Put all the strong points of the both alternatives tog ether , the best organization type for carrying out allfinanz with a group would fall on the management holding company , where an internal dividing structure presents itself 。 the allfinanz , unlike universal bank , does not merely mean the mixture 6 汲取两者之长，集团化运作全能金融的最佳组织模式则是内部分离的管理型控股公司。与全能银行不同，全能金融并不只是商业银行业务与投资银行业务的混合经营，而是融银行、证券和保险于一体的、完全意义上的金融混业。
Since 1990 , with financial globalization and liberalization , international monetary industry have rapidly developed , especially in the western developed countries , in order to promote competition 、 reduce trade costs 、 strengthen ability of making profit , main commercial banks in many countries have adopted the pattern of mixed operation . it is in no doubt that germany universal banking system as the successful mode of mixed operation is the important research topic of oversea and domestic scholars 本文介绍了混业经营与全能银行制度的涵义和内容,阐述了混业经营的理论基础及全能银行的类型,分析了德国全能银行制度的形成和发展过程,说明了德国全能银行制度的特点和主要内容,剖析了德国全能银行制度的风险,指出德国的金融监管制度是全能银行成功运作的根本。
The " separation system " , which came into being after the " glass - steagall act " , represents the separation of commercial banking , investment banking and insurance services . the " combination system " , which is just the opposite concept , has two meanings . one relates to the combination of financial services in the same legal person , while the other relates to the combination of shareholding rights of several subsidiaries providing difference services 与“分业”相对应的"混业"有两层意义：第一层含义是金融业务的混合、交叉经营，即业务的混业，典型的代表是德国的全能银行制； "混业"的第二层含义是金融控股权的混业，即在金融控股公司里有多个法人子公司，它们统一被控制在一个母公司之下，但彼此之间实行"分业经营，分业管理" 。
Coase considered the existence of a " master and servant relationship " , or an " employer and employee relationship " as a defining feature of a firm . however , this condition would exclude activities carried out by teams , partners , joint ventures , strategic alliances , associations and networks 德国公司治理的特色在于，德国全能银行对公司治理的影响;及德国公司采双轨制的组织结构，即由股东及员工选出监事会，再由监事会选任董事会，股东会、监事会、董事会分有不同的职责与功能。
In an attempt to produce useful suggestions to optimize our corporate finance models , this text made comparative studies through adoption of the international community recognized three typical corporate finance models , namely the united states model , japanese model , the german model . this text is composed by three components . the first part shows a clear pattern of the three frameworks through construing the corporate financing model oft the united states , japan and germany . 本文通过对国际社会公认的三种典型的企业融资模式,即美国的证券市场主导型模式、日本的主银行融资模式、德国的全能银行融资模式进行历史背景、在经济发展中的作用、融资次序和融资机制等四方面的比较,对我国企业融资模式的选择及具体对策进行了有益的思考。
