A Research On Chinese Financial Disintermediation Issue:Based On International Comparison

"Financial disintermediation" as a kind of important economic phenomenon, is the problem that every market-oriented country must face with. It first appeared in America in the1960s, and then in the UK, Japan, Russia, India and other countries. In our country, it emerges with the rapid development of capital market, then draw the attention of domestic scholars. Across all countries’"financial disintermediation", it is not difficult to find that, regardless of the extent to which a country’s economic development, how perfect the financial system is,"financial disintermediation" for a country’s macroeconomic environment and the influence of the microscopic economic subject is inevitable, especially to the influence of commercial banks and financial markets.However, although "financial disintermediation" causes much negative influence to related fields, for example, it makes a lot of commercial banks broke up, increases the risk of financial markets, which affects the stable development of the macroeconomic environment, but at the same time we also notice that, in the process of dealing with the "financial disintermediation", the development of financial market gradually became mature, thus the whole financial system will be improved.The development of "financial disintermediation" promotes the reform of financial system and the development of capital markets, Bank credit is no longer the only source of funding. The way of capital investment become more diversified, the residents is not confined to deposit their money in the bank, but invest to higher profit of other financial products. Although the traditional commercial banks in the process of "financial disintermediation" suffered severe impact, the importance in the financial system has also been a certain degree.What’s more, the innovation of business is good for the future development of the banking sector.This article adopts the way of integrating theory with practice study of "financial disintermediation". First of all, to define of "financial disintermediation", which refers to the money around financial institutions (refers to the commercial bank) directly from the supplier to purchaser; Second, relevant theories (financial intermediation theory and the theory of "financial disintermediation") are discussed in detail,"financial disintermediation" theory and the theory of financial intermediation is different statement for the same problem, financial intermediation theory mainly about three aspects: economies of scale, cost and function and "financial disintermediation" theory is based on the theory of financial intermediary,from the static and dynamic aspects to describe the competition and promote between financial intermediary and financial market; Then in some ways of the horizontal and vertical aspect to analysis the developed countries (the United States:"financial disintermediation" first appeared, and the financial system is very perfect, which is worthy of our country to study, Japan, the same as our country, financial system dominated by banks) and the developing countries (India:one of the BRICS countries, is closely related with our country) of "financial, disintermediation", although the three countries of the economic development level and the financial system are different, they all suffer the "financial disintermediation", and in the process of dealing with the disintermediation, the financial market of the three countries towards multi-level and liberalization, the financial system become more perfect; Then describes the phenomenon of "financial disintermediation" in our country, which shows a rising proportion of direct financing way, residents rising proportion of securities assets and the financial sector credit use ratio decreased, the cause of this phenomenon is the reform of the economic and financial system, the current low interest rates and capital market increasingly mature, and dialectically expounds the "financial disintermediation" has promoted the financial market, at the same time, in the process of financial innovation has brought new financial risks and make financial regulation into more trouble. In order to make every parts of the involved with financial market can work well under the background of "financial disintermediation", we learn the lessons from the successful international experience of dealing with the "financial disintermediation", put forward to adjust the management strategy of commercial Banks, encourage financial market diversification and timely perfect financial regulatory system combined with our country’s special conditions, prompting financial system reform of our country to be more perfect, macroeconomic running more smoothly.