现代金融中介理论视角下的我国金融体系模式选择

The Choice of Financial System Model in China under the Perspective of Modern Theory of Financial Intermediaries

现代金融中介理论表明,商业银行等金融中介与经济增长之间存在密切的相关性。金融中介在促进经济增长的同时,也面临着许多复杂问题。本文从现代金融中介理论的视角出发,对银行导向型金融体系与市场导向型金融体系进行了国际比较,并从融资关系、风险管理、信息生产、公司治理等角度进行对比分析,得出在中国现实的环境下中介与市场发挥着不同作用,但金融中介的优势明显。因此,我国应选择以金融中介为主、资本市场为辅的金融体系,并加紧推出金融机构的混业经营模式。

The modern theory of financial intermediaries shows that commercial banks and other financial intermediaries are closely related to economic growth. Financial intermediaries are also faced with many complex issues while promoting economic growth. From the perspective of modern theory of financial intermediaries, this paper compares the bank-oriented financial system and market-oriented financial system internationally, and makes comparative study from the aspects of financing relations, risk management, information production and corporate governance etc. We conclude that financial intermediaries and the market play a different role in China currently, but obviously, the financial intermediation outperforms the market. Therefore, we should select a financial system composed mainly of financial intermediaries and supplemented by capital market, and put forward the mixed operation model for the financial institutions.