论新金融中介理论若干重要命题的演化

伴随金融实践日新月异的变化,新金融中介理论在提高其解释力的过程中不断拓展其分析视野,内容得到了极大的丰富,理论的发展不断走向完善和深入。追寻新金融中介理论的发展轨迹,我们看到:一是金融中介的研究边界逐步发生着变化,由传统的存款类机构转向更广义的中介机构(包括共同基金和养老基金等);二是在寻求金融中介的存在根由上,从外生性因素分析转向内生性因素分析;三是金融中介与市场的关系开始从静态对立的竞争关系转向动态互补的共生关系;四是对金融中介的总体研究范式一改以往狭隘的机构观,而代之以更具有说服力的功能观。

Evolution of Some Propositions in New Financial Intermediary Theory

As the financial practices are constantly changing,the new financial intermediary theory is also expanding its analytical vision while improving its interpretation,enriching the content and deepening the theoretical development.Following the track of new financial intermediary theory,it is found that:1)the research boundary is slowly changing from the traditional deposit institutions to the more general intermediary institutions(including mutual fund and pension fund);2) internal instead of external factors are analyzed to seek the reason for the existence of financial intermediary;3)the relationship between financial intermediary and the market has changed from the competition of static opposition to the dynamic and complementary symbiosis;4)the old narrow-visioned institutional concept is replaced by functional concept in the overall research mode of financial intermediaries.