欧阳良宜

OuYangLiangYi

　　[ 随着人民币国际化和国内金融市场的对外开放，混业经营可能是未来金融机构改革不得不面对的选择，这不是部门利益所能阻挡的潮流 ]

[with RMB internationalization and the domestic financial market opening up,Mixed operation may be the future reform of financial institutions have to face the choice,This is not department interests can stop trend]

　　2012年年底传出建行和工行正在申请A股承销资格的消息，引来券商一阵恐慌。这并非没有道理，渠道的优势已经使得基金业沦为给商业银行打工的苦力。如果商业银行不受限制地挺进投行业务，券商们被边缘化恐怕只是时间问题。

From the end of 2012, the construction bank and icbc is applying for a-share underwriting qualification of the news,Draw brokers panic.This is not without reason,Channel advantage has funds to commercial Banks to work coolie.If commercial Banks, unrestricted into investment banking,Brokers are marginalized I'm afraid is just a question of time.

　　虽然在建行和工行之前已有中行和国开行获得A股承销牌照，但当时市场的看法那是特例而非常规，这一次狼真的来了。读者可能会不以为然，不过是多了几家银行当承销商，多大点事？这其实是一件可能改变中国金融监管格局的大事。不信？我们回顾一下美国人反复折腾投行和银行的历史就明白了。

Although in the construction bank and bank of China and countries have icbc before operation for a-share underwriting license,But at that time the market view that is special case and unconventional,This time the Wolf really came.Readers may disagree,But is more a few Banks when the underwriter,Much something?It is a possible to change China's financial supervision pattern event.Don't believe?We review the American investment Banks and bank repeatedly over the past can understand.

　　这是很多年前的一个段子了。一位刚入职的华尔街投行经理在参观领导办公室时看到墙上挂着两位老人的照片。于是他问前辈，那两个老头是不是咱公司的创始人？答曰：不是。那为什么他们的照片挂在那么重要的地方？答曰：他们是华尔街的恩人，如果没有这两位，咱现在恐怕得喝西北风。那两位究竟是谁？格拉斯和斯蒂格尔。

This is many years ago was a joke.A just into the position of manager of Wall Street in the leadership of the office to see two old man hung on the wall of the photo.So he asked the elder,The two old man is I the company's founder?Answer yue:not.Why their pictures hang in such an important place?Answer yue:They are Wall Street's benefactor,If not the two,Now I'm afraid I have to drink the northwest wind.The two who is really?Glass and stig er.

　　格拉斯-斯蒂格尔法案就是美国的1933年证券法，它将投资银行（证券公司）从商业银行中分离出来，从而成就了投行在现代金融体系中的核心地位。在此之前美国的银行属于全能银行，既能从事证券承销、交易和自营业务，也能从事存贷款业务。由于在大萧条期间出现了多家银行证券投资失败而导致储户血本无归的事件，美国人才将银行业一分为二。

Glass-steagall act is the United States securities law in 1933,It will be the investment bank(Securities company)From the commercial Banks of separation,Thus made investment Banks in the modern financial system in the core position.Before this American bank belongs to the almighty bank,Can engage in securities underwriting/Trading and its business,Can also engaged in loan business.Because the great depression period appeared many Banks securities investment failure to depositors lose everything event,Americans will banking in two.

　　在大萧条之前掌控美国近1/3金融资本的J.P.摩根被迫将摩根士丹利拆分出来 。后者就是现在大家熟悉的大摩，而规模要大得多的前者却被香港人称为“小摩”。大摩凭借摩根的名字迅速在证券市场上建立了领先地位，但却饱受资本匮乏之苦。上世纪80年代美国最热门的业务为并购业务，投行经常要为客户提供过桥贷款来承揽利润丰厚的垃圾债券发行业务。但当时多数投行都是合伙制，老合伙人一退休就带着大笔钱走了，所以投行的资金非常紧张。而瑞银、瑞信和德银这些外国竞争对手却都不差钱，因为瑞士和德国银行都是混业的全能银行。无奈之下，大摩和小摩曾经讨论过合并，但在当时的法律环境下无法进行。大摩于1986年上市后解决了资金饥渴的问题，才不再提合并的事。

