产业技术进步与金融的市场化趋势:①基于银行与市场功能比较的分析

本文首先回顾了产业技术进步历史上影响最深远的三次技术革命,发现新兴的产业技术几乎都是最初发展于"市场主导型金融体系"的美国、英国。比较而言,"银行主导型金融体系"的日本、德国更擅长于学习和推广成熟技术。本文进而基于银行与市场功能比较的视角,分析了二者对于不同特征产业和处于生命周期不同阶段产业的作用差异,以及二者在风险管理上的功能差异。全文的主要结论是:金融市场对于推动自主创新和技术进步,并有效管理经济体系的风险具有特别重要的意义,中国的金融改革应努力构建一个市场主导型的金融体系。

The Industrial Technical Progress and the Trend of Financial System's Being More Market Oriented: The Analysis Based on the Comparison of Banking and Financial Market's Function

We review the most important three technical revolutionaries in history,and find that almost all of the emerging industrial technical was firstly developed from the nations of market-based financial system,for example America and English.While the nations of bank-based financial system,for example Japan and German,were good at learning and popularizing the mature technical.Then we analyze the different effect of financial market and bank has on the different industrial technical's progress and the correlative risk management,from the perspective of comparison of financial function.The main conclusion of this paper is that,firstly,financial market is good at pushing the technical progress and risk management.Secondly,the purpose of China financial innovation should be setting up a market-based financial system.