ꆡ뗚58뻭ꆡ뗚5웚커몺듳톧톧놨(헜톧짧믡뿆톧냦)ꆡ쓪9퓂WuhanUniversityJournal(Philosophy&SocialSciences)ꆫ649ꆡꇶ뺭볃샭싛폫쪵볹쫔싛뷰죚쳥쾵뗄솽럖램튶몣퓆1,틼ꆡ뫣2(1.커몺듳톧룟벶퇐뺿훐탄,뫾놱커몺430072;2.놱뺩쪦랶듳톧뺭볃폫릤짌맜샭톧풺,놱뺩100875)[ퟷ헟볲뷩]튶몣퓆(19642),쓐,뫾쓏뮪죝죋,커몺듳톧룟벶퇐뺿훐탄붲쪦,훷튪듓쫂컷랽뺭볃톧퇐뺿;틼ꆡ뫣(19692),쓐,뫾쓏뮪죝죋,놱뺩쪦랶듳톧뺭볃폫릤짌맜샭톧풺뢱뷌쫚,훷튪듓쫂뫪맛뺭볃톧뫍릫릲뺭볃톧퇐뺿ꆣ[햪ꆡ튪]쯦ퟅ뷰죚뒴탂뗄랢햹,쿖듺뷰죚뷡릹랢짺쇋짮뿌뗄뇤뮯,뒫춳횱뷓죚폫볤뷓죚뗄솽럖램틑뺭쪧좥쇋뛔뷰죚랢햹뗄룅삨솦,탨튪톰쟳뛔뷰죚쳥쾵뗄훘탂럖샠ꆣ듓뫏풼놾훊뾴ꆰ,틸탐ꆱ폫ꆰ뷰죚쫐뎡ꆱ쫇쪵쿖뷰죚릦쓜뗄솽훖믹놾훆뛈낲업ꆣ틸탐틔럢뇕탔뷰죚뫏풼캪믹뒡,틔튻쳥뮯뗄랽쪽쪵쿖뷰죚릦쓜;뛸뷰죚쫐뎡틔뾪럅탔뷰죚뫏풼캪믹뒡,틔붻틗뫍볛룱(샻싊)믺훆엤훃뷰죚풴,뛔튻쳥뮯폚틸탐뗄뷰죚릦쓜뷸탐럖뷢ꆣ쯦ퟅ쿖듺탅쾢벼쫵뗄춻량쏍뷸ꆢ짧믡램싉훆뛈뗄훰늽췪짆,붻틗돉놾늻뛏쿂붵,뫏풼뗄췪좫탔튲늻뛏볓잿,틸탐훷떼탍뷰죚쳥쾵훰붥쿲쫐뎡훷떼탍뷰죚쳥쾵퇝뮯ꆣ[맘볼듊]횱뷓죚;볤뷓죚;틸탐훷떼탍뷰죚쳥쾵;쫐뎡훷떼탍뷰죚쳥쾵[훐춼럖샠뫅]ꆡ[컄쿗뇪쪶싫]Aꆡ[컄헂뇠뫅]167227320(2005)0520645205뒫춳뗄맛뗣냑뷰죚쳥쾵럖캪횱뷓죚탍뫍볤뷓죚탍ꆣ좻뛸,쯦ퟅ뷰죚뒴탂뗄랢햹,쿖듺뷰죚뷡릹랢짺쇋짮뿌뗄뇤뮯,뒫춳뗄솽럖램틑뺭늻쓜췪좫룅삨뷰죚쳥쾵뗄믹놾쳘헷,튲늻샻폚냑컕쿖듺뷰죚랢햹뗄믹놾쟷쫆,폐뇘튪뎢쫔탂뗄솽럖램ꆣ튻ꆢ횱뷓죚폫볤뷓죚뗄뷧쿞틑뺭쒣뫽튻냣뗘,횱뷓죚횸춨맽뷰죚쫐뎡붫뷰ퟮ훕릩룸헟뫍뷰탨쟳헟횱뷓솪뷡웰살,벴횱뷓퓚뷰죚쫐뎡짏랢탐막욱ꆢ햮좯죚;뛸볤뷓죚퓲춨맽뷰죚훐뷩릵춨뷰ퟮ훕탨쟳헟뫍ퟮ훕릩룸헟,헢룶뷰죚훐뷩틔ퟔ벺뗄쏻틥죚죫뷰ꆢ릺죫닺ꆣ뒫춳틸탐듻뿮쫇뗤탍뗄볤뷓죚랽쪽ꆣ20쫀볍70쓪듺틔살,쯦ퟅ탅쾢벼쫵뗄랢햹ꆢ붻틗돉놾뗄복짙벰뷰죚맜훆뗄럅쯉,뷰죚뒴탂닣돶늻쟮,컷랽뷰죚뷡릹랢짺쇋룯쏼탔뗄뇤뮯,뷰죚쫐뎡춨맽횤좯뮯맽돌량쯙삩헅ꆣ횱뷓죚폫볤뷓죚뗄뷧쿞뇤뗃죕틦쒣뫽,웤훐뇈뷏폐듺뇭탔뗄쫇닺횤좯뮯뫍릲춬믹뷰뗄랢햹ꆣ닺횤좯뮯쫇떱듺맺볊뷰죚쇬폲훐ퟮ훘튪뗄뒴탂횮튻,ퟔ20쫀볍