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从20世纪末至今,日本构建市场型间接金融的步伐已近二十年,积累了不少经验与教训,中国与日本具有极为相似的金融结构,在实现经济快速增长的过程中两国的金融市场开放程度都很低,金融部门也长期受到规制的约束,日本在20世纪70年代中期开放资本市场过程中曾经走过一段弯路,这对目前中国资本市场开放的借鉴意义很大,日本在20世纪末期经受金融危机后重建金融体系、构建“市场型间接金融”的制度创新对我国目前的金融转型与构建多层次资本市场的借鉴意义十分重要。
From the end of the 20th century to the present, Japan has been building market-based indirect finance for almost 20 years and has accumulated a great deal of experience and lessons. China and Japan have very similar financial structures. In the process of rapid economic growth, the financial markets of the two countries The degree of openness is very low, and the financial sector is also subject to long-term regulatory constraints. Japan made a detour in the capital market liberalization in the mid-1970s, which is of great significance for the current opening up of China’s capital market. Japan, at the end of the 20th century Institutional innovation that rebuild the financial system after the financial crisis and build a “market-based indirect financial system” is very important for the current financial transformation in our country and the reference to build a multi-level capital market.