金融业融合发展研究
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摘要
随着全球信息化进程的不断加快,产业经济的发展在融合趋势上进一步演进,推动了世界经济的一体化进程。近几年来,学术界对于产业融合的研究逐渐增多,但对于金融业融合趋势的研究尚不充分。目前,我国金融业融合的现象已经初步显现出来,但是融合的程度还不够高,在开放金融融合环境、提升金融业国际竞争力、早日实现金融业现代化与国际化等方面,我国仍需付出更多的努力。因此,本文选择金融业的融合作为研究对象,具有较强的理论价值和现实意义。
本论文的结构安排如下：
第一章是绪论。介绍了文章的选题背景和意义、研究内容和框架、研究方法、创新与不足。
第二章是理论基础及文献综述。首先,结合以往研究成果,对产业融合的内涵与外延进行了总结,提出了对金融业融合基本概念的界定。接着,分析了一般产业环境下的融合现象,对产业融合的发生机制以及影响效应进行了深入探讨。然后,总结了现代金融中介理论、金融资产同质性特征以及现代演化经济学的基本理论,并以此作为本文研究的理论基础。在此基础上本文指出,金融业中出现的融合现象应包含三个层次,即金融业与信息产业的融合、金融业的内部融合以及产融结合。
第三章至第五章针对金融业融合的三个层面依次做了详尽分析探讨。通过回顾国内外金融业在这三个层面的融合发展历程,总结了各个层面融合的动因、发展模式和路径、影响效应,并结合我国实际提出了我国金融业的融合发展战略。
第六章是我国金融业融合发展的对策。首先提出了金融业走融合化路线必须解决的四个关键问题,并明确了解决之道。进而对金融业融合发展背景下我国政府和金融机构应采取的措施提出了自己的见解。
第七章是结论与展望。对文章进行了全面总结,并展望了我国金融业融合发展的态势。
本文的主要结论有：
金融业中出现的融合现象虽然具备一般产业融合的基本特点,但也有其特殊之处。金融业的融合应包括金融业与信息产业的融合、金融业的内部融合以及产融结合三个层面。三者之间既有区别,又有联系：金融业与信息产业的融合成就了金融业的现代化,为金融业的内部融合和产融结合提供了根本的技术条件和物质基础。金融业内部融合是拓展多元化业务领域的横向一体化结果,而产融结合是这种横向一体化的自然延伸。内部融合和产融结合反过来又深化了金融业与信息产业的融合。
金融业融合的产生与发展是一个动态演化过程。金融机构、监管当局在效益和风险之间的博弈和平衡,使金融业经历了简单融合——>分业——>新的融合的螺旋上升过程。根据演化经济学理论,创新、时间因素、经济主体的异质性及其搜寻与选择行为等都对金融业的融合进程有着重大影响。因此,我国金融业应结合宏观经济环境、金融业发展现状以及不同金融机构的实际情况来确定融合发展战略：’
1、信息化战略：我国金融业与信息技术产业的融合,必须建立在科学的信息化战略基础之上,通过完善信息共享技术与信息处理系统、促进业务流程和决策过程的信息化、加快金融产品的信息化创新、完成金融信息系统的安全性改造等措施,保证金融业的良性发展。
2、内部融合战略：我国金融业的内部融合,必须服从于保持金融机构核心竞争力的原则,采取“大型金融机构做大做强,中小型金融机构做专做细”的发展策略。对于发展成熟、风险控制能力强、有多元化经营需求的金融机构,应该在做好风险控制的前提下,通过首先成立混业经营的子公司启动多元化战略,最终过渡到建立综合化经营的金融控股公司模式。而对于中小金融机构,应该倡导其进行特色化经营和专业化发展,鼓励其培育在专业领域或细分市场的核心竞争能力。
3、产融结合战略：我国应以提高资源配置效率、提高金融业核心竞争力、延伸企业价值链、控制和规避风险等为目标,选择双向结合型的市场主导模式实施产融结合。把大型工商企业集团和大型国有商业银行以及规模较大的股份制商业银行作为主体推动力量,同时培育以保险、信托、基金、证券和投资银行为代表的新型金融力量,创新和发展有效的产融结合方式,建立多渠道、多手段、多层次的产融结合体系。
利益冲突、风险传染性、资本充足率监管以及垄断与市场集中是金融业走融合化路线必须解决的四个关键问题。对此,应通过加强外部监管和内部控制以及建立自律阻隔机制“中国墙”制度,解决金融业融合发展过程中的利益冲突问题；通过完善公司治理结构、规制关联交易、建立“防火墙”制度,解决风险传染性问题；在资本充足率监管方面,应采用并表监管的方式防止金融控股公司利用复杂的资金关系规避监管；对于金融业融合发展可能导致的垄断和市场过度集中,应通过完善反垄断法律法规、加强金融监管、培育多元化和多层次的金融市场结构等措施加以解决。
本文可能的创新之处主要有以下三点：
第一,本文创新地从产业融合视角来解释金融业的综合化经营发展趋势,对国内外金融业融合的历程、融合的动因、融合的方式、融合的效应以及融合发展过程中必须解决的关键问题等都作了详尽分析,建立了金融业融合发展的系统框架。
第二,本文提出金融业融合应包括金融业与信息技术的融合、金融业的内部融合以及产融结合三个方面。本文同时指出,金融业与信息技术的融合成就了金融业的现代化,为其内部融合和产融结合提供了根本的技术条件和物质基础。金融业内部融合是拓展多元化业务领域的横向一体化结果,而产融结合是这种横向一体化的自然延伸。金融业的内部融合和产融结合反过来又深化了金融业与信息技术的融合。
第三,本文创新地运用演化经济学的分析方法,对金融业的融合发展过程进行了分析,指出金融业融合的产生与发展是一个动态演化的过程。金融机构、监管当局在效益与风险之间的博弈和平衡,使金融业经历了简单融合——>分业——>新的融合的螺旋上升过程,演化经济学理论中的创新、时间因素、经济主体的异质性及其搜寻与选择行为等都对金融业的融合进程有着重大影响。
本文研究中存在的不足主要是：
