“金控”迈向主流模式的曲折道路

"Gold control"Towards the mainstream mode of road twists and turns

　　国际金融业经历了“混业—分业—综合化—修正综合化”的螺旋式发展过程，金控集团也在这一过程中诞生、发展并壮大。

The international financial industry experienced"Mixed - - - the dividing of the integrated comprehensive correction"The spiral development process,Gold control group also is in this process was born/Develop and grow.

　　在世界经济金融的周期性演变中，保守与自由、干预与放任的政策与思潮的交替出现从深层次影响着金融领域的压抑与深化，分业与混业，单一体与混合体的阶段性变化，使得金控集团迈向主流之路充满着曲折与反复。国际金融业经历了“混业—分业—综合化—修正综合化”的螺旋式发展过程，金控集团也在这一过程中诞生、发展并壮大。

In the world economic and financial periodic in evolution,Conservative and freedom/Intervention and indulge policies and trends appear alternately from deep influence in the field of financial repression and deepening,Separated and mixed,A single one with phase change,Make gold control group towards mainstream road full of twists and turns and repeated.The international financial industry experienced"Mixed - - - the dividing of the integrated comprehensive correction"The spiral development process,Gold control group also is in this process was born/Develop and grow.

　　早期的“金融寡头” early"Financial oligarchs"

　　“金融寡头”是对金控集团及其主导作用的政治化形象化比喻。在上个世纪初列宁就指出，工业和银行业的垄断资本互相渗透，彼此溶合或混合生长，形成了最高形态的垄断资本即体现那个时代政治经济特征的金融资本，金融资本的进一步集中又形成金融寡头。这时，在主要资本主义国家中都形成了少数控制着银行又控制着工业的最大资本家和资本家集团，即金融寡头的统治。他们在经济领域内主要是通过参与制，即通过购买“股票控制额”成为母公司，对子公司、孙公司层层建立统治。用参与制的办法，金融寡头可以支配比自己的资本大十倍、百倍的社会资本，从而控制整个国民经济。金融寡头还进一步通过同政府进行“个人联合”来控制和影响国家机器，使政府成为金融寡头统治国家的工具。

"Financial oligarchs"On the gold is control group and its leading role the politicization of the figures of speech.In the last century Lenin is pointed out,The banking industry and the monopoly capital interpenetrate,Each other welding or mixed growth,Form the highest form of monopoly capital that reflect the age political and economic characteristics of the financial capital,Financial capital centralized and further formation of financial oligarchs.At this time,In the main capitalist countries have formed a few control the bank and control the industrial biggest capitalists and capitalist group,Namely the financial oligarchs rule.In the economic field, they NaZhu if through the participation system,Namely by buying"Stock KongZhiE"Become the parent company,Subsidiary company/SunGongSi layer upon layer to establish rule.Use participation system way,Financial oligarchs can dominate their own capital than ten times/One hundred times of social capital,So as to control the whole national economy.Financial oligarchs still further by working with the government"Personal joint"To control and affect national machine,Make the government become a financial oligarchy national tool.

　　“参与制”实现的资本杠杆效应是造成银行业集中进而形成金融寡头的重要途径。列宁指出，“大企业，尤其是大银行，不仅直接吞并小企业，而且通过"参与"它们的资本、购买或交换股票。通过债务关系体系等等来“联合”它们，征服它们，吸收它们加入"自己的"集团，用术语说，就是加入自己的康采恩。”那一时期的德意志银行就是一个典型样本，它按照“依附”关系分成三个级别，并按紧密程度可作“始终参与”、“不定期参与”、“间或参与”的区分。当时直接和间接地、全部和局部地加入德意志银行集团的，共有87家银行，这个集团所支配的资本，包括自己的和他人的，共有20亿乣30亿马克。而当时德国银行资本总额也只有136亿马克，占当时德国银行总资本的15%还多。大银行集团还会与其他银行集团达成协议，进而形成“极少数垄断者的同盟”。德国柏林当时9家大银行集团支配的资本已达到德国银行资本总额的83%。

"Participation system"The realization of capital leverage effect is caused by the banking concentration and form an important way of financial oligarchs.Lenin said,"Big enterprise,Especially the big Banks,Not only directly annexation of small businesses,And through the"Participate in"Their capital/To purchase or stock exchange.Through the debt relations system and so on to"joint"they,Conquer them,Absorption they join"own"group,Use the term said,Is to join his konzern."The period of deutsche bank is a typical sample,It according to"attachment"Relationship is divided into three levels,And according to the close degree can make"Always involved in"/"Don't participate in regular"/"Or participate in"Distinctions between.When directly and indirectly/All and locally to join deutsche bank group,A total of 87 Banks,The group's capital dominated,Including his own and other people's,A total of 2 billion 乣 3 billion mark.At that time the deutsche bank total capital only 13.6 billion mark,At that time the deutsche bank total capital accounts for more than 15%.Big bank group will also reached an agreement with other bank group,Then forms"A handful of monopolist ally".Berlin was nine big bank group dominant capital has reached 83% of the total amount of deutsche bank capital.

