职称论文格式范文-代写职称论文-关于金融危机的

职称论文格式范文,代写职称论文,关于金融危机的论文,金融危机的影响论文,金融危机的防范论文,Financial crisis on China's financial supervision system reform

Abstract: by the United States sub-loan crisis of the financial crisis, exposed a world financial regulatory system deficiencies, based on the background of the financial crisis, the American financial supervision system to carry on the analysis, thus proposed with reference to the United States of America umbrella supervision mode, combining the reality of our country, the establishment of a set of its own characteristics of the financial supervision system.

Key words: financial crisis; supervision system; reform; enlightenment

One, the financial crisis exposed the shortcomings of financial supervision system

The financial crisis and the emergence and spread of the international financial regulatory system exposed many problems, mainly includes the following aspects:

( a ) the fragmented regulatory duplication of regulatory, hinders the smooth development of the industry. In the financial activity the process of diversification, for a given regulatory object the supervision system, authority orgnaization numerous overlapping, regulatory standards is not consistent is many countries financial supervision system of some problems. Multiple regulatory often occur" who are" or" who are either" phenomenon, even as the regulatory domain boundary is unclear and ambiguous responsibility will appear in supervision department in order to obtain more regulatory object, the existence of the relaxation supervision requirement motivation. With the financial crisis in the USA bank supervision as an example, as the banking regulatory dispersion in the 5 federal agencies, each federal agency has management rights, but not at the same time a body having sufficient legal authority to take charge of financial market and the overall risk of the financial system. The United States financial regulators have both federal, also has a state level, according to the different business areas, set up different regulators. In order to Citi Bank as an example, it is not only by the office of the Comptroller of the currency, the Federal Reserve, the federal deposit insurance institutions, savings institutions supervision department and the securities and Exchange Commission regulation, but also by the 50 states place the regulator's. These institutions exist between cross and overlap phenomenon. No single financial regulator has surveillance market systemic risk and essential information and authority, the existing financial supervision departments in response to the threat of the stability of the financial markets of the major issues lack the necessary coordination mechanism. Due to the regulation and supervision of cultural differences, the regulatory agencies of financial institutions in the new standard, information reporting formats and procedures, internal risk control system, capital adequacy standards, senior management personnel qualification, financial institutions mergers and acquisitions almost all aspects of the existence of different provisions. The large financial groups per year in the annual report prepared and submitted must spend at least 2 months. Financial institutions are often due to the same thing, in the same department ( or subsidiary ) kept receiving different regulatory inspections. In recent years, there has been the industry complains, the financial supervision system is not only an orgnaization too much authority, and overlapping, in the global financial market is closely linked to the situation, this kind of excessive regulation will affect the smooth development of the financial industry.

( two) blank regulation induced regulatory vacuum, influence industry norms of development. At present, with the continuous development of financial markets, financial business cross, financial innovation often involves both banks, insurance, securities and other business areas, often make the cross field supervision in a vacuum, but in recent years the regulatory domain blank increasing trend. Some scholars think, the American financial crisis is one to be engaged in mixed operations of the financial group, the lack of a unified and coordinated regulatory framework. Due to the group without a single final regulators, and the implementation of" functional" regulation, within the group of functions is a clear business is unsupervised, the formation of regulatory loopholes and gaps. The group engaged in similar business between different industry departments may for regulatory arbitrage. Also, we know, the early nineteen ninties, the United States of America 's main commercial banks and securities firms have established derivatives, and vigorously expand structured products business. These structured products are not in the traditional sense of the options, futures and swaps, but a variety of basic products and a variety of basic derivatives of the complex mixture. 10 years later, in spite of structured products have become an important source of income for financial institutions, there is still not a regulatory agency claims for these products operation, risk disclosure, investors protection and operation have oversight responsibility, supervision power dispersed easily lead to regulatory gaps. With the rise of investment banking business, financial leverage ratio rising, financial product breed increases ceaselessly; financial institutions excessive risk-taking, regulators have regulatory vacuum, risk accumulation effect, industry norms of development, ultimately leading to the financial crisis.

