中国光大银行(601818,股吧)副行长

China everbright bank(601818,guba)Vice President

　　中国银行(601988,股吧)间市场交易商协会金融衍生品专业委员会主任委员

The bank of China(601988,guba)Market dealers association between financial derivatives professional committee of the chairman of the committee

　　中国金融改革的关键，既非利率市场化、也非汇率市场化。利率与汇率，二者都只是价格。事实上，价格的作用平台是市场，而市场的作用机制又与市场结构密切相关。广义的市场是一切资金集散的场所，决定其效率和功能的往往是结构要素。

The key to China's financial reform,Is neither interest rate marketization/Nor exchange rate marketization.Interest rate and exchange rate,Both price only.In fact,Price action platform is market,And the role of the market mechanism and market structure closely related.Generalized market is all capital distribution place,Decided to its efficiency and function is often structural elements.

　　所谓社会融资结构，即社会融资的构成及其比例。社会融资主要由间接融资及直接融资两大类构成。间接融资，是以金融机构作为中介，首先通过存款、发行有价证券等方式暂时将社会闲置资金归集，然后再通过贷款、贴现等形式将资金提供给需求方，主要指银行信贷。直接融资，是指没有金融机构作为资金融通的中介，资金闲置方与资金需求方通过直接协议实现资金转移，主要指债券市场及股票市场。间接融资与直接融资的比例适当，才能形成合理的社会融资结构。

The so-called social financing structure,That is the social financing structure and scale.Social financing mainly by indirect financing and direct financing constitute two categories.Indirect financing,Based on financial institutions as intermediary,First of all through the deposit/Issue securities, etc will be temporarily social idle fund collection,Then through the loan/Discount and other forms will be providing funding to home-textile,Refers to the bank credit.Direct financing,I mean no financial institutions as a financing intermediary,Leave unused capital of party and capital through direct agreement home-textile realize money transfer,Refers to the bond market and the stock market.Indirect financing and the proportion of direct financing appropriate,To form a reasonable social financing structure.

　　不妨将中美整体社会融资结构做一比较。2011年，美国国内债券总额及股票市值合计42.0万亿美元，银行信贷总额为9.4万亿美元，直接融资规模是间接融资的近4.5倍；相比之下，中国2011年末全部债券市场规模与股票市值合计76.7万亿，金融机构贷款余额为54.8万亿，直接融资规模仅为间接融资的1.4倍。再将企业从直接融资渠道和间接融资渠道获取资金的比例进行比较，美国约为75%：25%（2009年末数据），欧洲约为60%：40%（2009年末数据），而中国为22%：78%（2011年末数据）。因此不难看出，发达经济体以直接融资为主，自然是市场渠道发挥主要作用；而我国是以银行体系的间接融资为主，商业银行的利差观念、信用定价等行为模式会直接作用于市场，这些非市场化的因素会干扰市场机制发挥必要的作用。

Might as well the whole social financing structure are compared.In 2011,,The domestic bond and stock market value total amount to 42 trillion dollars,Total bank credit for 9.4 trillion dollars,Direct financing scale is indirect financing nearly 4.5 times;Compared with,By the end of 2011 China all bond market scale and stock market value amount to 76.7 trillion,Financial institutions loan balance for 54.8 trillion,Direct financing scale is only 1.4 times of indirect financing.The enterprise again from direct financing channels and indirect financing channels for the proportion of funds comparison,The United States is about 75%:25%(By the end of 2009 data),Europe is about 60%:40%(By the end of 2009 data),While China is 22%:78%(By the end of 2011 data).So it is easy to see,Developed economies to direct financing is given priority to,Nature is market channels play a major role;But our country banking system is the indirect financing is given priority to,Commercial bank interest margin concept/Credit pricing behavior mode will directly effect on the market,These non-market factors will interfere with the market mechanism to play a role.

　　平衡的社会融资结构是金融改革的题眼。第一，能够实现市场化融资渠道与银行信贷渠道的平衡。商业银行出于对坏账风险的严格控制，有提高客户门槛、倾向于服务金字塔中上层的内在冲动。而直接融资市场是已经实现了市场化的融资渠道，对各种信用质量和不同信用等级的主体统统敞开大门，使得金融金字塔从上到下各个阶层适得其所，从而实现整个社会金融资源的均衡分布、优化配比。

Balance social financing structure is financial reform problem eye.The first,Can realize marketization financing channels and bank credit channel of balance.Commercial bank for bad debt risk strictly control,Improving customer threshold/Tend to service pyramid upper inner impulse.And direct financing market is has achieved market-oriented financing channels,To all sorts of credit quality and the main body of different credit rating and open the door,Make financial pyramid at all levels from top to bottom blissfully unaware,The whole society so as to realize the balance of financial resources distribution/Optimization matching.