　　列宁从战争与革命角度的分析，或有助于我们观察在20世纪初期的金融集团雏形。从中可看出银行业乃至金融业发展由自由竞争导向垄断竞争的递进路线：银行数量减少→单一银行资本及规模增大→通过控股等方式吸附更多的银行，形成大银行集团→大银行集团之间合作形成“寡头垄断”→覆盖各种金融业态的大银行（金融）集团成为金融业的主流模式。

Lenin from war and revolution Angle analysis,Or the help we observe in the early 20th century, financial group rudiment.From which we could see the banking industry and financial industry development by the free competition orientation monopoly competition progressive route:The bank and the decrease in the number of a single bank capital and scale - through the holding means such as adsorption more Banks,Formed a huge bank group - big bank group cooperation between formation"oligopoly"- covers a variety of financial format of the big Banks(financial)Group become the mainstream of the financial industry pattern.

　　1933年之前 1933 years ago

　　金控集团是经济发展到一定阶段的产物，反映了金融业演变进程中资本结构、组织形态、管理架构、信息技术、企业文化等多维度综合化的变革与深化，被视为金融业中的“航空母舰”。

Gold control group is economic development to a certain stage of the product,Reflects the evolution of financial industry in the process of capital structure/Organization form/Management structure/Information technology/Enterprise culture and other multidimensional comprehensive reform and deepen,Regarded as the financial industry"Aircraft carrier".

　　1933年之前的的金融控股公司 1933 years ago the financial holding company

　　18世纪以后，伴随资本主义市场经济的发展，传统商业银行得到了迅速发展，业务主要集中在存款、贷款和结算（所谓“存、放、汇”）上。进入20世纪，“金融寡头”挟国家垄断资本主义的威势在西方主要资本主义国家取得长足发展。这些“金融寡头”从事混业经营但仍以商业银行业务为主，因为当时西方主要国家实行自由银行制度，银行的市场准入和业务范围相当宽松；证券业虽已成长起来，交易也算活跃，但无论就广度还是深度来讲，都还处于起步阶段。反映在组织形式上，就是金融集团虽然采用金融控股方式，但仍处于发展的初级阶段。以花旗银行为例。在成立的最初70年中，花旗银行一直采取简单的商业银行组织结构，业务范围仅限于存款、汇兑等传统商业银行领域。19世纪90年代，花旗银行开始进入证券承销和配售领域，从而进入综合化发展阶段。为绕开当时的《国民银行法》的约束，进入新的业务领域，花旗银行于1911年注册成立花旗公司，这才初步形成了金控公司架构。

The 18th century later,With the development of capitalist market economy,The traditional commercial bank has been rapid development,Business mainly focus on the savings/Loans and settlement(The so-called"save/put/by")on.In the 20th century,"Financial oligarchs"Pinch national monopoly capitalism in the power of main western capitalist countries achieved rapid development.these"Financial oligarchs"Engaged in the mixed operation but still with commercial banking is given priority to,Because at that time the western main state shall practise a system of free banking,Bank market access and scope of business is quite comfortable;Although the securities industry has grown up,Trading also calculate active,But no matter is width or depth speaking,Are still in the initial stage.Reflected in organization form,Is financial group although the financial holding mode,But it is still at the primary stage.To citibank as an example.Founded in the first 70 years,Citigroup has been taken simple commercial bank organization structure,The business scope is limited to deposit/Exchange the traditional commercial bank field.In the 1890 s,Citibank began to enter the securities underwriting and placement areas,To the comprehensive development stage.To steer clear of the[National bank]constraints,Into new business areas,Citigroup in 1911 registered in citicorp,It initially formed gold company structure control.