( three) the financial regulatory reform lags behind the development of the financial industry 's pace. The development of the financial industry fast, faster innovation, its development features of financial supervision system according to the development of the market to adjust, and the development of the financial market phase suit. But, the current many countries financial supervision system behind the financial market at the end of regulation, has affected the healthy development of the industry, and even lead to industry risk. In the case of the United States, the United States of America 1999" Financial Services Modernization Act" has greatly changed the financial landscape, but there is no real reform regulatory framework. " Financial Services Modernization Act" to allow the establishment of financial holding company, so that it can be engaged in commercial banking, investment banking and insurance business, but did not actually designated financial holding company supervisor, but adopted a "functional" supervision mode, that fed and OCC part of SEC regulatory supervision of commercial banks, investment part of the bank, state insurance regulators and insurance industry part. " Financial Services Modernization Act" for the bank engaged in different business paves the way for, but did not solve the cross sector financial group supervision. With the development of globalization and financial comprehensive operation and financial market between product innovation development, cross sell the emergence and transmission of risk, the original supervisory system can not meet the rapid development of the financial market demand. Supervision is always behind the market development, the problems, regulatory measures to make the adjustment, regulation always do cosmetic work, which was beneficial to guide the industry; regulatory information lag at financial institutions, technology is backward in the financial market, no effective supervision highly mixed operations of the financial market, causing a regulatory malposition and lag, weaken the financial regulatory competition, more cannot dissolve in the running process of potential risks. When taking the policy intervention, often failed to achieve the desired effect. This is some general problems existing in the financial supervision.

In two, the United States financial supervision system reform

With the accelerated pace of economic globalization and financial situation, the emergence of new changes, the international financial regulators and the industry has been the financial regulatory system reform is necessary to form a consensus, and the growing financial crisis, exacerbated by the urgency of the reform. Western countries led by America started on financial regulation reform in order to maintain the stability of financial markets, international financial supervision system is undergoing a new round of reform.

In 2009 June, the United States government formally announced since 1929 "Great Depression" since the most thorough and comprehensive financial regulatory reform program, known as the American financial supervision system reform of" white paper". The reform scheme of the United States of America almost relates to all aspects of financial field, from more rigorous consumer protection policy to publish on the financial products more stringent rules, this one plan to present free in the supervision of financial products and financial institutions, should be placed under the control of the federal government. The reform aims to complete repair in the United States the existing system of financial supervision, to prevent similar to the current crisis happen again.

( a ) to enhance the overall supervision of all financial institutions. The white paper proposals, all may bring serious risk to the financial system financial institutions must be under strict supervision, to avoid the" bull"," short" supervision. To this end, the government will pursue the following six aspects: the reform of the United States of America was established by the leadership of the Ministry of finance of the Financial Services Regulatory Commission, to monitor systemic risk; to strengthen the Fed's powers, the Federal Reserve to solve the build-up of risks that threaten the system, expand the scope of regulations to all possible pairs of financial stability and pose a threat to the enterprise. In addition to bank holding companies, hedge funds, insurance companies will be fed into the scope of regulation; in financial enterprises to set more stringent capital and other standard, large, strong association between the enterprises will be set higher standards, the Fed has the capital requirements of banks in terms of the final decision, and on the the company's executive compensation and financial market trading system for monitoring power fed into the range; the establishment of a national bank regulators, to oversee all have federal license revocation savings bank; Management Bureau and other may lead to loopholes in the regulatory body, avoid partial deposit-taking institutions to avoid regulation; hedge funds and other private capital mechanism in registration of the securities and exchange commission.

( two) strengthens to the financial market supervision. The paper suggested: the strengthening of securities market regulation, including increasing the transparency of the market, strengthen the credit rating agency management, create and release party in the relevant credit securitization products bear a certain risk responsibility. Comprehensive regulation of financial derivatives transactions, to expand the scope of the federal regulation of financial market regulation in the gray zone, complex derivatives transactions as well as mortgage-backed securities transactions are placed in supervision, which strengthen the hedge fund and market over-the-counter ( OTC ) is the most typical. Giving the fed to supervise the financial market payment, clearing and settlement system of power.

