On The Mechanism Of Evolution Of The Financial Architecture : A Financial Efficiency Point Of View

As the core of the modern market economic systems, financial factors have been paid more and more attention to for their effects on economic stable growth in the long run. Since 1960's, the relationship between financial factors and economic growth has been the main research object in the financial structure and the financial development theory, and it gradually became an important theoretical branch in the financial field. Especially in the 1980's, on the basis of the inherent-grown economic growth theory, a new era arrived on the financial structure and the financial development theory. In this period economists got completely new understanding towards financial systems' functions, and made comprehensive and detailed demonstration on the relationship between financial factors and economic growth, which brought us a new visual angle to know the significant effects of the financial factors in the modern economic growth.The modern financial systems in China made great improvement and the scale of financial assets have been expanded greatly through 20 years of financial system reform. Till now our financial system still runs in low efficiency, that is, whether in the indirect finance by banks or in the direct finance by stocks trade, the contradiction between fast expanding in scales and slowly improving in efficiency still exist. Thus it shows how to improve the disposing efficiency under the condition of relatively sufficient financial resources is an urgent and inevitable problem in our financial system reform at present. Obviously, it is a structural problem of the financial systems.On the basis of the endogenous financial development theory, this article emphasized on the financial structure evolution and financial efficiency, and made comprehensive analysis on the common laws of the financial structure evolution in economic growth, the specific mechanism of the evolution in our country and its effect on financial efficiency, and how to improve financial efficiency in the coordination of financial structure.The main parts of this article are as follows:First, the question is put forward and points out that the research on financial structure has practical significance in our financial system reform at present. On the retrospect of the financial structure and the financial development theory, the researchgoals and methodologies are discussed.Second, on the basis of endogenous financial development theory, the functions of modern financial system and different financial mechanisms' compare advantages of financial intermediaries and financial markets in different stages of economic growth are discussed. And through a general equilibrium model of economic growth, the inherent mechanism of the financial structure evolves with the economic growth is demonstrated, which also has promotive effects on the improvement of financial efficiency and economic growth.Third, after the research on the inherent mechanism of the financial structure, it emphasized on the financial structure evolution in our country. Through the study on the primitive condition of our financial development in our economic system transformation, it is demonstrated that the financial structure evolves in another path, that is, a path of government oriented.Fourth, on the basis of government oriented financial structure evolution path, comprehensive analysis is made on the functional shortcomings and structural contradictions of our bank systems and financial markets at present, which also gives rise to the loss of financial efficiency.Fifth, towards the functional shortcomings and structural contradictions of our financial systems, these questions are discussed on how to improve the financial efficiency through the structural adjustment of the bank systems and financial markets, etc, and finally reset the inherent-grown financial structure evolution mechanism in our country.Last, the conclusion is drawn.