基于融资视角的中国金融结构与金融稳定研究

通过对中国金融运行的实证检验和分析发现,以银行中介和金融市场划分的两种金融结构各有优势,只要能够满足金融资源高效配置的金融结构都符合经济发展的需要,不必对金融结构进行人为的割裂。中国的金融体系存在着转化投资的高效率和资源配置的低效率这样一对突出矛盾,其主要原因是金融资源的配置失当,这是当前中国金融稳定的潜在威胁,解决问题的关键是要对金融体系进行市场化改革并完善基础设施建设。

A Study of China's Financial Institutes and Steadiness from a Capital Raising Aspect

The analysis of empirical testing China's financial operation reveals that,two financial institutions distinguish by banking medium and financial market has their own advantages,as long as it can satisfy the high efficiency allocation in financial structure and economic development needs.It's unnecessary to separate it deliberately.An acute contradiction of high efficiency in capital transforming and low efficiency in capital allocation exists in China's financial system.The main reason is the inappropriate allocation of financial capital.It's a treat to the steadiness of China's financial system.The key in solving this problem lays in financial system market reform and optimize fundamental infrastructure establishment.