| Financial disintermediation is the product of market economy and financial market development to a certain stage,and it is also the trend of the financial industry. Financial disintermediation first appeared in the United States, during the Great Depression,the Federal Reserve Board made the Q laws, which required commercial banks not pay interest for demand deposits and set limits for the interest rate of time and savings deposit.During the Great Depression, the implementation of Q laws facilitates financing costs will remain at a low level, help to restore and rebuild the American financial order, it also had important practical significance on the economic recovery and development for the United States after World War II. After ten years of restoration and development of the US economy gradually embarked prosperity, at the same time, inflation was starting high, even once exceeded 20%, while the Q laws on bank deposit interest rate caps were strictly limited, resulting in Investors suffering loss of property,the public lose confidence in the gradual loss of bank deposits. In this background, investors were eager to find other investment channels in order to achieving the purpose of increasing the value,then, a lot of money began to flow out of banks, which is one of the reasons that the US money market funds developed speedly. Thereafter, Portugal, France, Italy, represented by the European countries also had financial disintermediation phenomenon.Judging from the situation in China, from the time that People's Republic of China was founded to the time that reforming and opening policy were taken, China had been implementing a highly centralized planned economic system, in this system, unified distribution of social resources by the entire country, social financing method was very simple.At that time,China had no good condition for financial industry.After the reform and opening up, China try to transit from planned economy to market economy.In the financial system,the government had taken a series of reform measures to actively promote the height of a single financial structure diversified financial structure to change, financial products and financial instruments began to gradually become diversified financial services types were continuously enriched and services continued to expand. In the 1990s, the process continued to accelerate China's financial reform, and gradually established a central bank as the core, specialized banks as the main body, a variety of financial institutions coexist financial system, commercial banks began to occupy the dominant position of absolute social financing Since then, with the development of the capital market, non-bank financial institutions began to flourish, China's financial industry has begun to show the trend of disintermediation.Financial disintermediation of the emergence of the national economy have a broad and profound impact, affecting both the macro perspective, including the impact on the country's financial system and related systems, monetary policy, fiscal policy, industrial policy and so on; It also have a influence on meso-economics,including the impact on other regions, sectors and industries,it also affect the micro-economics, including effects on the main micro residents, businesses and so on.This papers mainly combined empirical analysis with normative analysis, combined qualitative analysis with quantitative analysis, focusing on research methods drawing on international experience and case analysis, analysis of current situation in the development of China's financial disintermediation, existing problems and their causes and learn from developed countries financial disintermediation development experience, based on a systematic study of the financial disintermediation on China's macro economy, regional economy, industrial structure, commercial banks, the economic impact of businesses and residents and the corresponding countermeasures. The reason for financial disintermediation. Financial disintermediation of funds can be divided into the supply side disintermediation and capital demand side disintermediation. From the capital supply side,profit-driven of capital and technological advances are one of the reasons,there are some other reasons,such as the residents want to achieve stable asset value appreciation. As the development of market economy and gradually improve the credit system, moral hazard and adverse selection problems between the parties have eased to some extent. The development of financial markets and financial innovation greatly broad investment channels. Internet financial development break the traditional financial monopoly-finance the market situation, and further stimulate the development of financial disintermediation. In the demand side,there are several reasons, among which multi-level capital market system continuous improvement and development are the mainly reason, the corporate have more finance alternative space,private equity and venture capital funds in the corporate finance increasingly early development play an important role, the rapid rise of internet banking financial companies can raise the necessary funds through the Internet platform.Chinese financial disintermediation are developing rapidly. China practices a socialist market economic system. Therefore, China's financial disintermediation has been given Chinese characteristics. The emergence of financial disintermediation show socialist market economy has developed to a new level, which indicates that China's economic reform and financial reform has made great achievements.The time that financial disintermediation appeared was late than developed countries, and what was the differences between foreign financial disintermediation and China's is that China's financial disintermediation was first started from the capital demand side, which was also China's special conditions and closely linked. As the