聂伟柱 洪偌馨

NieWeiZhu hong promised to back

　　上世纪的两次金融“大爆炸”奠定了英国金融业在整个世界的核心地位；对于目前规模庞大的中国金融业而言，或许正处于一场金融“大爆炸”的前夜。

Two of the last century finance"The big bang"Laid the British financial industry in the core position of the world;For the size of China's financial industry,Maybe is in a financial"The big bang"On the eve of the.

　　“继续积极稳妥推进金融业综合经营试点。”一行三会等部委2012年9月公布的《金融业发展和改革“十二五”规划》指出，引导具备条件的金融机构在明确综合经营战略、有效防范风险的前提下，积极稳妥开展综合经营试点，提高综合金融服务能力与水平。

"Continue to take an active and steady financial industry comprehensive management pilot."A line of three will be released by the ministries and commissions such as September 2012[Financial development and reform"1025"planning]Pointed out that,Guide qualified financial institutions in clear overall business strategy/Under the premise of effectively guard against the risk,Positive safe to carry out comprehensive management pilot,Improve the comprehensive financial service ability and level.

　　这一表态宣告了“十二五”时期金融业发展的一个重大方向——综合经营。

The statement declared"1025"Period of the development of financial industry an important direction - comprehensive management.

　　事实上，在监管层表态支持金融业综合经营的同时，以理财产品为代表的交叉性金融产品开始剧增，金融机构跨业投资步伐也在加快。种种迹象显示，金融机构的综合经营意愿已经日益强烈。

As a matter of fact,In regulatory plumped for comprehensive management of the financial industry at the same time,Represented by financial product cross financial products began to increase,Financial institutions combination investment in pace.All signs seem to indicate,The comprehensive management of financial institutions will increasingly strong.

　　另一方面，中国金融业也已具备了加速综合经营的实力。在上一个十年，国有银行悉数完成股改，中国银行(601988,股吧)业在整个世界金融版图中拥有了一席之地；下一个十年，与英国类似，综合经营恰能成为中国金融业由大变强的重要推进器。

On the other hand,China's financial industry also has the speed up the strength of the comprehensive management.In the last ten years,State-owned Banks are all complete number,The bank of China(601988,Shares!)Industry in the whole world financial in the territory;The next ten years,Similar to the UK,Comprehensive business to become China's financial industry by the stronger the important propeller.

　　

五分天下 Five points in the world

　　中国金融机构对于综合经营，其实并不陌生。

China's financial institutions for comprehensive management,Actually not strange.

　　上世纪80年代之初，当时并无分业、混业概念，商业银行可设立信托、证券等子公司，但由于立法滞后、监管不足、人才缺乏等原因，整个金融业一度出现了混乱。由此，这次综合经营的尝试被统一叫停。

At the beginning of the 1980 s,At that time there is no segregation/Mixed concept,Commercial Banks may be established in trust/Securities company,But due to the backward legislation/Lack of supervision/The lack of talent, etc,The entire financial industry once appeared chaos.thus,The integrated management of trying to be unified.

　　最近一波的综合经营起点可以追溯到2005年。是年，中共中央十六届五中全会正式提出“稳步推进金融业综合经营的试点”。此后，2006年和2011年的国家“十一五”、“十二五”规划均提出了“推进金融业综合经营试点”的要求。

A recent wave of comprehensive business starting point can be traced back to 2005.The table,The sixteenth central committee of the CPC central committee put forward"Steadily promote comprehensive management of the financial industry".Since then,2006 and 2011 of the country"Eleventh five-year plan"/"1025"Planning are put forward"Promote comprehensive financial management pilot"The requirements of the.

　　屈指算来，2005年至今，金融业综合经营试点已有七年时间。

Can the memory,Since 2005,Financial industry comprehensive management pilot for seven years time.

　　“金融业综合经营试点取得一定成效。”人民银行在2012年金融稳定报告中总结了四点成效：金融机构协同效应初步显现；商业银行业务结构得到一定程度优化；产融结合一定程度上促进了产业集团的主业发展，增强了金融业的资本实力；综合经营监管制度初步建立。

"Financial industry comprehensive management pilot achieved certain results."In 2012 the people's bank financial stability report summarizes the results at four o 'clock:Financial institutions synergy preliminary revealed;Structure of commercial Banks to get to a certain extent;In harmony with a certain extent promote the business development of the industry group,Enhance the capital strength of the financial industry;Comprehensive management supervision system preliminary established.