　　危机之源？不同观点的碰撞 The source of crisis?The collision of different views

　　上世纪20年代后半期，美国社会股票投机活跃。除投入个人积蓄外，人们还通过贷款购买股票，全民炒股，造成股价飞涨，股市泡沫严重。而当时产业领域生产严重过剩，经济出现衰退。经济形势低迷造成投资者信心渐失，1929年10月下旬，纽约股市出现大幅抛售现象，股价快速下跌，个人财富转瞬即失。恐慌加剧，人们开始到银行挤兑存款，造成银行大量倒闭。银行倒闭使生产企业失去“血液”，企业无法正常进行生产而不得不宣布破产。企业破产又使大量工人失业，经济陷入恶性循环。

The second half of the 1920 s,American society active stock speculation.In addition to input the personal savings,People also through the borrowed money to buy shares,Fry the,Caused soaring stock,Stock market bubble serious.At that time, industry production serious excess,Recession in.Economic situation caused by weak investor confidence gradually lost,Late October, 1929,New York stock market a substantial selling phenomenon,Share price fell fast,Personal wealth soon that is lost.Panic aggravate,People began to run on a bank deposit,Cause massive bank collapse.Bank failures production enterprise to lose"blood",Enterprise can't normal production and have to declare bankruptcy.The enterprise bankruptcy and that a large number of workers unemployed,The economy into a vicious circle.

　　马克思主义政治经济学观点认为，此次席卷西方世界的大危机从本质上讲是生产资料私人占有制与社会化大生产之间矛盾的必然产物，是生产过剩消费不足（无力消费）的产物。而西方经济学家则普遍认为，危机爆发的导火索是纽约股市的崩盘，纽约股市崩盘的根源则在于商业银行与投资银行之间缺乏风险隔离，因此，金融混业经营是导致金融危机甚至经济大萧条的罪魁祸首。对这个影响一代又一代经济理论与实践者的理论，从一开始就有经济学家的不同看法。例如弗里德曼认为，危机同联邦储备委员会错误的货币政策有关。美联储在危机来临时还在提高利率，而在金本位条件下会造成适得其反方后果（通胀）。大危机的真实原因究竟是什么？这个历史旧帐或许不重要了，但当时的政策选择确乎影响了一个时代的金融运行。

Marxist political economics view,The swept across the western world big crisis essentially is the production material private tenure and socialized production of the contradiction between the inevitable outcome,Is the production of excess consumption shortage(Weak consumption)product.And the western economists generally believe that,Crisis outbreak of detonator is New York stock market crash,New York stock market crash of root lies in between commercial Banks and investment Banks lack of risk isolation,therefore,Financial mixed operation is led to the financial crisis and even depression culprit.To this effect a generations of another generation of economic theory and the theory of practitioners,To begin with economists of different opinions.For example, he thought,Crisis with the federal reserve wrong monetary policy relevant.The fed in the crisis comes in to raise interest rates,And in the gold standard conditions can cause opposite party consequences(inflation).Big crisis the real reason why what is?The historical old account may not be important,But the policy choice indeed affected an era of financial operation.

　　《格拉斯-斯蒂格尔法案》（Glass-stegle Act）

[Glass-steagall](Glass - stegle Act)

　　基于“经济危机源于商业银行与投资银行之间缺乏风险隔离”的认识，1933年美国国会通过《格拉斯-斯蒂格尔法案》（Glass-stegle Act），把商业银行业务与证券业务、保险业务隔离开来，实行分业经营，商业银行不得经营证券业务，不得为自身投资而购买股票，对购买公司债券也进行严格限制。由此美国金融业形成了分业经营模式，这种分业经营模式在“二战”后又被“输出”到英国、日本等西方国家，金融集团面临业务分隔与内涵单一的双重压力，混业下的金控模式难以为继。

Based on the"Economic crisis stems from between commercial Banks and investment Banks lack of risk isolation"understanding,In 1933 the United States congress to pass[Glass-steagall](Glass - stegle Act),The commercial banking and securities business/Insurance business isolated,Implement separated operation,Commercial Banks shall operate securities business,Not for their own investment and buy stocks,To buy bonds are strictly limited.The American financial industry formed a separate operation mode,This kind of separate operation mode in"World war ii"And be"output"To Britain/Japan and other western countries,Financial group facing business space and connotation single double pressure,Mixed gold of difficult control mode.

　　分业经营后，商业银行利润下滑，非银行机构却纷纷侵入商业银行业务领域。体制和政策双重约束压制着金融创新，然而顽强的市场力量和不竭的创新冲动始终冲击着分业体制，尽管时强时弱但从未中断。传统体制和金融市场的矛盾不断积累和激化，布雷顿森林体制垮台之后市场力量逐渐占据上风，到上世纪80年代，《格拉斯-斯蒂格尔法案》遭到商业银行普遍反对已难以为继。到1998年，花旗银行和旅行者集团合并，标志着该法案名存实亡。1999年，美国国会通过《金融服务现代化法案》(Financial Services Modernization Act),亦称《格雷姆-里奇-比利雷法案》(Gramm-Leach-Bliley Act)，正式取代Glass-stegle法案有关条款，从法律上消除了银行、证券、保险机构在业务范围上的边界。

