| Whether commercial banks can manage business of stock has been the focus at issue in international financial field, there are disputes about advantages and disadvantages between separated business system and mixed business system in theoretical field.Before 1933, the business of commercial banks was seldom instructed, and there were no clear rules about separated business system and mixed business system in law, commercial banks can manage business of stock. After the ecomomic crisis of 1929─1933, some financial experts including some government officials criticized mixed business system on the basis of "Real Bill Theory" "Commercial Loans Theory" "Profil Conflict". But in the same time,positivist research is being done in order to object to the reasons of mixed business system. In particular, the study of information economic theory has proved that the key problem is not the illegal practice for mixed business to make commercial banks gain their own private interests, but a sound and developed financial market and good information publish system to provide the basic condition and restrict factors for financial actions.From the preset situation of American financial system, the U.S. passed the course from mixed business to separated business. The early American banks followed the example of Britain banks. At that time, the capital of commercial banks was quite small, was not fit for investing bank business any further.After the American Civial war, its economy developed rapidly. Under the support of great savings, big banks set about managing stock companies and investing bank business put hands in investment banks and become into the main current of financial centers. Before 1933, the law about the American stock companies had not existed at all, commercial banks took part in investment banks in the form of branch companies, which were not forbidden by law.On June 6,1933, the American president Luosifu signed GELARSI-Sideagel Law, which made separate the Anerican commercial banks with inveament bank strictly in 1934, definiting the sugervisory system separatedly for commercial banks and investment banks, then American separated business system was set up. Later, the government passed the law of bank holding company in 1956 and amendment in 1970, the law of mixing banks in 1960, the law of profit management and so on in 1966, thus adding and improving the separated management system.After 1970s, great changes took place in the international situation, mixed business system gradually became the main current. American commercial banks were restricted by separated business models, facing with the keen competition of European and Japanese commercial bank, there positions continued to decrease in the world, therefore, American bank system took place the main reform for the second time, entering the reform times when the was the major character of loosening control. In1999, the financial service modernized law passed, which marked formally the end of the American separated business system and marked its end in developed countries.Leading to giving up the way from separated business system to mixed business system, many complex reasons existed there.In promoting developing internal cause, first, mixed business is the internal requirement in financial nature. Second, professional financial setup has more replaced risks than all-round financial setup. Third, the change keep on taking place between a countrys financial market and the needs of customers, making the separated business fall into troubles indeed. Fourth, present financial field has entered the background of financial project time, emphasizing too much division of labor will stand in the way the increasing efficiency.In promoting developing external cause in mixed business system, first, mixed business system was the result of worlds economic competition intensively. Second, rapid development of the world finance is the main cause of mixed business. Third, the development of financial stock markets in very important cause...
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