial activities is to meet various financial needs of the product of division of labor,But as a business organization as long as internal organization cost less than the market transaction cost,It will take all relevant financial business into his system.From the financial industry development history to see,Because the customer demand and financial technology(Including the financial innovation and the support of information technology)development,Financial services and financial products are more and more.This leads to the main result of the same financial institutions is producing a variety of financial products and each type of product and need to organize system support,The results of comprehensive evolution is the generation of financial holding company.

　　交易费用 Transaction cost

　　——决定金融企业为什么存在以及规模大小

- decided to financial) why do firms exist and size

　　市场价格机制与企业组织机制相对应，当有目的地抑制或者停止充满不确定性的金融市场价格机制时，就诞生了金融企业。为什么要“放弃市场”而造就出金融企业来呢？交易成本经济学理论可对此进行解释：金融企业之所以存在，是因为它能够节约利用金融市场价格机制的成本，降低金融市场固有的不确定性。金融企业是选择市场交易，还是选择组织内部交易，取决于交易成本的大小。为最大程度降低金融市场的不确定性，金融企业总会越来越多地选择组织内部交易。然而，当金融企业规模扩大（即将金融市场交易更多地变为金融企业内部交易）超过某一点时，金融企业内部组织的成本就会上升，就有可能发生规模效益递减。因此，从理论上讲，最优的金融企业规模是金融企业将其规模扩大到“将交易内部化的成本、与在公开市场上同类交易所需成本、或者其他企业将交易内部化所需的成本，这三者相等的界点”。简言之，在其他条件相同的情况下，金融企业将根据交易成本大小确定最佳企业规模。

The market price mechanism and enterprise organization corresponding mechanism,When the destination inhibition or stop the uncertainty of financial market when the price mechanism,Was born financial enterprise.Why do you want to"Give up market"And made a financial enterprise here yet?Transaction cost economics theory can explain accordingly:The financial enterprise exist,Because it can save using financial market price mechanism of the cost,Reduce the financial market inherent uncertainty.The financial enterprise is to choose market transaction,Or choose the organization of internal trade,Depends on the size of the transaction cost.As the largest degree to reduce the uncertainty of financial markets,The financial enterprise will increasingly choose organization insider trading.however,When the financial enterprise scale(The financial market transactions more into a financial enterprise insider trading)When more than a point,The financial enterprise internal organization costs will rise,It is possible to happen scale benefit decline.therefore,theoretically,The optimal financial enterprise scale is financial enterprise will expand to its size"Will the cost of transaction internalization/And in the open market similar exchange cost/Or other enterprise will trade the cost internalization,These three equal boundary point".In short,Other conditions in the same circumstances,The financial enterprise will according to the transaction cost to determine the optimal size scale of the enterprise.

　　从金融企业变革角度考察，可以清楚看到交易费用的影响。金融的最大本质特征是风险的存在，金融交易费用主要也就是识别、计量和控制风险的费用。不管是市场买卖的金融交易还是金融企业内部管理的金融交易，其行为的最高标准是以最小交易成本获取最大的金融安全。自15世纪到16世纪在意大利早期银行业发展以来，全球金融企业随着技术、制度的发展而将越来越多的金融交易由市场纳入组织内部，从而推动了金融企业从小规模私人银行到大规模股份制银行，再到超大规模的金融控股集团、从组织结构简单到组织结构复杂的发展。当然，受制于每个企业内部结构和所处制度与政策环境的差异，各企业的交易成本边界值是不同的，它的规模经济和范围经济区间也不一样。因此金融机构的分分合合就成为现代金融市场的常态。

From the financial enterprise change perspective,Can clearly see the influence of the transaction costs.The biggest financial essential characteristics is the existence of the risk,Financial transaction cost is the main identification/Measurement and control the cost of risk.Whether the market sale of financial transaction or a financial enterprise internal management of financial transaction,The behavior of the highest standard based on minimum transaction cost to get biggest financial security.Since the 15th century to the 16th century in Italy since early banking development,Global financial enterprises with technology/The development of the system of and will be more and more financial transactions to be included in the organization's internal by market,So as to promote the financial enterprise from small-scale private Banks to large-scale joint-stock Banks,To very large scale of financial holding group/From the organization structure is simple to structure the development of complex.Of course,Subject to each enterprise internal structure and the system and policy environment difference,The enterprise's transaction cost boundary value is different,Its economy of scale and economy of scope interval is different also.Therefore financial institutions on and off will become modern financial market normal.

