中国金融脱媒度量及国际比较  

The Measurement of China's Financial Disintermediation and International Comparison

作　　者：宋旺[1,2] 钟正生[3] 

机构地区：[1]中国华融资产管理公司博士后科研工作站 [2]中国社会科学院金融研究所博士后流动站 [3]中国人民银行营业管理部,北京100045

出　　处：《当代经济科学》2010年第2期26-37,共12页Modern Economic Science

摘　　要：本文采用中介化比率和证券化比率两套指标体系从银行、金融部门两个层次以及资产和负债两个方向度量了1978-2007年中国的金融脱媒,并与美国、日本同期的金融脱媒指标进行了比较。结果表明:(1)我国银行业的金融脱媒将贯穿于金融市场发展的整个过程中;(2)中国金融部门的资产方很可能会出现一个中介化比例先下降,之后回调上升的过程,但回调到什么点是有待检验的问题;(3)我国非银行金融机构在吸纳资金、提供资金两方面都的作用都不明显,但考虑到我国在金融市场发展的阶梯上仍处于较低的阶段,未来我国非银行金融机构在吸纳经济中的盈余资金上可能会具有较大的潜力。This paper measures,by means of intermediation ratio and securitization ratio,the financial disintermediation of China,the United States and Japan through 1978-2007 from the perspectives of banking & financial sector and asset & liability.Then a comparative analysis is conducted among the three countries.We conclude that (1) the financial disintermediation of China's banking sector will run through the whole process of development of financial market,that (2) in the asset side of China's financial sector,the intermediation ratio is likely to decline,followed by a call-back of which extent is a problem yet to be tested,and that (3) the role of China's non-bank financial institutions in absorbing funds and capital financing is currently insignificant but would potentially be considerable in view of the lower development stage of China's financial sector.

关 键 词：金融脱媒 金融再中介化 资金流量 

分 类 号：F832[经济管理—金融学]