摘要
国外金融机构综合化经营历经多阶段演进,受外部竞争、经济结构演变、金融市场发展及监管政策变化驱动。美国从严格分业到逐步放开,日本经历金融大爆炸实现混业,加拿大通过修订法案开启金融混业,欧盟部分国家延续全能银行模式。综合化经营虽面临利益冲突、金融稳定挑战及成本效率质疑,但制度安排与外部环境可有效管控风险。中国金融体系以银行为主导,资本市场发展相对滞后,综合化经营是提升金融机构竞争力、服务实体经济的重要路径。在低利率环境下,中国商业银行需储备综合化经营能力,完善相关制度与法律,推进金融机构综合化经营,以实现金融高质量发展。
The emergence of financial conglomeration abroad has gone through multiple stages of evolution,driven by external competition,the maturing of the economic structure,the development of the financial market,and changes in regulatory policies.The U.S.has gradually relaxed its strict separation of financial industries,while Japan has adopted a mixed structure after experiencing''Big Bang''in the 1990s.Canada has opened the financial sector to mixed operations while some countries in the European Union continue to employ the universal banking.Although consolidated operation faces conflicts of interest,financial stability challenges and cost-efficiency questions,the institutional arrangement and external environment can effectively control risks.China's financial system remains bank-dominated,and the development of the capital market overall is relatively lagging.For China,integrated operation is an important path to enhancing the competitiveness of financial institutions and serving the real economy.In the current low interest rate environment,Chinese commercial banks need to strengthen their capacity for integrated operation and strive to improve relevant institutions and laws in order to achieve high-quality financial development.
作者
汪航
周琼
WANG Hang;ZHOU Qiong(Investment Banking Department,Postal Savings Bank of China)
出处
《金融市场研究》
2025年第8期54-64,共11页
Financial Market Research
基金
2024年NAFMII研究计划“商业银行投行业务能力提升与综合化经营”(KFKT2024-16)。
关键词
商业银行
综合化经营
金融高质量发展
Commercial Banks
Financial Conglomeration
Financial High-quality Development