　　市场交易与组织交易的中间地带： Market trade and organization trading intermediate zones:

　　对金控集团形成原因的一种解释 On the gold control group the cause of formation of an explanation

　　金融企业通过扩大规模可取得一定的市场支配力，从而克服市场不确定性。但若仅仅追求对单一金融市场（银行、证券或保险市场等）的支配和垄断，仍存在着极大风险。因为该金融市场一旦萎缩或者分裂，金融企业的生存就会受到致命威胁。为此，金融企业放弃追求对单一市场的支配和垄断，而开始通过多角化扩张来克服不确定性，从而谋求自身稳定地成长。但是，由于人类决策的有限理性、信息传递等问题的存在，单体金融企业如果规模过大（无论是纵向一体化导致的金融企业规模过大，还是横向一体化导致的金融企业规模过大），就很容易导致“组织的失败”。实际上，在市场经济制度下，并非只有企业将市场机制内部化这一单一方向的运动，还有市场本身也在发展和扩大的运动，还存在将许多交易复归于市场的运动。亦即，在企业和市场之间，存在着各种形态的中间地带。现实的金融企业就是依照不同的发展战略而在内部化、外部化、准市场化的选择中动态变化。金控集团(包括其他类型的企业集团)就是既非单体金融企业、也非金融市场，而是介于金融市场与单体金融企业之间的一种“中间形态”，是金融市场和单体金融企业的“混合形态”。所谓金控集团，就其理想状态而言，乃是一种试图同时避免市场失败和内部组织失败的制度性安排。

The financial enterprise by expanding scale can be obtained a certain market power,So as to overcome the market uncertainty.But if only pursuit for a single financial markets(The bank/Securities or insurance market, etc)Domination and monopoly,Still there is a great risk.Because the financial markets once atrophy or division,The financial enterprise survival will be deadly threat.therefore,Financial enterprises to give up the pursuit of the single market domination and monopoly,And start through diversification expansion to overcome uncertainty,So as to seek their own steady growth.but,Because of the limited rational human decision making/Information transfer, etc of the existence of the problem,Monomer financial enterprise if large(Whether longitudinal integration led to financial enterprise size too big,Or transverse integration led to financial enterprise size too big),It is easy to cause"Organization failure".In fact,Under the market economy system,Not only the enterprise will internalization of market mechanism that a single direction of the movement,And the market itself in the development and expanding sports,There are many transactions will be returned to the movement of the market.i.e.,In between enterprise and market,There are various forms of intermediate zone.The reality of the financial enterprise is according to different development strategy in internalization/exteriorization/Quasi market choice dynamic change.Gold control group(Include other types of enterprise group)Is is neither monomer financial enterprise/Also non-financial market,But between financial markets and monomer financial between enterprise's a"instar",Is financial market and monomer of financial enterprises"Mixed form".The so-called gold control group,In the ideal state,But an attempt to at the same time avoid market failure and internal organization failure of the institutional arrangement.

　　金控集团是单体金融企业、金融市场之外的第三种金融资源调节者。在金控集团内部，各单体金融企业之间的关系既不同于市场交易中的企业间关系，也不同于单体大企业内部各事业部（或各个分、子公司）之间的内部合作关系，而是彼此相互依存、相互补充、交叉借力的长期交易关系。所谓长期交易关系，是指金控集团成员企业间通过战略、资本、管理、文化或其他形式的纽带联结在一起而形成的固定的合作关系。这种合作关系比市场交易关系紧密，但又比企业内部管理关系松散。金控集团成员之间维持长期的交易关系，有助于节约交易成本（因为每进行一次完全市场化的交易，就需要一次“搜寻”及“签约”成本）、提升经济效率，可兼得市场效率与企业组织之利。

Gold control group is monomer financial enterprise/Financial markets outside of the third kind of financial resources moderator.In gold control group internal,The relationship between monomer financial enterprises is different from the market transactions in the relationship between enterprise,Is different from the single big enterprise internal each department(Or various points/subsidiary)The internal relationship between,But depend on each other/Complement each other/Cross borrows the long-term trade relationship.The so-called long-term trade relationship,Refers to the control group member gold between enterprises through the strategy/capital/management/Culture or other forms of bond unite together and form of fixed relations of cooperation.The partnership relationship than market closely,But more than the enterprise internal management relations loose.Gold control group between members to maintain long-term trade relationship,Help to save transaction cost(Because each on a complete market transaction,Just need a"search"and"signing"cost)/Improve economic efficiency,Can have your cake and eat it market efficiency and enterprise organization of the.

　　经济效率：规模与范围 Economic efficiency:Scale and scope

　　需不需要某种金融企业组织形式以及它以多大规模多大范围为最佳，根本上取决于交易费用，而影响交易费用的内生基础有二：规模与范围。

Need some financial enterprise organization form and it with many large-scale much range is the best,Fundamentally depends on the cost of trading,And the influence of the transaction costs endogenous foundation has two:Scale and scope.

