【摘要】：2008年的金融危機，讓人們深刻認識到金融機構(gòu)的過度混業(yè)經(jīng)營對金融穩(wěn)定造成的負面影響。商業(yè)銀行通過并購、參股和控股等方式發(fā)起和持有的對沖基金、私募股權(quán)基金，在本輪金融危機中遭受了巨大的損失，并迫使政府不得不耗費巨大的人力財力予以救助。這次危機在某種程度上可以視為混業(yè)經(jīng)營潛在風險的一次集中大爆發(fā)。盡管如此，從危機后的實踐來看，混業(yè)經(jīng)營仍是國際金融業(yè)的發(fā)展趨勢。我國自2006年3月“十一五”規(guī)劃明確提出“穩(wěn)步推進金融業(yè)綜合經(jīng)營試點”以來，混業(yè)經(jīng)營已初具規(guī)模。在此國際國內(nèi)大背景下，，研究金融機構(gòu)的混業(yè)經(jīng)營對系統(tǒng)性風險影響非常有必要。 首先，本文闡述了混業(yè)經(jīng)營對系統(tǒng)性風險的作用機理。提出了混業(yè)經(jīng)營對金融機構(gòu)系統(tǒng)性風險影響的理論：適度混業(yè)經(jīng)營有利于降低金融機構(gòu)的系統(tǒng)性風險，過度混業(yè)經(jīng)營將加劇金融機構(gòu)的系統(tǒng)性風險。 接下來，實證分析了混業(yè)經(jīng)營對系統(tǒng)性風險的影響。構(gòu)建混業(yè)經(jīng)營對系統(tǒng)性風險影響的非線性面板模型，系統(tǒng)性風險根據(jù)邊際期望損失法測算，混業(yè)經(jīng)營程度用赫芬達爾指數(shù)代表，非線性影響用赫芬達爾指數(shù)的平方項反映。研究表明：混業(yè)經(jīng)營程度與系統(tǒng)性風險的關(guān)系呈現(xiàn)出“U型”特征，即混業(yè)經(jīng)營程度與系統(tǒng)性風險之間存在一個閾值，當金融機構(gòu)混業(yè)經(jīng)營程度超過閾值，將導致系統(tǒng)性風險的增大。這與前面提出的理論相符。 最后，本文總結(jié)了危機后各國基于系統(tǒng)性風險防范的混業(yè)經(jīng)營制度改革的經(jīng)驗，結(jié)合實證結(jié)果，針對我國金融業(yè)混業(yè)經(jīng)營的所處的階段，提出穩(wěn)妥推進我國混業(yè)經(jīng)營制度的基本設(shè)想：立法上，應(yīng)立足于我國現(xiàn)有法律法規(guī)體系，借鑒歐美各國混業(yè)經(jīng)營立法規(guī)范，吸取歐美混業(yè)經(jīng)營發(fā)展的經(jīng)驗教訓，修改和完善當前的法規(guī)，規(guī)范我國金融業(yè)混業(yè)經(jīng)營發(fā)展；組織模式上，短期可借鑒以美國為代表金融控股公司模式，各方面條件成熟后可實行全能銀行制的組織模式；監(jiān)管機制上，應(yīng)從監(jiān)管架構(gòu)、監(jiān)管協(xié)調(diào)機制、監(jiān)管能力方面構(gòu)建與混業(yè)經(jīng)營相匹配的監(jiān)管機制。
[Abstract]:The financial crisis in 2008 made people deeply realize the negative impact of excessive mixed operation of financial institutions on financial stability. Hedge funds and private equity funds initiated and held by commercial banks through mergers and acquisitions, equity participation and holding have suffered huge losses in the current financial crisis, and forced the government to spend a lot of human and financial resources to rescue them. To some extent, the crisis can be seen as a concentrated outbreak of potential risks in mixed operations. Nevertheless, from the post-crisis practice, mixed operation is still the development trend of international financial industry. Since the 11th five-year Plan in March 2006 clearly put forward the pilot project of "steadily promoting the comprehensive management of the financial industry", the mixed operation has begun to take shape. In this international and domestic context, it is necessary to study the impact of mixed operation of financial institutions on systemic risk. First of all, this paper expounds the mechanism of mixed operation on systemic risk. This paper puts forward the theory of the influence of mixed operation on the systemic risk of financial institutions: moderate mixed operation is beneficial to reduce the systemic risk of financial institutions, and excessive mixed operation will aggravate the systemic risk of financial institutions. Next, the impact of mixed operation on systemic risk is empirically analyzed. The nonlinear panel model of the influence of mixed operation on systemic risk is constructed. According to the marginal expected loss method, the degree of mixed operation is represented by Huffindar index, and the nonlinear effect is reflected by the square term of Huffindal index. The results show that the relationship between the degree of mixed operation and systemic risk is "U-shaped", that is, there is a threshold between the degree of mixed operation and systemic risk, when the degree of mixed operation of financial institutions exceeds the threshold, Will lead to an increase in systemic risk. This is consistent with the theory put forward earlier. Finally, this paper summarizes the experience of the reform of mixed operation system based on systemic risk prevention in various countries after the crisis, combined with the empirical results, aiming at the stage of mixed operation of financial industry in our country. This paper puts forward the basic assumption of steadily promoting the mixed operation system of our country: in legislation, it should be based on the existing legal and legal system of our country, draw lessons from the legislative norms of mixed operation in Europe and the United States, and draw lessons from the experience and lessons of the development of mixed operation in Europe and the United States. Revise and perfect the current laws and regulations, standardize the development of mixed operation of financial industry in our country; In terms of organizational model, we can draw lessons from the model of financial holding company represented by the United States in the short term, and we can carry out the organizational model of universal bank system when the conditions are mature. In the supervision mechanism, we should construct the supervision mechanism matching with the mixed operation from the aspects of the supervision structure, the supervision coordination mechanism and the supervision ability.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.2

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