( three) to protect consumers and investors' rights and interests. The white paper proposals, in order to rebuild confidence in financial markets, for consumers of financial services and capital market strictly, coordination and supervision, the government must promote the market transparency, simple, fair, open, responsible for. A consumer financial protection bureau, in order to protect consumers from unfair financial system, fraud damage to consumers and investors, financial products and services to strengthen supervision, promoting these products transparent, fair, reasonable. Improve consumer financial products and services provider in the industry standards, promote fair competition, protection of mortgages, credit cards and other consumers of financial products. ( four) strengthen international regulatory cooperation. The white paper proposals, reform enterprise capital framework, strengthening regulation on the international financial market, the transnational enterprises to strengthen cooperation in regulation, make the policy coordination, to create a compatible regulatory framework and strengthen the international crisis and the overall coping ability. Specific initiatives include the development of similar credit derivatives regulation, the multinational financial institutions supervision of cross-border agreement signed, as well as with the overseas regulators to better cooperation.

Three, on the future of China's financial regulatory reform a few enlightenment

The financial crisis of the speculative destructive problem, prompted us to think seriously about financial supervision and financial crisis, the United States of America 's financial supervision system reform to give us a revelation: to strengthen financial supervision reform and innovation is to safeguard national economic security is important assure. Reference to this, for our financial regulatory reform proposal as follows:

( a ) mixed operation, unified supervision has become a development trend of financial supervision. With the constant development of economy, the financial structure becomes more complex, a number of new financial instruments such as the silver card cooperation, banks and fund cooperation, investment linked insurance products in our country is ceaseless emerge in large numbers, mixed operation has appeared, securities, banking, insurance, the line between the three increasingly blurred, the current supervision the validity of proposed the stern challenge. At present, China's financial market has been the emergence of a number of the true sense of the financial holding company. In order to Ping An of China as an example, the company has acquired the securities, insurance, banking, trust, asset management and almost all other financial sweat licence, became a real sense of" financial department store". For any such versatile financial company, exists through transfer pricing and allocation of resources to avoid a " three" regulatory space. The current" one of three" supervision system in under the trend of mixed operation, malpractice is exposed increasingly, at the intersection of business regulators for power, push the responsibility in the case of severe. " A three" regulatory system so that supervision operation cost inflation, regulatory efficiency. Despite the separate operation, separate supervision mode suitable for the development of China's financial market current situation. But the trend of mixed financial operations in the United States and the mixed operation of financial supervision under the failed show, financial supervision mode must adapt to the market development needs. In order to improve our country in the international financial market competitiveness, we should strengthen financial supervision, actively guide and promote the development of mixed. Thus, financial business integration and mutual infiltration will gradually blurred the boundary and scope of financial business, the strict supervision to effectively control financial risks. Mixed operation, unified supervision has become the new century global financial industry is a trend of development. The United States of the financial regulatory reform blueprint will be seven regulatory bodies down to three, largely to change multiple supervision pattern. Politics long, already let banks feel not know what course to take, but also for the regulator provides rent-seeking or arbitrage space. Indeed, China's financial supervision system reform to other than the reform of the administrative system more cautious, more secure, whether to implement the" big system" is also worth exploring, but be imperative to promote the reform of financial supervision system. On financial regulatory reform process, China can first establish a comprehensive financial management mechanism - - Chinese Financial Supervisory Commission, become the country's financial industry regulation of total lead people, responsible for the unified development of China finance industry development planning, overall consideration and formulate financial laws and regulations, coordinate the regulatory policies and standards, supervision and evaluation of the financial department of overall risk, collected a variety of regulatory information, unified mobilization of resources for supervision. This stage, the China Banking Regulatory Commission, the Commission, the CIRC will still be in their respective fields to strengthen supervision supervision. In the long term, our country must become fully mixed, as the market matures, financial supervision and accumulated certain experience, may be considered to be the China Banking Regulatory Commission, China Securities Regulatory Commission and the China Insurance Regulatory Commission and other regulatory agencies into the national financial administration, by the latter to become the financial industry unified regulatory body, so that China's financial supervision system and the advanced international finance supervision institution.