　　1.规模经济与不经济

1. The economy of scale and economy

　　规模经济是指随着生产量、销售量、交易量的扩大而单位产品成本下降，从而实现收益最大化的经济过程。规模经济的基础不仅来源于固定成本的摊薄，也来源于大量生产、大量交易中采取通用化、标准化的零部件、组件、管理流程而造成的成本下降。规模经济理论是大量生产方式的基本理论依据。20世纪初，美国效率工程师吉尔布雷斯有句名言：“如果一打的话，就变得廉价。”规模经济能带来巨大的经济效率，能构筑起企业的竞争优势，而企业规模的扩大是实现规模经济不可缺少的条件。但是，规模如果过大，超过了最佳经济规模，则由于技术手段的限制、管理难度和文化整合难度的增加等因素影响，会带来边际收益递减即规模不经济。换个角度看，规模不经济实际上是由管理不经济造成的，如果技术上可行、管理跟得上、文化能凝聚，则企业的最佳规模点就会向后移，企业规模就可以做得更大。可见，管理不好，技术不好，文化不好，规模边界就会受到局限。

Economies of scale refers to as production/sales/The expansion of trade volume and unit product cost down,So as to achieve the maximum profit of economic process.The foundation of scale economy not only from the fixed cost of diluted,Also from the mass production/A large number of transactions take generalization/Standardized parts and components/components/Management process and the causes of the cost down.The theory of scale economy is a large number of production mode of the basic theoretical basis.At the beginning of the 20th century,The United States efficiency engineer Jill galbraith, a famous saying:"If a dozen words,Becomes cheap."Scale economy can bring the huge economic efficiency,To build the enterprise competitive advantage,And the expansion of the scale of the enterprise is to realize scale economy indispensable condition.but,Scale if too,More than the best economic scale,Due to the limitation of the technology/The difficulty of management and cultural integration of the impact of factors such as the difficulty increases,Will bring diminishing marginal returns that diseconomies of scale.From another point of view,Diseconomies of scale is actually made up of management is not caused by the economy,If feasible in technology/Management up with/Culture can be condensed,The enterprise's optimum size point will be moved to,The scale of the enterprise could be made more big.visible,Bad management,Technology bad,Culture bad,Scale boundary will be limited.

　　2.范围经济与不经济

2. Economies of scope and economy

　　范围经济是指一个企业进行多角化经营、拥有若干个独立的产品或者市场，当若干个经营项目联合经营要比单独进行获得更大收益时，则称该企业获得了范围经济。从管理学上讲，所谓范围经济就是协同效果。企业追求范围经济的充分条件是企业所经营的诸项事业之间存在着某种联接性，即需要共同利用某些资源，如技术、管理技巧、市场信息、商誉、人才、土地等。这是因为，该企业各经营项目之间的共性，有利于大幅节约成本与费用。

Economies of scope is to point to an enterprise diversification management/Have several independent product or market,When several business projects joint operation than separately gain greater profitability,It says the enterprise won the economies of scope.Speaking from the management,The so-called economies of scope is synergy effect.Enterprise the pursuit of economies of scope of the sufficient condition is the enterprise manages the career of a certain connection exists between sex,That is to use some common resources,Such as technology/Management skills/Market information/goodwill/talents/Land, etc.This is because,This enterprise each operation between items in common,To greatly save cost and expenses.

　　同规模过大就有可能出现规模不经济一样，范围如果超过某个临界点，也会变成范围不经济。一般地，造成规模不经济的某些因素往往也是造成范围不经济的原因。譬如，随着企业范围的不断扩展，企业内部的组织管理将愈来愈复杂，信息的交流和对企业雇员的激励也就变得十分困难。而且，现代企业大多进行多种产品的生产经营，这样，规模的过度扩张在产生规模不经济的同时，也会产生范围不经济。

With large appear likely diseconomies of scale as,If more than a certain critical point range,Will also become range not economic.generally,Diseconomies of scale caused by some factors often is also causes the range not economic reasons.For example,Along with the enterprise range of expanding,The enterprise internal organization management will become more and more complex,The exchange of information and the enterprise employee incentive also becomes very difficult.and,Most modern enterprise for the production and operation of a variety of products,this,The size of the excessive expansion in produce diseconomies of scale at the same time,Also can produce range not economic.

　　3.要永远这样“大”下去吗？

3. To forever"big"Down??

　　从规模经济、范围经济及企业最佳规模的理论分析中，我们可以看到任何一个组织（包括企业、市场、企业集团、政府等）都存在一个最佳的合理规模和合理范围。超过这个规模和范围，这个组织就会变得不经济，经济效率就会下降。从这个意义上讲，当今横走天下的金融“巨无霸”从理论上讲不可能永远象现在这样“大”下去。当然，随着技术手段的进步、管理能力的提升，最佳的规模和范围临界点可能会后移，但也不能无限“大”下去、“宽”下去，人是具有有限理性的生物，管理能力总有极限；企业，尤其是金融企业是具有高度外部性的组织，“大而不能倒”也是国家与社会必须关注的因素。

From scale economy/Economies of scope and enterprise optimum size of the theoretical analysis,We can see any one organization(Including enterprise/market/Enterprise group/The government)There is a the best reasonable scale and reasonable range.More than the scale and scope,The group will become not economic,Economic efficiency will fall.In this sense,Today's cross walk the world financial"Big MAC"Theoretically may not always be like this"big"down.Of course,Along with the progress of technology/Management ability of ascension,The best the scale and scope of the critical point may move after the meeting,But not infinite"big"down/"wide"down,Man is a limited rational creatures,Management ability always have limit;enterprise,Especially the financial enterprise is highly externalities organization,"Big and can't fall"It is also the national and social we must pay attention to the factor.

