上海交通大学硕士学位论文金融业混业经营的监管体制问题研究姓名:陆凯倩申请学位级别:硕士专业:国际贸易指导教师:秦向东20090101123RESEARCHONSUPERVISIONSYSTEMOFFINANCIALMIXEDOPERATIONABSTRACTFinanceisthecorepartofmoderneconomy.Aconsummatefinancialsupervisionsystemhasgreatinfluenceontheconstructionofmarketeconomy.Ontheonehand,effectivefinancialsupervisioncanensurethefinancialsystemoperatesteadilyonmacro-level,andpromoteeconomydevelopment;Ontheotherhand,thefinancialsystemcanbeimprovedonmicro-levelwithinnovationoffinancialinstitution.Atthesametime,accumulatedfinancialriskispreventedintheindustry,andfinancialefficiencyincreases.Astheneedfulcomponentinfinancialsupervisionsystem,thesupervisionmodesarerelatedtotheefficiencyandaimrealizationoffinancialsupervision.It'stheunchallengedimportantpartinfinancialsupervisionlegislationproceedings.ThemixedoperationoffinancialindustryisbecomingthemaintrendthatthedividedsupervisioninChinaislackofdevelopmentbasis.Thedividedsupervisionmodeisfacingthekettleoffishintakingprecautionsagainstfinancialrisksandprotectingorderedfinancialgrowth.Atpresent,choosingaproperfinancialmodeisextremelyimportanttoefficientsupervisioninChina.Thethesisconsolidateshistoricalanalysis,logicalanalysis,canonicalparse,empiricalanalysis,comparativeanalysisandinductivemethodtoadjustandimprovethenativefinancialsupervisionmodeinthemixedoperationtrend,combinedwiththereformexperienceindevelopedcountries.Thecontentofthethesisincludes:Thefirstpartistheobjectivedescriptionaboutfinancialmixedoperationdevelopmenttrend;Thesecondpartisfinancialsupervisionconceptsandtheorysummary;Thethirdpartistheempiricalcomparisonoffinancialsupervisionmodereforminforeigncountries;TheforthpartisthepresentsituationanalysisoffinancialsupervisionmodeinChina;The4restofthethesisismainlyabouthowtoperfectthefinancialsupervisionmodeinChina;howtoperfectthefinancialsupervisionlawsystemandthemolarconstructoffinancialsupervisionorganizationstructureinChina.KEYWORDS:FinancialSupervision,MixedOperation,DividedSupervision,MixedSupervision,IntegratedSupervision70.1208020901998FSA199919992000200111WTO07“”0.20.2.119992001200081999200120012002200420052005200620060.2.2Woodyard199670Taylor199970Llewellyn2000731.2.3.Hartman2000RioHondoSanAngel20029APECPeckRosengrenIoannidouTaylor1995TwinPeaksCourtis1999Wallman1999RimrioTovarlandaPh.D(2002)Schoenmaker2003,Quintynetal.2006,amongothersAbramsandTaylor2002ArnoneandGambini2007Flemingetal2004Ciha`kandPodpiera2007a,b0.3100.4111.11.1.11.1.219961.1.3202070,,80,,,198610271219981999114,,1.2199219975249220005114110098199911122070(BaselCommitteeonBankingSupervision)131.319391993198080,19991999200020012003”200420051027,,WTO14:152.1():StiglerBeichman161971GeorgeJStigler:2.2171998208097183.13.1.180519871986SIBSIBSROS19821987SIBSFAMROLA-UTRO5801997FSASFAIMROPIA9FSAFSA5FSAFSA20200062000192006(FinancialServicesAuthorityFSA)20062007GDP3.1%2.9%FSAFSAFSA3.1.2FSA2000FSA11”3-1FinancialsupervisionsystemstructuregraminUKFSAFSA2001FSAFSA1002500FSAFSAFinancialServicesAuthorityFinancialGroupBankingSupervisionDivisionInsuranceSupervisionDivisionInvestmentSupervisionDivisionMarketSupervisionDivision20FSAFSA2000FSAFSA3.220301933-1934193919991864OCCFRBFDICNAIC1933SECNAS2030197819991999213-2FinancialsupervisionsystemstructuregraminAmericaFRBFRB200710920083315BoardofGovernorsStateBankoftheAuthorityFinancialHoldingCompanyCurrencySupervisionDepartment;FederalInsuranceCommercialBankSecuritiesandExchangeCommissionThestateOfficeofInsuranceSecuritiesInsuranceCompany22302008443.3twinpeaks200120022002420032004120061120064200682007320081997(FinancialSupervisoryCommission,FSCPAOFSPB2319995200053-1/KreditTilsynet1986DanishFinancialSupervisoryAuthority1988SwedenFinansInspektione1991FinancialServicesAuthority19979AustralianPrudentialRegulatoryAuthority1998/07FinancialServicesAgency2000/07KoreanFinancialSupervisionCommission1998/04243-2199819983.43.4.13.4.2253.4.31999199820022619841995209019974.1198219864.21980198719921993199519989020032720034-1199219981995200319984.34.3.1QFIIQFII,20011211WTO2007200212A,1996QFII281998QFII4.3.21995199810294.3.382719.919.924.933304.3.4/315.11234123235.25.2.1()33,,,,45.2.25.2.3345.2.45.2.5355.3-TR=R(Q),TC=CQ)()()(QCQRQ−=πQ0)(')(')('=−=QCQRQπR'Q=C'QMR=MC0)('')('')(''−=QCQRQπR''QC''QMR'MC'MR=MCMR'MC'TRTR=PsQAR=TR/Q=P(s)Q/Q=P(s)AR=MR=P(s)P(s)=MCP(s)=MCMC5.436()()()()(1)(2)(3)(4)5.4.1(FAC)()(CBFA)50FACCBFA1.FAC375-150(B)(S)(I)(B)(s)(1)CBBSSIISICBCBSIUUUCB5IUUUBSBSIUIHISUICBSISICBB1B2B3CBSIBSBSICBCBSIUUUCBSIUBS1012CBBS1BISBICB5CBICBSISICBCBCBCBSIUUUUUUUSIBSBSICBB1B2SICBBSCBSICBSIIBSIUUUCBSIUUUCBCBSI.CBSICBCBSIUUUUUUCBSICBCB,SIBSBSICBCBSISICBSICBCBCBBCSICBSIBSISIBISBIUUUBSBSICBS-UDonatoMasciandaroIMFBSIUBSBICBSI71523382135(1)1(2)1(3)5-2FACCBFAFACCBFAFACCBFAFACCBFA027112711271715151611213131211233112127123O2123223237174122371514311327402531272317111517131711222DonatoMasciandaroIMF2.CBFA39(CBFA)()1234(CBFA)5.4.25-3(CBFA)(MvBdum)(Mcap)(Goodgov)FACCBFAMvBdumMcapGoodgovSPSSProbitLogist405-4ProbitLogistProbitLogistCBFAPZ-0.93(0.23)0.00***-1.61(0.43)0.00***MvBdumPZ0.70(0.37)0.05*1.39(0.68)0.03*