根据国际常用的存量法统计口径,本文对G20国家过去23年直接融资比重进行统计分析。G20国家直接融资比重在这段时期总体呈上升态势,目前大多集中在65%~75%区间内,美国显著高于其他国家,超过80%。分析表明,金融结构与经济水平、产业发展阶段、法治文化和制度环境以及金融自由化程度等因素高度相关且与之相适应,但各国向“市场主导型”的金融结构演进是一个普遍规律,更多金融资源通过资本市场进行配置是基本趋势。与各国相比,我国的直接融资比重是相对较低的。不仅与发达国家存在差距,也低于转轨经济的俄罗斯以及人均收入不及我国的印度和印度尼西亚等国。我国与其他国家在债券市场方面的差距超过股票市场。目前,我国正处在转变经济增长方式、促进经济转型升级的关键时期,应进一步推进金融体系市场化改革,大力发展直接融资,改善金融结构,提高金融资源配置效率,推动战略性新兴产业发展和经济可持续增长。 According to the statistics of the stock method commonly used in the world, this paper makes a statistical analysis on the proportion of direct financing in the G20 countries over the past 23 years. The proportion of G20 countries’ direct financing has generally risen during this period. At present, most of them are concentrated in the range of 65% -75%, while the United States is significantly higher than the other countries with more than 80%. The analysis shows that the financial structure is highly correlated with and adaptable to the economic level, stage of industrial development, the culture of the rule of law and the institutional environment as well as the degree of financial liberalization. However, the evolution of the financial structure in various countries toward “market-oriented” is a common one The law, more financial resources through the capital market to configure is the basic trend. Compared with other countries, the proportion of China’s direct financing is relatively low. Not only is there a gap with developed countries, but also lower than that of a transitional economy in Russia and the per capita income is less than that of countries like India and Indonesia. The gap between our country and other countries in the bond market surpasses the stock market. At present, our country is in the crucial period of transforming the pattern of economic growth and promoting economic restructuring and upgrading. We should further promote the market-oriented reform of the financial system, vigorously develop direct financing, improve the financial structure, improve the efficiency of the allocation of financial resources and promote the development of strategic emerging industries. Economic sustainable growth.