On The Financial Sub-sector, Mixed Problem

The world financial markets are experiencing a special revolution. The emerging of new products, new technique and cross-border financing has changed the traditional financial structure. The phenomenon of financial mixed operation and it's impact on traditional supervision model have not only attracted theory-researcher s' attention but also put financial regulators into making bitter option. How to view the phenomenon of mixed financial business, how to evaluate it's influence and make reasonable response, which need make multi-dimensional and comprehensive analysis based on modern economic theories.With above background, on the basis of modern economics such as microeconomics, management theory, transaction cost theory, theory of market division, institutional change theory, transitional economics, public choice and theory of industrial organization, in the way combined the history and reality, theoretical analysis and situation description, this thesis makes a comprehensive analysis and deep research on the phenomenon of separated business and mixed business. This thesis is organized on logical sequence not historic sequence. The first is to establish a micro-decision model for financial institution's domain-strategy option. The original presumption is that all financial business's earnings are same, the price of financial products is given exogenously, and the factor of asset specificity is ignored. Then we eliminate above presumption, consider more practical factors and make the model become more convincible. The second is to discuss the finance restructuring in the process of the deepening of market-division by using functional perspective. This part involves the internal reason of mixed operation, the mechanism of the financial domain's expansion, the business strategy's option in the process of financial restructuring, and the redefinition of mixed business. Then, considering factors of policies, we analyze the cost and utility of the structural financial regulation, and combine the market behavior with the role of the governor to establish the governor and market's mutual moving model about financial institution choosing. Finally, in a realistic attitude, we systematically examine the global trend of mixed business and it's impact on financial supervision. Furthermore, basing on this trend, we also discuss China's financial separated control model and it's fate in the future.This thesis includes ten parts. Introduction is to summarize the analysis clue, structural arrangement and elemental viewpoint. The first chapter chooses diversification and specialization as starting-point to discuss the strategic behavior-option of financial institution in its business operation, here we analyze the option-making mechanism of financial institution's domain strategy and its influencing factors. By creatively applying the "Coase Law" to the financial field, we form the microanalysis basis for separated operation and mixed operation. In the second chapter, starting from market-division theory and combing it with Functional perspective, we provide a new interpretation for financial mixed business, hi the third chapter, we turn our eyes from market to government and discuss the topics of the financial regulation such as reasons of the financial regulation, the financial regulation's cost and utility, and the financial regulation's influence. The fourth chapter is to establish a model for policy- games about separated or mixed operation , analyze factors which influence market-will and political preference, and review the risk and cost raising from policy changes. Furthermore, we state our opinions on separated operation and mixed operation. In the fifth chapter, we picture the new characteristics of the globalfinancial structure's change, probe the problems of the interface operation in financial fields such as banking, securities, insurance, trust business, and also compare one mixed model to another in order to find some differences in performance. The sixth chapter focuses on the mixed model's impa...