一是对产业融合背后的理论探讨不够系统和深入。目前产业融合仍处于不断发展阶段,学术界对产业融合理论尤其是金融业融合发展理论的研究尚不够成熟和完善。本文重在搭建金融业融合的完整概念框架,对当前产业融合现象的描述缺乏经济学角度的深入阐释,对产业融合和金融业融合发展的内在机理研究尚不够透彻。
二是缺乏对金融业融合趋势的进一步预测和展望。随着世界经济自由化、市场化的发展,信息技术日新月异,金融法规随时都有更改或开放,这使得金融业融合处于不断发展中。文章仅从当前金融业融合所展现的三个层面,即金融业与信息产业融合、金融业内部融合和产融结合三个方面分析了金融业的融合发展趋势,而对于未来该行业可能出现的其他融合发展方式,还需作更多的跟踪研究。
三是缺少定量分析研究。由于我国金融业融合发展程度不够高,相关数据较少,因而本文的研究主要集中在定性描述上,缺乏对金融业融合发展的量化分析和实证研究。只有把定性分析与定量分析结合起来,才能进一步丰富产业融合理论。
With the accelerating process of global information technology, the development of industry economic on the convergence trend gets further development and promotes the convergence process of the world economy. In recent years, academia pays more attention on the convergence trend of industry convergence gradually, however, less on the financial industry. Convergence of China's financial industry has been initially apparent, but the degree of convergence is not high. For the environment liberalization of the financial convergence, the enhancement of the financial industry international competitiveness, the earlier realization of the modernization and internationalization of the financial industry, much more works should be done. Therefore, this paper treats the convergence of the financial industry as the research object, has strong theoretical and practical significance.
This paper is organized as follows:
The Chapter One is introduction. Introduce the research background and significance of the article, research content and framework, research methods, innovation and inadequate.
The Chapter Two is the theoretical foundation and literature review. First of all, based on previous studies, summarize the connotation and extension of industrial convergence, propose the definition of the basic concepts of financial convergence. Then analyze the industrial convergence phenomenon under the general industrial environment, followed by the discussion on the mechanism and the effects of industrial convergence. Then sum up the modern theory of financial intermediation, financial assets, the characteristics of homogeneity and the basic theory of modern evolutionary economics, and treat these as the theoretical basis of this study. This paper points out that the convergence phenomenon which appears in the financial industry contains three levels, namely, the convergence of the financial industry and information industry, the internal convergence of the financial industry and the industry-financial combination.
