这是一场危机,我们看到了开头却看不到结局。中国资本市场发展正背离全球潮流历史会告诉人们未来。如果我们非要从历史的角度来考察金融结构的演变规律,洞察金融发展的某些蛛丝马迹的话,就会发现随着经济的增长与发展,全球金融市场上的参与者——银行、投资者和资金需求者之间的关系发生了深刻变化,这种相互关系的变化导致了金融结构的变迁——由银行主宰转变为以资本市场为主导的金融结构,社会资本脱媒现象愈来愈盛。20世纪早期,银行的大 This is a crisis, we can see the beginning but we can not see the ending. China’s capital market development is deviating from the global trend of history will tell people the future. If we need to examine the evolution of the financial structure from a historical perspective and observe some clues about the financial development, we will find that as the economy grows and develops, the participants in the global financial markets - banks, investors and The relationship between those who need funds has undergone profound changes. This interdependence has led to changes in the financial structure - from bank domination to financial structure dominated by capital markets, and social capital disintermediation has become increasingly prosperous. Early twentieth century, the bank’s big