金融创新使直接融资和间接融资、资本市场与货币市场的界限变得越来越模糊,从而导致融资制度发生了深刻的结构性变化。按照一般的金融学原理,间接融资是指以银行为信用中介的资金融通行为,而直接融资则是筹资人与投资人不需借助金融中介机构直接融通资金。至于货币市场与资本市场的划分,则以融资期限作为主要的客观标准。 Financial innovation makes direct and indirect financing, the boundary between capital market and money market more and more fuzzy, resulting in a profound structural change in the financing system. In accordance with the general principles of finance, indirect financing refers to the financial intermediation of banks as a credit intermediary, while direct financing means that the fundraiser and the investor do not need to resort to financial intermediaries to directly finance the funds. As for the division of money market and capital market, the financing period is taken as the main objective criterion.