股市异常波动以来,金融监管的话题不绝于耳,业内多数人认为,既然同为金融机构,对直接融资的监管想当然地借鉴间接融资的监管逻辑和框架,更有甚者认为直接套用间接融资的监管框架也是必然选择。事实上,直接融资和间接融资存在着本质差异,直接套用间接融资的监管思路不仅抑制直接融资的发展,同时也会造成监管无效。直接融资的起源直接融资和间接融资是相对应的概念。其最早源于1955年《美国经济 Since the abnormal fluctuations in the stock market, the topic of financial regulation is endless, and most people in the industry think that since they are financial institutions, the regulation of direct financing, of course, draws lessons from the regulatory logic and framework of indirect financing. What is more, the direct regulatory framework for indirect financing Is also an inevitable choice. In fact, there are inherent differences between direct financing and indirect financing. The direct application of the regulatory thinking of indirect financing not only inhibits the development of direct financing but also invalidates supervision. The origin of direct financing Direct financing and indirect financing are the corresponding concepts. The earliest from 1955, "the U.S. economy