　　从现状来看，综合经营主要有五种形式。其一，以商业银行为主体的银行控股集团，如工行、建行等，这些机构在境内收购了保险公司，在境外则搭建了投行平台。其二，纯粹的金融控股集团，主要有光大集团、中信集团、招商局集团以及平安集团。这两类机构是国内综合经营的主体探索者。其中，银行方面，根据央行统计，截至2011年末， 共有8家商业银行设立基金管理公司，6家投资保险公司，10家设立或投资金融租赁公司，3家投资信托公司，3家设立消费金融公司。

From the current situation,There are five comprehensive management main form.one,In commercial Banks as the main body of the Banks holding group,Such as icbc/The construction bank, etc,These institutions in China bought insurance company,In overseas, the investment banking platform.The second,The pure financial holding group,Main everbright group/Citic group/China merchants group, and group of peace.These two types of institutions is the subject of domestic integrated business explorer.Among them,The bank of,According to the statistics of the central bank,The end of 2011, A total of eight establishment of fund management companies by commercial Banks,Six investment insurance company,10 established financial leasing company or investment,Three investment trust companies,3 set up consumer finance companies.

　　“国有大行对综合经营都比较重视，综合经营已经成为大行战略的组成部分之一。”一位国有大行人士对《第一财经日报》表示，国有银行大都涉足基金、证券、信托和保险业务，其他商业银行仅仅涉足其中的一到两个业务领域。

"Great attention to comprehensive management are state-owned,Comprehensive management has become one of the great part of the strategy."A great of state-owned[First financial daily]said,State-owned Banks are mostly in the fund/securities/Trust and insurance business,Other commercial Banks only in one or two of these business areas.

　　综合经营的其余三类机构分别为：非银行机构主导的控股公司，以中石油和新希望为代表，它们有的以金融为主业，有的以实业为主业；区域性金融控股公司，如上海国际集团等；信达、华融、长城、东方四家金融资产管理公司。

Comprehensive management of the three types of institutions, respectively:Non-bank institutions dominated by the holding company,Represented by petrochina and new hope,They have to finance as its main business,Some in industry as its main business;Regional financial holding company,Such as Shanghai international group;cinda/wisewin/The Great Wall/The four financial asset management companies.

　　

首选金控模式 Preferred gold control mode

　　央行认为，危机后，综合经营仍是国际金融业发展的主流趋势，部分大银行的综合经营程度甚至已经超过危机前水平。“金融业综合经营是我国金融业发展的客观需要。”

The central bank believe,After the crisis,Comprehensive management is still is the mainstream of the international financial industry development trend,Part of the big Banks comprehensive management level has even more than before the crisis level."Financial industry comprehensive management is the objective need of China's financial industry development."

　　截至目前，中国银行业的金融资产已经超过120万亿元，每年利润规模也超过1万亿元。整个行业可谓规模巨大，但与此形成鲜明对比的是，银行业利润高度依赖存贷利差。因此，综合化经营，进而实现收入结构多元化成为商业银行，特别是国有大行的普遍选择。

Up to now,China's banking sector financial asset has more than 120 trillion yuan,Annual profit scale is more than 1 trillion yuan.The industry is huge,But by contrast,The banking industry profits highly dependent on loan interest.so,Integrated management,And realize the income structure diversification becomes commercial bank,Especially state-owned large do common choice.

　　“经过"十一五"期间综合经营试点，金融业综合经营有了较大发展，初具规模，已成为不容忽视的客观现实。”央行在指出下一步积极稳妥推进综合经营试点工作的同时，也建议要选择适合我国国情的金融业综合经营模式。

"after"Eleventh five-year plan"During the comprehensive management,Comprehensive financial management has larger development,Begun to take shape,Has become the objective reality that nots allow to ignore."Pointed out that the central bank next active and steady comprehensive management pilot work at the same time,Also suggested to choose suitable for the situation of China financial industry integrated business model.

