中国银行(601988,股吧)间市场交易商协会

The bank of China(601988,Shares it)Association between market traders

　　姜智强 钟帅

JiangZhiJiang ZhongShuai

　　近年来，伴随着我国金融市场，尤其是直接融资市场的迅猛发展，我国“金融脱媒”的进程大大加快。这不仅有助于大大推进利率市场化，提升我国金融市场的深度和广度，也有利于促进我国实体经济的健康发展，提高居民收入水平，调整和优化收入分配结构。

In recent years，Along with our country's financial market，Especially the rapid development of direct financing market，Our country“Financial to take off the media”The process has ramped up。This would not only help to greatly promote market-oriented interest rate，Improve our country's financial market depth and the breadth，Also be helpful for promoting the healthy development of the our country economy，Raise the income level of resident，Adjustment and optimization of income distribution structure。

　　“金融脱媒”即金融去中介化，是指资金的盈余者和资金短缺者不通过银行等金融中介机构而直接进行资金交易的现象。从国际金融业发展的趋势来看，“金融脱媒”现象的产生是经济和金融市场发展的必然过程。我国金融脱媒出现较晚，20世纪80年代之前，我国非金融企业外部融资都来自银行贷款，银行是金融市场的唯一媒介。随着20世纪90年代初证券交易所成立，我国股票市场逐步发展，逐渐出现了一些金融脱媒的迹象；但此时，我国直接融资以股票融资为主，处于发展初期，并且规模不大，金融脱媒趋势不明显。但自2005年以来，我国债券市场快速发展，尤其是信用债市场发展迅猛，极大推动了我国的金融脱媒进程。2011年，我国信用债市场发行规模达到4.66万亿，7年增长了超过8倍；其中，非金融企业债务融资规模从2004年272亿元，增长到2011年的2.22万亿元，7年增长超过了80倍。债券市场融资在社会融资总量中占比从2004年的1.8%，上升到2011年的10.6%，与此相对应，信贷市场融资在社会融资总量中的占比从2004年的94.5%下降到2011年的82.5%。

“Financial to take off the media”Namely the financial disintermediated，Refers to the surplus capital, and the shortage of funds by Banks and other financial intermediaries and direct the fund trading phenomenon。From the international financial industry development trend，“Financial to take off the media”Phenomenon is the economic and financial market the necessity of the development process。China's financial to take off the media appear later，Before the 1980 s，Non-financial enterprises in China are from external financing bank loans，The bank is the only medium financial markets。As the 1990 s stock exchange was set up，China's stock market has gradually development，Gradually emerged some financial off signs of media；But at the moment，Our country with the stock financing as direct financing，In its early，And small，Take off the media is not obvious in the financial trend。But since 2005，Rapid development of China's bond market，Especially credit debt market is developing rapidly，Greatly promoting the country's financial to take off the media process。2011 years，Our country's credit debt market issue size to 4.66 trillion，7 years has risen more than 8 times；Among them，Non-financial debt financing scale from 2004 yuan in 27.2 billion，Growth in 2011 to 2.22 trillion yuan，7 years of growth more than 80 times。The bond market financing in society in the total amount of financing than from 1.8% in 2004，Rose to 10.6% in 2011，accordingly，The credit markets in society in the total amount of financing of financing than from 94.5% in 2004 to 82.5% in 2011。

　　当前我国“金融脱媒”快速发展的原因主要有三个方面的时代背景：第一，从居民角度看，在信贷管制、利率管制和外汇管制或者在高通胀环境下，居民为了获得更高回报的资产，倾向于在金融市场上购买并持有收益相对较高的股票、债券、保险和基金等；第二，从企业角度看，随着金融市场发展，社会信用体系不断健全，为企业提供了更为便利的融资渠道和更低廉的融资成本，企业也倾向于脱离银行等受到管制的金融中介机构，通过直接融资方式获取资金；第三，从金融机构看，为了顺应金融市场产品多元化，各金融机构不得不在传统的直接与间接融资基础上发展新的金融产品与服务以获取利润。总体来讲，金融市场直接融资的快速发展不断提高了金融市场的广度与深度，推动了金融产品的多样化，满足了各市场主体多样化的金融需求，拓宽了其融资渠道，这必然导致银行在金融市场中的作用下降，推动金融脱媒。