( two) perfect financial supervision mechanism, and continuously improve the professional level of supervision. To further improve the legal system of financial supervision, financial supervision law, at the same time, through the abolition of modification, supplement and development means, in time for the existing financial supervision laws, regulations and rules for cleanup and reconstruction. The establishment of the financial risk regulatory, warning, management mechanism, in order to prevent systemic financial risk, maintain economic and financial safety, must be based on financial risk early identification, early warning and disposal mechanism. In the clear regulation based on a target, must exert oneself to update the regulatory means and methods, to strengthen risk management the core premise, efforts to achieve the ways and means of monitoring the five changes: from regulation to compliance supervision and risk supervision combined change; from a segmented supervision to the financial the overall risk supervision institution change; from a disposable supervision to sustainable regulatory change; implement the supervision center of gravity from the specific business supervision to corporate governance structure and internal control effectiveness of regulatory change; to achieve regulatory approach from qualitative regulation to the qualitative and quantitative supervision supervision combined transformations, in order to improve the level of risk supervision.

( three) to establish the necessary funds, business firewall. The establishment of funds. Prohibit or restrict the funds in the financial group inside random flow, ensuring that banks, securities companies, insurance companies to maintain a certain independence. The financial group has its own scope of the use of funds should be clearly defined; the banking system to finance group member institutions of the loans and other credit extension business must have the strict limit, prevent banks for the purchase of non-performing assets directly related

( three) the financial regulatory reform lags behind the development of the financial industry 's pace. The development of the financial industry fast, faster innovation, its development features of financial supervision system according to the development of the market to adjust, and the development of the financial market phase suit. But, the current many countries financial supervision system behind the financial market at the end of regulation, has affected the healthy development of the industry, and even lead to industry risk. In the case of the United States, the United States of America 1999" Financial Services Modernization Act" has greatly changed the financial landscape, but there is no real reform regulatory framework. " Financial Services Modernization Act" to allow the establishment of financial holding company, so that it can be engaged in commercial banking, investment banking and insurance business, but did not actually designated financial holding company supervisor, but adopted a "functional" supervision mode, that fed and OCC regulation

Establishing business penetration firewall. Restricted banking and securities subsidiary business, in order to prevent banks to invest in the stock market and the stock market excessive speculation, to guarantee bank security.

( four) perfect financial institution 's internal control and external constraint mechanism. To establish and improve the internal control of the financial institutions based on the internal mechanism of financial enterprises, maintain the security and liquidity of assets, prevent management risk; to establish and perfect the internal risk control mechanism, with the core of risk management of financial institutions quality evaluation, improve the level of corporate governance of financial institutions. At the same time, strengthen the financial industry self-discipline organization construction, developing more strict codes of conduct, and the industry operators to conduct supervision and.

Establishment of monetary policy and banking supervision a shared database, strengthens the supervision mechanism between necessary information sharing, as soon as possible to establish a unified, independent, can automatically generate statistical indicators and financial regulatory indicators of financial information system, realize the sharing of information resources. In order to prevent the malignant competition, must be based on laws and regulations in the form of explicit information sharing responsibilities. In addition, the disclosure of information to be more transparent, supervision by public opinion to strengthen and stabilize the financial order, the need to strengthen the consciousness of public finance, the popularity of financial laws and regulations, improve the public sense of credit and risk prevention awareness.