After separated operation,Commercial bank profits decline,Non-banking institutions have been invaded commercial bank business areas.System and policy constraints pressing the financial innovation,However strong market forces and endless innovation impulse always impact the dividing of the system,Despite strong when the weak but never interrupt.Traditional system and financial market contradiction to accumulate and activation,The bretton woods system after the collapse of market forces gradually prevailed,By the 1980 s,[Glass-steagall]By commercial Banks generally oppose already unsustainable.By 1998,Citigroup and travelers group merger,Marks the bill exist in name only.In 1999,,The congress of the United States through the[The financial services modernization act](Financial Services Modernization Act),Also called[Graeme - Ritchie Billy ray act](Gramm - Leach - Bliley Act),Formal replace Glass - stegle act relevant clauses,From the legal except the bank/securities/Insurance institutions within the business scope on the boundary.

　　“大爆炸”之后 "Big bang"after

　　20世纪70年代后，严格的分业经营已不能适应经济自由化、集团化和国际化的要求，为规避监管的金融创新和机构扩张层出不穷，综合化经营成为不可阻挡的历史潮流，一些分业经营的法规已形同虚设。经过被称为“金融大爆炸”的一系列改革，英国、日本、美国都先后踏上了金融自由化、混业经营之路（德国一直实行混业经营制度）。

After the 1970 s,Strict separated operation already can not adapt to economic liberalization/The requirements of collectivization and internationalization,For avoiding the supervision of financial innovation and institution expansion emerge in endlessly,Comprehensive management become an irresistible trend of history,Some separated operation regulations already exist in name only.After called"Financial big bang"A series of reform,British/Japan/The United States has embarked on a financial liberalization/Mixed operation road(Germany has been implements mixes industry the management system).

　　1986年伦敦金融改革：

1986 London financial reform:

　　1983年以前，英国证券行业实行分业经营，证券承销、证券经纪和自营等业务严格分开，证券经纪实行固定佣金制，金融市场普遍缺乏活力和竞争力。这种状况不仅使伦敦在世界经济金融中的地位每况愈下，而且不能为保守党政府当时大举推动的经济私有化和自由化改革提供金融支持。在这个背景下，撒切尔政府实施了以金融自由化为核心的金融改革：对内实施混业经营，放松管制，把国内金融企业推向竞争；对外开放金融服务业，引入外国金融机构，把伦敦金融业在世界金融业中的份额做大。该改革方案于1986年正式实施。

1983 years ago,British securities industry a separate operation,underwriting/Securities brokerage and self-operated business strictly separate,A fixed securities brokerage commission system,Financial market is a lack of vitality and competitiveness.This situation not only make London in the world economic and financial status of go from bad to worse,And I can't at that time for the conservative government campaign to push economic privatization and liberalization reform to provide financial support.In this context,Mrs. Thatcher's government to implement the financial liberalization is the core of the financial reform:Internal implementing mixed operation,deregulation,The domestic financial enterprise to competition;Open financial services,The introduction of foreign financial institutions,The London financial industry in the world financial industry share do big.The reform plan was formally implemented in 1986.

　　改革最初几年，从未形成混业竞争能力的英国本土证券公司毫无抵御能力，几乎全部丧失控制权。但改革所创造的开放竞争环境给英国带来的收益也非常巨大。伦敦证券交易所的国际地位提升，英国在各类金融产品交易领域都能取得或保持领先地位。

Reform the first few years,Never form mixed competition ability of British domestic securities companies have no ability to resist,Almost all lose control.But the reforms have created open competition environment for British bring profit is very great.The London stock exchange international status of ascension,Britain in the various financial products transactions field can all get or keep ahead.

　　金融改革使英国金融市场恢复了活力，随着金融业混业经营程度的加深，英国又对传统的、多头监管的金融监管框架进行了改革，把金融监管职能从英格兰银行中分离出来，使其专注于货币政策，同时成立英国金融服务局（FSA），将分散的金融监管职能逐步集中到FSA。

Financial reform that Britain's financial market rejuvenated,Along with the mixed management in finance deepening degree,Britain and the traditional/Bull supervision of financial regulatory framework for the reform,The financial supervision function from the bank of England of separation,Make its focus on monetary policy,At the same time, Britain's financial services authority was established(FSA),Will be dispersed financial regulatory functions gradually concentrated to the FSA.