Three levels of financial industry convergence have been given in detail from Chapter Three to Chapter Five, followed by the analysis and discussion. By reviewing the development process of domestic and international financial industry convergence, the convergence motivation, development models and paths, the effect at each level are summed up, and the development strategy of China financial industry is also proposed.
Chapter Six contains advisements and countermeasures for China financial industry convergence. Firstly, four key issues have been given which must be addressed by the financial industry convergence, and methods are given for financial industry convergence. Then views in this paper about the measures for our country and financial institutions in the background of financial industry convergence development are proposed.
Chapter Seven includes conclusions and prospects. Conduct a comprehensive summary of this paper, and look in the future of convergence development trend of China's financial industry.
The main conclusions of this paper are:
Convergence phenomenon in the financial industry has not only basic characteristics of the general industrial convergence, but also some special characteristics. The convergence of the financial industry should include three levels:the convergence of the financial industry and information industry, the internal convergence of the financial industry and the industry-financial combination. There are distinction and relationship among these levels:the convergence of the financial industry and information industry contributes to the modernization of the financial industry, and provides fundamental technical condition and material basis for the internal convergence of the industry-financial convergence. The financial internal convergence is the consequence of diverse business industries convergence process. Industry-financial convergence is a natural extension of this process. Internal convergence and industry-financial convergence in turn intensify the convergence of the financial industry and information industry.
The financial industry convergence and development is a dynamic process of evolution. The financial industry have experienced the process:simple convergence→separate→new spiral process of convergence, by the game and the balance among financial institutions and regulatory authorities in the benefits and risks. According to the evolution of economic theory, innovation, time factors, the heterogeneity of the economic itself search, its choice behavior and so have the major impact on the financial industry convergence process. Therefore, China's financial industry should be combined with the actual situation of the macroeconomic environment, development status of the financial industry and financial institutions to determine the convergence development strategy:
1The information strategies:the convergence of China's financial industry and information industry, should be established on the basis of information strategy, through the improvement of information sharing technology and information processing systems, to promote information technology in business processes and decision-making process, to speed up financial innovation of product information, complete the financial information system, the transformation of the security measures to ensure the robust development of the financial industry.
2The internal convergence strategies:the internal convergence of China's financial industry should be subordinated to the principle of maintaining the core competitiveness of financial institutions, take bigger and stronger, large financial institutions, small and medium-sized financial institutions to do specifically meticulous development strategy. For the development of mature, risk control, diversification needs of financial, institutions should start through the setting up the mixed operation of the subsidiary firstly under the premise that proper risk control, diversification strategy, the eventual are transmitted into the establishment of integrated business financial holding company model. For small and medium-sized financial institutions, should promote the characteristics of management and professional development in order to encourage the nurturing core competitiveness in the professional field or market segments.
3Industry-convergence strategies:China should improve the efficiency of resource allocation, improve the core competitiveness of the financial industry, the extended enterprise value chain, control and risk-averse objective, and select the two-way combination of market-based approach to the implementation of the convergence. Group of large industrial and commercial enterprises and large state-owned commercial banks, as well as large-scale joint-stock commercial banks as the main driving force, while fostering new financial strength, insurance, trusts, funds, securities and investment banking, innovation and the development of effective production and finance combination of multi-channel, multi-means of the convergence of multi-level finance system.
Conflict of interest, risk of infectious, capital adequacy ratio regulation, and monopoly and market concentration are the four key issues which must be addressed by the financial industry to go the convergence route. This should be through the strengthening of external regulation and internal control and the establishment of the "Chinese wall" system of self-discipline barrier mechanism to solve the financial sector convergence in the development of interest conflicts, by improving the corporate governance structure, the regulation of related party transactions, the establishment of "firewall" system and the risk of infectious problem; should be used in the capital adequacy ratio regulation and consolidated supervision to prevent a financial holding company use of complex financial relationship to avoid regulation; excessive concentration of financial sector convergence of development may lead to monopoly and market should be through the improvement of anti-monopoly laws and regulations, strengthen financial supervision and measures to foster pluralism and multi-layered financial market structure to be resolved.
The innovation of this article may have the following three points:
First, the paper explains the convergence trend from the industrial perspective innovatively, including the operation and development trend of the financial industry, reasons for convergence of domestic and international financial industry, the convergence motivation, the effect of convergence, and convergence of the development process must be addressed as key problems, establishes the financial industry convergence system framework.
