商业银行中间业务与资本市场互动关系研究

On Intermediary Business of Commercial Bank and Capital Market Interactive Relationship

随着中国利率市场化进程不断推进、资本市场对外开放程度进一步提高、国际间金融行业竞争日趋激烈,商业银行和资本市场间的关系变得日益复杂,即相互连接又各自独立运作、即有合作的基础又有排斥的条件。在金融业分业经营、金融一体化程度不高的情况下,两者经营各自的领域,在流动性需求的供给方面呈现出较强的负相关性;但当金融生态环境不断优化、金融业经营领域愈发重叠时,它们之间不再是简单的一元线性关系,而呈现出多元化的互动状态。作为商业银行与资本市场重要联结点的中间业务最能反应这一关系的实质。因此,文章首先在理论上分析商业银行中间业务与资本市场的互动关系,得出理论结果,再进行实证分析,验证其关系的正确性,并在文章的最后给出促进两者健康发展的政策建议。

With pushing forward the process of interest rate market continuously,opening up of the capital market increasingly,competing among international financial agencies severely,the relationship between commercial bank and capital market is becoming complex.Although they run independently,but the cooperation based on exclusive conditions do exists.When financial agencies are functioning separately and market has a low level of financial integration,they take care of business fields respectively,showing a strong negative correlation in liquidity of demand and supply.However,when financial ecological environment optimize the financial sectors and business areas are increasingly overlapped,the reliationship is no longer showing a simple linear way,but a wide range of interactive state.Intermediary business are able to reflect the substance of the relationship relatively,as an important junction point of commercial bank and capital market is noticed by economists.Therefore,first of all,the author try to analyze the interaction between intermediary business of commercial bank and capital market in order to obtain theoretical results;In the second,use empirical analysis to verify the correctness of the relationship;Finally,provide propositions for promoting the healthy relationship between intermediary business of commercial bank and capital market.