改革以来融资格局的变化

随着国民收入分配格局的变化 ,社会资金配置格局发生了两个重要转移 ,形成了以国有银行融资为主的融资格局。 90年代以来这种格局受到了新兴的证券市场和大量涌现的金融机构的挑战。银行和证券市场均未能演化为企业有效的外部监督者

The transformation of fund-circulating pattern from the beginning of the Reform

With the changes in the distribution pattern of GNP and the great shifts of the distribution pattern of social funds, a new fundcirculating pattern with stress on staterun banks appeared. From 1990s till now, this pattern is being pounded by rising stock markets and massively emerging banking institutions. But by far, banks and stock markets have not yet become the effective outside supervisors of enterprise.