Second, this paper proposes the convergence of the financial industry which should include the convergence of the financial industry and information industry. The internal convergence of the financial industry and the combination are the three aspects. This paper also pointes out that the convergences of the financial sector and information industry achievements are in the modernization of the financial industry, for its internal convergence and the combination of the fundamental conditions and material basis. Within the financial industry convergence, horizontal convergence results are diversifying business areas, the convergence is a natural extension of this horizontal convergence. Internal convergence of the financial industry and the convergence in turn deepen the financial sector and information industry convergence.
Third, evolutionary economics analysis, analysis of the convergence process of development of the financial industry are introduced innovatively, pointing that the convergence of the financial industry is one of the dynamic evolution process. Financial institutions, regulatory authorities in the benefits and risks between the game and the balance of the financial industry has undergone a simple convergence→sub-industry→new spiral process of convergence, all of the innovation in the evolution of economic theory, the time factor, the heterogeneity of economic agents and their search and choice behavior have major impacts on the financial industry convergence process.
Shortcomings in this study are:
First, theory of industrial convergence is not presented systematic. Industrial convergence is still at evolving stage. At academia, industry convergence theory, especially the financial sector convergence development theory, is still not mature enough and perfect. The paper attempts to build a complete conceptual framework for convergence of the financial industry, however, lacks the description of the current industrial convergence phenomenon in-depth and the explanation of the economic. The internal mechanism of industrial convergence and financial industry development are still not thorough enough.
Second, lack of further projects and outlook on the convergence trend of the financial industry. With the development of the world economic liberalization, market-oriented, information industry will be ever-changing financial laws and regulations, at any time to change or open, which makes the convergence of the financial industry constantly developing. The article only comes from three levels of financial industry convergence which are the financial industry and information industry convergence, internal convergence and the financial industry convergence. However, for the future of the industry which may become the convergence mode of development, need more study.
Third, lack the quantitative analysis. As China's financial industry convergence is not at high level of development, the less relevant data, this study focuses on the qualitative description, lacking of quantitative analysis and empirical researches on the development of financial industry convergence. Only combining qualitative analysis and quantitative analysis can further enrich the industrial convergence theory.
本论文的结构安排如下：
第一章是绪论。介绍了文章的选题背景和意义、研究内容和框架、研究方法、创新与不足。
