《保险研究》20230601-《金融体系结构转型支持实体经济高质量发展》（张成思）

［摘   要］本文从金融的本质和金融体系的根本功能角度出发，分析金融体系结构如何转型可以更好地支持实体经济高质量发展。本文首先分析中国金融体系结构特征的时序变迁特征，然后将金融体系结构特征的转变与金融调控的中枢机构（中央银行）的制度建设和金融价格传导体系建设联系起来，探讨如何进一步深化金融体系结构转型以支持中国的实体经济高质量发展。从融资功能的实际情况看，直接融资与间接融资市场的规模比例已经突破了“二八格局”的银行主导型金融体系的传统印象，迈入“三七格局”。本文提出，从实践层面看，当前中国金融体系结构转型的重点不仅在于推动直接和间接融资市场规模的比例转变，也不仅在于权衡市场主导还是银行主导更占优势，而更在于直接和间接融资的市场化机制转变和现代化制度建设。全面提升金融体系的发达程度和深化程度，对于支持实体经济高质量发展至关重要。

［关键词］金融的本质；金融体系；金融的功能；中央银行；高质量发展

［基金项目］本文得到国家社科基金重大项目资助（批准号20&ZD104）。

［作者简介］张成思，中国人民大学财政金融学院，中国财政金融政策研究中心。

Structural Transformation of the Financial System for Supporting High-quality Development of the Real Economy

ZHANG Cheng-si

Abstract：From the perspective of the essence and fundamental function of the financial system,this paper analyzes how the structural transformation of the financial system can better support the high-quality development of the real economy.It first analyzes the evolution of the structural characteristics of China′s financial system,then connecting the changes of the structural characteristics with the central bank′s policy changes on financial regulation and the construction of the financial price transmission system,it explores on how to deepen the structural transformation of the financial system in order to support the high-quality development of the real economy.From the actual situation of the financing function,the percentages of direct financing and indirect financing has broken through the traditional 20/80 split in a banking-led financial system,and is moving towards the 30/70 split.The paper points out that,practically speaking,the current key issues of the structural transformation of China′s financial system are not only on changing the split between direct financing and indirect financing,or balancing the advantages of a banking-led model or a market-led model,but more importantly,it is to change towards a market-oriented mechanism and modern institutional construction for both direct and indirect financing.Lifting the overall sophistication and deepening of the financial system is crucial for supporting the high-quality development of the real economy.

Key words：the essence of finance;the financial system;the financial function;the central bank;high-quality development