社会资金流动和发展资本市场

本文考察我国近十年来储蓄转变为投资的过程 ,探讨从储蓄到投资过程中金融扮演的角色。文中运用资金流量分析法研究各经济部门之间的资金流动情况 ,并侧重于金融部门中银行、证券和保险三业的资金来源以及资金运用 ,以期揭示各金融子部门的作用和效率。分析的结论是 ,深化储蓄—投资机制的重要出路是大力发展资本市场。

Flow of Funds and Development of Capital Market

This is an empirical study, and flow of funds analysis as an approach is adopted. It examines the saving-investment mechanism in China in the past decade, and discusses the role of financial structure in this process. It analyzes the flow of funds between various economic sectors, with special focus on the sources and uses of funds in banking, securities and insurance industries of the financial sector, aiming to discover the functions and efficiency of those sub-sectors in financial areas. The analysis leads to the conclusion that, to put the saving-investment mechanism into full play, greater endeavor should be made to develop the capital market in China. Ingredients for a mature capital market are: funds are well channeled into the market, and pricing is a market decision.