第二章是理论基础及文献综述。首先,结合以往研究成果,对产业融合的内涵与外延进行了总结,提出了对金融业融合基本概念的界定。接着,分析了一般产业环境下的融合现象,对产业融合的发生机制以及影响效应进行了深入探讨。然后,总结了现代金融中介理论、金融资产同质性特征以及现代演化经济学的基本理论,并以此作为本文研究的理论基础。在此基础上本文指出,金融业中出现的融合现象应包含三个层次,即金融业与信息产业的融合、金融业的内部融合以及产融结合。
第三章至第五章针对金融业融合的三个层面依次做了详尽分析探讨。通过回顾国内外金融业在这三个层面的融合发展历程,总结了各个层面融合的动因、发展模式和路径、影响效应,并结合我国实际提出了我国金融业的融合发展战略。
第六章是我国金融业融合发展的对策。首先提出了金融业走融合化路线必须解决的四个关键问题,并明确了解决之道。进而对金融业融合发展背景下我国政府和金融机构应采取的措施提出了自己的见解。
第七章是结论与展望。对文章进行了全面总结,并展望了我国金融业融合发展的态势。
本文的主要结论有：
金融业中出现的融合现象虽然具备一般产业融合的基本特点,但也有其特殊之处。金融业的融合应包括金融业与信息产业的融合、金融业的内部融合以及产融结合三个层面。三者之间既有区别,又有联系：金融业与信息产业的融合成就了金融业的现代化,为金融业的内部融合和产融结合提供了根本的技术条件和物质基础。金融业内部融合是拓展多元化业务领域的横向一体化结果,而产融结合是这种横向一体化的自然延伸。内部融合和产融结合反过来又深化了金融业与信息产业的融合。
金融业融合的产生与发展是一个动态演化过程。金融机构、监管当局在效益和风险之间的博弈和平衡,使金融业经历了简单融合——>分业——>新的融合的螺旋上升过程。根据演化经济学理论,创新、时间因素、经济主体的异质性及其搜寻与选择行为等都对金融业的融合进程有着重大影响。因此,我国金融业应结合宏观经济环境、金融业发展现状以及不同金融机构的实际情况来确定融合发展战略：’
1、信息化战略：我国金融业与信息技术产业的融合,必须建立在科学的信息化战略基础之上,通过完善信息共享技术与信息处理系统、促进业务流程和决策过程的信息化、加快金融产品的信息化创新、完成金融信息系统的安全性改造等措施,保证金融业的良性发展。
2、内部融合战略：我国金融业的内部融合,必须服从于保持金融机构核心竞争力的原则,采取“大型金融机构做大做强,中小型金融机构做专做细”的发展策略。对于发展成熟、风险控制能力强、有多元化经营需求的金融机构,应该在做好风险控制的前提下,通过首先成立混业经营的子公司启动多元化战略,最终过渡到建立综合化经营的金融控股公司模式。而对于中小金融机构,应该倡导其进行特色化经营和专业化发展,鼓励其培育在专业领域或细分市场的核心竞争能力。
3、产融结合战略：我国应以提高资源配置效率、提高金融业核心竞争力、延伸企业价值链、控制和规避风险等为目标,选择双向结合型的市场主导模式实施产融结合。把大型工商企业集团和大型国有商业银行以及规模较大的股份制商业银行作为主体推动力量,同时培育以保险、信托、基金、证券和投资银行为代表的新型金融力量,创新和发展有效的产融结合方式,建立多渠道、多手段、多层次的产融结合体系。
利益冲突、风险传染性、资本充足率监管以及垄断与市场集中是金融业走融合化路线必须解决的四个关键问题。对此,应通过加强外部监管和内部控制以及建立自律阻隔机制“中国墙”制度,解决金融业融合发展过程中的利益冲突问题；通过完善公司治理结构、规制关联交易、建立“防火墙”制度,解决风险传染性问题；在资本充足率监管方面,应采用并表监管的方式防止金融控股公司利用复杂的资金关系规避监管；对于金融业融合发展可能导致的垄断和市场过度集中,应通过完善反垄断法律法规、加强金融监管、培育多元化和多层次的金融市场结构等措施加以解决。
本文可能的创新之处主要有以下三点：
第一,本文创新地从产业融合视角来解释金融业的综合化经营发展趋势,对国内外金融业融合的历程、融合的动因、融合的方式、融合的效应以及融合发展过程中必须解决的关键问题等都作了详尽分析,建立了金融业融合发展的系统框架。
第二,本文提出金融业融合应包括金融业与信息技术的融合、金融业的内部融合以及产融结合三个方面。本文同时指出,金融业与信息技术的融合成就了金融业的现代化,为其内部融合和产融结合提供了根本的技术条件和物质基础。金融业内部融合是拓展多元化业务领域的横向一体化结果,而产融结合是这种横向一体化的自然延伸。金融业的内部融合和产融结合反过来又深化了金融业与信息技术的融合。
第三,本文创新地运用演化经济学的分析方法,对金融业的融合发展过程进行了分析,指出金融业融合的产生与发展是一个动态演化的过程。金融机构、监管当局在效益与风险之间的博弈和平衡,使金融业经历了简单融合——>分业——>新的融合的螺旋上升过程,演化经济学理论中的创新、时间因素、经济主体的异质性及其搜寻与选择行为等都对金融业的融合进程有着重大影响。
本文研究中存在的不足主要是：
一是对产业融合背后的理论探讨不够系统和深入。目前产业融合仍处于不断发展阶段,学术界对产业融合理论尤其是金融业融合发展理论的研究尚不够成熟和完善。本文重在搭建金融业融合的完整概念框架,对当前产业融合现象的描述缺乏经济学角度的深入阐释,对产业融合和金融业融合发展的内在机理研究尚不够透彻。
二是缺乏对金融业融合趋势的进一步预测和展望。随着世界经济自由化、市场化的发展,信息技术日新月异,金融法规随时都有更改或开放,这使得金融业融合处于不断发展中。文章仅从当前金融业融合所展现的三个层面,即金融业与信息产业融合、金融业内部融合和产融结合三个方面分析了金融业的融合发展趋势,而对于未来该行业可能出现的其他融合发展方式,还需作更多的跟踪研究。
三是缺少定量分析研究。由于我国金融业融合发展程度不够高,相关数据较少,因而本文的研究主要集中在定性描述上,缺乏对金融业融合发展的量化分析和实证研究。只有把定性分析与定量分析结合起来,才能进一步丰富产业融合理论。
With the accelerating process of global information technology, the development of industry economic on the convergence trend gets further development and promotes the convergence process of the world economy. In recent years, academia pays more attention on the convergence trend of industry convergence gradually, however, less on the financial industry. Convergence of China's financial industry has been initially apparent, but the degree of convergence is not high. For the environment liberalization of the financial convergence, the enhancement of the financial industry international competitiveness, the earlier realization of the modernization and internationalization of the financial industry, much more works should be done. Therefore, this paper treats the convergence of the financial industry as the research object, has strong theoretical and practical significance.
