现代金融体系：基本特征与功能结构  

The Modern Financial System:Basic Characteristics and Functional Structure

作　　者：吴晓求[1] 许荣[1] 孙思栋 WU Xiaoqiu;XU Rong;SUN Sidong(School of Finance,Renmin University of China,Beijing 100872)

机构地区：[1]中国人民大学财政金融学院

出　　处：《中国人民大学学报》2020年第1期60-73,共14页Journal of Renmin University of China

摘　　要：中国经济高速发展、产业结构升级换代、风险管理与财富管理需求增长共同决定了符合中国未来情境的现代金融体系将是市场主导型的金融体系。它的基本特征是高度市场化、开放、风险分散性、科技支撑,可以承担支付清算、资金跨时空调配、财富管理与融资等职能。在微观结构上,开放、透明且具备成长预期的资本市场将成为核心;银行赖以发展的生存环境将发生重大变革;货币市场负责流动性管理,与银行共同组成资金循环系统;发达的衍生品市场、成熟的外汇市场等将作为重要构件来满足实体经济丰富的金融服务需求。现代金融体系在资产结构、风险结构和微观结构上的变化将包含着对金融监管模式、架构、重点、方式上的新要求。The rapid development of China\s economy,the upgrading of industrial structure,the increasing demand for risk management and wealth management jointly determine that the modern financial system in line with China\s situation in the future will be a market-based financial system.Its basic characteristics are highly market-oriented,open,risk-dispersion,scientific and technology support,and it can undertake the functions of payment and clearing,capital allocation across time and space,wealth management and financing.In the microstructure,an open and transparent capital markets with growth expectation will become an important cornerstone of the modern financial system;the foundation and environment on which commercial banks live will undergo great changes;the unimpeded money market is mainly responsible for liquidity management and forms the capital circulation system of the modern financial system together with commercial banks.Meanwhile,the developed derivative market and mature foreign exchange market as important components can meet financial services demand of the real economy.The changes in the asset structure,risk structure and microstructure of the modern financial system will take new requirements on the mode,structure and focus of financial supervision.

关 键 词：现代金融体系 市场主导型金融体系 资本市场 金融监管 

分 类 号：F832[经济管理—金融学]