金融脱媒的界定、机理与测度

The Definition,Mechanism and Measurement of Financial Disintermediation

目前,对金融脱媒形成的经济学原理进行系统阐述的文献十分少见,也鲜有文献综合比较金融脱媒的各种测度方法。在界定金融脱媒基本概念及产生背景的基础上,本文主要采用文献综述的方法,首先阐释了金融脱媒形成的经济学原理,然后比较分析了金融脱媒的各种测度方法并对相关问题的未来研究趋势进行探讨。本文认为,金融脱媒不只是资金需求的脱媒,也是资金供给的脱媒;金融脱媒不只是金融活动的去中介化,还包括金融中介的虚拟化;中国金融脱媒的测度不能只考虑负债层面,还要考虑资产层面,金融负债和资产的范围应包括影子银行和互联网金融等新型金融行业。

At present, there are few researches which systematically illustrate the economic theory of the formation mechanism of financial disintermediation （ FD）, or comprehensively compare FD＇s measurement. From the perspective of literature survey, this paper firstly defines FD and reviews its realistic background, then summarizes FD＇s formation economic theory. After that, the paper compares and analyzes five main kinds of FD＇s measure methods and discusses the future trends of researches on FD＇s relevant issues. FD is not only the disintermediation of fund demand, but also the disintermediation of fund supply ; FD is not only the disintermediation of financial activities, but also the virtualization of financial intermediaries. When measuring the degree of FD in China, not only the liabilities, but also the assets should be taken into consideration. Also, financial liabilities and assets should cover new financial industries such as shadow banks and Internet finance.