| From the global perspective, the management mode on the financial markets in all the developed countries and most of the developing countries are the mixed management and it has become the central trend in financial market. Which mode should China take, mixed management or divided management, the final result must be coordination of the various factors.This article started with the theoretical foundation of the mixed management and the divided management, by analyzing the changing of financial industry operating system in the United States, Japan and Germany and their choice of business model, we can find the general reasons of changes in the major developed countries .According to the China's reality, mixed management is necessary and financial holding group is the best mode. Then the final passage analyzes the risk, business and financial supervision of the mixed management in China.The first part of the paper introduces the concept and theoretical basis of separated and mixed management respectively. The mixed management, the opposite aspect to separated management, is that commercial banks and other financial enterprises have gone into each other's operated field for diversification management. That means banks, securities and insurances can take the cross operation into their own management fields. The points that many people believed are: 1. Assets of homogeneity among financial institutions reduce the conversion cost and access. Mixed Management implementation, the financial sector and the barriers to entry into the relatively low level, and this may reduce the conversion between the financial institutions and access costs. 2. Economies of scale and scope of economic conditions led to the increased input-output ratio. Mixed operation benefit from economies of scale and scope of economic manifested mainly in the enhanced security and increased mobility relatively. 3.Mixed operation can disperse or avoid operational risks. Mixed opeartion help business enterprises and investors better choosing financial assets and the variety of investment portfolio, as far as possible to reduce their own liquidity risk and to increase investment income.The second part of the paper introduces the variance of commercial banks operation system in major developed countries.The American financial market has been always choosing the separated or mixed operation. According to different finance controls, that can be departed into three stages: The first stage is in the 1933 economic crisis in the past, under the "dual-track system" and the "single system", the banks in other financial operations were constrained, and the securities industry at that time of legal norms irrespective of the causes, took the flexible financial business, so mixed business was very prevalent in the securities industry. The second stage from 1933 to 1999 was shocked by the outbreak of the crisis in the global broker, the United States financial services industry suffered a heavy blow to the financial system disorder, and the stock market continued to decline. "1933 Glass - Shidigeer Law" published not only shows that the modern commercial banks and investment banks isolation ,that is also a sign of purely the birth of commercial banks and the modern investment bank, but also providing reference for other commercial banks and the management of investment bank. Since then, the mixed operations have been banned, the United States financial markets entered a separate operation of the times. The third stage is from November 4, 1999 to date, "1999 Financial Services Modernization Act" untie the adoption of the financial industry Mixed Operation of the United States in a new era.Japan's financial markets same with the United States, has also gone from the mixed business to the separated operation, and to the development of the Mixed Operation again. In fact, Japan's financial market was following the development of the United States. Therefore, Japan in the development of the operating system and development path was very much the same pattern with the United States, but in the effectiveness of development has not been good results. The two reasons is that: 1. Japan's financial markets were lack of market for mixed operations on the basis.2. From top to bottom, the reform of the financial management system is in the the delineation of powers and breaking-in period.Germany banking system to the banking system mixed industry-led, that is to provide financial institutions, including banking, securities, insurance and trust, and all-round financial services, so it was named mixing banking industry. Germany has been able to maintain a long-term and stable development of the two fusion industry, the success of its business management model and a strong tradition of self-regulation of the banking sector and the stock market is closely related to underdevelopment.The first part of the paper mainly introduces the pattern of mixed operation among the developed countries. From the world's major developed countries of the Organization's financial industry to see the old model, there are two forms: first type is all-can banks, represented by Germany, the banks can operate securities, and insurance and other financial services; another is the financial holding company model, the United States and Japan, representatives of records related financial institutions on the establishment of financial holding companies, financial institutions operate relatively independent, but in risk management and investment decision-making in regard to holding companies, Commercial banks, securities firms and insurance companies to form mutual holding companies conduct business penetration.The forth part of the paper introduces the operation system development of Chinese commercial banks and its choices. The development of China's financial market has also experienced a mixed operations from the operation to the process of formulating laws and regulations from the present, China is still in the supervision of the state, with the development of international finance, China's international financial rules of adaptation, of the international financial competition, and so the need to reform the financial system, to adapt to the needs of mixed operations will carry out the development of China's financial market is of great significance. From the major developed mixed industry study, we can learn from the experience of the following:: First, not blind development, it must be spontaneous development of a market demand on the basis of the financial market to maintain the current pattern of the operation, and cultivate mixed business ; Second, in view of the financial holding company has become the world countries in the development of mixed operations in the first choice, while China has the existence of the models, and should therefore intensify the norms to promote their development; Third, strengthen financial supervision and management system building From an institutional guarantee for financial reform and results.The final part of the paper analyses Chinese mixed operation from the three aspects: risk prevention, business proposals and financial supervision. China with mixed operations reflected in the main obstacle: 1. the operating mechanism is not perfect; 2. the low rate of capital adequacy; 3. a single state-owned property rights intervention. Learning from developed Western countries, the experience of mixed business development, China should take gradual relaxation of restrictions on business promotion and pilot schemes, such as the offshore and steadily developed diversified financial services; from low risk business to the high-risk business transition; setting up a bank Internal different business ide independent subsidiary. In the financial supervision, the Central Bank of China established good financial regulatory agencies with coordination and cooperation systems, and strengthen financial supervision system of joint meeting, and should do a good job in information sharing mechanism. China's financial company, cross-cutting nature of the banking business and banking network integrated, mixed-oriented business, through the establishment of financial coordination among the various regulatory bodies monitoring system to prevent regulatory vacuum and duplication, increase the effectiveness of their supervision. |
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