啟動二次金融改革

金融機構的融資與資本市場的融資是互補或代替？在平時，兩者均是提供融資，功能互相競爭；但其中一個出現危機時，其融資功能中斷，另一個市場則可適時提供融資；就國家立場而言，兩者是互補資金的缺口，所以應積極同時發展二個融資管道，而不應有所偏廢。

This article emphasizes the fact that a country must pursue a two-track financial policy based on banking intermediaries and equity-trading intermediaries, and that these two financial intermediaries often play complementary roles during times of financial crisis. To be successful, this two-track financial policy requires firm government guidance, as well as sound protections for small shareholders and creditors.
With regard to the development of financial intermediaries, a bank that wishes to become a major player must possess the five following characteristics: first, it must have a unique line of innovative products; second, with respect to consumer finance, it must be able to satisfy the financial needs of a broad range of clientele worldwide; third, it must be able to meet the financial needs of diverse global businesses; fourth, it must have a good image and high credit rating, and be generally trusted by the public in order to gain access to inexpensive sources of capital; and fifth, it must be able to attract high-quality human resources and effectively employ its human assets and its equipment and facilities. And for a small bank to achieve success, it must be able to carve out a profitable niche in a fiercely competitive business environment. As for equity-based financial intermediaries, their growth and development depend on the special characteristics of their markets, their exchanges, and the countries in which they are located.