论中国金融体系模式——三为中国金融立论  

On the Model of China’s Financial System:Making a Point for Chinese Finance for the Third Time

作　　者：曾康霖[1] 罗晶[2] Zeng Kanglin;Luo Jing(Institute of Chinese Finance Studies,Southwestern University of Finance and Economics,Chengdu 610074,Sichuan,China;The SWUFE Institution,Chengdu 610074,Sichuan,China)

机构地区：[1]西南财经大学中国金融研究中心,四川成都610074 [2]西南财经大学西财智库,四川成都610074

出　　处：《征信》2021年第1期10-17,共8页Credit Reference

摘　　要：直接融资或间接融资都必须着力于实体经济。在着力于实体经济的同时,有增大虚拟金融的必然性。直接融资与间接融资的运作相互交叉、相互渗透、相互支撑,相互之间作出区分的意义在于防范风险,但同时必须认知正面效应和负面效应。建立什么样的金融体系,首先要考察金融资源的形成和配置。社会主义基本经济制度决定了中国金融体系。中国的金融体系只能是银行导向型的金融体系,而非市场导向型的金融体系。关于中国金融体系建设的建议如下:以内源性融资为基础,外源性融资为主导;在外源性融资中,以银行融资为主体,证券融资相配合;在银行融资中,商业性融资为先,政策性融资跟进;在证券融资中,股票融资为先,债券融资配合。Both direct financing and indirect financing must focus on the real economy.While focusing on the real economy,it is inevitable to increase virtual finance.The operations of direct financing and indirect financing intersect,penetrate each other,and support each other.The significance of distinguishing each other is to prevent risks,but at the same time,it is necessary to recognize the positive and negative effects.The formation and allocation of financial resources should be firstly examined when it comes to constructing a kind of financial system.The basic socialist economic system determines China’s financial system.China’s financial system can only be a bank-oriented financial system,rather than a market-oriented one.Four suggestions on the construction of China’s financial system are put forward in this article:taking internal financing as the base of the system and external financing the forerunner;taking bank financing as the main channel and security financing the complementary one in external financing;in bank financing,let commercial financing play the leading role and policy financing follow;in security financing,stock financing is prioritized and debt financing plays the supplementary role.

关 键 词：金融体系 直接融资 间接融资 银行导向型金融体系 内源性融资 外源性融资 

分 类 号：F832.1[经济管理—金融学]