Financial Mixed Operation System Change Research

Since the 1980s, the financial liberalization tide has started in the worldwide scale, the various countries' government relaxed in abundance to the banking industry's control respectively, permitting the bank cross profession operation, integrated operation has become the mainstream operational institutional arrangement of international financial industry nowadays. China entered WTO at the end of 2001, Prevailing in the world, the institution of integrated operation will certainly influence the developing direction of China's financial reform. In a sense, financial industry's transition from separated operation to integrated operation is a kind of phenomenon of institutional choice and institutional change.This paper studies the operation institutional change of China's finance mainly from the angle of new institutional economics, points out integrated operation institution is the inevitable choice of China's financial reform and the financial holding company is a ideal choice of China's integrated operation institution.Chapter one simply introduces the theory of institution and institutional change in the frame of new institutional economics, defines the operational institution of modern financial industry and its two types-the institution of separated operation and integrated operation, then analyses the comparisons of the two operation institutions' advantages and disadvantages.Chapter two through the analysis of the modern west developed country financial institution change, obtaining an enlightenment to our country financial institution change: The integrated operation institution is tendency of our country financial institution change.Chapter three firstly proves the existing rationality of the separated operational institution in present China, secondly analyses the disequilibrium of current institution of separated operation in China, thus drawing a conclusion that it is inevitable for China to put integrated operation of financial industry into practice. Chapter four firstly points out China's finance's transition from separated operation to integrated operation is a gradual process of institutional change, secondly introduces and compares two typical organizational models of integrated operation of financial industry in the world, analyzes the adaptability of two organizational models in China, comes to the conclusion that China should adopt the model of financial holding company, and puts forwards the institutional arrangements of developing China's financial holding companies at macroscopically and microscopically aspects.