中美金融市场结构比较:基于功能和演进的多维考察

发布时间：2018-02-27 18:41

本文关键词： 市场主导银行主导金融功能　出处：《国际金融研究》2010年09期 　论文类型：期刊论文

【摘要】：从金融市场和机构的相对地位而言,当前中美两国的金融市场结构处于银行主导和市场主导两端。尽管优化资源跨时期或跨区域配置这一核心功能导向并没有太大的差异,但中美两类金融结构在信息显示、(中小企业)融资渠道、对法律及其执行等外部制度环境的依赖度、信贷定价理念等方面存在较大的理论差异,这种理论差异成为了决定两国产业结构升级换代速度和资源配置效率的重要因素,或者说和美国相比,中国现有金融市场结构和经济之间存在较大的适应性差距。历史地看,尽管中美两国金融市场结构的演变具有各自的特性,不能简单复制,但市场主导模式为中国提供了一种金融发展目标模式选择。
[Abstract]:In terms of the relative position of financial markets and institutions, the current financial market structures in China and the United States are at both ends of the bank-dominated and market-dominated. Although the core functional orientation of optimizing the cross-temporal or cross-regional allocation of resources is not very different, However, there are great theoretical differences between the two types of financial structures in terms of information display (SMEs) financing channels, dependence on the external institutional environment such as law and its enforcement, credit pricing concepts, etc. This theoretical difference has become an important factor in determining the speed of upgrading industrial structure and the efficiency of resource allocation between the two countries. In other words, compared with the United States, there is a large adaptability gap between China's existing financial market structure and its economy. Although the evolution of the financial market structure of China and the United States has its own characteristics, it can not be copied simply, but the market-oriented model provides China with a choice of financial development target mode.
【作者单位】：中央财经大学金融学院;
【基金】：国家社科基金项目“中国金融发展的决定因素分析:1978~2007年”(项目编号:08CJL003)的阶段性成果教育部新世纪优秀人才支持计划(编号:NCET-08-0855) 教育部国际金融危机应对重大项目(编号:2009JYJR001) 中央财经大学211工程3期重点学科建设项目的资助
【分类号】：F831.5

【共引文献】