　　第二，能够从管制利率向集合化价格发现过渡。债券规模及占比的日益壮大，债券交易活跃度的日趋提升，有助于真实价格的发现，信用定价将会自然接轨SHIBOR等市场基准，丰富市场曲线。这必然改变商业银行对信用定价的管制利率模式，促使商业银行更多地以市场指标为定价要素反映发行企业的信用溢价，推动利率市场化的进程。

The second,Can from control to set interest rates change price discovery transition.The scale of the bonds and than growing,Bond transaction active degree is ascension,Help the real price discovery,Credit pricing will be natural SHIBOR integrate markets such as reference,Rich market curve.This will change commercial Banks on credit pricing control interest rate model,Make commercial Banks with more market indicators for pricing elements reflect the issuance of enterprise credit premium,To promote the process of interest rate marketization.

　　第三，能够以社会征信体制代替信用审批。银行贷款依赖于各家银行的内部信贷审批标准，时效性、公平性均缺乏透明度。而在直接融资市场中，投资方主动寻求的收益回报与融资方的信用资质高度平衡，这就必然要求社会征信体制的配套建设，以充分快速的信息共享确保投资者的风险识别能力，实现公平有序的市场交易秩序。

The third,Be able to social credit system instead of credit for examination and approval.Bank loans depend on Banks' internal credit approval standards,timeliness/Fairness is the lack of transparency.And in direct financing market,The investor actively seek income return and RongZiFang credit qualification height balance,This is inevitable requirement of social credit system construction of form a complete set,To fully fast information sharing ensure that investors' risk identification ability,To realize fair and orderly market transaction order.

　　第四，能够让货币政策的市场传导和银行传导相辅相成。在间接融资为主的社会融资结构中，商业银行体系注定是货币政策传导机制的主流环节。商业银行是“重资产负债表”，加上资本充足率和存贷比的考核，利率管理必然让位于流动性和规模偏好，导致货币政策的调控效果总不尽如人意。而在以直接融资为主的社会融资结构中，资金闲置方与需求方直接对接，市场对资金价格的极端敏感自然会令货币政策的传导变得通畅。

The fourth,To make monetary policy market conduction and bank conduction supplement each other.In the indirect financing as the main form of financing social financing structure,Commercial bank system of monetary policy transmission mechanism is destined to be the mainstream of the link.Commercial bank is"Weight balance sheet",Add capital adequacy ratio and deposit-loan ratio evaluation,The interest rate management must give way to liquidity and scale preferences,Lead to monetary policy regulation effect will not satisfactory.And in direct financing to give priority to social financing structure,Leave unused capital of party and home-textile direct butt,Market for capital price extremely sensitive nature will make monetary policy transmission becomes patency.

　　在推进社会融资结构转型的过程中，债券市场，特别是信用债券市场的发展显得尤其重要。2011年，美国、欧洲及中国债券市场分别是GDP总量的大约1.75倍、1.24倍及0.46倍。我国信用债券市场的发展空间依然巨大。推动信用债券市场的发展，能够有效发现价格，让利率市场化的目标水到渠成；能够拓宽企业融资渠道，助推企业做起来、走出去，进而推动人民币国际化；能够在大企业走向市场后，促使银行眼睛往下看，使信贷资源向中小企业自然倾斜；能够减轻股市的融资压力，平衡资本市场之间的量级关系；能够发掘资源配置、财富成长潜力，促进储蓄向投资的转化，降低整个金融体系风险。

In promoting social financing structure in the process of transformation,Bond market,Especially the debenture bond market development appears especially important.In 2011,,The United States/Europe and China's bond market is GDP respectively about 1.75 times/1.24 times and 0.46 times.Our country's credit bond market development space is still huge.To promote the development of credit bond market,Can effectively find that prices,Let the interest rate marketization goal follow;To broaden the enterprise financing channels,Boosting enterprise it/Go out,To push forward RMB internationalization;Can in the big enterprise to the market,Make bank eyes downwards see,Make credit resources to the small and medium-sized enterprise natural inclination;To alleviate the financing of the stock market pressure,The capital market balance between the relationship between magnitude;To explore the allocation of resources/Wealth growth potential,To promote the transformation of savings to investment,To reduce the risk of financial system.