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By Chen Daofu, Research Institute of Finance, DRC

Research Report No.57, 2016 (Total 4940) 2016-05-11

Abstract: There are two types of financial holding groups in China, which are commonly known as business type and non-business type (banks). The main difference between them is whether the parent company has commercial business or not. The financial holding group is a product of history, under the influence of culture and the then social management system and financial operation characteristics. It is the result of the pilot practice of integrating and redistributing resources in the financial sector, following the development trend of the times. The two types of financial holding groups are different from each other in the aspects of resources integration, abuse of social safety net, complexity and transparency, as well as the equilibrium of market forces. It is legal to have multiple management structures co-existed and to let market players choose the stock rights and organization modes, but different requests are made for different stock rights and organization modes. The legal adjustments should focus on dealing with source of risks, including reducing the complexity of holding group’s structure, increasing information exposure, standardizing resources integration and preventing profit siphoning. In the near future, it can be considered to fully separate the business relating to direct social safety net from the rest businesses.

Key words: financial holding groups, risk management, social safety net