一、案例背景1997年亚洲金融危机后,亚洲各国普遍认识到,过度依赖银行体系的间接融资会导致风险在银行体系内部过度聚积,不利于金融服务实体经济功能的发挥。发展本国资本市场(主要包括债券市场和股票市场),有利于改善融资结构,有效促进储蓄向投资转化,降低金融系统性风险。1997年,第一次全国金融工作会议提出要发展债券市场、扩大直接融资。2004年国务院发布《关于推进资本市场改革开放和稳定发展的若干意见》, I. Background of the Case After the Asian financial crisis in 1997, Asian countries generally realized that over-reliance on the indirect financing of the banking system will lead to over-accumulation of risks in the banking system, which is not conducive to the economic function of financial services entities. The development of domestic capital markets (mainly including bond markets and stock markets) will help to improve the financing structure, effectively promote the conversion of savings into investment and reduce the financial systemic risk. In 1997, the first national conference on financial work proposed to develop the bond market and expand direct financing. In 2004, the State Council issued “Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market”