“市场型间接融资”体系与中国融资体制改革取向

The System of Market-oriented Indirect Financing and the Reform Direction of Chinese Financing System

本文在剖析中国金融体制存在的融资结构性失衡问题的基础上,指出解决融资结构性矛盾应成为下一步深化金融体制改革的着力点。中国目前并不适宜发展直接金融主导的金融体系,而是应该结合本国的特殊国情,在以间接金融主导的金融体系中引入以功能发挥为基础的"市场型间接融资"新模式,即以金融中介机构为资本市场的主要参与主体,通过开展金融创新业务,向全社会提供依托市场的专业化投融资服务;同时强调这一金融体制改革能否顺利进行取决于金融创新和制度建设能否并驾齐驱,融资体制改革需要改革措施的互补配套,方能实现最佳的改革效果。

On the basis of scrutinizing the problem of structural disequilibrium in Chinese financial system, this paper puts forward that resolving this structural contradiction should be the core in the next step of deepening the reform of Chinese financial system. It is not suitable for China to develop the financial system dominated by direct financing. A feasible pattern, combined with China＇s actual conditions, is to establish an indirect-financing-dominated financial system and moderately introduce a market-oriented indirect financing mode to play its specific furiction. In detail, financial intermediaries should play the main role on the capital market, and by innovating various financial business, they can provide professional investment and financing services to satisfy the market＇s demand. At the same time, whether this financial system reform could succeed depends on the development speed of financial innovation and system construction. Only with the coordination between financing system reform and reform measures, could the optimal reform achievement be reached.