　　1988年东京金融改革：

The 1988 Tokyo financial reform:

　　20世纪80年代后半期，日本金融业问题重重：体制封闭保守、金融丑闻不断、风险意识迟缓。面对当时汹涌的世界金融自由化浪潮，日本认为本国的政府保护金融体系已经过时，日本需要更加透明、自由的金融市场。于是日本于1988年提出名为“东京版金融大爆炸”(TokyoBigBang)的金融自由化改革构想，包括：完全解除银行、证券公司和信托银行之间的分业界限；实现资产交易自由化；强化金融机构业务的公开性和透明性；实现外汇交易完全自由化等。

The second half of the 1980 s,The problems of Japanese financial industry:System closed conservative/Financial scandals have/Risk awareness slowly.In the face of the world at the time of the surge of financial liberalization tide,The Japanese think their government to protect the financial system have been out of date,Japan needs more transparent/Free of financial markets.And Japan in 1988, put forward"Tokyo edition financial big bang"(TokyoBigBang)Financial liberalization reform ideas,including:Completely remove bank/Securities companies and trust between the Banks of the dividing of the limit;To realize the liberalization of assets transaction;Strengthen the financial institutions business openness and transparency;To realize full liberalization foreign exchange trading, etc.

　　1990年代美国金融改革：

In the 1990 s the United States financial reform:

　　鉴于美国金融业在国际市场竞争能力下降，20世纪80年代以来，美国金融监督当局在分业经营框架下采取了一些宽松措施，赋予商业银行较大的经营范围和空间。如1987年美国联邦储备银行允许银行控股公司可以包销地方债券、商业票据和抵押证券；1989年1月美联储批准花旗银行等5家银行申请，允许它们包销企业债券等。

In view of the financial industry in the international market competition ability to drop,Since the 1980 s,The United States financial supervisory authority in the separate operation framework adopted some measures to loose,Give commercial Banks greater business scope and space.Such as in 1987 the United States federal reserve bank allow bank holding companies can underwrite local bonds/Commercial paper and mortgage securities;In January 1989, approved by the federal reserve Banks such as citigroup may apply for,Allow their underwriting enterprise bonds, etc.

　　进入20世纪90年代，全球经济一体化和金融国际化、自由化的步伐加快，美国金融业的国际竞争压力更加巨大。于是，美国国会通过《金融服务现代化法案》。该法案对美国乃至全球经济金融产生了巨大而深远的影响。商业银行从事投资银行业务已无法律障碍，以金控集团为主要模式的金融综合化经营获得重大进展。但是金融扩张的幅度、范围也渐渐超过其所服务的实体经济的需要。并且由于监管没有跟上，相反倒进一步放松，使金融企业创新过度，越来越多的金融企业加入到衍生品的盛宴当中，使得隐患一步步扩大。

In the 1990 s,Global economic integration and financial internationalization/To speed up the pace of liberalisation,The United States financial industry international competitive pressure more great.so,The congress of the United States through the[The financial services modernization act].The bill for America and global economic and financial produced enormous and far-reaching influence.Commercial Banks in investment banking has no legal obstacles,With gold control group as the main mode of financial integration management a significant progress.But financial expansion of amplitude/Range is more than the service entity economy needs.And because the supervision not keep up with,Instead fall further relax,Make financial enterprise innovation too,More and more financial enterprise to join the derivatives of the feast,Makes the hidden danger to expand step by step.

　　怎么看长达一个甲子的分业经营

How to look for a jia of separated operation

　　从1933年美国国会通过Glass-stegle法案开始金融业分业经营，到1999年美国国会通过《金融服务现代化法案》允许金融混业经营，时间长达60余年。这一阶段，大致可做如下划分：

From 1933 the congress of the United States through the Glass - stegle bill began to the financial industry separated operation,To 1999 by the United States congress[The financial services modernization act]Allow financial mixed operation,Time for 60 years.This one phase,Can be roughly divided into the following:

　　第一，“二战”结束之前：混乱世界金融难以创新

The first,"World war ii"Before the end of:Chaos world financial difficult to innovation

　　20世纪30乣40年代，整个世界混乱不堪，政治、经济、军事斗争此起彼伏。尤其是军事斗争，更以史无前例的残酷方式上演。在残酷的政治、军事斗争面前，金融处于“御用”状态，无法顾及变革和创新，只能为战争输送源源不断的“货币弹药”。考察“二战”期间主要金融集团的所作所为是耐人寻味的。相反在那一时期，特别是1930年代，处于世界经济外围的中国金融业倒是实行着混业经营。

The 20th century 30 乣 40 s,The whole world chaos,political/economic/Military struggle to break out.Especially the military struggle,In an unprecedented way more cruel stage.In a brutal political/Before military struggle,Financial in"Queen's"state,Can't take account of change and innovation,Only continuous conveying for war"Monetary ammunition".investigation"World war ii"During the main financial group did is intriguing.On the contrary in that period,Especially in the 1930 s,In the world economy of periphery of China's financial industry is carry out mixed operation.

