Whyhasthe……论文.docVIP

　　Whyhasthe……论文 题目： arket-Based Finance Capital market-based finance has in fact been increasing in importance, both absolutely and relative to financial intermediary-based finance, in both developed and developing countries over the past decade. And also capital markets are in fact likely to dominate the future of corporate finance in developed and developing countries alike. a. The Stable Role of mercial Banking in Modern Economies Ordinary relationship banking appears to be (at best) holding its oore likely in decline. The bits of banking that are groanagement tools) and provide large-scale syndicated credits to corporate borroany appeared to be outperforming major capital market-oriented countries such as Britain and the US, the academic literature often favored bank-based systems. Examples of nbsp;this literature include Proents are summarized in Maher and Andersson (1999) and Tsuru (2000). More recently, hoarkets have decisive parative advantages over banks and other financial intermediaries as optimal monitors and financiers of a nations corporate life. This reassessment has been driven in part by the observation, discussed at length above, that capital markets have been prospering relative to banks for many ;years noassive costs--of banking crises in developing and developed countries alike has also convinced many observers that banks are inherently fragile institutions, inimized as much and as quickly as possible (Economist (1997, 1999)). b. The Rapid Groe Since 1983 From 1983 to 2000, this arkets in every country except Japan. Total arket capitalization increased over ten-fold (to $ 35.0 trillion) betarket increased almost nine-fold (from $ 1.9 trillion to $ 16.6 trillion) over the same period. c. The Dramatic Groe Since 1990 Another easuring the rise of capital markets is to examine plies that non-US securities issues in creased from $ 191 billion in 1990 to $ 750 billion in 1998, and then to $ 1.19 trillion in 1999. The surge in non-US issuance volu