| Since 80s of last century, With the trend of economical globalization and financial integration, many countries are practicing the mode of multi-operation in their financial industry. December 1999, Financial Services Modernization Act was carried out in the United States, which abandoned divided operating system in law and accelerated the trend.In the trend of multi-operation in the world, multi-operation is necessary in our country. This thesis makes a research on multi-operating mode of our country's financial organizations by history analysis and comparative analysis. First, we give the concept of divided operation and multi-operation and review the developing road and current situation of the operating mode of our country's financial organizations. As a conclusion, we think multi-operation is necessary in our country. After comparing the mode of multi-operation in the world, we point out that we should utilize Financial Holding Company as the mode of our country's financial organization in our country's economical model and financial system. Meanwhile, we analyze the advantage in organization and economy of scale and economy of scope under the asset specificity. Furthermore, we analyze the advantage and venture of Financial Holding Company and point out the developing situation and developing policy of Financial Holding Company in our country. Because FHC is new, we also discuss the supervision of FHC in this thesis.This thesis includes four chapters.Chapter one gives the concept of divided operation and multi-operation and reviews the developing history of operating mode in the United States, England and Japan. Divided operation takes safety of financial system seriously and multi-operation takes efficiency of financial organization seriously.Chapter two reviews the history development of our financial industry from multi-operation stage to divided stage, which gives us the developing road of our country's system and the reform of our country's financial industry. Although our country's financial organization is still divided operating, multi-operating has occurred now. The necessary of multi-operation of our country's organization is introduced as well.Chapter three is the main body of this thesis. This chapter describes and compares the two modes of multi-operation in the world: the mode of universal bank and Financial Holding Company. We point out that simple cooperation is limited and universal bank is unrealistic in our country's financial conditions, so we advise that FHC is bridge and transition of our country's financial organization. FHC has two advantages in economy. One is advantage of organization. The other is advantage in benefit, cost and risk control as financial conglomerates. The overall company group involve in all kinds of business, while different types of business are operating respectively. This organizational form will have cooperative advantage in brand, operating strategy, marketing and information sharing, which can decrease operating cost and more benefit and separate risk of different types of business.In nature, FHC is a reform of financial organization to adjust economical development, which can utilize economy of scale to make the benefit of overall company maximal. On the other hand, FHC has many problems and risks. The institutions in the FHC not only face credit risk, market risk, interest risk and operating risk, but also new special risks emerge in the coordination of all kinds of business because of its complicated internal network. For instance, such organization form facilitates transmission of different risks to different institutions. If we can't control the risks, it will harm overall economical systems, which shows as follows. First, monopoly from this form harms the free competitions in the market; Second, dealers between the institutions in the FHC can bring benefit conflict and unfair competition; Third, transmission of in the FHC can bring systematic risk. We must design the supervising mode for the FHC.Chapter four analyzes the su... |
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