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理论搜索今年上半年,银行贷款的大幅增加,说明在中国资本市场中直接融资的比例在下降,而作为金融中介的银行的间接融资的功能在强化。早几年,“企业惜存、银行惜贷”困扰我国宏观经济的发展,与国际上直接融资比例增大相适应的“脱媒”理论——摆脱作为金融中介媒体的银行,鼓励企业直接融资的说法,也从海外传到国内。究竟如何看待银行的中介功能?如何解读目前银行放贷增加的现实?我们从国际的“理论前沿”中搜索出新兴的金融中介理论,为中国金融界的业内人士提供一个理论的视点。
Theoretical Search The sharp increase in bank lending in the first half of this year shows that the proportion of direct financing in China’s capital markets is declining and the indirect financing of banks as financial intermediaries is strengthening. A few years ago, the theory of “disintermediation” that plagued the development of China’s macroeconomy and “matched the proportion of direct financing” in the world by “businesses looting and bank loaning loans” got rid of banks that are intermediaries of financial intermediation and encouraged enterprises to directly finance The argument, also spread from home to abroad. How to interpret the bank’s intermediary function? How to interpret the current bank lending increase reality? We from the international “theory frontier” to search out the emerging theory of financial intermediation for the Chinese financial industry to provide a theoretical perspective.