李 佳

Lee better

　　根据《金融业发展和改革“十二五”规划》，“十二五”时期，在继续显著提高直接融资比重的政策支持下，非金融企业股票和债券融资占社会融资规模比重预期将显著提高。规划明确提出到“十二五”期末，将非金融企业直接融资占社会融资规模比重提高至15%以上。

According to the[The financial industry development and reform"1025"planning],"1025"period,Continue to improve the proportion of direct financing policy support,Non-financial enterprise stock and bond financing accounted for the proportion of social financing scale is expected to improve.Planning to put forward"1025"The final,The non-financial enterprises of our country direct financing accounted for the proportion of social financing scale increased to more than 15%.

　　当前，我国金融市场结构严重失衡，具体表现就是间接融资在社会整体融资规模中“一家独大”。截至2011年底，银行贷款占社会融资总额的54%，企业股票市场和债券余额仅占29%，该比例分别低于同期美国和英国的73%和62%，也低于德国和日本。由此可见，提高直接融资相对于间接融资的比重，已成为我国金融业发展转型亟待解决的问题。

The current,China's financial market structure imbalance,Specific performance is indirect financing in society as a whole in the financing scale"monopoly".By the end of 2011,Bank loans accounted for 54% of the total social financing,Enterprise stock market and bond balance accounted for only 29%,The proportion of the same period were lower than the United States and 73% in Britain and 62%,Also lower than Germany and Japan.Thus it can be seen,Improve the direct financing relative to the proportion of indirect financing,China's financial industry development has become a problem to be solved in the transformation.

　　扩大直接融资，自1996年以来一直是政府强调的政策要点。但在“扩大直接融资”命题的背后，有若干政策上的误区需要加以辨析。首先，在股票和债券这两大“主流”直接融资工具中，需要更加重视后者而非前者，因为目前我国股市融资规模已位居世界前列，并且债市的规模与潜力都远高于股市，因此应把债券市场的发展作为首要任务。其次，扩大直接融资，需要重视民间借贷的“阳光化”。据相关数据统计，截至2011年中期，我国民间借贷资本规模约3万亿元至5万亿元，可见在我国经济转轨的特殊背景下，民间借贷已成为社会融资体系的重要补充。因此，民间借贷的“阳光化”，可成为扩大直接融资比重的重要推动力。最后，目前，我国一些传统直接融资工具发展滞后，比如商业信用等。为此，除了要促进传统直接融资工具发展之外，例如资产证券化、融资租赁以及金融衍生工具等新型直接融资产品，也应作为扩大直接融资渠道的对象。

Increasing direct financing,Since 1996 has been the government insists that policy points.But in"Increasing direct financing"Behind proposition,There are a number of policy mistakes to be identified.First of all,In the stock and bond the two"mainstream"Direct financing tools,Need to pay more attention to the latter rather than the former,Because at present our country stock market financing scale has reached up to the top of the world,And the size of the bond market and potential are far higher than the stock market,So should be the development of the bond market as a primary task.secondly,Increasing direct financing,Needs to pay attention to the folk lending"The sun change".According to relevant data statistics,By the middle of 2011,Our country folk loan capital scale of about 3 trillion yuan to 5 trillion yuan,Visible in the economic transition of the special background,Folk lending has become an important supplement social financing system.so,Folk lending"The sun change",Expand the proportion of direct financing can become an important driving force.finally,At present,Our country some traditional direct financing tool development lag,Such as commercial credit, etc.therefore,In addition to promote the traditional direct financing tool outside development,Such as asset securitization/Lease financing and financial derivatives and so on the new products of direct financing,Also should be as increasing direct financing channel object.

　　与此同时，大力发展直接融资渠道，有利于我国金融体系的结构更加完善，同时也有利于促进经济结构的转型升级，主要体现在：

meanwhile,Develop direct financing channels,Is advantageous to our country financial system structure to be more perfect,At the same time, but also to promote the transformation and upgrading of economic structure,Mainly manifests in the:

　　第一，大力发展直接融资，可以减轻银行的负担，并释放银行的信贷风险，这样有利于银行加速业务转型，提高自身的竞争力。目前，我国社会融资规模主要依赖于银行贷款，导致商业银行在我国金融体系中过于强势，同时银行信贷扩张的冲动虽然在短时间内可以获取暴利，但这种暴利是建立在规模扩张的基础上，并且规模的扩张并没有带来信贷质量的提高，一旦GDP增速下滑，银行信贷扩张的速度就会减缓，这时不良贷款就会浮出水面，银行将面临巨大的信用风险。

The first,Develop direct financing,Can reduce the burden of the bank,And release the bank's credit risk,Like this is advantageous to the bank accelerate business transformation,To improve their own competitiveness.At present,China's social financing scale mainly rely on bank loans,Lead to commercial Banks in China's financial system is too strong,At the same time, bank credit expansion impulse although in a short time can get profits,But this windfall is built on the basis of scale expansion,And expansion does not bring the improvement of the quality of credit,Once falling GDP growth,Bank credit expansion speed will slow down,When bad loans will surface,The bank will face huge credit risk.

　　第二，目前我国资本市场的层次性存在严重失衡，最突出的问题就是“重股票市场，轻债券市场”。大力发展债券市场等直接融资渠道，有利于丰富产品种类,优化产品结构。这种“增量式”的金融创新也有利于促进资金在各市场之间有序流动，并提高资本市场子市场之间的联动性和效率。因此，大力发展直接融资，有利于多层次资本市场的形成，并促进资本市场的转型。

The second,At present our country capital market level there is serious imbalance,The most prominent problem is"Heavy stock market,Light bond market".Vigorously develop the bond market and direct financing channels,To enrich product categories,Optimize product structure.this"incremental"Financial innovation is to promote capital market in the orderly flow between,The capital market and improve market LianDongXing between the son and efficiency.so,Develop direct financing,Conducive to the formation of multi-level capital market,And promote the transformation of the capital market.

　　第三，大力发展直接融资，有利于推动产业结构调整。目前，我国中小企业“融资难，融资贵”等问题非常普遍，特别是小微企业，它们往往需要的是期限稍长的债务融资。一般而言，新兴产业和战略性产业往往孕育在中小企业当中，但风险的不确定性导致这些企业难以获得资金的支持，而债券、风险投资、股权投资以及私募等直接融资渠道，可以为这些企业提供一套风险共担和利益共享的机制。因此，大力发展直接融资，能够为新兴产业和战略性产业提供必要的金融支持，并推动我国产业结构的调整及升级。

The third,Develop direct financing,To promote industrial structure adjustment.At present,Our country small and medium-sized enterprise"Financing difficult,Financing your"Very common problems,Especially small micro enterprise,Often they need is a long term debt financing.Generally speaking,Emerging industries and strategic industry often breeds in the small and medium-sized enterprise of,But the uncertainty of the risk to the enterprise is difficult to get the support of capital,And bond/Risk investment/As well as private equity investment, such as direct financing channels,For these enterprises to provide a set of risk sharing and benefit sharing mechanism.so,Develop direct financing,To emerging industries and strategic industry provide the necessary financial support,And promote industrial structure adjustment and upgrade.

　　（作者系中国建设银行(601939,股吧)博士后工作站研究员）

(The author is China construction bank(601939,guba)Postdoctoral workstation researchers)