　　从国际上来看，各国推进综合经营的模式多样，主要有金融机构跨行业投资、金融控股公司实行“子公司分业，集团综合经营”、金融机构开展综合性金融业务等模式。

Judging from the world,All over the world to promote comprehensive operation pattern of diversity,There are financial institutions investment firms/Financial holding company"Subsidiary separated,Comprehensive management group"/Financial institutions to carry out the comprehensive financial business, etc.

　　具体来看，美国是通过允许管理和资本状况良好的银行控股公司以及符合条件的外国银行，以“金融控股公司”的形式涉足广泛的金融领域；而以德国为代表的欧洲大陆国家大都实行全能银行制度，即银行自身可以直接从事全功能金融服务，不需要因业务性质不同特别设立子公司。

Specific to see,Is in good condition by allowing management and capital of the United States bank holding company and conforms to the condition of the foreign bank,In order to"Financial holding company"In the form of a wide range of financial sector;And most of the mainland European countries represented by Germany implements the almighty bank system,The Banks themselves can be directly engaged in the function of financial services,Don't need because of business nature different special subsidiaries.

　　央行在金融稳定报告中建议，从我国金融业发展水平看，“母公司控股、子公司分业经营”的金融控股公司，在资产配置、风险管理、客户信息资源共享等方面具有优势，并可以有效防止不同行业金融风险的传递，与我国金融监管体制现状相适应，可作为我国金融业综合经营试点的重要模式。

Central Banks in the financial stability report,From the level of financial industry development in our country,"The parent company holding/Subsidiary company financial companies"The financial holding company,In the asset allocation/Risk management/Customer information resources sharing, etc,And can effectively prevent the transmission of financial risks of different industries,In accordance with the present financial supervision system in our country,Can be used as an important mode of comprehensive management of China's financial industry pilot.

　　目前，国内的中信集团、光大集团等就是典型的金融控股公司。其实，金融业“十二五”规划中亦提到，“十二五”期间，将推动中信集团公司和光大集团公司深化改革，办成真正规范的金融控股公司。

At present,,Citic group in the country/Everbright group such as is typical of the financial holding company.In fact,The financial industry"1025"Planning is also mentioned,"1025"During the period,Will promote deepening reform citic group company and everbright group company,Be true of financial holding companies.

　　央行还称，我国部分有实力的大型金融机构已经具备一定的资本运作、风险控制、交叉销售和业务整合能力，其中具备条件的金融机构也可探索通过跨行业投资其他金融机构的方式开展综合经营。

The central bank said,Of strong large financial institutions have a certain amount of capital operation/Risk control/Cross selling and business integration ability,Of qualified financial institutions also can explore through three-dimensional way of investment and other financial institutions to carry out comprehensive management.

　　央行的这种建议，与国际上的流行的大趋势可谓不谋而合。近年来，德国的一些大型全能银行也倾向于通过设立子公司来经营部分金融业务，呈现出金融控股公司的特点。

The central bank of the proposal,Coincide with the trend of international pop it.In recent years,In Germany a few large almighty bank also tend to through the establishment of subsidiaries to run part of the financial business,Presents the characteristics of the financial holding company.

　　

填补监管盲点 Fill the supervision blind spots

　　我国对于金融业综合经营一直持比较审慎的态度，其中一个重要原因就是担忧综合经营可能产生的巨大风险。以金融控股为例，金融控股公司一般比较大，并且结构比较复杂，缺乏专门的、整体层面的监管，容易产生资本重复计算、风险集中度过高和监管套利等问题。

The financial industry in China is comprehensive management has been more prudent attitude,One of the important reasons is comprehensive management concerns possible huge risk.In the case of financial holdings,Financial holding company is compared commonly big,And the structure is complicated,Lack of special/The overall level of supervision,Easy to produce the duplication in calculation of capital/Risk problem such as high concentration and regulatory arbitrage.

　　央行在其金融稳定报告中建议，应对金融控股公司进行专门的、整体层面的监管。

The central bank in its financial stability report,Devoted to financial holding company/The overall level of supervision.

