| Financial systems in many countries have changed substantially over the past 30 years. Over this period many traditional financial markets have expanded and new markets have come into existence. Transaction costs have fallen and information has become cheaper and more available. However, these changes have not coincided with traditional theory which predicts there will be a reduction in intermediation. In fact, quite the reverse has happened. Intermediaries have become more important in traditional markets and account for a very large majority of the trading in new markets, such as those for various types of derivatives. Traditional theories of intermediation based on transaction costs and asymmetric information are difficult to reconcile with the changes that have taken place. According to this, it is obviously that the role of financial institutions and their interactions with financial markets are key point in this process and further research is necessary and urgent.Also this topic is very valuable in China today because with the fast economic increase in China, the evolution of the financial system has lagged that of the real economy. In order to achieve a better performance of the national economy it is important for China to use the experience of other countries for reference to develop a modern financial system. Furthermore, as far as we all known, the field of comparative financial systems is relatively new. Much work remains to be done before the advantages and disadvantages of rival financial systems are fully understood. My research objectives are to improve our understanding of how and why financial institutions change, to make accurate predictions about how they are likely to evolve in the future, and to guide business strategy and public policy in this arena.Although the research may range widely, from analysis of the entire financial system to individual business strategy decisions and specific public policy choices, the research will focused on two sets of issues: 1. Normative: How effective are different types of financial system at various functions? 2. Positive: What drives the evolution of the financial system? Concrete Topics include: the role of banks in facilitating financing flows between savers and borrowers; the role of payment systems and their problems; the evolution of the financial system and the changing role of institutions in accommodating new functions; financial regulation and deregulation. This dissertation consists three parts.The first part which is the fundamentals of the whole theoretical of the dissertation consists of two chapters: chapter one and chapter two. Chapter one, "the financial system and the view of financial function" is to introduce the concept of the key words such as financial system, the intermediation, view of financial function. We concludes this chapter by emphasize the functions of financial system. Chapter two, "the evolution of the financial system", is a history survey of the evolution of the financial system. We first introduce the origin and development of two kind financial models, the Anglo-Saxon Model and Japanese-Germany Model. Then we made a brief comparison of the two models. Finally we prospect the future of the financial system.The second part is a comparison to the different financial models which consists three chapters, chapter three, chapter four, and chapter five. Chapter three, "the risk sharing and information production", we provides an overall survey and comparison of the risk sharing and information production of the two financial models,and weighs the advantages and disadvantages of function of the two models. Chapter four "the capital structure and the corporate governance", examines the performance of different capital structure and the corporate governance of the two models. And describe the fusion of capital structure and the corporate governance of two models. Chapter five we analyzed the influence of the non-economic factors such as regulations and effect of law to the evolution of t...
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