This paper is organized as follows:
The Chapter One is introduction. Introduce the research background and significance of the article, research content and framework, research methods, innovation and inadequate.
The Chapter Two is the theoretical foundation and literature review. First of all, based on previous studies, summarize the connotation and extension of industrial convergence, propose the definition of the basic concepts of financial convergence. Then analyze the industrial convergence phenomenon under the general industrial environment, followed by the discussion on the mechanism and the effects of industrial convergence. Then sum up the modern theory of financial intermediation, financial assets, the characteristics of homogeneity and the basic theory of modern evolutionary economics, and treat these as the theoretical basis of this study. This paper points out that the convergence phenomenon which appears in the financial industry contains three levels, namely, the convergence of the financial industry and information industry, the internal convergence of the financial industry and the industry-financial combination.
Three levels of financial industry convergence have been given in detail from Chapter Three to Chapter Five, followed by the analysis and discussion. By reviewing the development process of domestic and international financial industry convergence, the convergence motivation, development models and paths, the effect at each level are summed up, and the development strategy of China financial industry is also proposed.
Chapter Six contains advisements and countermeasures for China financial industry convergence. Firstly, four key issues have been given which must be addressed by the financial industry convergence, and methods are given for financial industry convergence. Then views in this paper about the measures for our country and financial institutions in the background of financial industry convergence development are proposed.
Chapter Seven includes conclusions and prospects. Conduct a comprehensive summary of this paper, and look in the future of convergence development trend of China's financial industry.
The main conclusions of this paper are:
Convergence phenomenon in the financial industry has not only basic characteristics of the general industrial convergence, but also some special characteristics. The convergence of the financial industry should include three levels:the convergence of the financial industry and information industry, the internal convergence of the financial industry and the industry-financial combination. There are distinction and relationship among these levels:the convergence of the financial industry and information industry contributes to the modernization of the financial industry, and provides fundamental technical condition and material basis for the internal convergence of the industry-financial convergence. The financial internal convergence is the consequence of diverse business industries convergence process. Industry-financial convergence is a natural extension of this process. Internal convergence and industry-financial convergence in turn intensify the convergence of the financial industry and information industry.
The financial industry convergence and development is a dynamic process of evolution. The financial industry have experienced the process:simple convergence→separate→new spiral process of convergence, by the game and the balance among financial institutions and regulatory authorities in the benefits and risks. According to the evolution of economic theory, innovation, time factors, the heterogeneity of the economic itself search, its choice behavior and so have the major impact on the financial industry convergence process. Therefore, China's financial industry should be combined with the actual situation of the macroeconomic environment, development status of the financial industry and financial institutions to determine the convergence development strategy:
1The information strategies:the convergence of China's financial industry and information industry, should be established on the basis of information strategy, through the improvement of information sharing technology and information processing systems, to promote information technology in business processes and decision-making process, to speed up financial innovation of product information, complete the financial information system, the transformation of the security measures to ensure the robust development of the financial industry.
2The internal convergence strategies:the internal convergence of China's financial industry should be subordinated to the principle of maintaining the core competitiveness of financial institutions, take bigger and stronger, large financial institutions, small and medium-sized financial institutions to do specifically meticulous development strategy. For the development of mature, risk control, diversification needs of financial, institutions should start through the setting up the mixed operation of the subsidiary firstly under the premise that proper risk control, diversification strategy, the eventual are transmitted into the establishment of integrated business financial holding company model. For small and medium-sized financial institutions, should promote the characteristics of management and professional development in order to encourage the nurturing core competitiveness in the professional field or market segments.
