金融体系变革与机构投资者发展研究

有效的金融体系是经济持续增长的重要基础。目前存在两类典型的金融体系：银行主导和市场主导金融体系。金融体系“市场化”是20世纪后期全球金融体系变革的重要趋势之一，而以养老基金为代表的机构投资者是全球金融体系市场化的重要推动力量。随着中国进入一个新的历史时期，传统银行主导金融体系与社会经济变革存在明显不适应，因此，进一步壮大机构投资者规模，加快金融体系市场化进程，建立以机构投资者为基础的市场主导型金融体系，是中国经济可持续增长的重要战略选择。

Evolution of Financial System and Institutional Investors

Effective financial system is essential for sustained growth of an economy. The existing types of financial system are differentiated by bank-led and market-led. Market-led system is a major trend of evolution in late twentieth century, with institutional investors of pension fund as important driving power. With China entering a new age of economic development, there is a marked incompatibility between the traditional bank-led system and evolution in social and economic fields. As a result, expansion of institutional investor base, speeding development of market-led financial system led by institutional investors is an important strategy to ensure sustainable growth of Chinese economy.