金融控股公司监管制度研究

中国人民大学硕士学位论文金融控股公司监管制度研究姓名：张宗伟申请学位级别：硕士专业：法律指导教师：邢海宝2007070111234212312334AbstractThefinanceisthecoreofthemoderneconomy,andtheinnovationofthefinancialindustryplaysamoreandmoreimportantroleindevelopmentofthewholesocialeconomy.Inthetideofthefinancialliberalizationandfinancialinnovation,thisnewinstitutionoffinancialholdingcompanyhasappeared.Itadoptsthemodeofthegroupcontrollingstocks,beingoperatedseparately.Ononehand,financialholdingcompanyoffersserviceofglobalizationforconsumers,bringsthecostandefficiencyadvantageofmixedoperationintoplayandrealizesthelarge-scaleproduction;ontheotherhand,itcanreducetheriskbybeingoperatedseparatelyandevadepaymentofdutylegitimately,therefore,itreceivesenormouspopularityinthewesterndevelopedcountryrapidly,andsomelarge-scalefinancialinstitutionsdevelopinthisdirectiononeafteranother.Butasanewkindofeconomicorganizationalform,justlikeadouble-edgedsword,ithasenormousmanagementadvantagesandwillproducegreaterbusinessriskaswell.Thepresentlawsandregulationsofourcountryhavenotyetstipulatedthelegalstatusofthefinancialholdingcompanyclearly,andhowtocarryoneffectivesupervision.Thishasputforwardnewquestionsforfinancialsupervisionauthoritiesofourcountry.Suchmethodsashistoricalanalysis,comparativeanalysisandlegalanalysisareadoptedinthisessayinordertogivesomesuggestionstothelegislationofthesupervisiontothefinancialholdingcompanyunderpresentsupervisingmodeofChinaandattempttofindwaysofeffectivesupervisiontothefinancialholdingcompany.Besidesprefaceandconclusion,thisessaydividesintofivechaptersChapterOneisasummarytothefinancialholdingcompany.ConsideringtherealityofChina,theauthordefinesthefinancialholdingcompanyasFinancialinstitutioncontrolssharesinmorethantwofinancialinstitutionsatthesametime,andmainlyofferstwoormorekindsofbusinesssuchasbanking,securities,insurance,trust,fund,assetsmanagement,accountingcompany.Ithasthe5followinglegalcharacteristics:(1)ItisanindependententerpriselegalpersonthatsetsupwithintheterritoryofChina;(2)Itsmainrealizingformiscontrollingshares;(3)Mothercompaniesandsubsidiariesarebothindependentlegalperson'sentities;(4)Itsbusinessscopeismoreextensivethanthegeneralfinancialinstitutions.Becausethefinancialholdingcompanypossessesthecharacteristicsoftheabove,ithasessentialdifferenceswiththeall-roundbank,holdinggroupoffinance,financialcompanyofcontrollingshares.Then,Idividetheexistentfinancialcompaniesofourcountryintothreekinds:thefinancialholdingcompanysuchasCITICgroup,EverBrightGroupwhichhavethecomprehensivefinancialgroupcompanyforms,thosewhichareestablishedbyindividualorjointinvestmentofstate-runcommercialbankssuchasChinaInternationalCapitalCorpLtd.EstablishedbytheChineseConstructionBankofChinaandthefinancialholdingcompanysuchastheLimitedCompanyofSafeInsuranceandthePeople'sInsuranceCompanyofChinawhicharesetupbytheinsurancecompany.InChapterTwo,theauthoranalysesthenecessitythatthefinancialholdingcompanyexistsfromtworespects:generalriskandspecialrisk.Theformerincludescreditrisk,interestraterisk,mobilerisk,operationrisk.Creditriskreferstothatdebtorsdon’tfulfillobligations,oronepartyoftradebreaksacontractandbringlostpossibilitytothefinancialholdingcompanyasanotherpartyoftrade.Theinterestrateriskmeansitisthepossibilitytocausedamagestothefinancialholdingcompanybytheunfavorablechangeintheinterestrateofmarket.Themobileriskmeansthefinancialholdingcompanyisunabletoofferfinancingfordebtreductionorassetsincrease.Theoperationriskiswhatcauseslostpossibilitybecauseoftheimperfectorinvalidinternalcontrollingsystemoffinancialinstitution.Thelatterincludesthetoohighriskofcapitalrepetitivecalculationandaccountinglever,theriskofmarketmonopolyandtheriskofrisktransmission.InChapterThree,theauthorsurveysthelegislationofsupervisiontothefinancialholdingcompaniesofvariouscountries.Firstofall,presentsomerepresentativelegalfilesrelatingtosupervisionofthefinancialholdingcompany.Second,introducethelegalsubjectofthefinancialholdingcompanysupervision,6andfurtherdividethemintoasinglesupervisionsubjectandpluralsupervisionsubjectThird,probeintotheconcretesupervisionrelatedtomarketaccess,anti-monopoly,capital-sufficientrate,andrelatedtradeof.Finally,summarizetheenlightenmentofourcountryfromthelegislativeexperienceofvariouscountriesfromtheaspectsoflegislativereason,legislativetechnology,legislativeidea,legislativebackground.InChapterFour,theauthordiscussestheexistingproblemsofthesupervisionofthefinancialholdingcompanyofChina.TheauthorconcludesthatthefinancialholdingcompanyofChinahasthefollowingproblems:(1)theindeterminaterelationsofownership;(2)jurisdictionquestioncausedbyregisteringplace;(3)theindefiniteappellationandtheconfusedclassification.Theshortcomingsexistinginthe“beingoperatedseparately”systemofChinaare:(1)insufficientlawrelatedtothefinancialholdingcompany;(2)theindefinitesubjectofthesupervisionoffinancialholdingcompany;(3)somesupervisorsofpoorquality.InChapterFive,theauthorputforwardhisownsuggestionsinrelationwithsupervisionlegislation,supervisionmodeandrelevantlawsofthefinancialholdingcompany.Intheaspectofsupe