　　第二，“布雷顿森林体系”时期：制度安排不容许金融创新

The second,"The bretton woods system"period:The system arrangement does not allow financial innovation

　　“二战”结束，在美国主导下，国际金融进入“布雷顿森林时代”，美元成为世界储备货币，美国也取得金融霸权地位。稳定成为这一阶段国际金融尤其是欧美金融的主旋律，管制下的金融组织形式也保持相对稳定，创新的环境和动力也很薄弱。直到20世纪70年代初，“布雷顿森林体系”解体，利率汇率波动加剧，不确定性增加，从此进入一个新的金融时代。

"World war ii"end,In the United States led,International finance into"The bretton woods era",Dollars becomes one of the world's reserve currency,The United States also obtain financial hegemony status.Stable become this one phase international financial especially in Europe and the United States financial theme,Under the control of financial organization form also remained relatively stable,Innovation environment and power is also very weak.Until the 1970 s,"The bretton woods system"disintegration,Interest rate exchange rate fluctuation intensifies,Increasing uncertainty,From now on entering a new age of finance.

　　第三，欧元崛起时期：市场的“潜流”与金融创新

The third,Euro rise period:market"undercurrent"And financial innovation

　　为降低乃至摆脱对美元霸权的依赖，欧洲国家于1970年代开始谋求经济金融一体化乃至政治一体化。1999年诞生欧元，对美元霸权构成强大威胁。加之新兴经济体国家崛起，区域性货币不断涌现，国际金融界形成一“元”独大（美元）、多“元”争流（欧元、日元等）局面。在国际经济金融日趋动荡的态势下，金融业竞争加剧。以德国为代表的主要欧洲国家本来就采取全能银行制，其范围经济优势使得以分业经营为特色的美国金融业在竞争中倍感吃力。走综合经营之路，渐成美国金融业的主流声音。由此促进了美国金融业分业经营格局的结束。同时，竞争加剧，管制放松，计算机技术的发展，都使得金融创新大行其道，新领域、新产品得以不断出现。分业经营下金融业也有创新，但大规模创新、深度创新，却是随着金融混业经营而开始并加速的。

To reduce and get rid of the dependence on to dollar hegemony,European countries began in the 1970 s for economic and financial integration and even political integration.Born 1999 euros,To dollar hegemony constitute a powerful threat.Together with the rise of emerging economies,Regional currencies are constantly emerging,International financial circles form a"yuan"Alone big(dollars)/more"yuan"For flow(euro/Yen, etc)situation.In the international economic and financial situation is unrest under,The financial industry competition.In Germany as a representative of major European countries was taken YinHangZhi almighty,Its scope economic advantage allows to separate operation is characteristic of American financial industry in the competition feeling sweaty.Go comprehensive operating way,Gradually into the mainstream of American financial industry voice.Thus promote the American financial industry separated operation is the end of the pattern.At the same time,competition,Control relax,The development of computer technology,Makes financial innovation is popular,New field/The new product to appear constantly.The dividing of the operating under the financial industry also has innovation,But for large scale innovation/Depth innovation,But as the financial mixed operation and start and accelerated.

　　60余年的分业经营模式留给人们很多思索。当初选择分业经营的道路究竟是对还是错？德国金融业未实行分业经营，但也未出现大的金融危机，相反在欧洲大陆乃至整个西方世界一直是“一枝独秀”。这是不是反过来证明了混业经营与金融危机之间并无必然联系。罗斯福当初选择分业经营模式以避免金融危机的做法，是不是开错了“药方”？

60 years of separate operation mode for people a lot of thinking.I chose the way of separated operation what is right or wrong?Germany the financial industry did not execute separated operation,But also does not appear large financial crisis,On the contrary in the continental Europe and even the entire western world has been"Outshine others".This is, in turn, proof that the mixed operation and financial crisis and no necessary connection between.Roosevelt the choice to separate operation mode in order to avoid the practice of financial crisis,If the wrong"prescription"?

　　2008年的考验

The test of 2008

　　2007年4月美国新世纪（New Century）公司破产，引发次贷危机。2007年底到2008年初，花旗、美林、瑞银等大机构出现亏损，随之贝尔斯登被收购、雷曼兄弟破产，席卷全球的金融危机正式爆发。此番危机，波及范围之广，影响程度之深，延续时间之久，均为历史罕见。西方国家经济增速严重下滑，失业人数剧增，引发一些国家社会动荡、政府倒台。

In April 2007 the United States in the new century(New Century)The company went bankrupt,Cause the subprime crisis.By the end of 2007 to early 2008,citigroup/Merrill lynch/Ubs etc big institutions appear loss,Then bear stearns takeover/Lehman brothers bankruptcy,Across the global financial crisis broke out formally.The "crisis,Sweep broad scope,The influence degree of the deep,Lasted for a long time,Are all history rare.Western countries a serious decline in economic growth,Great increase in unemployment,Cause social unrest in some countries/Government overthrow.