　　金融企业一般 Financial enterprises generally

　　金融是一架精巧的机器。产业分工、交易费用、规模经济、范围经济这些基本的经济动因持续地改变着这架机器的运行，使之呈现出我们今天看到的局面。（1）规模越来越大。上世纪初期，资本主义国家的金融寡头之间的联合控制了国家命脉，然而从数目字来看，相比于今日又是小巫见大巫了。当今银行的规模（资本、资产、用工人数、分支机构数量）堪称天文数字。（2）涉足更多的经营领域。采取银行控股公司的方式涉足保险、证券等非银行领域。（3）出现了新的业务形式，电子手段广泛应用于金融业之中。（4）组织结构更为复杂，内部管理层级更多，金融集团包括的成员企业数量更多。（5）风险控制要求更高。单一大银行一旦发生风险，往往带动系统性风险的发生，进而发生金融、经济危机。（6）对社会资源配置、经济发展的作用更大，已成为一国经济发展的重要引擎和经济安全的阀门。金控集团已成为一国竞争力的重要象征。

Finance is a plane delicate machine.Industrial division/Transaction cost/Scale economy/Economies of scope these basic economic motivation continuously changing this machine operation,The present situation of we see today.(1)Scale is getting bigger and bigger.Of the last century,The capitalist countries between financial oligarchs joint control the national lifeblood,However, from quantity to see,Compared to this day is a fraction of the.The scale of the bank(capital/assets/Labor number/Branch number)astronomical.(2)Set foot in more business field.Take bank holding company way in insurance/Securities and other fields.(3)The emergence of a new form of business,Widely used in electronic means of financial industry.(4)Organization structure is more complicated,Internal management level more,Financial group including the members of the enterprise quantity more.(5)Risk control requirements higher.A single large bank once produce risk,Often drive the occurrence of systemic risk,Then happened financial/Economic crisis.(6)The allocation of resources to the society/The economic development of the greater role,Has become the economic development of a country and an important engine of economic safety valve.Gold control group has become one of the important symbol competitiveness.

　　制度考察 System inspection

　　企业是契约的复合体。制度经济学和经济法学的最新发展、企业管理的不断创新，承载着多层次、多维度、多元素的制度安排与制度变迁。“委托－代理”理论，激励－约束理论，产权理论及其相应的法律创造，为复合型金融企业组织形式提供了理论准备与制度基础。

Enterprise is a contract of the complex.Institutional economics and the latest development of the economic law/Enterprise management innovation,Carrying multi-level/multidimensional/Many elements of the institutional arrangement and institutional change."The principal-agent"theory,Incentive - theory of constraints,Property rights theory and its corresponding legal create,For complex financial enterprise organization form provides the theoretical preparation and system basis.

　　1.制度理论的最新发展

1. The latest development of system theory

　　制度经济学包括以凡勃伦、康芒斯、加尔布雷思为代表的早期制度经济学和以科斯、诺斯、威廉森等为代表的新制度经济学。早期制度经济学，也称演进经济学，它将制度归结为一种可观察且可遵守的人类事务的安排，并探讨如何“控制”或“引导”人类事务与不断变化的目标相吻合，如实际情况怎样？谁在进行控制？谁获益谁受损？收入如何分配？权力位于何处？将会发生什么？等问题。新制度经济学，也称交易费用经济学，它探讨新古典经济学所忽视的一些重大命题，如企业和市场之间的关系、企业产生和变化的根本原因、企业为什么有大有小、由什么来决定企业的结构及边界、企业和市场作为一种管理机制的局限性和互补性等。

Institutional economics to all including Bob Aaron/Kang mans,/Mine strategic thought as a representative of the early institutional economics and the coase/noth/Williamson, etc as a representative of the new institutional economics.Early institutional economics,Also called evolution economics,It will boil down to a system of observation and obey the arrangement of human affairs,And discusses how to"control"or"guide"Human affairs and changing target coincide,Such as the actual situation how?Who is in control?Who benefit who damaged?Income how to distribute?Where power is located in?What will happen?problems.New institutional economics,Also called the transaction cost economics,It discussed the new classical economics have to ignore some important proposition,Such as the relationship between enterprise and market/Enterprise production and the root cause of the change/Enterprise why is big is small/What determines the structure of the enterprise and the border/Enterprise and market as a management mechanism of the limitations and complementarity, etc.

　　2.金控集团的制度安排 2. Gold control group institutional arrangements

　　金控集团是由多家金融企业组成（有些金控集团也包括一些实业企业）的企业联合体。在这个联合体中，母公司最主要。探讨金控集团的制度安排，实际上主要就是探讨母公司如何“调控”子公司。

Gold control group is composed by several financial enterprises(Some gold control group also includes some industrial enterprise)Enterprise association.In this in the association,Parent company the main.Discusses the institutional arrangements of the gold control group,In fact is mainly discusses how the parent company"regulation"subsidiary.

