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一、我国融资结构未来变迁趋势分析一国应选择何种融资结构,并没有统一的标准答案,而是以是否符合经济发展的需要为衡量准则。就我国而言,目前我国融资结构中的直接融资比重明显偏低。虽然按增加额计算1999年我国直接融资己占近三分之一,但按余额计算1999年直接融资与间接融资比例为1:9,明显低于成熟市场经济国家的比例,在美国1990年这一比例为3:1,日本1991年为3:7,韩国90年代初则为4:6。由于直接融资和间接融资两种方式都是市场经济中不可或缺的,直接融资和间接融资之间的比例过低会不利于一国的经济发展,因此我国直接融资比重亟待提高。
First, the analysis of the trend of the future changes in China’s financing structure What kind of financing structure should a country choose, there is no uniform standard answer, but to meet the needs of economic development as a yardstick. As far as my country is concerned, the proportion of direct financing in China’s financing structure is obviously low at present. Although the amount of direct financing accounted for nearly one-third of China’s direct financing in 1999, the ratio of direct financing to indirect financing in 1999 was 1: 9, which was significantly lower than the proportion of mature market economy countries in the United States in 1990 A ratio of 3: 1, 3: 7 in Japan in 1991, South Korea in the early 90s compared to 4: 6. Because direct financing and indirect financing are both indispensable in a market economy, the low ratio between direct financing and indirect financing is not conducive to the economic development of a country, so the proportion of China’s direct financing needs to be improved urgently.