　　我们发现，在危机中能够成功抵御风险并快速恢复的，恰恰是大型综合化金融集团，如花旗集团、JP摩根大通、汇丰集团等。它们往往有更均衡的业务结构、更稳定的资金来源、更完备的风控能力。花旗集团2008乣2009年亏损高达293亿美元，2010年就迅速扭转亏损，盈利106亿美元；JP摩根大通即使在危机最严重的2008年仍盈利56亿美元，2009年和2010年更分别赢利117亿美元和174亿美元。与之相反，危机中迅速垮塌的大多是杠杆率较高、规模较小、经营模式单一的投行机构和中小金融机构，如雷曼兄弟、美林及中小金融机构等。也许正是因为这一点，高盛、摩根士丹利在危机爆发后纷纷转型为银行控股公司，走上金控集团之路。

We found,In a crisis can succeed against risks and rapid recovery,Just is a large comprehensive financial group,Such as citigroup/JP Morgan chase/HSBC group, etc.They often have a more balanced business structure/More stable source of funds/A more complete wind control ability.Citigroup 2008 乣 2009 losses as high as $29.3 billion,2010 rapidly reversing losses,A profit of 10.6 billion dollars;JP Morgan chase even in the most serious crisis in 2008 is still a profit of 5.6 billion dollars,In 2009 and 2010 respectively more profit $11.7 billion and $17.4 billion.Contrary to,Crisis of the rapid collapse are mostly lever rate is higher/smaller/Business model single investment banking institutions and small and medium-sized financial institutions,Such as lehman brothers/Merrill lynch and small and medium-sized financial institutions, etc.Perhaps it is because of this,Goldman sachs/Morgan Stanley in crisis after the outbreak of the transformation in succession for the bank holding company,On gold control group road.

　　研究表明，这次金融危机的根源并非如某些人认为的是由于金控集团的综合化经营和金控集团本身，而是由于美国经济体制和消费结构失衡、监管缺位、创新过度、激励不当、虚拟金融严重脱离实体经济畸形发展以及国际货币体系的内在缺陷等。美国2010年7月出台《金融改革法案》对美国金融体系进行改革。此番改革并未否定综合化经营和金控集团，而是在维持现有构架下进行纠偏，采取的不是革命的而是“修正主义”的改良办法，进一步规范经营主体、控制规模、加强监管。当然，本次国际金融危机也暴露出金控集团经营中存在的一些问题，如资本充足率偏低、杠杆率过高、风险控制体系不完善等。

Research shows that,The financial crisis is not the root of such as some people think that is due to the gold control group the integration of management and gold control group itself,But because the American economic system and consumption structure unbalance/Supervision vacancy/Innovation excessive/Incentive not/Virtual financial serious from the real economy deformity development and international monetary system of the inner defects, etc.The United States issued on July 2010[Financial reform bill]For the United States financial system reform.This "reform did not deny integrated management and control group gold,But in maintaining the existing frame of rectification,Take not revolution but"revisionism"Improvement measures,Further standardize management main body/To control the size/Strengthening the supervision of.Of course,The international financial crisis is exposed gold control group, the existing problems in the management,Such as capital adequacy ratio is low/Leverage ratio is too high/The risk control system is not perfect, etc.

　　几种诠释

Several interpretation

　　戈德斯密斯的金融结构论：

Gode Smith financial structure theory:

　　美国经济学家雷蒙德丒戈德史密斯（Raymond Goldsmith）将各种金融现象归纳为三个方面：金融工具、金融机构与金融结构。各种金融工具和金融机构的相对规模构成各国的金融结构。戈德史密斯将金融结构分成三种类型：第一类金融结构的特点是：金融相关率（金融资产与国民财富之比）较低，商业银行在金融机构中占据突出地位。这是金融发展初级阶段的特点。第二类金融结构与第一类金融结构有一定相似。但这种结构中，大型股份公司制金融机构已经大量存在。20世纪上半叶，大多数非工业化国家的金融机构属于此类。第三类金融结构的特点：金融相关率较高，金融机构日趋多样化，银行体系地位下降以及储蓄机构、私人及公共保险组织地位的上升。此类金融结构在20世纪的工业化国家较为常见。戈德史密斯将一国金融结构划分为三类（也是三个阶段），重要依据就是金融机构的发展以及相应的金融工具的发展。在金融机构发展中，戈德史密斯见证了银行规模的日益大型化、银行地位的日益下降以及综合性金融机构对单体银行的替代。

