20世纪90年代以来美日金融业经营体制变革研究/

2019-04-20 17:56:50

management financial 经营 金融业 Japan



自20世纪90年代以来,日本、美国先后对其金融业经营体制实行变革后,金融混业经营即银行业与证券业、保险业的融合,已成为当今世界各国金融业经营体制的大趋势和潮流。然而,变革至今,这两国金融业混业经营的现状有很大的不同:美国金融业通过此次变革增强了国际竞争能力,发展态势良好,而日本金融业前景却不容乐观。本文从两国金融业经营体制变革的背景、过程以及效果和后果进行比较分析入手,对比美国变革成功的经验和日本变革失败的教训,并且结合对我国目前金融业的现状的分析,认为实行混业经营是今后我国金融业经营体制发展的必然但须注意把握时机与进程。
本文共分五个部分。
第一部分,金融业经营体制及金融风险的相关理论。主要介绍了两种金融业经营体制—分业经营和混业经营的基本概念,在比较了两部对两种经营体制具有代表性的法律即《格拉斯—斯蒂格尔法》和《金融服务现代化法案》对金融业经营体制的规定后,对这两种体制在制度设计上的优缺点做出对比。认为,从金融经营体制设计的角度来讲,分业经营与混业经营各有利弊,没有一种体制能将金融业经营的效率性和稳定性完全统一起来,两类金融机构也均有大量成功及失败的先例,没有任何一种体制占有绝对的优势:混业经营偏向于效率性,而分业经营偏向于稳定性。如果能解决混业经营的稳定性问题,混业经营将优于分业经营。笔者还简要回顾了一下金融风险的涵义、类型以利于后文对美日金融业风险进行比较分析。
第二部分,从分业经营走向混业经营—美国金融业经营体制的变革。首先介绍20世纪90年代以来美国金融业经营体制变革的背景,笔者认为,20世纪90年代美国经济增长出现了“三高、三低、三增长”的新特点,这些特点构成了金融经营体制变革的外在条件;美国金融业所面临的经营环境的变化及其出现的新动向,即非银行金融机构的竞争和银行并购浪潮、高科技在金融领域的广泛应用以及不断发展的金融创新对变革提出了内在要求。然后本文回顾了美国此次变革的相关法律保障体系的转变,对比了在《格拉斯—斯蒂格尔法》和《金融服务现代化法案》中关于金融分业经营与混业经营的规定,最后研究了美国金融业企业的经营方式、经营理念的变革,说明美国金融业经营体制的变革是成功的。
第三部分,“金融大爆炸”—日本金融业经营体制的变革。在对日本金融业的弊端进行了初步分析的基础上,阐述了日本“金融大爆炸”的始末以及日本金融业经营体制变革的效果与后果。笔者认为,二战后建立起来的日本金融制度虽然曾在战后日本经济重建以及经济高速增长时期为日本经济做出了重要贡献,然而,进入20世纪80年代以后,日本金融业已越来越不能适应世界及日本经济形势的变化对金融业的要求,特别是在90年代,随着日本泡沫经济的破灭,日本金融业弊端凸显,如关系型融资基础上的产业金融体制、金融机构巨额不良债权以及迭出的金融丑闻等等。为了解决日本银行业严重的不良债权问题,也是为了向重病已久的日本金融业开刀而做一次“流血的改革”,日本“金融大爆炸”于1996年“揭幕”。时至今日,从此次变革的效果与后果来看,这次改革远远没有达到预期目的,日本金融业不良债权巨额数字仍居高不下,金融企业倒闭频繁、危机迭起。日本“金融大爆炸”是一次不成功的变革。
第四部分,美日金融业经营体制变革的比较分析。论文从三个方面对美日金融业经营体制变革进行比较分析。在实行混业经营的动因方面,由于金融自由化的发展,以激烈的市场竞争为内在动力,为适应经营环境的新变化的需要,美国金融业从分业经营走向了混业经营;而日本政府实行“金融大爆炸”的初始目的是为了解决银行业严重的不良债权问题而在金融业不良经营的前提下实行体制变革。在美日金融业风险比较方面,美国商业银行通过实行有效的风险管理策略,在可能的条件下降低风险,保证了银行利润的稳定增长;而日本银行业由于银行资产过度扩张所引发的银行自有资本充足率不足以及不良资产比例偏高,加大了日本银行经营中的金融风险。在美日金融业经营体制变革的经验与教训方面,笔者认为,实行金融业经营体制变革的效果与其经济体系和金融业自身运行状况有密切的关系,即一国在经济体系运行良好、金融业良性经营时实行变革更易取得良好的效果,反之则有可能事倍功半。
第五部分,美日金融业经营体制的变革对我国金融业的启示。论文在回顾了我国金融业现阶段实行分业经营的历史原因及现实考虑后,结合前述美日金融业经营体制变革的经验与教训提出,今后我国金融经营体制实行混业经营是我国金融业的必然选择,但是向混业经营的过渡须把握时机与进程,不能盲目求变,要做到循序渐进。最后提出,我国金融业在向混业经营体制变革过程中需注意的问题,即加快国有商业银行改革、大力发展高科技、加快建立健全金融法律法规体系以及进一步健全和完善金融监管体系、体制等等。



