Financial Structures: Theories and Empirical Analyses
金融结构：理论与实证

Based on a brief study of the theories of financial structures by the American economists John. G. Gurly, Edward S. Shaw, Raymond W. Goldsmith and Ronald I. Mckinnon, this thesis makes an empirical analysis of the three changes in the financial structure of China. These changes are the changes for the internal to the external financing,from the exclusive to the dominated indirect financing, and from the closed to the open financing. It also makes a survey of the development of the financial structure of China on the basis of the measuring indexes as financial interrelation ratio, the structures of the financial institution and the distribution of financial asset. A conclusion is reached, through comparison with other countries, that the present financial structure of China is characterized by overborrowing and that its indirect financing has become dominant while the whole finance struture is dominated by the national banks. Final conclusion: China's financial structure has developed from section 3, category I to section 7, category III in the Goldsmith theory and it is gradually moving to section 8.