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发达国家金融结构演变的新趋势及其借鉴意义
引用本文:何昌.发达国家金融结构演变的新趋势及其借鉴意义[J].金融论坛,2006(4):59-63.
作者姓名:何昌
作者单位:江西财经大学国际经济与贸易学院
摘    要:本文使用全部私人市场资本化总量与全部私人信贷总量之比和股票市场资本化总量与存款货币银行信贷总量之比两大指标,来描述发达国家的金融结构;用金融发展总水平这一指标来描述发达国家金融发展的水平。无论从对23个样本国家时间序列数据的分析还是从结合金融发展的分析来看,发达国家金融结构演变都显示出了股票市场主导的金融市场融资比重增加和银行主导的金融中介融资比重下降的趋势。其中,少数发达国家出现了由中介为主体到由市场为主体逆转的趋势,和/或者出现了由银行为主导到由股票市场为主导逆转的趋势。作者还提出了这一新趋势对我国金融结构转变的借鉴意义。

关 键 词:金融结构  金融发展  金融市场  金融中介  中国金融结构
文章编号:1009-9190(2006)04-0059-05

A New Trend of the Financial Structure in Developed Countries and Implied Message to China
HE Chang.A New Trend of the Financial Structure in Developed Countries and Implied Message to China[J].Finance Forum,2006(4):59-63.
Authors:HE Chang
Abstract:This article uses the ratio of total private market capitalization to total private credit (RTPMCTPC)and the ratio of stock market capitalization to private credit of deposit money banks (RSMCPCDMB) to describe the financial structure of developed countries. It uses the total financial development (TFD)to describe the financial development of developed countries. From the financial structures of 23 developed countries sampled, a trend is found that stock market- based financing is increasing in inverse proportion to bank-dominated intermediary financing. But in few developed countries, the trend is reversed: from financial intermediary-based to financial market-based; and/or from bank-dominated to stock market dominated. Finally, the significance of this new trend to China is stated.
Keywords:financial structure  financial development  financial market  financial intermediate  China's financial structure  
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