Research on the Configuration Efficiency of China's Direct Financing System - Theoretical Framework and Comprehensive Evaluation Analysis

Author: Chen Yuanzhi
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Features: This book interprets the core connotations of a country's direct financing system from an open perspective. Based on a comprehensive analysis of the current development status of China's direct financing system and the revelation of several typical facts in the development of financing systems in various countries, it raises questions. By constructing a systematic analytical framework, it focuses on exploring the determining factors and mechanisms of resource allocation efficiency in a country's direct financing system, emphasizing the constraint of information factors on the efficiency of resource allocation in direct financing systems. It specifically studies the dynamic linkage mechanism between foreign direct financing and the domestic direct financing market (i.e., the capital market) during the gradual opening process, as well as the determining factors and mechanisms of resource allocation efficiency in the capital market. On this basis, it clarifies the main defects of China's direct financing system and its dynamic transformation path. This research was supported by the Humanities and Social Sciences Project of South China University of Technology (N7306273; B16N7050550) and the Subakawa Excellent Young Research Fund of Sun Yat-sen University.