资本市场包括间接融资市场和直接融资市场,也就是通常所说的信贷市场和证券市场。我国的信贷市场目前由国有银行主导,预期这一局面在今后相当长的时间内不会有根本性的改变。在国有银行尚未完全改造为真正的商业银行之前,信贷资源的配置不可避免地要受到政府的强烈影响,市场无法充分发挥作用,间接融资的效率无法进一步提高。而直接融资市场,其发展程度甚至还不如信贷市场,由于政府的严格管制,私募 Capital markets include both indirect and direct financing markets, commonly known as credit markets and securities markets. The credit market in our country is currently dominated by state-owned banks and it is expected that this situation will not change fundamentally for quite some time to come. Before the state-owned banks are completely transformed into real commercial banks, the allocation of credit resources will inevitably have to be strongly influenced by the government, the market will not fully play its role, and the efficiency of indirect financing will not be further enhanced. The direct financing market, its development even worse than the credit market, due to the strict government control, private placement