竞争性融资结构与区域债权资本市场建设

Competitive Financing Structure and Regional Debt Capital Market Construction

依据不完全市场理论,从金融市场的单一性与多样性入手,通过考察金融市场效率和金融结构竞争性之间的关系,提出了"竞争性融资结构"的概念,即竞争性融资结构是指发展多元化的金融体系及其对应的多元融资渠道,包括竞争性融资机构与竞争性融资工具。因此,我国建立多层次资本市场的实质就是改变过去银行体系垄断融资渠道的状况,通过资本市场的发展来建立起竞争性的多元融资结构体系。我国区域债权资本市场的形成和发展是竞争性融资机构发展的表现形式,而以资本市场为基础的金融工具创新会使资产收益空间增大,最终促进我国金融市场的完全性和金融效率的改进。

In accordance with the theory of incomplete markets, starting fi＇om the unicity and diversity of the financial markets, this paper explores the relationship between the financial market efficiency and the financial structure competitiveness and then offers the concept of competitive financing structure. The eompetitive financing structure refers to the development of diversified financial system and its corresponding diversified financing channels, including the competitive financing institutions and the competitive financing tools. Therefore, the nature of China＇s construction of multi-layer capi- tal markets is to change the situation of the financing channels which were once monopolized by banking system and to establish the competitive diversified financing structure system through the development of the capital markets. The formation and development of China＇s regional debt capital markets is the expression form of the development of the competitive financing institutions, while the innovation of financial tools on the basis of the capital markets can enlarge the room of assets in- come, and finally boost the completeness of China＇s financial markets and the improvement of the financial efficiency.