信贷市场、资本市场与我国的储蓄投资转化率

储蓄向投资转化是金融体系最基本的功能。本文首先从理论上论证信贷市场、资本市场在储蓄投资转化过程中是竞争又合作的动态互补关系，接着以灰色关联度的数量方法论证我国目前正处于金融体系历史演变阶段中的弱市场导向阶段，信贷市场仍然在储蓄向投资转化的过程中占主体地位，以股市为代表的资本市场对储蓄投资转化率的影响较小，但已呈现出向上发展的态势。我国应在加大银行部门发展的基础上大力发展资本市场，并从法律政策、政府监管等方面进行完善，充分发挥资本市场的作用，建立适合中国自身特点的金融结构。

Credit Market, Capital Market and Deposit-To-Investment Changing Rate in China

Transforming deposit into investment is the most fundamental function of financial system. This paper expounds theoretically in the first place that credit market and capital market are mutually competitive and cooperative in the process of deposit-to- investment transformation. Then it uses mathematic gray correlation method to prove that China is in the stage of historical financial evolution led by a weak market, credit market still prevails, capital market represented by stock market influences this changing rate only marginally but begins to improve. China should boost the development of capital market while expanding banking business, ameliorate rules regulations on supervision, give a full play of capital market and establish a China-specific financial structure.