　　金控集团的制度安排有如下一些特征：（1）母公司通过持有子公司的股份或拥有对子公司的其他方式的实质控制权，将多家企业联合在一起，从而形成一个金控集团。（2）母公司通过选派董事、监事参加子公司的董事会、监事会，从而代表母公司介入子公司。（3）母公司还通过组织人事、风险管理、战略管理、稽核审计等职能掌控金控集团发展方向，对子公司施加影响。（4）母公司通过获取股本收益分享子公司的市场经营成果，并通过股本投入、智力支持支持某些子公司的发展。（5）母子公司制解决集权与分权的关系问题。基本原则是有控制地分权。母公司和子公司都享有独立的法人财产权，在法律地位上两者平等。母公司依所持股权对子公司行使出资人权利并承担有限责任。（6）上述母子关系的衍生，金控集团逐渐形成类似于中国传统家族般的、以资本、契约和文化连接的庞大体系。

Gold control group's system arrangement has the following some characteristics:(1)The parent company through the holding subsidiary shares or have other way of the subsidiary company on the essence of control,The companies combined together,Thus forming a gold control group.(2)The parent company by appointing director/Supervisors to the board of directors of subsidiary/The board of supervisors,On behalf of the parent company and subsidiary company intervention.(3)The parent company also through the organization of personnel/Risk management/Strategic management/Audit auditing function control gold control group development direction,The subsidiary company influence.(4)The parent company through the acquisition equity income share subsidiary market operating results,And through the equity investment/Intellectual support to support the development of some of the subsidiary.(5)Mother and child corporate system to solve the problem of the relationship between the centralization and decentralization.The basic principle is controlled decentralized.The parent company and subsidiary company has independent legal person property rights,In the legal status in both equality.The parent company depends on holdings subsidiary company to exercise the contributor rights and bear the limited liability.(6)The relationship between the mother and child derivative,Gold control group gradually formed in the traditional family of similar/The capital/Contract and cultural connection huge system.

　　3.纵向与横向考察 3. Longitudinal and transverse investigation

　　金融企业的规模扩大可以是横向的，也可以是纵向的。横向扩大是指金融企业扩大“生产”程序中某一阶段的规模，或建立同样而又独立的操作单元。例如，银行扩大信用卡业务单元的规模，建立新的分行等。纵向扩大是指金融企业的规模延伸到“生产”程序的其他阶段中去。例如，证券公司由对客户的投资银行服务延伸到经纪业务，扩大了服务内涵。实际的情形往往是纵横交错的过程。无论是纵向扩大，还是横向扩大，在扩大过程中，金融企业内化了许多本属于市场范畴的交易，行政命令的等级结构替代了以价格为杠杆的市场机制，这个替代过程是由交易费用的节约来作为推动力的。

The financial enterprise's scale can be horizontal,Also can be longitudinal.Transverse expand refers to financial enterprise to expand"production"The program one phase of the scale,Or to establish a same and independent operation unit.For example,Bank to expand the scale of credit card business unit,Establish a new branch, etc.Longitudinal expansion is refers to the size of the financial enterprise extends to"production"Program to other stage.For example,A securities company to the customer by the investment banking services extends to brokerage business,Expand the connotation of service.The actual situation is often criss-cross process.Whether longitudinal expand,Or transverse expand,In expanding process,The financial enterprise internal many this belongs to the category of market transactions,The hierarchical structure of executive order replaced the price as lever of the market mechanism,This alternative process is by the transaction cost saving as the driving force.

　　金控集团的规模扩大也采取与单体金融企业同样的扩张逻辑。它既可通过做大某一成员企业来扩大整个金控集团的规模，也可通过创立或并购增加新的成员企业。由于金控集团成员企业和等级层数较多，母公司对子公司的监督变得较为困难。从这个意义上讲，金控集团也不可能无限扩大下去。金控集团之所以将自身“定格”某一规模点上，亦可用新制度经济学的理论加以解释：此时交易费用最小。从资本控制角度理解，金控集团的母公司之所以采用股权等方式“控制”子公司，而不是将所有子公司统统一体化后变为一个“巨型”企业，还处于资本节约的目的：用尽可能少的资本控制更多的资源，达到单一企业所不能达到的规模。换句话讲，采取控股公司架构组建金控集团，亦出于节约交易费用的目的。

Gold control group scale also take and monomer financial enterprise the same expansion logic.It can be through the big one member enterprises to expand the size of the gold control group,Can also be created through mergers and acquisitions or add new member enterprise.Due to the gold control group member enterprise and grade layer more,The supervision of the subsidiary to the parent company become more difficult.In this sense,Gold control group can't infinite expand down.Gold control group was will itself"freeze-frame"A scale point,Also can use the new institutional economics theory to explain:The transaction cost minimum.From the capital control Angle understanding,Gold control group parent company is using equity, etc"control"subsidiary,Not all subsidiaries all after integration into a"giant"enterprise,The purpose of saving is still in the capital:Less as possible of the capital control more resources,To achieve a single enterprise can not achieve scale.In other words,Take holding company structure form gold control group,Also for the purpose of saving transaction costs.