( five) strengthen the international financial supervision cooperation and coordination. In the economic globalization, the financial integration situation, financial business is no longer confined to one country or regions, China should actively adapt to the trend of international financial supervision, strengthen the supervision of the international cooperation and coordination, reference and the basis" core principles for effective banking supervision" and" the new Basel Capital Accord", realize the transnational the effective supervision of financial institutions. Our country should with other national financial authorities signed a bilateral memorandum of understanding, provision of information, mutual consultation, technical cooperation and other aspects of cooperation. At the same time, also played by various international and regional organizations in the coordination of international financial supervision function, to establish a unified regulatory standards and system, to avoid the lack of supervision.

Reference.

[1 ] Guo Shikun, Jiang Qinghai, Li Danhong. The United States sub-loan crisis to our deep caution. China Construction Bank Group, 2009.3.

[2 ] Wang Zhigang. Subprime mortgage crisis of characteristics, causes and enlightenment. Shanxi Banking Bureau website, 2009.1.

[3 ] Huang Lizhu. Financial crisis to advance the new capital Protocol Improvement and development [N ]. Financial times, 2009.1.

[4 ] Fang Fu. Explain the sub-loan crisis in the financial tool [ N]. Qianjiang Evening News, 2008.12.

[5 ] Liang Biao. The United States sub-loan crisis cause analysis, development research center of the State Council Information Net, 2008.1.

[6 ] Luo Xi. The United States sub-loan crisis evolution and Enlightenment to China [J ]. Yes, 2008.1.

职称论文发表金融危机对我国金融监管制度改革的启示

　　摘要：由美国次贷危机引发的金融危机，暴露出世界各国金融监管体系存在的不足，本文以金融危机为背景，对美国金融监管体系进行剖析，从而提出参照美国伞形监管模式，结合我国实际，建立一套有自己特色的金融监管体系。

　　关键词：金融危机；监管体系；改革；启示

　　一、金融危机暴露出金融监管体制存在的弊端

　　本次金融危机的产生和蔓延暴露出国际金融监管体制的诸多问题，主要包括以下几个方面：

　　（一）多头监管致重复监管，阻碍行业顺畅发展。在金融活动多元化的进程中，对某一监管对象所出现的监管体系机构众多、权限互有重叠、监管标准不一致是很多国家金融监管体制中共有的问题。多头监管常常会发生“谁都管”或“谁都不管”的现象，甚至由于监管领域界限不清和责任不明还会出现监管部门为了获取更多的监管对象，存在放松监管要求的动机。以金融危机中的美国银行监管为例，由于银行业的监管分散在5个联邦机构中，每个联邦机构都有管理权，但同时没有一个机构拥有足够的法律授权来负责金融市场和金融体系的整体风险。美国金融监管机构既有联邦的，也有州一级的，针对不同的业务领域，设立了不同的监管机构。以花旗银行为例，它不但要受到货币监理署、联邦储备银行、联邦存款保险机构、储蓄机构监管署以及证券交易委员会的监管，还要受到50个州的地方监管者的监管。这些机构之间存在着交叉和重复监管的现象。没有任何单一金融监管机构拥有监控市场系统性风险所必备的信息与权威，现有金融监管部门之间在应对威胁金融市场稳定的重大问题时缺乏必要的协调机制。由于监管目标和监管文化的不同，各监管机构在金融机构新设标准、信息报送格式和程序、内部风险控制制度、资本充足率标准、高级管理人员资格审查、金融机构兼并收购等各个方面几乎都存在不同的规定。大型金融集团每年仅在年报的准备和报送上就得花费至少2个月的时间。金融机构还常常因同一件事、在同一个部门（或子公司）不停地接受不同监管机构的现场检查。近年来，一直有业界人士抱怨，金融监管体系不仅机构太多，而且权限互有重叠，在全球金融市场密切相连的情势下，这种过度监管会影响金融业顺畅发展。