development of innovative financial products, financial disintermediation gradually spread from the capital to fund the supply side demand side. Due to the unique domestic political and economic environment, financial disintermediation produced also has its own characteristics.There are seveal main reason for this,fistly,bank deposits pay too low interest rates to attract the investors, resulting in the loss of a large number of deposit funds.secondly, the resident have changed their concept of investment.Third, financial market continues to grow, becoming more diverse financial products, greatly expanded the investment channels.Lastly,internet finance development, commercial banks caused a certain degree of impact. The main reason for the demand side funding disintermediation is:lower direct cost of financing, and showed a gradual downward trend; bank loans to corporate financial position and operating scale higher, small micro-enterprises were forced to turn to other financing channels; multi-level capital the rapid development of the market and improvement of market financing capability has been greatly enhanced, direct financing channels gradually open; the rapid rise of PE/VC organization, the rapid development of venture capital; broaden the financing channels for the Internet, enterprises can raise the public, access to capital, etc. P2P platform. Chinese financial disintermediation mainly in:a substantial increase in the scale of social financing, gradually increase the proportion of direct financing; the balance of bank deposit and loan growth has slowed; a substantial increase in the exchange market and inter-bank market as represented by the size of direct financing; bank deposit and loan spreads narrowing space; the rapid development of Internet financial products and P2P net loan platform as the representative of Internet banking.From the perspective of the residents, the combination of investment philosophy has been firmly established, more and more investors began to participate in the financial investment portfolio and the Internet; from a business point of view, more diversified financing companies, banks, exchanges market, inter-bank market, the Internet have become alternative channels of financial and other corporate finance; from the bank's point of view, banking business assets and liabilities of the growth rate decreased, while the intermediary business growth continues to accelerate, the bank's non-interest rate income share in total bank income also showed a rising trend.Financial disintermediation impact on macroeconomic and countermeasures. Financial disintermediation impact on economic development is not a one-way, but a two-way influence, namely financial disintermediation impact the level of economic development, in turn, the level of economic development will constrain medium degree of financial off. Off the impact of the financial media on economic development mainly:financial disintermediation of promoting the development of capital market financing channels more open, conducive to stimulating investment demand, give full play to the role of investment-led economy.As the financial disintermediation of development, gradually increase the importance of direct financing, it will help to improve and optimize the financing structure of society, thus contributing to the optimization and upgrading of industrial structure<?Financial disintermediation impact on the financial system dominated by the banking sector, which may lead to financial risks, macroeconomic produce should some negative impact. Financial disintermediation also have an impact on the government's economic policy, industrial policy, fiscal policy, have an effect on economic development through government action. Papers by financial disintermediation impact on interest rate channel, the impact of financial disintermediation of credit channels, the impact of financial disintermediation of financial asset prices transmission channel specifically study the effects of financial disintermediation on monetary policy transmission mechanism. The face of financial disintermediation.On the issue of financial disintermediation, it is necessary to have a global and forward-looking insight,and accurately grasp the rhythm, and steadily push forward.The government should take some poicy to narrow the gap between urban and rural areas; unswervingly promote market-oriented interest rate reform; strengthening financial supervision and create a good competitive environment that encourages financial enterprises pay more attention to cultivate product innovation and service innovation, improve service ability of the financial sector the gap and promote coordinated economic development in all regions.The government should continues to promote the establishment of a multi-level capital market structure, providing more financing options,and take policy measures to encourage the development of non-bank financial sector, in order to make the non-bank finance institution fully express its role in financing. Local governments should appropriate policy measures to actively play the advantages of financial disintermediation at the certain time, and take the necessary measures to deal with the negative impact of the financial disintermediation on regional economic development, in order to adapt to today's changing economic and financial environment. Financial disintermediation of the emergence and development of the transmission mechanism of monetary policy have some distorting effects, and thus have an impact on monetary policy. Therefore, the central bank in the formulation and implementation of monetary policy, should be fully taken into account the impact of financial disintermediation of the monetary policy transmission mechanism, give full play to the initiative, to improve the efficiency and effectiveness of monetary policy in the policy, in order to better play the macro-control functions.Financial