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战后日本在赶超式发展战略下,市场本身的竞争均衡无法和政府的产业政策相匹配,由此产生了“外生管制性”的金融结构,这种以牺牲“市场”的择优机制为特征的金融结构在IS背景出现逆转、资本供过于求的局面下暴露出其低效率性并随着金融自由化、国际化的冲击出现了向“市场型外源融资结构”的转化趋势。在日本的产业结构出现多样化成长型产业并存的局面下,外源型融资结构中融入了大量的市场因素,形成了更为多层次复合型的金融结构,日本的金融制度与此相适应实现了由“银行业集中”向“资本市场回归”的转型。
After Japan’s post-war catching-up development strategy, the competitive equilibrium of the market itself can not be matched with the government’s industrial policy, resulting in a financial structure of “exogenous regulatory” The financial structure characterized by the preference mechanism exposed its inefficiency under the circumstance of IS background reversing and capital oversupply. With the financial liberalization and internationalization, the financial structure appeared to be “market-oriented external financing structure” Conversion trends. Under the coexistence of diversified and growing industries in Japan’s industrial structure, a large number of market factors have been incorporated into the exogenous financing structure and a more multi-layered and complex financial structure has been formed, and Japan’s financial system is compatible with this The transition from “banking concentration” to “return of capital markets”.