　　其实就现阶段而言，金融业综合经营已存在着监管交叉和监管真空并存的问题。

In fact in terms of present,Financial industry comprehensive management already exists regulatory crossover and regulatory vacuum coexist.

　　中国银行的一份研究报告称，目前，我国实行分业监管制度，银监会、证监会和保监会分别负责银行、证券和保险的监管，金融业实现综合经营后，并表监管成为监管者监管综合经营机构的主要方式。

The bank of China, a study says,At present,,Our country executes supervised system,Banking regulatory commission (CBRC)/Securities and insurance, respectively responsible for the bank/The supervision of the securities and insurance,After the financial industry to realize the comprehensive management,The consolidated supervision as the main way of regulators comprehensive management supervision institution.

　　该研究报告解释称，例如，银监会不仅要监管银行的银行业务，还要对其非银行业务和机构负有一定的监管责任，监管交叉的问题突出。由于各个监管机构的监管标准、要求、手段和工具等不完全一致，因此，大型金融机构普遍感到监管负担较重。

The study explained,Such as,Banking regulatory commission (CBRC) not only to supervision of the bank business,But also to its non-bank business and institutions of regulatory responsibility,The intersection of regulatory problems.Because of the various regulators regulatory standards/requirements/Is not in conformity means and tools, etc,so,Large financial institutions generally feel regulatory burden heavier.

　　而对于监管真空，央行也承认，当前缺乏对金融控股公司整体风险负责任的监管主体，分业监管存在差异，在交叉环节和集团内部可能出现监管盲点和不协调，产生资本重复计算和混用、资本套利、杠杆率高、不当关联交易、风险集中度过高等问题。

For regulatory vacuum,The central bank also admitted,The current lack of the supervision of the financial holding company is responsible for overall risk,Differences between the supervised,May occur in cross link and group internal supervision blind spot and not harmonious,Produce repeated computation of capital and combination/Capital arbitrage/High leverage ratio/Improper associated transactions/Have higher risk concentration.

　　“目前，我国的金融监管以防范本行业和单一机构风险为目标，对金融行业相互关联可能引发的跨行业、跨市场风险监管不足。”2012年金融稳定报告称，需要一个具有宏观审慎管理能力的部门，从金融体系的整体而不是分行业角度考虑，将综合经营金融机构纳入统一的监管范围。

"At present,,China's financial supervision so as to guard against the industry and the risk for a single organization goals,May be caused by the three-dimensional for financial industry related/Across the market risk supervision."Financial stability report in 2012,Need a department with macro prudent management ability,From the point of view of the whole financial system not chat,The integrated operation of financial institutions in the unity of supervision.

　　金融危机之后，世界各国均普遍加强了央行在整个宏观审慎框架中的作用。以美国为例，根据《多德·弗兰克法案》，2009年，美联储设立大型机构监管协调委员会，管理和监督最具系统重要性的金融机构。

After the financial crisis,Common in every country in the world to strengthen the central bank's role in the whole macro prudent framework.As an example in the United States,According to the[Dodd frank bill],In 2009,,The fed established large institutions supervision coordination committee,Management and supervision system is the most importance of financial institutions.

　　回顾当年英国的两次金融“大爆炸”，一次是1986年以金融自由化为特征的第一次金融“大爆炸”；另一次则是上世纪90年代末以混业监管体系为核心的第二次金融“大爆炸”。英国的金融大爆炸呈现出明显的监管体系建设落后于金融业自由化的特点。

Back in the UK financial twice"The big bang",Once was characterized by financial liberalization in 1986 the first finance"The big bang";Another is in the late 1990 s with mixed supervision system as the core of the second financial"The big bang".Britain's financial supervision system construction of the big bang presents obvious lag behind the characteristics of the liberalization of the financial industry.

　　借鉴西方国家经验，在综合经营的同时，尽早建章立法，防范风险，我国或许可以免走监管体系建设落后于综合经营的弯路。

Use for reference the experience of western countries,In the comprehensive management of the at the same time,Many legislation as soon as possible,Guard against the risk,Walk or license to avoid supervision system construction in our country lags behind that of comprehensive management of detour.