本报记者 贺江兵 实习记者 张夏楠 北京报道

Our reporter intern reporter HeJiangBing zhangxia nan reports from Beijing

　　当危机中的美国人开始反思金融业分散化和非集团化的必要时，中国的金融行业正试图借助金融改革摆脱困境，混业经营一度是争论的焦点。

When the crisis americans began to reflect on the financial industry decentralization and not the collectivization when necessary,China's financial industry is trying to get rid of trouble by means of financial reform,Mixed operation once is the focus of the dispute.

　　11月20日，证监会相关负责人否认建行、工行分别在香港的全牌照投资银行建银国际、工银国际正在申请内地投行牌照，称没有接到来自工行、建行、工银国际、建银国际有关A股承销事宜的来人、来函、来电咨询申请。另向证监会内相关部门了解，也未接到上述相关单位的有关保荐机构资格的相关申请。

On November 20th,The relevant person in charge of the construction bank denied the CSRC/Icbc respectively in Hong Kong's full licence investment bank built silver international/Work silver international is applying for the mainland investment banking licence,Say not received from icbc/CCB/Work silver international/Built silver international relevant a-share underwriting and matters/letter/Inquire application.The other relevant departments to the CSRC within understanding,Also has not received the relevant units of the sponsor agencies qualifications related applications.

　　按照中国现行法律，国内金融行业分业经营、分业监管，国家另有规定的除外。不过，虽然分业经营的壁垒短期内无法消除，但综合经营仍是中国金融改革的一个趋势。

According to the existing law,The domestic financial industry separated operation/Supervised respectively,Except as otherwise provided by the state.but,Although separated operation barriers in the short term can not be removed,But the comprehensive management of China's financial reform is still a trend.

　　争议混业经营 Dispute mixes industry the management

　　谈到美国金融危机及欧债危机时，11月18日出席金融街论坛的美国达拉斯联储副主席杰弗瑞认为，集团化是影响金融市场稳定的一个因素。他举例称，同时经营保险的银行，可能会垄断更多的市场份额，但也会由此面临银行与保险业务一损俱损的风险。反之，分散经营的市场中，保险业不行了，银行业务不至受拖累。金融危机出现之后，金融业缺乏多元化，银行的规模过大，导致了更多的问题产生。此次危机的中心不是决策者通常担心的对冲基金，而是在银行。“分散化和非集团化，非混业经营是非常重要的。”

When it comes to the United States financial crisis and the debt crisis,On November 18 financial street BBS to attend the Dallas fed, the United States vice chairman Jeffrey think,Group is to influence financial market stability of a factor.He said, for example,At the same time operating insurance bank,May monopoly more market share,But will this face bank and insurance business risk of mine.and,Decentralized management of the market,Insurance that won't be possible,Banking business will not be drag.Financial crisis after appear,The financial industry lack of diversity,The size of the bank excessive,Lead to more problems.The crisis is not the center of the decision makers usually worry about hedge funds,But in the bank."Decentralization and the collectivization,The mixed management is very important."

　　不过在中国，这样的意见似乎没有市场。为了缓解经济衰退中的金融行业，中国的监管层中分业经营、分业监管正在逐步松动。

But in China,Such opinion seems to have no market.In order to alleviate the economic recession of the financial industry,China's supervision layer separate operation/Supervised respectively is gradually loosening.

　　11月初，银行间交易协会宣布启动证券公司参与非金融企业债务融资工具主承销业务市场评价工作，一直被商业银行所垄断的市场开始向券商放开。几乎是在同时，建行与工行正在申请A股承销牌照的消息传出。银行争夺“全牌照”引发了市场对于金融混业的猜想。时隔半月后的11月20日，证监会相关负责人才对此做出澄清，称并未收到相关申请，并指出，按照目前分业经营、分业监管的原则，银行机构不能直接获得投行的牌照。非证券类金融公司要从事证券事务，只能通过设立子公司这一个渠道进行，并需符合《商业银行法》、《证券法》等规定。

Early November,Interbank transaction association announced start securities companies to participate in non-financial debt financing tool main underwriting business market evaluation work,Commercial Banks has been the monopoly of the market began to brokers let go.Almost at the same time,The construction bank and icbc is applying for a-share underwriting license news.The bank for"Full licence"Cause the market for financial mixed guess.After half month after November 20,,Securities regulatory commission is responsible for the relevant personnel to clarify,Say they have not received related applications,And points out that,According to the current decentralized management/The principle of supervised respectively,Banking institutions can not directly get investment banking licence.The securities finance companies to engage in securities transaction,Only through set up subsidiaries this one channels,And must be in accordance with[Commercial Banks]/[Securities law]Provisions as.

　　从美国的经验来看，银行业的混业经营放缓似乎并不是件坏事。但在国内，坐拥金融全牌照的金融集团已并不少见，而且正成为趋势被金融家们追逐。

From the experience,Banking mixed-business management slowdown does not seem to be a bad thing.But in our country,,Inherit financial full licence financial group has not rare,And is becoming a trend is financiers chase.

