| In the early time, financial intermediaries especially banks played a dominant role in the financial systems of countries around the world, and financial market played a lesser role. During a long time in the past, commercial bank is the base of financial system, and also of the socioeconomic system. Today it has changed. The traditional bank-based system is in the face of great challenge. Financial market, even the nonfinancial enterprises intruded the field dominated by commercial bank before. The financial intermediaries faced the pressure of competition comes from other financial function provider more and more. During this period, we found that the structure and function of financial intermediaries have changed correspondingly in order to catch the chance of survival. These changes are much more contrasting with the changes of financial market. But the theory about financial intermediaries, especially about the mechanism of financial intermediaries's action is lagging behind. So it is important to study these changes.As far as in China, the bank-based system bears serious functional disfigurement as a result of the inclining development of intermediaries, and the major contradiction and financial risk converged on the bank system. How this happened? And how to defuse? How to promote the financial intermediaries development? All these need a comprehensive analysis of financial intermediaries.So, basing on the theory of financial development, the theory of financial intermediaries, and views of financial functions, we studied the evolutive history of financial intermediaries and explore the principles of financial intermediaries development especially the mechanism from the behavior of financial intermediaries. |
