现代金融体系的制度逻辑:结构演进、效率变革与要素协同

The Institutional Logic of Modern Financial System:Structural Evolution,Efficiency Change and Coordination between Elements

本文以"融资结构与资源配置效率"为逻辑起点,结合中美融资结构比较以及我国从间接融资的错配到直接融资的协同作用凸显过程,探察融资结构演进与效率变革以及要素协同的映射规律和制度逻辑。据此,因应于现代化经济体系的变革要求,现代金融体系的制度逻辑集中体现为结构演进中的效率变革,进而实现与科技创新协同发展的产业体系。其间,直接融资与间接融资平衡发展的竞争性互补格局成为金融体系较长时期的发展趋向。

With“financing structure and allocation efficiency”as its logical startingpoints,the article compares China's and US financing structures,highlights China's change from the mismatch of indirect ifnancing to the prominent synergistic effect of direct financing,and explores the mapping rules and institutional logic between structural evolution and efficiency change and even coordination between elements.Accordingly,the institutional logic of the modern financial system,adapted to the changed requirements of the modern economic system,is embodied by the efficiency change in its structural evolution,achieving an industrial system coordinating and developing with scientific and technological innovation.In this process,a competitive and complementary market system which features balanced development of direct financing and indirect financing emerges as a relatively long-term tendency.