商业银行制度与投资基金制度:一个比较分析框架

Commercial Bank System and Investment Fund System:A Comparative Analytical Framework

2 0世纪末期以来 ,作为一种新的金融制度的投资基金制度在世界范围内尤其是在欧美国家获得了迅速发展 ,其在金融体系中的地位和作用显得日益重要和突出。根据投资基金迅速崛起及商业银行日渐衰落这一经济现象 ,经济理论界展开了一场投资基金制度是否会取代商业银行制度的“国际争论”。本文以金融体系的功能观点为理论背景 ,对商业银行制度和投资基金制度以及二者的发展趋势与发展前景进行了深入的描述、比较和分别。本文认为 ,在相当长的时期内 ,投资基金制度与商业银行制度不是取代与被取代的关系 ,而是形成共生共长、交叉融合、相互促进、共同发展的格局与趋势。本文还就塑造中国商业银行与投资基金的“双赢”格局提出了具体的政策建议。

Investment fund as a new financial system has gained rapid development worldwide , especially in the Europe and US since the end of 20 th century ,and begun to play an increasingly important role in financial system. Its rapid development has not only essentially transformed the traditional financial system and structure, but also become the key factor in the evolution of future global financial pattern. So, an international debate on whether a investment fund system will replace commercial bank system arises. Based on the functional view of financial system, the paper discusses respectively commercial bank system and investment fund system ,and conducts a thorough comparative research on the development trend and prospect of these two systems. The article concludes that in a relative long time, the relationship between investment fund system and commercial bank system is complementary, but not substitutional; also, the article proposes concrete suggestions about how to establish the win-win relationship between Chinese commercial bank and investment fund.