　　4.委托代理关系中的信息、控制与效率 4. The information in the principal-agent relationship/Control and efficiency

　　所有权与控制权的分离导致委托代理关系的产生。在金控集团的框架中，委托方是母公司，代理方是子公司。由于双方信息不对称且有利益相冲突，母公司必然面临着对子公司的激励、监督与控制等问题。

The separation of ownership and control to the generation of principal-agent relationship.In the framework of gold control group,The client is the parent company,Agent is subsidiary.Because the two sides information asymmetry and interests conflict,The parent company must face the subsidiary company of an incentive/Supervision and control.

　　母公司与子公司的目标函数不完全一样。这就需要研究最优的组织设计方案，激励每个子公司都能最大限度地为金控集团的整体目标尽力。监督与奖惩密切相连，是实施有效激励的两个方面。母公司需靠建立有效的奖惩结构来提升对子公司的监督效果。使监督和奖惩发挥最大效用的方式就是恰当的授权。通过授权，使子公司在“授权”范围内行事并获取与“授权”内容及行事结果相应的“报酬”。

The objective function of the parent and subsidiary company are not identical.This need to study the optimal organization design scheme,Incentive each subsidiary can maximum limit for gold control group the integral goal of trying to.Supervision and rewards and punishment closely linked,Is the effective incentive two aspects.By the parent company to establish an effective rewards and punishment structure to improve the supervision of the subsidiary company effect.Make supervision and rewards and punishment maximum utility way is proper authorization.Through the authorized,Make subsidiary in"authorized"Acting within the scope and obtain and"authorized"The results of content and act accordingly"remuneration".

　　金控集团的运营效率主要取决于母公司对子公司的控制程度，而控制力的高低则取决于母公司的管理水平、持有多少子公司股份、管理层级有多少等多种因素。在这些因素给定的情况下，技术的作用至关重要。如果技术手段在金控集团管理中得到充分应用，则信息传递、母公司对子公司的“监控”等工作将变得更加容易。

Gold control group operating efficiency mainly depends on the parent company of the subsidiary company on the control degree,And the discretion of the control depends on the parent company management level/How many shares holding subsidiaries/How many levels of management and so on the many kinds of factors.These factors in a given situation,The technology has an important role.If technology in gold control group management application fully,Is information transmission/The subsidiary to the parent company"monitoring"Work will become easier.

　　技术考察 Technical investigation

　　大规模的金控集团能否存在、能否持续性地发挥和维持经济效率及国际竞争力，皆受制于技术的积累和创新。金融在不同发展时代都充分运用了当时的先进技术成果：石器、青铜、冶炼、印刷、信息、电子等不同时代的技术革新都在第一时间内成功运用到金融领域中。

The scale of the gold control group could survive/Persistence can play and maintain economic efficiency and international competitiveness,Are subject to technology accumulation and innovation.Financial development in different times are to make full use of the advanced technology achievements at that time:stone/bronze/smelting/printing/information/Electronic and so on the different age technical innovation are the first time successfully applied to the financial sector.

　　1.对现代金融业的技术考察 1. To modern financial industry technical investigation

　　计算机的发展和运用，给金融业带来了翻天覆地的变化。30年前，中国金融业尚处于手工记账与算盘时代。那时的一家银行还不能称为一个真正的银行，只能算是一个由无数小银行组成的集合体，无法进行系统而有效的数目字管理，而计算机技术的应用改变了这一状况。（1）IT大集中后，真正把一个无数的小银行的集合体变成了一家具有真正意义的银行。这种改变使金融企业能在业务量快速增长和业务复杂性大幅提高的情况下，依然保证业务运营的高质量、高效率，并且能够有效降低生产运营成本和控制经营风险。（2）改变了分散作业模式，通过建立同一的运营平台，实现了后台业务处理的工厂化、集约化和标准化，不仅大幅提升业务运行效率，而且大幅提升了后台对前台、柜台的服务能力与效率，业务受理时间减少，核算质量提高，人力资源成本降低。（3）在数据大集中基础上，开发应用了一系列管理系统，使数据的挖掘和信息的共享成为可能，推动了客户服务和企业管理的现代化。（4）网上银行、手机银行等金融电子的发展，推动了金融服务的电子化。（5）有利于“大企业病”的治理。“大企业病”是企业者的管理能力和信息不对称所造成的，所以治愈“大企业病”，关键是要使企业内部做到信息快速贯通、上下共享，而技术手段使之成为可能。（6）计算机的风险已成为金融业诸多风险中最为重要的风险之一。如果系统瘫痪或者崩溃，那金融企业将无法运转。

