市场诱致、政府推动与金融结构变迁

Market inducing,government pushing and the changes in of financial structure

金融结构变迁的动因可归结为市场诱致和政府推动。市场诱致金融结构变迁是因为金融结构对经济发展的响应、金融企业追逐利润的本性和竞争淘汰机制的存在,政府推动是因实现"追赶战略"和克服"市场失灵"而介入金融结构变迁。从微观角度看,市场力量诱致金融结构变迁通过投资者对金融产品的选择得以实现,金融产品之间的马歇尔需求交叉弹性决定了金融结构变迁的强度;政府力量通过制度结构变迁对单个金融企业的激励和抑制效应推动金融结构变迁。

The cause of the changes in financial structure can be generalized to market inducing and government pushing. Market induces the changes in financial structure because of the response of financial structure to economic development and the existence of competitive mechanism. Government intervenes in the changes in financial structure to implement the ＂catching - up strategy＂ and overcome ＂market failure＂. Viewed from a micro- perspective, market induces the changes in financial structure through investor＇ s selection, and Marshall demand cross- elasticity determines the intensity of the changes in financial structure. Government pushes the changes in financial structure through the incentive and depressive effects of the changes in institutional structure on individual financial finn.