金融结构特征与金融体系发展:大国的比较

Characteristics of Financial Structure and Development of Financial System--A Comparison of Major Powers

各国金融机构特征及金融体系发展路径有着显著差异,看清这些差异并探究其主要决定因素有助于理解中国近30年来金融发展路径背后的逻辑并为今后的金融制度设计提供参考。纵观历史,一个高效的金融结构必然是金融演进客观规律在特定经济发展阶段下的适应性选择,各国金融结构的差异也普遍来自其不同发展阶段及经济特征。本文运用比较研究的方法,从金融资产负债表存量角度分析了中国与几个主要发达国家的金融结构特征,并总结出这些经济体的共性与差异及其背后的决定因素。具体来说:第一,总体视角看,各国金融体系普遍呈现规模增大、多元化、关联化的趋势,尽管中国金融结构仍以银行为主导,但复杂性同样大幅提高;第二,部门视角看,各国金融资产与负债结构存在巨大差别,中国最为显著的特征在于是所有比较样本中唯一政府净金融资产为正的国家,反映了特有的所有制结构及政府职能;第三,工具视角看,中国金融部门对非金融企业股权融资的支持力度明显不足,而债券工具则过度集中于金融部门。中国金融结构仍需要进一步强化工具和组织的多样性,同时缩短金融资源最终使用者与最终供给者的距离,抑制金融体系内部过度关联的倾向,强化金融服务实体的能力。

The financial structure and development paths differ significantly among different countries.Detection of these differences and analysis of the factors leading to these differences wouldcontribute to the understanding of the logic behind China’s financial development paths in thepast 30 years and provide reference for future financial system designing. Throughout history,an efficient financial structure is inevitably the adaptive choice of the objective law of financialevolution at a specific stage of economic development, and the differences of financialstructures in various countries generally come from their different stages of development andeconomic characteristics. This article, through comparative study, analyzes the characteristicsof financial structure between China and several major developed countries from theperspective of financial balance sheet, and summarizes the similarities and differences of theseeconomies and their underlying determinants. First, from an overall perspective, the financialsystems of major countries generally follow the trend of increasing scale, diversification, andassociation;although China is still dominated by banks, its financial structure complexity hasalso greatly improved. Second, from a sectoral perspective, there are huge differences in thestructure of financial assets and liabilities among different countries, and these differences areoften rooted in the development stages and institutional characteristics of those countries.China is the only sample country that has a positive government net financial assets, which isits most prominent characteristic. Third, from the perspective of instrument, China’s financialsector is obviously insufficient to support non-financial sectors through equity financing, whilethe instrument of bonds have been excessively concentrated in the financial sector. China’sfinancial system must adapt to its national conditions and development stage, and it still needsto further strengthen instrumental and organizational diversity of its financial structure, whilenarrowing the gap between final financial resource users and suppliers, prevent excessiveassociation within its financial system, and strengthen the ability of its financial system to servethe real economy.