译商业计划.docVIP

译商业计划 3.2 金融机构发展战略、业务模式普遍趋同。　The convergence of the development strategy and business model. There aren’t many differences between the development strategy and business model of different banks. Most of the Agricultural Credit Cooperatives and City Credit Cooperatives have chosen the reformation path of marketization, aiming at being commercial banks; As long as they have the basic premises, all the banks would target at going on the board. The interest rate and tariff competition among different organizations are under strict regulation of the regulatory authority. The normal finance service hasn’t been effectively differentiated from supportable finance service yet, and the “poor’s banking service” has been peripherized with each passing day. As for the policy bank, our country has chosen its way of commercialization. In the near future, the policy business will face a brand new market environment. 3.3 在金融市场结构中，货币市场中以银行间债券市场为主体，资本市场中以股票市场为主体，股票市场又以场内交易市场为主体。直接融资发展相对滞后，债券市场发展和财政、准财政关系密切。直接融资占比较低是银行主导型金融体系的重要特征，不仅如此，我国股票一级市场在规模和价格方面同时存在管制，价格和行为扭曲明显；二级市场投机气氛较为浓厚，市场大起大落，指数长期成长性低于经济增长率水平。债券市场方面，地方政府缺乏正规债务融资渠道，相当数量的企业债具有市政债券性质，隐含政府担保。currency market is bond market between different banks, while the main part of capital market is stock market .And the body of stock market is transaction on exchange. The development of direct financing is relatively lagged behind. Bond market has a close relationship with fiscal and quasi-fiscal. The low portion of direct finance is a main feature of bank-centered financial system. What’s more? The regulation exists simultaneously in the scale and price of primary market. And the distorting of price and act are very obvious. The speculated atmosphere in the secondary market is too strong. There’s upheaval in the market. The index growthiness always lowers than economic growth rate; local government doesn’t have a complete regulation on financing channel. Quite a number of enterprises have the quality of municipal bonds which contains