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长期以来,中国间接融资主导的金融市场结构使得融资效率较低,并积聚了较高的金融风险。金融机构各项贷款规模始终占据中国金融市场融资规模的绝大部分。即便是2006年股票融资较为活跃的情况下,从上半年的增量数据看,国内非金融机构部门贷款、股票、国债和企业债融资之比为86.8∶5.6∶1.4∶6.1,商业银行依然支配着主要的金融资源配置过程。
For a long time, the financial market structure led by indirect financing in China has made financing less efficient and has accumulated a high financial risk. The scale of various loans of financial institutions has always dominated the financing scale of China’s financial markets. Even in 2006, when equity financing was relatively active, the incremental loans for the first half of the year were 86.8: 5.6: 1.4: 6.1 for sector loans, stocks, treasury bonds and corporate bonds in domestic non-financial institutions, and commercial banks still dominated Main financial resource allocation process.