disintermediation of regional economic development and industrial structure optimization and Countermeasures. Thesis on financial disintermediation impact on regional economic development empirical research. The study concluded that:first, the extent of the financial media off the eastern part of the active role of significantly greater than the Midwest. In addition to individual provinces, the total effect of financial disintermediation of economic growth in the eastern provinces are more than 2%; the total effect of the lower central and western provinces, mostly in the 1% level. On average, for the eastern region, the degree of financial de-media promotion of a percentage point each, will stimulate economic growth 0.28%; for the Midwest, financial disintermediation enhance a percentage point each, to promote economic growth, respectively 0.11% and 0.06%.Second, China's unbalanced regional economic development, the level of regional economic development affect the degree of financial disintermediation, which in turn affect the regional economy. Due to the level of economic development in central and western region is lagging behind, the financial market is not yet mature, single financing channels for enterprises, rely on traditional bank credit channel large financial disintermediation of the active role is not yet clear. As for the eastern region, the higher their level of economic development, higher maturity financial markets, businesses and residents continue to accept new financing concept, dependence on bank credit decreased; with the degree of financial disintermediation deepened, Social financing costs continue to decline, the financial burden on businesses and residents has been reduced, greatly stimulated the social investment and final consumption, and thus on the economy have a positive role in promoting. Financial disintermediation of the emergence of China's industrial structure optimization has had an important impact on the development of financial disintermediation help to promote the adjustment and optimization of industrial structure; and promoting the industry to improve production technology, improve management level, to improve the industry competitiveness and profitability, more importantly, has brought new opportunities for the development of new industries.Financial disintermediation effects on Commercial Banks and Countermeasures. Financial disintermediation environment opportunities faced by commercial banks are mainly:financial disintermediation Forced commercial banks to take various measures to improve competitiveness, and vigorously promote the business model innovation, product innovation and service innovation, and enhance the ability of banks to cope with risks. The challenge is:commercial banks play in the market, an irreplaceable role in financing, financial disintermediation of financing means that the market increase, to a certain extent, weakened the bank's status and functions; as the financial disintermediation The emergence and development of investment products more diversified financial markets, financial products, stocks, bonds, trust products, funds and other products gradually become acceptable investment, diversification of development of capital markets and financial products serious threat to the liability business of commercial banks; in the financial disintermediation pressures, asset business of commercial banks also threatened; financial disintermediation of bank deposits and loans will aggravate maturity mismatch, which could lead to banks' liquidity risk. The banks'countermeasures as follows:Innovative financial disintermediation environment profit model has become a new way of commercial bank development; change the bank's business model, to develop intermediate business; to cultivate awareness of product and service innovation, and actively promote product innovation; deepen banking financial institutions and cooperation between the non-bank financial institutions to better achieve mutual benefit and win-win situation.Financial disintermediation may have an impact on the enterprises and countermeasures. Financial disintermediation is more conducive to play to the basic role of the market in resource allocation, which means that financing channels for enterprises richer, lower financing costs.It can help enterprises improve the capital structure. In particular, it can help solve the financing difficulties that most of small enterprises faced with,. The enterprise can take some measures:firstly,the manages should grasp these financing opportunities and adjust development strategy,second,the manages can improve the capital structure and optimize the corporate governance structure and improve the internal control system,third,the enterprise also can improve management efficiency and productivity and focus on training awareness of independent innovation.they can make a choice depend on their needs.By this way,the the enterprises can enhance their competitive advantage, towards small to big, from big to strong to excellent leaps and bounds.Financial disintermediation makes a difference to enterprises, residents and countermeasures. Financial disintermediation can promote innovation of financial product.It can broad the investment channels for residents and change the investors' investment philosophy, portfolio concept was gradually accepted by the public.It can facilitate financing for the residents,greatly stimulated the consumption. Residents can take three strategies:first, the investors can choose desirable investment products to their needs and to maintain a good investment mentality. Second, the investors can diversified investment by way of reducing investment risk, establish a scientific concept of portfolio investment.Lastly,the investors can comparative advantages and disadvantages of various financing methods,and choose the best one. |
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