3Industry-convergence strategies:China should improve the efficiency of resource allocation, improve the core competitiveness of the financial industry, the extended enterprise value chain, control and risk-averse objective, and select the two-way combination of market-based approach to the implementation of the convergence. Group of large industrial and commercial enterprises and large state-owned commercial banks, as well as large-scale joint-stock commercial banks as the main driving force, while fostering new financial strength, insurance, trusts, funds, securities and investment banking, innovation and the development of effective production and finance combination of multi-channel, multi-means of the convergence of multi-level finance system.
Conflict of interest, risk of infectious, capital adequacy ratio regulation, and monopoly and market concentration are the four key issues which must be addressed by the financial industry to go the convergence route. This should be through the strengthening of external regulation and internal control and the establishment of the "Chinese wall" system of self-discipline barrier mechanism to solve the financial sector convergence in the development of interest conflicts, by improving the corporate governance structure, the regulation of related party transactions, the establishment of "firewall" system and the risk of infectious problem; should be used in the capital adequacy ratio regulation and consolidated supervision to prevent a financial holding company use of complex financial relationship to avoid regulation; excessive concentration of financial sector convergence of development may lead to monopoly and market should be through the improvement of anti-monopoly laws and regulations, strengthen financial supervision and measures to foster pluralism and multi-layered financial market structure to be resolved.
The innovation of this article may have the following three points:
First, the paper explains the convergence trend from the industrial perspective innovatively, including the operation and development trend of the financial industry, reasons for convergence of domestic and international financial industry, the convergence motivation, the effect of convergence, and convergence of the development process must be addressed as key problems, establishes the financial industry convergence system framework.
Second, this paper proposes the convergence of the financial industry which should include the convergence of the financial industry and information industry. The internal convergence of the financial industry and the combination are the three aspects. This paper also pointes out that the convergences of the financial sector and information industry achievements are in the modernization of the financial industry, for its internal convergence and the combination of the fundamental conditions and material basis. Within the financial industry convergence, horizontal convergence results are diversifying business areas, the convergence is a natural extension of this horizontal convergence. Internal convergence of the financial industry and the convergence in turn deepen the financial sector and information industry convergence.
Third, evolutionary economics analysis, analysis of the convergence process of development of the financial industry are introduced innovatively, pointing that the convergence of the financial industry is one of the dynamic evolution process. Financial institutions, regulatory authorities in the benefits and risks between the game and the balance of the financial industry has undergone a simple convergence→sub-industry→new spiral process of convergence, all of the innovation in the evolution of economic theory, the time factor, the heterogeneity of economic agents and their search and choice behavior have major impacts on the financial industry convergence process.
Shortcomings in this study are:
First, theory of industrial convergence is not presented systematic. Industrial convergence is still at evolving stage. At academia, industry convergence theory, especially the financial sector convergence development theory, is still not mature enough and perfect. The paper attempts to build a complete conceptual framework for convergence of the financial industry, however, lacks the description of the current industrial convergence phenomenon in-depth and the explanation of the economic. The internal mechanism of industrial convergence and financial industry development are still not thorough enough.
Second, lack of further projects and outlook on the convergence trend of the financial industry. With the development of the world economic liberalization, market-oriented, information industry will be ever-changing financial laws and regulations, at any time to change or open, which makes the convergence of the financial industry constantly developing. The article only comes from three levels of financial industry convergence which are the financial industry and information industry convergence, internal convergence and the financial industry convergence. However, for the future of the industry which may become the convergence mode of development, need more study.
Third, lack the quantitative analysis. As China's financial industry convergence is not at high level of development, the less relevant data, this study focuses on the qualitative description, lacking of quantitative analysis and empirical researches on the development of financial industry convergence. Only combining qualitative analysis and quantitative analysis can further enrich the industrial convergence theory.
引文
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[2]Anthony Saunders, Ingo Walter, Universal Banking in The United States-What Could We Gain? What Could We Lose?:The Nature of Universal Banking, New York Oxford, Oxford University Press,1994,84.
[3]Bernd W. Wirtz. Reconfiguration of value chains in converging media and communications markets[J]. Long range planning.2001(34).
[4]Bierly, P. and Chakrabarti, A.K. Managing Through Industry Fusion. In Brockhoff, K. (ed.), The Dynamics of Innovation:Strategic and Managerial Implications. Springer, Berlin.1999.
[5]Chant, J. The New Theory of Financial Intermediation. Kevin Down and Mervyn K. Lewis(ed.). Current Issues in Financial and Monetary Economics. The Macmillan Press Ltd.1989.
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