Universal banking has become trends and tides in the world since Japan and U.S.A transformed their financial management system in 1990s. However, the two countries mentioned above has gone differently: the financial institutes of U.S.A improved their competitiveness and had a good foreground while their Japanese counterpart is not so good. This paper starts with the comparative analysis of the background and process and actuality of the reformation in the financial institute of the two countries, compares the success and failure of the reformation of U.S.A and Japan, combines the analysis of the actuality of the financial institute in China, and concludes that in future China, universal banking is necessary and we should pay special attention to the time and course of it.
This paper is divided into five parts.
The first part: Relevant theories of financial management system and financial risk. This part mainly introduces the concepts of business separation and universal banking, compares with relevant terms on financial management system in “Glass-Steagall Act” and “Financial Modernization Act”, and analyzes the advantages and drawbacks of the two systems. The author thinks that, in term of angle that the financial management system is designed, no one can totally united efficiency and stability of financial management, there is a large amount of successful and failed precedent in the two kinds of financial institutions, there is not any kind of system that occupy absolute advantage: Universal banking leans to efficiency, while Business separation leans to stability. If the stability problem of universal banking can be solved, universal banking will be superior to business separation. I also review the concept and types of financial risk, in order to carry on comparative analysis to the financial risk of U.S.A and Japan.
The second part: Moving towards universal banking - the change of U.S.A.'s financial management system. First I introduce the background that U.S.A.'s financial management system has been reformed since 1990s, I think American economic growth appeared new characteristic of “three high, three low, three growths” in 1990s. These characteristics formed the external condition of the reformation of the financial management system; The change of the management environment that U.S.A.'s financial institutions faced and new tendency appearing, namely the competition of the non-banking financial institution and bank merging tides, extensive appliance of Hi-Tech in finance field and continuous developing financial innovation propose the inherent demand of transformation. Then this paper reviews the transition of the relevant legal security systems of this change of U.S.A., comparing with "Glass-Stegall law" and "Financial Service Modernization Act" in which U.S.A made the provision on business separation and universal banking, and studies the changes of the type of operation of U.S.A. financial enterprise, management theory finally, proves that the change of U.S.A.'s financial management system is successful.
The third part: "The Big Bang"-the change of Japan's financial management system. On the basis of initial analysis of the drawbacks to Japan's financial circles, I explain the whole story and result and consequence of Japanese "Big Bang". I think that, though the Japan financial system set up after World War II made important contribution to Japanese economy in Japan economy rebuilding period and economy high –speed growth period, after entering into 1980s, Japan finance circles can not meet the need of the requisition of the world and Japan economic situation change day by day. Especially in the 1990s, with the evaporation of Japan's bubble economy, Japan's financial circles had prominent drawbacks, for instance, relational banking system, the huge bad creditor's rights of financial institution and financial scandal of coming out one after another, etc. In order to solve Japanese banking serious bad creditor's rights problem and make a " reform bleeding " to the Japan financial circles for a long time of the serious illness too, Japanese "Big Bang" "unveils" in 1996. Even to this day, by viewing the result and consequence of change, this reformation was far from achieving the anticipated purpose, the huge figure of bad creditor's rights of Japan's financial circles still remains high, financial enterprises go bankrupt one after another, the crisis happen frequently. Japan’s "The Big Bang" is an unsuccessful change.
The fourth part: Comparative analysis on financial management system reformation of U.S.A and Japan. The paper makes comparative analysis to financial management systems of U.S.A and Japan from three respects. In implementing the reason of universal banking, because of the development of financial liberalization, regarding of fierce market competition as inherent motive force, in order to meet the need of new change of the management environment, U.S.A.'s financial circles has moved towards universal banking; and in order to solve banking's serious bad creditor's rights problem, Japanese government implement initial purpose of "The Big Bang" base on the premise that financial circles is managed badly. In the comparative respects of the financial circles risk of U.S.A and Japan, Bank of America passed effective risk management tactics, lowered risk in the possible condition, and guaranteed the steady growth of the bank profit; While because their Japanese counterpart’s assets expanded excessively and rose the problems of insufficient rate of bank capital and the proportion of non-performing assets is on the high side in the Japanese banking, financial risks were strengthened in Japanese bank management. On the experience and lessons got in the reformation of financial management systems of U.S.A and Japan, I think, there are close relations between the result of reformation and economic system and one's own operation conditions of financial circles, namely a country can make good result from the reformation when the economic system is operated well, financial circles is managed benignly, may get half the result with twice the effort on the contrary.
The fifth part: Enlightenment from the financial management systems reformation of America and Japan to our country. After reviewing the historical reason and realistic consideration of our country's financial management system-business separation, combining with the experience and lesson of above-mentioned financial management system reformation of U.S.A and Japan, it is an inevitable choice of the financial circles of our country that the financial management system of our country will implement universal banking in the future, but transition to it must seize the opportunity and process, can't blind the changes pursuing, follow in order and advance step by step. The author propose finally, the question that the financial circles of our country needs to pay attention to during the future management system reformation, namely accelerate the reform of state-run commercial bank, develop Hi-Tech, accelerate establishing the system of perfecting the financial laws and regulations and perfecting financial supervisory system, etc.