The development of the computer and use,To the financial industry has brought great changes.30 years ago,China's financial industry is still in manual bookkeeping and abacus era.When a bank also cannot be called a true bank,Can be a by countless small Banks composed of aggregation,Unable to system and effective quantity management,And the application of computer technology has changed the situation.(1)IT after the centralization,Truly a countless small bank aggregate into a has the real meaning of the bank.This change makes financial enterprise in volume rapid growth and business greatly increased the complexity of the cases,Still guarantee business operation of high quality/High efficiency,And can effectively reduce the operation cost and control business risk.(2)Change the scattered operation mode,Through the establishment of the same operation platform,Realize the background business processing factory/Intensive and standardization,Not only greatly improve business efficiency,And improvements in the background to front desk/Counter service ability and efficiency,The business that accepts time reduced,Accounting quality improvement,Human resources cost reduction.(3)In data centralization basis,The development and application of a series of management system,Make data mining and information sharing possible,Promote the customer service and the modernization of enterprise management.(4)The bank on the net/Mobile phone Banks and other financial electronic development,Promote the electronic financial services.(5)to"Big enterprise disease"governance."Big enterprise disease"Is QiYeZhe management ability and information asymmetry caused by,So cure"Big enterprise disease",The key is to make the enterprise internal do information fast through/Fluctuation sharing,And technical means to become possible.(6)The risk of computer has become many financial risk is the most important one of the risk.If the system paralysis or collapse,The financial enterprise will not be able to run.

　　当前，以智能化、数字化为特征的第三次工业革命正在席卷全球，智能软件、新型材料、更灵敏的机器人、新型加工（尤其是三维打印）和一系列基于网络的服务正在进入公众视野，分子计算机、量子计算机、光子计算机和生物计算机等新型计算机已经出现。这场革命带来的技术进步有可能颠覆我们对传统金融业的认识：金融企业的信息化、技术化，使得蕴含着天文数字般的金融交易及其业态的变迁在技术手段的支持下成为可能，金融业现有的地域、网点等方式也许将会消失。可以说，在新技术革命的冲击下，金融业正在发生前所未有的剧变，传统的金融业已渐行渐远。

The current,Finally, with intelligent/Digital features of the third industrial revolution is sweeping the globe,Intelligent software/New materials/More sensitive robot/New processing(Especially the 3 d printing)Based on the network and a series of service are moving into public view,Molecular computer/Quantum computer/Photon computer and biological computer and so on the new computer has appeared.The revolution brings technology progress may overturn our understanding of the traditional financial industry:The financial enterprise's information/technicalization,That contains the astronomical financial transactions and the changes of the modes in the support of technical means possible,The financial industry existing regional/Network means such as maybe will disappear.Can say,In the new technology revolution under the impact of,The financial industry is taking place unprecedented upheaval,The traditional financial has wandered off.

　　2.金控集团何以在技术上成为可能？ 2. Why gold control group in technology become possible?

　　金控集团是金融领域的企业集团，其产生原因实际上也是为了克服企业内部交易和市场交易的失败，旨在通过取得市场支配力来克服市场的不确定性。但从管理学上讲，金控集团面临着比单一大企业更加复杂化的内部管理：大企业内部上下级之间只有科层关系，而金控集团除科层关系之外，还有准市场关系。因此，对金控集团来讲，如何通过内部管理以提升运营效率，是个更为严峻的挑战。

Gold control group is in the field of finance enterprise group,The reason is actually in order to overcome the enterprise internal transactions and market transaction failure,Aims to obtain market power to overcome the uncertainty of the market.But tell from management,Gold control group faces than a single large enterprise more complicated internal management:Big enterprise internal between the superior and the subordinate only family relationship,While the gold control group in addition to family layer outside relationships,And quasi market relations.therefore,On the gold control group speaking,How to through the internal management in order to improve operation efficiency,Is a more severe challenges.

　　技术的发展使金控集团的发展成为可能。这主要体现在：（1）金控集团横跨多个金融业务领域，各领域之间差异较大，计算机技术的应用则使金控集团能快速业务处理性质不同的多种业务。（2）计算机技术能大大加快信息整理与传输速度，这就使得金控集团最基层的信息能很快传输到决策层，从而使决策层能在最短时间内作出管理决策。（3）计算机技术的应用也使得决策层的决策信息、管理信息能以最快速度传输到最基层单位。（4）金控集团成员企业众多，计算机技术的应用则使得金控集团能打破成员企业之间的“藩篱”，使之相互之间的快速信息交流成为可能。

The development of technology make gold control the development of the group become possible.This is mainly embodied in:(1)Gold control group across multiple financial business areas,The differences between field,The application of computer technology makes gold control group can quickly business processing properties of a variety of business.(2)Computer technology can greatly speed up the information collection and transmission speed,This makes gold control group the most basic information can quickly transmission to decision-making,So that executives can in the shortest possible time to make management decision.(3)The application of computer technology also makes decision-making decision-making information/Management information to the fastest speed transmission to the most basic unit.(4)Gold control group member enterprise many,The application of computer technology, make gold control group members can break between enterprises"barriers",The rapid exchange of information between possible.

