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中国经济经历了三十多年的改革开放,所取得的成就是世人瞩目的,中国已从一个贫穷落后的第三世界国家迅猛发展成为现在的世界第二大经济体。中国奇迹发生的过程,是与中国金融业的稳健发展和金融市场的逐步完善密不可分的。一、中国金融资产流动性之困尽管中国金融市场对我国经济发展和社会进步的贡献是十分卓著的,但相对于发达国家而言,我国金融市场的流动性还显得严重不足。相比于部分发达国家以直接融资占据金融市场主导地位的特点,我国是间接融资占据金融市场的主导地位。目前,我国金融资产总量已突破100万亿,其中的信贷资产总量就达到50万亿以上,而如此巨量规模的金融资产绝大多数不能流动——我国商业银行对贷款普遍采取持有到期的管理模式,存贷差仍是我国商业银行的主要收入来源。在信贷资产无法市场化流动的前提下,一方面,银行为了扩大利润来源并在市场竞争中保持优势,就只能选择增加资产规模的
After 30 years of reform and opening up, the Chinese economy has made remarkable achievements. China has rapidly developed from a poor and backward third world country into the world’s second largest economy now. The process of China’s miracle is inextricably linked with the steady development of China’s financial industry and the gradual improvement of financial markets. First, the difficulties of the liquidity of China’s financial assets Although China’s financial market for China’s economic development and social progress is very outstanding contribution, but compared to developed countries, the liquidity of our financial markets is still a serious shortage. Compared with some developed countries to direct financing to take the leading position in the financial markets, our country is an indirect financing to dominate the financial market. At present, the total amount of financial assets in our country has exceeded 100 trillion, of which the total amount of credit assets has reached over 50 trillion yuan. However, the vast majority of such financial assets can not flow - China’s commercial banks generally hold loans Expiration of the management mode, deposit and loan balance is still the main source of income of China’s commercial banks. On the premise that the credit assets can not be marketized, on the one hand, in order to expand the sources of profits and maintain the advantages in market competition, banks can only choose to increase the size of assets