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The Development Path of China’s Financial Holding Company

Author: LiYue
Tutor: QiYiYing
School: Jilin University
Course: Finance
Keywords: Financial holding company Globalization Resource integration Risk prevention
CLC: F832.39
Type: Master's thesis
Year: 2009
Downloads: 365
Quote: 1
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Abstract


With the continuous deepening of Chinese financial reform, the pace our country with the international financial system is more and more quickly, in the face of international financial mixed operation of the general trend of the industry, our country’s financial industry, "separate operation, separate supervision," the pattern that will be acceptable to a severe test. In global competition, if a country want their financial institutions in the international market to be on a competitive position, the operation mode should be on the road to go. Taking a panoramic view of world power industry in the development of mixed route, only the financial holding company is relatively easy to monitor and compare the laws on variable universal fit to become Chinese financial mixed operation of the micro-breakthrough, the reason is that: the financial holding company that takes care of market efficiency and security. Therefore, systematic and comprehensive study of financial holding companies in our country’s development path in the development process to resolve their problems is a very important practical value and significance.In this paper, I combinate domestic and foreign experts and scholars from research results of the financial holding company to promote our country as a separate operation to finance the operation mode changes in the micro-carrier, the financial holding company listed in the development of our country’s actual conditions, the light has reached a mature state of the financial holding company system of the United States, Japan and other countries the experiences and lessons, then analysis the development of financial holding company status quo of our country, the system of inspection of the current financial holding company in China in the development of risk exist, to extract the carry forward financial holding company operating advantage, precautions to avoid risks , pointing out that the financial holding company in our country’s sustainable development path.The article is divided into four parts, the first introduction is the theory of the financial holding company’s concept, the generation and development through, and then start on the financial holding company operating the relevant theoretical analysis, including economies of scale and scope economies and synergies. In short, the Basel Committee released the "supervision of financial conglomerates," pointed out that the financial Group is principally engaged in financial business, at least obvious to engage in banking, insurance, securities of two or more business activities. Generally put its financial holding company is divided into pure and mixed financial holding company. Even though the performance of various different forms, but as a mixed operation of an innovative operation, each subsidiary has its own independent capital, management team, in a variety of set up a firewall between the financial business and guard against risk.Characterized by the performance of the financial services industry as its principal business, the entire Financial Holdings Group is mixed mode, a subsidiary of separate operation, to effectively prevent the risk of transmission of each other, then the parent and subsidiary company into a whole, by the parent company as a holding company, generally has strong financing capability, and a holding company with subsidiaries consolidated financial statements, the common tax, operating on a self-financing. End of article introduction at the rise of the background on the basic financial holding company summed up the reasons for the rapid development of an initial draw of the financial holding company, not only through separate subsidiaries operating between the mixed operation achieve the full advantage, but also effectively avoid engaging in cross-business the risks posed by proliferation, taking into account the principles of safety and efficiency, very suitable for sophisticated financial markets have not been completely mixed operation system of the developing countries in transition have taken a corporate organizational form that conclusion.The second part of financial holding companies developed the practice to the United States, Japan, Germany to develop their budding financial holding company, the embryonic form, to finally establish the whole process as an example, as the text for the empirical analysis provide the basis of practice. China’s accession to the WTO, foreign institutions must be by virtue of which they have a one-stop services and multi-channel source of profit, low-cost advantage of a series of business challenges such as the conversion of our country the pattern of separate operation, to that end, our country at this stage based on the article the financial industry, according to their experience of China’s financial management system development and financial holding company set up, made a number of sound thinking and learn from. The third part of our country is the development of financial holding company status and empirical analysis, in the international financial industry competition, market diversification and the main body of the general of the strong demand for financial services, scientific and technological progress in information the rising tide of globalization, driven mixed operated by the wave set off at the world under the background of our country have emerged as the main body to the Group to financial institutions as the main body to the state-owned enterprises or private capital as the main body are three types of quasi-financial holding company, respectively, CITIC, Guangda groups, peace groups, Shandong Electric Power as the main representative. Then an analysis of financial holding groups to optimize the capital market through internal configuration, achieve economies of scale and scope, while its group-based forms of organization to raise funds at more efficient use of the Group revenue, a reasonable tax avoidance have other aspects of a single financial institution can not implementation of operating advantages. But financial institutions are a special enterprise, there are a number of risks at its own course of business. Such as liquidity risk, credit risk, market risk, and financial holding company has a relatively complex because of the holding relationship, apart from the risk of the above, but also exist because of business integration, ownership structure and other factors derived from operational risks. Article mainly focus on relating to internal transactions, duplicate calculation of capital, financial leverage ratio is too high, conflict of interest and the transparency of the risk of operating. Our country at the effect of the financial holding company operating on the empirical analysis to CITIC Holdings mode and Peace mode of the Group as an example, by analyzing their business performance in recent years, using of financial data analysis methods to explore whether the theoretical advantages in the actual management play a role and existence of the main issues and relevant recommendations.The fourth part, first analysis our country’s existence of the problem in the development of financial holding company, pointing out that although some financial institutions with an active attitude of hope through the formation of financial holding company set up a unified service platform, integrated contact throughout the financial services industry.However, our country separate operation, separate the reality at this stage, the regulatory regime had to make some financial holding company law edge ball hit , the development of financial holding companies and between the traditional system itself has a lot of conflict and contradiction, not only are the basic financial regulations, norms have a lot of administration, trade regulations to restrict the pace of its advance, the law does not clear the status of its own, economic entities rely on the motivation and practice are far not enough, this non-standard form is very difficult to carry out internal control and effective external constraint, so that China’s existing financial holding companies is difficult to fully exert the advantages of mixed operation, but also contain a substantial risk, the enterprise’s own management level is not high, the financial markets is not perfect, the company exist internal governance structure and lack of external monitoring system, the risk control is also a weak link. And then the article put forward the development of financial holding company and the specific measures the path on these questions, first of all is to accelerate the development of "Financial Holding Company Act" and other relevant laws, the formation of financial holding companies and other financial diversified organization system, a sound legal system., and through the business integration of financial institutions to enhance the core competitiveness, improve the financial holding company once again the risk of internal control system, improve corporate risk management capabilities, and finally strengthen the financial holding company’s internal control and external supervision.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Other financial organizations
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