| With the deepening and the development of financial globalization and integration, and with the ceaseless emergence of financial innovation and thriving of financial liberty thought, many countries' supervision institutions, especially developed countries', have begun to release financial regulation since the 90's of 20th century, which has cleared away obstacles that financial mixed management is facing in the aspect of financial law system, and financial mixed management is becoming an inevitable trend. The transition from separate management to mixed management actually is the result of financial system's breaking traditional vocation division mode and relocating financial function; it is to constitute unitive market organization, and to make the dealing cost between financial institutions interior based on different financial institutions' commonness, in order to improve the capital collocating efficiency of the whole society. The relocation mentioned above accords with efficiency rule, and can promote financial system's unceasing evolution. It will not only promote and deepen the process of financial innovation but also influence on financial business's strategic orientation, organizing form, market structure and supervision mode etc. Speaking commonly, there are two kinds of modes that can achieve financial mixed management: "universal bank system" of European continent countries and "financial holding company system" of USA. In the period of transition from separate management to mixed management, some new forms of market organization, such as the financial holding company, multinational financial group etc emerged rapidly in the scope of the whole world, and the traditional financial service institutions such as banks, securities companies, insurance etc infiltrated and amalgamated with each other, and gradually formed unitive large financial industry, traditional vocation division was broken, and at the same time, the theory and the practice of financial supervision were challenged too. The dissertation researches the realizing mode of financial mixed management and the evolution of financial supervision theory, especially reviews the challenge that financial supervision is facing brought by the transition to the mixed management, including the influence on the systemic risk, market order, market efficiency and protecting customer. The change of financial market structure brought by mixed management requires that financial supervision mode must respond correspondingly. Analyzing from the aspect of system selection, the change of financial supervision mode is the result of system transition resulting from the interaction of many factors, such as financial market structure, supervision resource's accumulation, politics, law and culture etc. The dissertation clarifies the financial supervision modes: according to the effect direction of supervision action, it can be clarified as institution type which is suitable for separate management and function type which is suitable for mixed management; according to supervision aim, it can be clarified as "twin peaks" mode and "matrix" mode; according to integration degree of supervision, it can be clarified as unitive supervision mode, incompletely unitive supervision mode and separate supervision mode. There is no unitive standard on financial supervision mode selection, so it's hard to find an "optimal mode". This dissertation demonstrates the factors influencing financial supervision mode from the aspects of market, cost and system by comparing the supervision mode of England and USA. Seeing from the aspect of history, financial supervision mode is a dynamic and evolutional process, and its establishment must experience a consummating process. Considering either supervision cost or financial market structure, our country's current supervision mode's existence is reasonable to some extent, but the existence of "path dependence" demands that the selection should be "precognitive" and it can estimate the changes of financi...
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