The current our country“Financial to take off the media”Rapid development of the reason there are three main background：The first，From the perspective of residents，In the credit control、Interest rate control and foreign exchange control or high inflation in the environment，Residents in order to get higher return assets，In the financial markets tend to buy and hold the relatively high returns to the stock market、bonds、Insurance and funds；The second，From the perspective of enterprise，With the financial market development，The social credit system constantly improved，For enterprise, provides a more convenient financing channels and more cheap financing costs，Enterprise also tend to from Banks and other regulated financial intermediaries，Through the direct financing methods for funds；The third，Look from financial institutions，In order to meet the financial market product diversification，All financial institutions have to in the traditional direct and indirect financing on the basis of the development of new financial products and services to make a profit。generally，Financial market the rapid development of direct financing continuously improve financial markets breadth and depth，Promote the financial products of diversification，Meet the market main body the diversified financial needs，Broadening its financing channels，This will inevitably lead to the bank in the role of financial market decline，Promoting financial media to take off。

　　而我国“金融脱媒”的影响也主要体现在三个方面：

And our country“Financial to take off the media”The effects of mainly in three aspects：

　　第一，“金融脱媒”导致银行等金融机构的金融创新压力加大。这主要是因为，“金融脱媒”不可避免地会造成商业银行存款和贷款业务的流失，而存款的流失如果没有得到有效的控制及其他资金的补充，将可能产生流动性危机，并且会减少银行利差收入；因此，商业银行必将不断拓展多种形式的融资渠道，进行金融产品创新，创造符合客户需要的高质量、高效率的新型理财品种，以吸引客户资金，实现产品型负债。

The first，“Financial to take off the media”Lead to financial institutions, such as Banks of the financial innovation that increased pressure。This is mainly because，“Financial to take off the media”Inevitably will cause the commercial bank deposit and loan business loss，And the loss of deposit if didn't get effective control and other capital added，Possible liquidity crisis，And will reduce the bank interest income；so，Commercial Banks will continue to expand various forms of financing channels，Financial product innovation，Create meets the customer need of high quality、High efficiency of the new financial varieties，To attract clients' money，Realize ChanPinXing liabilities。

　　第二，“金融脱媒”使得大企业能够顺利地通过资本市场进行融资，而对银行的融资需求减少，为了应对贷款业务的流失，商业银行可能会加大发展中小企业贷款的力度。同时，随着直接债务融资的发展、证券品种的日益增加以及证券市值的不断扩大，商业银行可能会发展证券抵押贷款业务，开发过桥贷款等其他融资服务，而金融机构加快金融创新步伐又将促进金融市场直接融资的快速发展。

The second，“Financial to take off the media”Makes a great enterprise can smoothly through the capital markets for financing，For Banks to reduce the financing needs of，In order to cope with the loss of the loan business，Commercial Banks could increase the intensity of the development of small and medium enterprise loans。At the same time，Along with the development of direct debt financing、The varieties of securities of the growing and the expansion of the market value of securities，Commercial Banks may develop securities mortgage loan business，Development bridge loans and other financial services，And financial institutions to speed up the pace of financial innovation and financial market will promote the rapid development of direct financing。

　　第三，“金融脱媒”在促进利率市场化、打破利率管制的同时，也能在客观上增添居民的投资渠道，增加居民部门投资性收入来源，提高居民的收入水平，改善收入分配结构。

The third，“Financial to take off the media”In promoting interest rate marketization、To break the control of interest rate at the same time，Can also add residents in the objective of the investment channels，Increase the investment income sources residents department，Raise the income level of resident，Improve the income distribution structure。

　　我国直接融资市场发展在促进“金融脱媒”进程的同时，也受到其反作用力，实现了一种良性循环。伴随着这种循环往复，我国商业银行的市场化程度将不断提升，利率市场化进程将不断加快，金融市场服务实体经济以及经济发展的作用也将不断增强。

Our country market in promoting the development of direct financing“Financial to take off the media”Process at the same time，Also is the reaction，Implements a virtuous cycle。With this kind of recycle，Our country commercial bank of the degree of marketization will continue to ascend，Interest rate marketization process will continue to accelerate，Financial market economy and economic development service role will also increased。