Bond Markets And Financial Intermediation Model Choice

As a competitive part of financial intermediation, bond market, especially corporate bond market will bring a comprehensive impact on the financial intermediation system. In China presently, commercial banks are being on the most critical stage to the market direction. In the mean time, commercial banks has got into an embarrassing situation of the non-marketable stocks because of the extremely emphasizing on it's financing function. Therefore, it would be necessary to design a systematic mode of financial intermediation in the coming stage. And then, make a stable improvement of bond market and ensure the stability and efficiency of Chinese financial system.From the perspective of bond market, this paper makes a particular analysis on concrete instances and obtained some valuable references. It evaluates the capital distributing efficiency of the financial intermediation system in China with theoretical and empirical methods respectively. The distributing invalidity of bank system and stock market is concluded. In addition, this paper makes a tentative analysis of cross-developing system of commercial banks and bond market.Furthermore, this paper introduces the perspective of international capital distribution into the classical theory of financial intermediation. It points out that it would be improperly to open the door of international financial capital inflows to commercial bank system. And the authority should put much more emphases on the positive function of the domestic bond market in the distribution of international financial capital.