　　中国华融资产管理总裁赖小民就在金融街论坛上表示，开展综合金融经营将是大势所趋。

China huarong asset management LaiXiaoMin President in financial street BBS on Wednesday,To carry out comprehensive financial management will be the trend of The Times.

　　赖小民介绍，目前已经成型的综合经营大概有五种类型：一是大型国有银行，它们正向保险、租赁等行业进军；二是产业的中心；三是大型的非银行机构，包括中国人寿(601628,股吧)、中国平安(601318,股吧)等等；四是地方政府通过整合地方金融资源，打造起来的金融集团，比如上海国际金融集团，天津泰达集团等等；五则是以华融为代表的资产管理公司。

LaiXiaoMin introduced,Has been forming comprehensive management is about five types:One is a large state-owned Banks,They forward insurance/The lease industry, etc;The second is the center of the industry;Three are large non-banking institutions,Including China life(601628,guba)/China peace(601318,guba), etc;The fourth is the local government through the integration of local financial resources,Build up financial group,Such as Shanghai international financial group,Tianjin teda group, etc;Five is wisewin as a representative of asset management companies.

　　推动综合经营不仅是为了迎合市场竞争，分散风险，更是为满足多元化的金融需求。

Promote comprehensive management is not only to cater to the market competition,Spread risk,But also to meet diversified financial needs.

　　监管需加强协调机制 To strengthen supervision coordination mechanism

　　“我们在一开始的时候就觉得主要是监管系统太多了，所以导致了金融危机。”杰弗瑞认为，除金融混业之外，过多的监管规则是金融危机的又一主因。

"We in the beginning when they think it is too much regulation system,So lead to financial crisis."Jeffery think,In addition to financial mixed besides,Too much regulation rule is another cause financial crisis.

　　金融危机以来，美国政府不遗余力向金融系统注资，几番推出金融稳定方案，扩大监管的范围和内容。在信仰自由市场的美国人看来，这个过程中出现了大量的去中间化，虽然经济结构由此不断地重新平衡，但监管也会带来各种各样的问题。因为“某一些规则的针对性是短期的、短视的”，无法解决最根本的问题。杰弗瑞强调：“我们应该有一些少量的法规，越少越好。”

Since the financial crisis,The United States government to spare no effort to finance system capital injection,How many times out of financial stability plan,Expand the scope and content of the supervision.Belief in free market of American people,This process there appear a large number of middle to change,Although the economic structure thus constantly to balance,But regulation also can bring all kinds of questions.because"Some rules of the pertinence is short/Myopia of",To solve the fundamental problem.Jeffery emphasize:"We should have some small amount of laws and regulations,Fewer is better."

　　这似乎也可以用来解释美国拒绝履行新资本管理要求的原因。

This seems to also can be used to explain the United States refused to perform new capital management requirements of the reason.

　　11月9日美国宣布无限期推迟“巴塞尔新资本协议”（巴塞尔Ⅲ）的生效日期。杰弗瑞对此回应时称，巴塞尔Ⅲ非常重要，但巴Ⅲ不是解决美国银行业问题的一个药方。在目前的情况下，是否对银行业进行更加严厉的监管需要进一步考虑。

November 9, the United States announced indefinitely delayed"New Basel capital agreement"(Basel Ⅲ)Effective date.Jeffery said this response,Ⅲ Basel is very important,But ba Ⅲ not the solution to the American banking problem a prescription.In the present circumstances,Whether to banking for tougher supervision need further consideration.

　　而从中国的情况来看，金融监管更迫切的问题在于监管机构之间缺少协调。

From China's situation,Financial supervision more pressing problem is lack of coordination between regulators.

　　“跨几个行业、跨银证保的一个资产管理的行为，牵扯到各个监管部门，要协调各个监管部门的监管范围和行为规则。”在全国人大财经委员会副主任委员吴晓灵看来，以机构监管为主的监管格局往往成为制定法律规范的障碍。

"Span several industry/Span silver-colored card to protect an asset management behavior,Be involved in each supervision department,To coordinate all regulatory supervision range and the behavior rule."In the National People's Congress deputy director of the finance committee members WuXiaoLing looks,With the supervision of the supervision institutions mainly pattern often become the obstacle for legal norm.

　　例如，一行三会和财政方面的关系只能靠国务院领导的巡会制度来协调，金融统计分散在一行三会各个部门当中。

For example,A line of three will and financial aspects of the relationship between the leadership of the state council can only rely on the tour will system to coordinate,Financial statistics dispersion in a line of three will each department.

　　吴晓灵认为要突破这种现状，应该从现在的机构监管逐渐过渡为以功能监管为主，机构监管为辅，根据这一原因对现行法律进行修改。“不是说法律越多越好，而是需要我们的法律体系更加完善。”

WuXiaoLing think to break through the situation,Should from the current supervision institutions gradually transition to function supervision is given priority to,Supervision institutions an ounce of prevention is worth a,According to the reason of existing laws modified."Not to say the law the more the better,But we need to legal system more perfect."