In the great depression in the United States before about a third of financial capital J.P. Morgan forced to split out Morgan Stanley .The latter is now familiar Morgan,And the scale of the former was called the people of Hong Kong"The small".The big with Morgan's name in the stock market rapidly established the leading position,But lack of capital from the bitter.In the 1980 s America's most popular business for mergers and acquisitions,Investment Banks often have to provide for the customer bridge loan to contracting profitable junk bonds issued business.But at that time the most investment Banks are partnership,A retired old partner with the large sum of money to go,So Banks money very nervous.And ubs/Red and German silver these foreign competitors but not bad money,Because Switzerland and Germany bank is mixed all-around bank.Helpless under,The big and small have discussed the merger,But at the time of the legal environment without.The large listed in 1986 after the capital to solve the problem of hunger and thirst,Don't mention the merger.

　　但是外国银行的竞争威胁一直都在，差钱的投行纷纷成为其他金融机构的猎物。第一波士顿被瑞士信贷收购，雷曼兄弟被美国运通收购，而所罗门兄弟则被旅行者保险收购。虽然华尔街对分业监管的反对声音越来越大，但并没有哪家投行真正越过混业监管的红线。很意外，完成致命一击的居然是家保险公司。由华尔街著名励志男桑迪·威尔一手拼凑的旅行者保险，在买下投行所罗门和美邦之后，又盯上了花旗银行。这显然是违法的，因为投行和银行势不两立。

But foreign Banks competition threat has been,Sent money investment Banks have become prey to other financial institutions.By credit suisse first Boston acquisition,Lehman brothers is American express acquisition,And Solomon brothers are travelers insurance purchase.Although Wall Street to supervised respectively dissenting voices is more and more big,But it is not a real investment Banks across the mixed supervision of the red line.Very accidental,Complete a crit is incredibly home insurance company.By the Wall Street famous inspiring male sandy wehle a medley travelers insurance,Buy investment Banks after Solomon and salomon Smith barney,And marked the citibank.This is clearly a violation of the law,Because investment Banks and bank at daggers drawn.

　　但华尔街的口头禅是：We never take NO as an answer。在花旗和旅行者的强力游说下，美国国会同意两家公司于1998年先行合并，然后再于1999年立法确认该合并案的合法性。美国《1999年金融服务现代化法案》因为一个犹太人的野心就这么诞生了，同时也将格拉斯和斯蒂格尔两个老头的遗产扫进了历史垃圾堆。华尔街从此进入了混业经营的大变革时代。但，并非所有的变革都是好事。

But Wall Street's catch phrase is:We never take NO as an answer.In citigroup and powerful lobbying by the traveler,The United States congress to approve the two companies in 1998 first merger,Then in 1999 the legality of the legislation to confirm that the merger.The United States[In 1999, the financial services modernization act]Because a Jew ambition so was born,At the same time will also glass and stig's two old man's heritage and history into the rubbish dump.Wall Street since then entered the mixed management revolution era.but,Not all of the changes are good.

　　混业经营使得银行可以经由投行部门从事高风险的自营业务，尤其是次贷证券和衍生品。花旗因为次贷而遭受巨亏，几乎退市。不管从哪个角度看，混业经营都是次贷危机爆发的重要原因，即便不是主要原因。

Mixed operation makes bank via investment banking department engaged in high-risk proprietary business,Especially the subprime securities and derivatives.Citigroup for subprime and suffered huge losses,Almost delisted.No matter from which point of view,Mixed operation is the subprime crisis important reason,Even if the human is not the main reason.

　　次贷危机之后，多数评论都将矛头指向混业经营，要求复活格拉斯-斯蒂格尔法案。但如果从另一个角度看，混业监管也救了华尔街。走投无路的大摩和高盛于2008年9月转为商业银行，从而获得美联储的贴现贷款渡过难关；而在2007年，小摩就已在美联储要求下收购了濒临倒闭的贝尔斯登。如果不是混业经营法案的通过，这种救助是不可能的。

After the subprime crisis,Most of the comments will be pointing at mixed operation,Requirements raised glass-steagall act.But if from another perspective,Mixed supervision also saved on Wall Street.The desperate Morgan and Goldman sachs in September 2008 to commercial Banks,To get the fed's discount loan tide over the difficulties;In 2007,The small has been in the federal reserve requirements bought on the verge of collapse of bear stearns.If not mixed management bill through,This assistance is impossible.