　　技术使金控集团的发展成为可能，但技术不是万能的。技术只能在一定程度上弥补制度和文化的不足，并且技术也不能代替制度和文化。如果制度和文化建设跟不上，再好的技术也无法产生生产力——技术毕竟只是管理的工具。

Technology makes gold control the development of the group become possible,But the technology is not everything.Technology can only to a certain extent, make up for the deficiency of the system and culture,And technology also can't take the place of system and culture.If the system and culture construction can't keep up,It is a good technology can not produce productivity - technology after all just management tool.

　　市场总量与交易半径 Total market and trading radius

　　市场在不断扩大，早已进入全球化阶段。企业的生产经营已全部纳入全球化进程当中，成为全球化体系中的一个组成部分。分工、合作、交易已不再局限于某一区域或国家，而是全球范围内的分工、合作、交易。这就在市场容量上为金融企业规模的扩大提供了可能。当然，在全球化时代，金融企业能够达到何等规模，还取决于自身管理能力、技术条件与制度（制度、技术都是金融企业规模扩大的充分条件）。如果一个金融企业的交易半径足够大，则在充足的制度和技术支持下，其规模就可走向更大：有多大的市场就有多大的金融企业，反之亦然。

The market is on the rise,Already enter the stage of globalization.The production and operation of enterprises has been fully integrated into the process of globalization of,Be a global system of a part.Division of labor/cooperation/Trading is no longer limited to a given region or country,But global division of labor/cooperation/trading.It is in the market capacity for the expansion of financial enterprises to provide the possibility.Of course,In the age of globalization,The financial enterprise can achieve what scale,Also depends on their own management ability/Technical conditions and system(system/Technology is a financial enterprise scale expanding sufficient condition).If a financial enterprise trade radius is big enough,Are adequate system and technical support,Its size can be towards greater:How big is the market is how much financial enterprise,And vice versa.

　　国家间竞争：从非经济角度的考察 The competition between countries:From the Angle of the non-economic investigation

　　大国崛起中，金融发挥了重要作用。例如美国：独立战争之后的崛起过程，也是洛克菲勒财团、摩根财团、高盛集团崛起的过程。洛克菲勒财团以洛克菲勒家族的石油垄断为基础，通过不断控制金融机构，把势力范围伸向国民经济各部门。它不但在经济金融领域占统治地位，在政府中也安插着自己的代理人，左右着美国的内政、外交政策，它通过洛克菲勒基金会、洛克菲勒兄弟基金会等组织，向全世界教育、科学、卫生以至艺术和社会生活各方面渗透，以扩大其影响。

In the rise of great,Financial played an important role.Such as the United States:The war of independence after the rise process,Is also the Rockefeller consortium/Morgan consortium/Goldman sachs group rising process.Rockefeller consortium to Rockefeller family oil monopoly as the foundation,Through continuous control financial institutions,The sphere of influence to the national economy department.It not only in economic and financial field dominant,The government also embedded with his agent,The internal affairs of the United States around/Foreign policy,It through the Rockefeller foundation/Rockefeller brothers fund organization,Education all over the world/science/Health and art and social life in the penetration,To expand its influence.

　　金融控股公司犹如金融航母，在一国之中具有很高的政治地位和社会地位，它的一举一动都对国内乃至世界经济、政治的稳定和发展产生深刻影响。人们一提美国，必然想到花旗、摩根——它们是美国经济金融实力的象征。《华尔街日报(博客,微博)》曾对花旗做过一番描述，可以看作金融航母社会地位的象征。“当你走进花旗银行总部时，你会不自觉地意识到你已经处于世界权力的顶峰了。它就像一艘全速前进的航空母舰，周围的每一个地方都在颤抖。”

Financial holding company is like a financial aircraft carrier,In a country with a high among the political status and social status,It's every move in domestic and even the world economy/Political stability and development have a profound effect.People mention the United States,Inevitable thought of citigroup/Morgan - they are the United States economic and financial strength of the symbol.[The Wall Street journal(blog,Micro bo)]Had done to citigroup described,Can be seen as a symbol of social status financial carriers."When you walk into your citibank headquarters,You will not consciously aware you have is a world power the peak.It is just like a ship full speed ahead of an aircraft carrier,Surrounding everywhere in the trembling."

　　崛起的大国必然有一批崛起的金融航母。金融航母为大国崛起输送金融“血液”，直接支持其经济国际化进程，促成大国的日益强大。同时，金融航母依赖大国地位获得世界范围内独特（甚至垄断）的经济利益。在大国崛起过程中，金融航母与军事航母相互为用、密切配合，共同完成国家战略使命。

Rising power must be a batch of rising financial aircraft carrier.Financial carriers for the rise of great delivery financial"blood",Direct support its economic internationalization process,Contribute to the strengthening of powers.At the same time,Financial carriers depend on power status get worldwide unique(Even monopoly)The economic interests of.In the process of the rise of great,Financial carriers and military aircraft carrier for each use/Closely cooperate with,To complete the national strategic mission.