The Risks and Supervision of Financial Holding Companies
|Keywords||Financial holding company Risk Regulatory|
With the rise of a wave of financial globalization, the competition in the financial field is becoming more international. The controls are too stringent financial institutions regulatory asymmetry tends to disadvantage in international competition. Most countries, this relaxed financial regulation, and thus become a new development trend of the global financial industry Conglomerates. China now has separate management, separate supervision of the financial system, the financial holding company has become a realistic choice for integrated business. However, the financial holding company in a huge business advantage while such as insider trading, double or multiple financial leverage, lack of transparency, conflicts of interest and other new problems and risks. How to build a financial holding company regulatory system suitable for China's national conditions, to eliminate the blind spot monitoring, effectively prevent the control of the new risks brought about by the financial holding company, is an important and urgent practical problems. , And strive to learn the basis of the literature on this issue given their own thinking and the answer, I hope to provide some reference for building operation in the theory and practice of the financial holding company regulatory regime. This paper is divided into five parts. Overview of the first chapter of a financial holding company. First introduced the concept of a financial holding company, characteristics, types, and prospects for the development of the financial holding company in China is analyzed from the point of view of institutional economics. And an overview of the theoretical basis of the financial holding company regulation, the regulatory regime and the main content. The second chapter describes the potential risks and problems of the financial holding company. Financial holding company in addition to the risk of a variety of professional and financial business, due to the presence of a complex organizational structure and the internal network of relationships in the interaction of a variety of financial services, there will be a special risk double-counting of capital, related party transactions Group internal risk communication, information disclosure opaque special risk. Because of China's external environment and financial institutions own particularities of different risk of the financial holding company and the performance of the foreign financial holding company risk, the article introduced. The third chapter of the regulatory status quo of China's financial holding company introduces and analyzes. Supervision of financial holding companies in China there are still imperfect regulatory system, the the regulatory legal gaps and the financial holding company's risk is difficult to control, and other issues. Chapter IV of our two representative of the financial holding company of CITIC holding company and Delong Group were analyzed from the point of view of risk regulation. The fifth chapter in accordance with the analysis of the earlier recommendations of the financial holding company supervision. In this paper, using the following methods to expand the discourse. 1. Comparative analysis. Regulatory practice of the international financial holding company, on the basis of relatively decentralized regulatory model with centralized regulatory model and regulatory content, the regulatory practices of the financial holding company in China to provide reference. A comparative analysis from the point of view of the financial risk of holding company supervision DeLong and CITIC Holdings, the holding company for China's financial risk regulatory recommendations. 2. Qualitative analysis. This paper uses qualitative analysis demonstrated the definition of the financial holding company, the theoretical basis of the regulatory and financial holding company in China to establish what form of regulatory regime. 3. Case analysis. Select the most representative of China's first financial holding company - CITIC holding company and a major crisis Delong Group, from the point of view of the risk regulation of the financial holding company case studies. Based on the analysis of the special risks of the financial holding company, to expand the study of the regulation of financial holding companies in China. The main contribution of this paper is that from a regulatory point of view of the financial holding company risk Delong Group and the holding company of CITIC case, the holding company for China's financial risk regulatory recommendations. The modeling difficulties I found in the course of the study in the supervision of financial holding companies, foreign financial holding company regulated relative lack of empirical data and the lack of data collection in the Delong Group and CITIC holding company, and author of legal knowledge due to the absence of this article, there are some shortcomings. These deficiencies indicate the direction of the next step in-depth study.