　　（二）空白监管致监管真空，影响行业规范发展。当前，随着金融市场的不断发展，金融业务交叉，金融创新往往同时涉及银行、保险、证券等多个业务领域，往往使交叉领域出现监管真空，而且近年来监管领域呈现空白不断增多的趋势。有学者认为，这次美国金融危机的根源之一就在于对从事混业经营的金融集团，缺乏统一协调的监管框架。由于对集团没有单一最终监管者，而实行“功能性”监管，集团内职能划分不明确的业务就无人监管，形成监管漏洞和空白。集团内从事类似业务的不同行业的部门之间则可能进行监管套利。还有，我们知道，20世纪90年代初，美国主要的商业银行和证券公司都建立了衍生产品部，大力拓展结构化产品业务。这些结构化产品已经不是传统意义上的期权、期货或掉期产品，而是多种基础产品与多种基本的衍生产品的复杂混合体。10多年过去了，尽管结构化产品已经成为金融机构的重要收入来源，至今没有一个监管机构宣称对这些产品的运行、风险揭示、投资者保护和运作负有监管责任，监管权力的分散容易导致监管空白。随着投资银行业务的兴起，金融机构杠杆比率不断上升，金融产品的品种不断增加；金融机构过度冒险，监管部门却存在监管真空，造成风险不断累积，影响行业规范发展，最终导致金融危机。

　　（三）金融监管改革落后于金融业发展的步伐。金融业发展快、创新快，其发展特点要求金融监管体制能够根据市场的发展进行调整，并与金融市场的发展阶段相适应。但是，当前很多国家的金融监管体制落后于金融市场，末端监管已影响到行业健康发展，甚至会引发行业风险。以美国为例，美国1999年的《金融服务业现代化法》极大地改变了金融业的面貌，但并没有真正改革监管框架。《金融服务业现代化法》允许成立金融控股公司，使其可以从事商业银行、投资银行和保险业务混业经营，但并没有真正指定金融控股公司的监管者，而是采取了所谓的“功能性”监管模式，即美联储和OCC监管商业银行部分，SEC监管投资银行部分，各州的保险业监管机构监管保险业部分。《金融服务业现代化法》为银行从事跨业经营铺平了道路，但没有解决跨业金融集团的监管问题。随着全球化的发展和金融机构综合化经营及金融市场之间产品创新的发展、交叉出售的涌现和风险的快速传递，原有的监管体制满足不了快速发展的金融市场的需求。监管始终落后于市场发展，待问题出现后，监管措施才能做出调整，监管始终做些修修补补的工作，而没有进行行业的有益引导；监管部门掌握的信息滞后于金融机构，技术落后于金融市场，无法有效监管高度混业经营的金融市场，造成了监管的错位和滞后，削弱了金融监管的竞争力，更无法化解其运行过程中的潜在风险。当采取政策干预时，往往达不到预期效果。这是一些国家金融监管中存在的共性问题。

　　二、美国金融监管体制改革动向

　　随着经济全球化步伐的加快和金融形势出现新的变化， 国际金融监管层和业界人士已就金融监管体制改革的必要性形成共识， 而愈演愈烈的金融危机则加剧了改革的紧迫性。 以美国为首的西方国家开始对金融监管进行改革以维护金融市场的稳定， 国际金融监管体制正在经历一轮新的变革。

　　2009年6月，美国政府正式公布了自1929年“大萧条”以来最彻底的全面金融监管改革方案，称之为美国金融监管体系改革的“白皮书”。这份改革方案几乎涉及美国金融领域的各个方面，从更严格的消费者保护政策到出台对金融产品更为严格的监管规则，这一计划把目前游离在监管之外的金融产品和金融机构，都要置于联邦政府的控制之下。改革目的旨在全面修复美国现有金融监管体系，防止类似当前危机的再度发生。

　　（一）加强对全部金融机构的整体监管。白皮书建议，所有可能给金融系统带来严重风险的金融机构都必须受到严格监管，避免“多头”、“空头”监管。为此，政府将推行以下六方面改革：成立由美国财政部领导的金融服务监管委员会，以监视系统性风险；强化美联储权力，授权美联储解决威胁整个系统的风险累积问题，监管范围扩大到所有可能对金融稳定造成威胁的企业。除银行控股公司外，对冲基金、保险公司等也将被纳入美联储的监管范围；对金融企业设立更严格的资本金和其他标准，大型、关联性强的企业将被设置更高标准，美联储拥有银行资本金要求方面的最终决定权，并对这些公司的高管薪酬以及金融市场交易系统的监控权力纳入美联储的范围；成立全国银行监管机构，以监管所有拥有联邦执照的银行；撤销储蓄管理局及其他可能导致监管漏洞的机构，避免部分吸储机构借此规避监管；对冲基金和其他私募资本机构需在证券交易委员会注册。