American economists Raymond 丒 goldsmith(Raymond Goldsmith)Will all kinds of financial phenomenon reduced to three aspects:Financial instruments/Financial institutions and financial structure.All kinds of financial instruments and financial institutions of the relative scale constitute a national financial structure.Goldsmith will financial structure is divided into three types:The first kind of financial structure characteristic is:Financial related rate(Financial assets and the ratio of national wealth)lower,Commercial Banks in financial institutions has outstanding position.This is the characteristics of the primary stage of financial development.The second type financial structure and the first kind of financial structure has certain similarity.But this kind of structure,A company type stock large financial institutions have a large number of existence.The 20th century,Most of the industrialized countries financial institutions belong to this kind.The third type of financial structure characteristics:Financial related rate is higher,Financial institutions becoming more diverse,The bank system status decline and savings institutions/Private and public insurance organization rising status.This kind of financial structure in the 20th century industrialized countries are common.Goldsmith will one country financial structure is divided into three categories(Also three stages),Is an important basis for the development of the financial institutions and the corresponding financial tool development.In the financial institutions in the development,Goldsmith witness the bank scale is large/Bank position increasingly decline and comprehensive financial institutions to monomer bank alternative.

　　希克斯和尼汉斯的金融创新论：

Hicks and the Hans financial ChuangXinLun:

　　希克斯（John R. Hicks）和尼汉斯（Jurg Niehans）认为，金融制度的创新和组织结构的调整有利于节约金融交易中发生的“无形的交易成本”，而金融交易技术的改善会直接达到降低金融交易成本的效果。金融信息条件由于交易技术的应用而得到改善，困扰交易双方的金融信息不完全、信息不对称等问题相应得到控制，从而有助于降低交易成本。不断降低的金融交易成本能够进一步刺激金融创新。根据这一理论，金融机构的综合性发展无疑是为节约交易成本而不断创新的结果。

hicks(John r. Hicks)And the Hans(Jurg Niehans)think,Financial system innovation and organization structure adjustment to save the financial transactions happen"Invisible the transaction cost",And the improvement of the financial trading technique will directly to reduce the effect of financial transaction cost.Financial information conditions due to the application of transaction and improve,Both parties to a transaction with financial information incomplete/The information asymmetry problems corresponding under control,Which helps reduce transaction costs.Lowering financial transaction cost can be further stimulate financial innovation.According to this theory,Financial institutions is undoubtedly a comprehensive development for saving the transaction cost and the result of innovation.

　　格林伍德（Jeremy Greenwood）和史密斯（Bruce D. Smith），以及列文（Ross Levine）的金融机构发展论

Green wood(Jeremy Greenwood)And Smith(Bruce d. Smith),And levene(Ross Levine)Development of the financial institutions

　　这是金融发展理论的一个分支。他们在各自的模型中引入了固定的进入费或固定的交易成本，借以说明金融机构和金融市场是如何随着人均收入和人均财富的增加而发展的。他们认为，在经济发展的早期阶段，人均收入和人均财富很低，由于缺乏对金融服务的需求，金融服务的供给无从产生，金融机构和金融市场也就不存在。但是，当经济发展到一定阶段以后，一部分先富裕起来的人由于其收入和财富达到上述的临界值，就有激励去支付固定的进入费。这样，金融机构和金融市场就得以建立起来。随着时间推移和经济的进一步发展，由于收入和财富达到临界值的人越来越多，利用金融机构和金融市场的人也越来越多，对金融服务的需求越来越综合、多元，推动着综合性金融机构的不断发展。

This is the theory of financial development of a branch.In their models introduced fixed into the fee or a fixed transaction costs,In order to explain the financial institutions and financial market is how to with per capita income and per capita increase of wealth and development.They think,In the early stages of economic development,Per capita income and wealth per capita is very low,Due to the lack of demand for financial services,Financial services supplies don't produce,Financial institutions and financial markets is also not exist.but,As the economy develops to a certain stage later,Part of the first rich people because of its income and wealth to the critical value,Have incentive to pay for fixed entering cost.this,Financial institutions and financial market is established.With the passage of time and the further development of the economy,Due to the income and wealth to the critical value more and more people,Use of financial institutions and financial markets are more and more,On the financial service needs more and more comprehensive/multiple,To promote the comprehensive development of financial institutions.