　　2010年，美国国会通过了大萧条以来最严厉的金融监管法案《多德-弗兰克法案》。这部法案的要点之一是限制（几乎禁止）银行从事高风险的自营业务。某种意义上说，我们可以理解为美国人再次将投行的核心业务从银行体系中分离出来。次贷危机之前，自营业务（如对冲和私募股权）占高盛和大摩利润的2/3左右。但这部法案显然还没有得到华尔街足够的尊重，小摩2012年爆出自营部门60亿美元的衍生品交易巨亏。看来华尔街仍需要时间来适应新的监管环境。

In 2010,,The United States congress passed the most severe since the great depression of the financial regulation law[Dodd - frank act].The bill is one of the main points of the limit(Bans almost)The bank is engaged in the high risk of its business.Some sense,We can understand for American investment Banks again the core business from bank system of separation.Before the subprime crisis,Self-operated businesses(Such as hedge and private equity)Goldman sachs and Morgan account for about two-thirds of the profit.But the bill obviously haven't got enough respect on Wall Street,Small in 2012 came the self-management department $6 billion of derivatives trading huge deficit.It seems the Wall Street still need time to adapt to the new regulatory environment.

　　中国的金融监管体制发展历史和美国有共同之处。建国以后，中国一度只有一家金融机构：人民银行。1979年以后，商业银行、保险和信托公司才从人行分离出来或重新建立。譬如，中行就是原来人行的国际业务部门，而工行则承接了人行原来的个人及工商业存款业务。证券公司起源于上世纪80年代各大银行为推销国债而设立的子公司。基金管理公司则是90年代从证券公司分离出来的新行业。

China's financial supervision system development history and the common.After the founding of the,China was once only a financial institution:People's bank of.1979 years later,Commercial Banks/Insurance and trust company to separate from the pedestrian or to set up.Such as,Bank of China is the original pedestrian international business department,And the icbc to undertake the pedestrian original individual and industrial and commercial deposit business.Securities companies originated in the 1980 s each big bank to promote national debt and the establishment of subsidiaries.A fund management company is from the 90 s securities company separation out of new industries.

　　在1993年证监会设立之前，中国的金融监管仍是人民银行一统天下。1998年保监会和2003年银监会的成立奠定了现在“一行三会”的分业监管格局。随着银行、保险、证券和信托业的相互渗透，现在的监管架构缺陷逐渐显露。平安集团和中信集团等金融机构集齐了全部金融牌照，混业经营已成现实，但各监管机构之间仍壁垒森严。随着人民币国际化和国内金融市场的对外开放，混业经营可能是未来金融机构改革不得不面对的选择，这不是部门利益所能阻挡的潮流。若干年后，我们回头来看建行和工行的A股承销资格申请，也许会发现，这不是个案。

Established in 1993, before the CSRC,China's financial supervision is still is the people's bank unify the whole country.In 1998, the China insurance regulatory commission in 2003 and the establishment of the CBRC laid now"A line of three will"The pattern of supervised respectively.Along with the bank/insurance/Securities and mutual infiltration of trust industry,Now the regulatory framework defect gradually revealed.Peace group and citic group, and other financial institutions set together all financial license,Mixed operation has become a reality,But between the regulatory agencies still closely guarded.Along with the RMB internationalization and the domestic financial market opening up,Mixed operation may be the future reform of financial institutions have to face the choice,This is not department interests can hold back the tide.After years of,We look back to see the construction bank and the line of the a-share underwriting eligible to apply,May find,This is not the case.

　　历史经常会跟我们开玩笑。上世纪30年代大小摩分家的时候恐怕没有想过，若干年后大摩会是一家商业银行，而小摩会是全球最大的投行。如果哪天两家公司又走到了一起，我是不会感到奇怪的。《三国演义》开篇第一句是：话说天下大事，合久必分，分久必合。诚哉斯言。

History will often tell us jokes.In the 1930 s the size of the tree when I'm afraid I haven't thought of,After years of Morgan is a commercial bank,And the small is the world's largest investment Banks.If one day the two companies together again,I wouldn't feel strange.[The romance of The Three Kingdoms]The first one is opening:Words of the world events,Together long will points,FenJiuBiGe.ChengZaiSiYan.

　　（作者单位：北京大学经济学院）

(The author unit:Peking University school of economics)