　　（二）加强对金融市场的全方位监管。白皮书建议：强化对证券化市场的监管，包括增加市场透明度，强化对信用评级机构管理，创设和发行方需在相关信贷证券化产品中承担一定风险责任。全面监管金融衍生品的场外交易，将联邦监管范围扩大到金融市场监管的灰色地带，复杂衍生品交易以及抵押贷款担保证券的交易都将置于监管之内，其中加强对对冲基金和场外交易市场（OTC）最为典型。赋予美联储监督金融市场支付、结算和清算系统的权力。

　　（三）保护消费者和投资者权益。白皮书建议，为了重建对金融市场的信心，需对消费者金融服务和投资市场进行严格、协调地监管，政府必须促进这一市场透明、简便、公平、负责、开放。建立消费者金融保护局，以保护消费者不受金融系统中不公平、欺诈行为损害，对消费者和投资者金融产品及服务强化监管，促进这些产品透明、公平、合理。提高消费者金融产品和服务提供商的行业标准，促进公平竞争，保护抵押贷款、信用卡和其他金融产品消费者的利益。（四）加强国际监管合作。白皮书建议，改革企业资本框架，强化对国际金融市场监管，对跨国企业加强合作监管，使各国的政策相协调，以创立一个相容的监管架构并且强化国际危机整体应对能力。具体举措包括制定相似的信用衍生产品监管规定，在对大型跨国金融机构进行监管方面签署跨境协议，以及与海外监管机构进行更好合作等。

　　三、对我国未来金融监管改革发展方向的几点启示

　　金融危机中凸显出的投机破坏性问题，促使我们认真思考金融监管与金融危机的关系，美国的金融监管体系的改革给予我们一个启示：加强金融监管改革创新是维护国家经济安全的重要保证。借鉴于此，对于我国金融监管改革建议如下：

　　（一）混业经营、统一监管成为金融监管的一个发展趋势。随着经济的不断发展，金融结构也变得日益复杂，一些新的金融工具如银证合作、银行与基金合作、投资连接保险产品等在我国不断涌现，混业经营初见端倪，证券、银行、保险三者之间的界限越来越模糊，这对现行分业监管的有效性提出了严峻的挑战。目前我国金融市场上已经出现了若干真正意义上的金融控股公司。以中国平安为例，该公司已经获得了保险、证券、银行、信托、资产管理等几乎所有金融汗液的牌照，成为一家真正意义上的“金融百货公司”。对于任何一家这样的全能金融公司而言，都存在通过转移定价和资源调配来规避“一行三会”监管的空间。当前的“一行三会”监管体制在混业经营趋势下，弊端日益暴露，在交叉业务领域各监管机构争权力、推责任的情况严重。“一行三会”的监管体制也使监管运行成本膨胀，监管效率下降。尽管分业经营、分业监管模式基本适合我国金融市场发展的现状。但金融混业经营的发展趋势与美国混业经营下的金融监管失败表明，金融监管模式必须适应市场发展变化的需要。为提高我国在国际金融市场的竞争力，我们应在加强金融监管的同时，积极引导并推进混业经营的发展。由此，金融业务间的相互融合与相互渗透将逐渐模糊金融业务边界与范围，使得严格的分业监管难以有效控制金融风险。混业经营、统一监管已成为新世纪全球金融业的一个发展趋势。美国的本次金融监管改革蓝图将七家监管机构精简为三家，在很大程度上是为了改变多头监管的格局。政出多头，既让被监管者感到无所适从，也为被监管者提供了寻租或套利的空间。诚然，我国金融监管体制改革要比其他行政管理体制改革更慎重、更稳妥，是否实行“大部制”也值得探讨，但推进金融监管体制改革势在必行。在金融监管的改革进程中，我国可以首先建立综合性金融管理机构─中国金融监督委员会，成为全国金融行业监管的总牵头人，负责统一制定我国金融业的发展规划，通盘考虑和制定金融法律法规，协调监管政策和监管标准，监督和评估金融部门的整体风险，集中汇总各种监管信息，统一调动监管资源。这一阶段，银监会，证监会，保监会依然要分别在各自监管领域加强监管。从长期看，我国必定走向全面混业，因此等市场发展成熟，金融监管积累一定经验，可以考虑将银监会、证监会和保监会等监管机构并入国家金融管理局，由后者成为金融业统一的监管机构，使我国金融监管制度与国际先进的金融监管制度接轨。

