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我国的金融市场是由民间金融和制度金融组成的一个二元结构,两种市场、两种利率的“二分法”特征是我国经济发展特定历史阶段的产物,互利率弹性的大小决定了民间金融与制度金融之间是替代关系还是互补关系,并直接决定了区域性金融市场格局。制度金融主要服务大企业;民间金融主要服务中小企业,这根源于民间金融能够解决金融组织与企业之间的信息不对称。信息特征决定了贷款利率高低,也决定了资金的物品属性,对经济的稳定性具有重要作用。但是,信贷均衡面临着信息难题,而高度专用性是信贷信息特有的属性,这会导致信贷产品具有极高的个性化水平。我国金融市场有效性的形成,是以中小微型企业为载体、民间借贷市场为工具、利率市场化为内容、两种市场合而为一为目标的市场逻辑生成过程。
China’s financial market is a dual structure composed of private finance and institutional finance. The “dichotomy” feature of the two markets and the two interest rates is a product of a specific historical stage of China’s economic development. The flexibility of mutual interest rates determines the size of The relationship between alternative finance and institutional finance is complementary or complementary, and it directly determines the pattern of regional financial markets. Institutional finance mainly serves large enterprises; private finance mainly serves SMEs, which stems from the fact that non-government finance can solve the information asymmetry between financial organizations and enterprises. Information characteristics determine the level of loan interest rates, but also determines the financial attributes of goods, the stability of the economy plays an important role. However, the credit equilibrium faces the problem of information, and the high degree of specialization is the peculiar attribute of credit information, which leads to the extremely high personalized level of credit products. The formation of the effectiveness of China’s financial markets is based on the small and medium-sized microenterprises as a carrier, the private lending market as a tool, the interest rate market as the content, the two markets together as a target market logic generation process.