【摘要】：金融脫媒是指由于金融管制的存在,資金供給直接到達(dá)需求方和融資者,而沒(méi)有經(jīng)過(guò)商業(yè)銀行這個(gè)中介體系。美國(guó)最早出現(xiàn)金融脫媒是在上個(gè)世紀(jì)六七十年代,我國(guó)出現(xiàn)這一現(xiàn)象大概是在十幾年前。目前,我國(guó)金融體制改革在繼續(xù)推進(jìn),利率市場(chǎng)化進(jìn)程也已經(jīng)進(jìn)展過(guò)半,資本市場(chǎng)也在進(jìn)一步成熟,這三大背景因素在不斷削弱著商業(yè)銀行作為間接融資中介的作用。資金的需求者們?cè)絹?lái)越更多的通過(guò)股票、債券等直接融資手段去獲得他們所需要的資金。另外,居民也開(kāi)始把錢更多的投資于股票、債券等金融工具,而不是像過(guò)去那樣單一的把剩余的資金存進(jìn)銀行。商業(yè)銀行賴以生存的存貸款業(yè)務(wù)受到了極大的挑戰(zhàn),在金融體系中的重要性開(kāi)始不斷下降。 本文以金融中介理論為理論研究基礎(chǔ),首先立足我國(guó)國(guó)情重新對(duì)金融脫媒進(jìn)行了界定,并對(duì)比分析了國(guó)內(nèi)外金融脫媒的表現(xiàn)及影響。然后運(yùn)用多種統(tǒng)計(jì)分析方法,分別從金融脫媒的現(xiàn)狀、趨勢(shì)和產(chǎn)生原因、對(duì)我國(guó)商業(yè)銀行的影響這四個(gè)方面具體分析了我國(guó)的金融脫媒現(xiàn)象。最后采用計(jì)量經(jīng)濟(jì)學(xué)方法對(duì)金融脫媒是如何影響我國(guó)商業(yè)銀行進(jìn)行了實(shí)證研究,并在此基礎(chǔ)上結(jié)合我國(guó)金融脫媒的各種特征提出了我國(guó)商業(yè)銀行應(yīng)對(duì)金融脫媒的創(chuàng)新對(duì)策,以使我國(guó)的商業(yè)銀行能夠從容的面對(duì)挑戰(zhàn)和把握金融脫媒所帶來(lái)的機(jī)遇,為更好的促進(jìn)我國(guó)經(jīng)濟(jì)的發(fā)展打下堅(jiān)實(shí)的基礎(chǔ)。通過(guò)研究發(fā)現(xiàn),證券市場(chǎng)對(duì)商業(yè)銀行傳統(tǒng)業(yè)務(wù)的沖擊是確定的,但受政策性因素、制度性因素等其他因素的影響,目前這種影響還不是很大,且持續(xù)時(shí)間不長(zhǎng)。另外,證券市場(chǎng)所造成的銀行貸款端脫媒要強(qiáng)于存款端脫媒。總的來(lái)說(shuō),我國(guó)銀行業(yè)當(dāng)前的角色還是偏重的,雖然在社會(huì)融資規(guī)模中的占比在下降,但仍處于主體地位；金融脫媒雖然尚處于初級(jí)階段,但長(zhǎng)期趨勢(shì)已經(jīng)確立且在加速發(fā)展,未來(lái)可以預(yù)測(cè)到我國(guó)的金融脫媒會(huì)加速深化。
[Abstract]:Financial disintermediation refers to the existence of financial regulation, the supply of funds directly to the demand side and financiers, without the intermediary system of commercial banks. Financial disintermediation first appeared in the United States in the sixties and seventies of the last century, and this phenomenon occurred in China about ten years ago. At present, China's financial system reform continues to advance, interest rate marketization process has been more than half of progress, capital market is also further mature, these three background factors are constantly weakening the role of commercial banks as indirect financing intermediary. People who need money are getting more and more of the money they need through direct financing such as stocks, bonds and so on. Residents are also starting to invest more of their money in financial instruments such as stocks, bonds and so on, rather than simply depositing the rest of the money in banks, as in the past. Commercial banks rely on the survival of the deposit and loan business has been greatly challenged, the importance of the financial system began to decline. Based on the theory of financial intermediation, this paper firstly redefines the financial disintermediation based on the national conditions of our country, and compares and analyzes the performance and influence of financial disintermediation at home and abroad. Then it analyzes the phenomenon of financial disintermediation in China from four aspects: the present situation, trend and reasons of financial disintermediation, and the influence on our commercial banks by using a variety of statistical analysis methods. Finally, this paper makes an empirical study on how financial disintermediation affects Chinese commercial banks by econometrics, and on the basis of this, puts forward innovative countermeasures for Chinese commercial banks to deal with financial disintermediation according to the various characteristics of financial disintermediation in China. In order to enable our commercial banks to face the challenges and grasp the opportunities brought by financial disintermediation, to better promote the economic development of our country lay a solid foundation. Through the research, it is found that the impact of the securities market on the traditional business of commercial banks is certain, but affected by other factors, such as policy factors, institutional factors and other factors, this influence is not very large at present, and the duration is not long. In addition, the bank loan end disintermediation caused by the securities market is stronger than the deposit end disintermediation. Generally speaking, the current role of China's banking industry is still biased, although the proportion in the scale of social financing is declining, but it is still in the dominant position; Although the financial disintermediation is still in the initial stage, the long-term trend has been established and the development is accelerating. It can be predicted that the financial disintermediation in China will accelerate the deepening in the future.
【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.33

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