　　（二）完善金融监管机制，不断提高专业化监管水平。进一步完善金融监管的法律体系，使金融监管有法可依，同时通过废除、修改、补充和制定等手段，及时对现有的金融监管法律、法规和规章等进行清理和重建。建立金融风险的监管、预警、处置机制，为防范系统性金融风险，维护经济金融安全，必须建立对金融风险的早期识别、预警和处置机制。在明确监管目标的基础上，必须着力更新监管的手段和方式，要在强化风险监管这一核心前提下，努力实现监管方式和手段的五个转变：实现从合规监管为主向合规监管和风险监管相结合的转变；实现从分割式监管向金融机构法人整体风险监管的转变；实现从一次性监管向持续性监管的转变；实现监管重心从具体业务监管向法人治理结构和内控有效性监管的转变；实现监管方式从定性监管为主向定性监管和定量监管相结合的转变，以提高风险监管的水平。

　　（三）建立必要的资金、业务防火墙。建立资金防火墙。禁止或限制资金在金融集团内部的任意流动，保证银行业、证券公司、保险公司保持一定独立性。对金融集团自有资金的使用范围加以明确规定；对银行系统向金融集团成员机构的贷款和其他信贷延期业务必须有严格数量限制，防止银行因购买不良资产而直接承担其相关证券部门的风险；对金融控股集团内部资金交易的数额应加以限制，防止大额的不当资金转移。

　　建立业务渗透防火墙。严格限制银行与证券子公司之间的业务往来，以防止银行将资金大量投入股市及由此引起的股市过度投机，保证银行的安全。

　　（四）完善金融机构内控制度和外部约束机制。建立健全以金融机构内部控制为基础的内部自律机制，维护金融企业资产的安全性和流动性，防范经营风险；建立完善的内部风险预警控制机制，以风险为核心对金融机构管理质量进行评估，提高对金融机构的公司治理水准。同时，加强金融业行业自律性组织的建设，制定更为严格的行为守则，并对本行业经营者的经营行为进行监督。

　　建立货币政策和银行监管共享的数据库，增强监管机构之间必要的信息共享，尽快建立统一的、独立的、可自动生成统计指标和金融监管指标的金融信息系统，实现信息资源共享。为防止恶性竞争，必须以法规形式明确信息共享的权责。另外，信息披露要进一步透明化，从舆论监督来加强和稳定金融秩序，这需要增强公众金融意识，普及金融法律法规，提高公众信用观念和风险防范意识。

　　（五）加强国际金融机构监管合作与协调。在经济全球化、金融一体化的形势下，金融业务不再局限于某一国家或地区的范围，我国应主动适应金融监管的国际化趋势，加强监管的国际合作与协调，参照和依据《有效银行监管的核心原则》和《新巴塞尔资本协议》，实现对跨国金融机构的有效监管。我国应与其他国家金融当局签订双边谅解备忘录，在信息提供、相互磋商、技术合作等方面展开合作。同时，还要发挥各类国际组织和区域性组织在协调国际金融监管方面的作用，建立统一监管的标准和体系，避免监管缺位。

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