70쓪듺돵퓚쏀맺힡랿뗖톺쫐뎡떮짺틔살,랢햹톸쏍,쒿잰쏀맺닺횤좯쫐뎡뗄맦쒣틑뺭뎬맽맺햮쫐뎡,돉캪쏀맺ퟮ듳뗄뷰죚쫐뎡ꆣ뷸죫90쓪듺틔살,닺횤좯뮯톸쯙쿲좫쟲삩햹,돉캪튻훖짹쫆뫆듳뗄맺볊쟷쫆ꆣ쪮럖쏷쿔,닺횤좯뮯틑뺭ꆢ늢퓚볌탸룸좫쟲뷰죚뷡릹듸살룯쏼탔뇤뮯ꆣBryan짵훁죏캪ꆰ:헽죧뺧쳥맜좡듺뗧ퟓ맜ꆢ벯돉뗧슷폖좡듺뺧쳥맜룸뗧ퟓ닺튵듸살쇋뻞듳뗄룯쏼튻퇹,닺횤좯뮯헽룸뷰죚튵듸살튻뎡짮뿌뗄룯쏼ꆣ컒쏇맀볆퓚10떽15쓪쓚,횤좯뮯탅듻쳥쾵붫췪좫좡듺뒫춳뗄듻뿮쳥쾵ꆣꆱ[1](뗚42튳)퓚닺횤좯뮯맽돌훐,좱쫕룥죕웚:2005204207
ꆤ646ꆤ커몺듳톧톧놨(헜톧짧믡뿆톧냦)뗚58뻭ꆡ랦쇷뚯탔ꆢ떫쓜릻닺짺캴살쿖뷰쇷뗄닺(죧듻뿮)놻ퟩ뫏웰살,늢놻헦쪵뗘쿺쫛룸튻룶쳘짨퓘쳥(SPV),뫳헟춨맽튻뚨뗄뷡릹낲업,뛔닺ퟩ뫏쿖뷰쇷훐뗄럧쿕폫쫕틦튪쯘뷸탐럖샫ꆢ훘ퟩ,랢탐틔닺ퟩ뫏쿖뷰쇷캪믹뒡뗄ꆢ뿉틔퓚뷰죚놾쫐뎡짏쇷춨뗄쫜틦좨횤믲햮좯ꆣ닺횤좯뮯붫뒫춳벯훐폚떥룶훷쳥(짌튵틸탐)뗄죚뮷뷚닰즢ꆢ훘ퟩ,럖돉늻춬뗄뷇즫,평뛠룶훷쳥살돐떣ꆣ헢킩뷇즫냼삨:닺(듻뿮)랢웰죋,쯼랢웰뛔ퟮ훕뷰탨쟳헟뗄햮좨(죧듻뿮);닺횤좯랢탐죋(SPV),쯼훘ퟩ믹뒡닺뗄쫕틦뫍럧쿕,랢탐틔믹뒡닺캪횧독뗄닺횤좯;돐쿺죋,쯼럖쿺닺횤좯,늢캪헻룶닺횤좯뮯맽돌쳡릩벼쫵횸떼;탅폃퓶벶죋,쯼샠쯆폚놣쿕믺릹,캪믹뒡닺ꆢ쳘뚨횤좯뮯뷡릹쳡릩떣놣;탅폃움벶죋,쯼움맀믹뒡닺캴살쿖뷰쇷뗄컈뚨탔틔벰퓌몬퓚쳘뚨닺횤좯뮯뷡릹훐뗄룷훖럧쿕,늢볓틔솿뮯;럾컱죋,쯼맜샭믹뒡닺퓚헻룶짺쏼웚쓚뗄쿖뷰쇷,뛔쿖뷰쇷뷸탐맩벯ꆢ럖엤;헋뮧췐맜죋,쯼캪닺횤좯뮯뷡릹쳡릩뷡쯣ꆢ볠뚽;뗈뗈ꆣ뷰죚훐뷩죧짌튵틸탐ꆢ춶틸탐뚼쓜퓚닺횤좯뮯맽돌훐헒떽룷ퟔ뗄캻훃ꆣ짌튵틸탐뿉틔랢믓웤뷰쪵솦탛뫱ꆢ펪튵췸뗣쏜벯ꆢ뿍뮧맘쾵컈뚨ꆢ탅뗷닩뺭퇩럡뢻뗈랽쏦뗄폅쫆,돤떱닺랢웰죋ꆢ럾컱죋ꆢ탅폃퓶벶죋뫍헋뮧췐맜죋뗈뷇즫;뛸춶틸탐퓲뿉틔돤떱돐쿺죋ꆢ뷡릹짨볆헟뗈뷇즫ꆣ퓚닺횤좯뮯죚훐,뛔뷰탨쟳헟뗄죚쫗쿈쫇틔듻뿮뗄탎쪽,헢폫뒫춳틸탐듻뿮믹놾쿠춬,틲듋뻟폐볤뷓죚뗄쳘헷ꆣ좻뛸,듻뿮쯦뫳놻쿺쫛돶좥,늢ퟷ캪퓚뷰죚쫐뎡짏랢탐닺횤좯뗄믹뒡,듓헻룶닺횤좯뮯맽돌뾴,뷰틔랢탐닺횤좯랽쪽춨맽뷰죚쫐뎡듓맣듳춶헟쫖훐돯벯웰살,폖춨맽짌튵틸탐뗄닺랢웰(듻뿮)럖엤떽뷰탨쟳헟쫖훐,틲듋뻟폐횱뷓죚뗄쳘헷ꆣ뿉볻,닺횤좯뮯춬쪱뻟폐횱뷓죚뫍볤뷓죚뗄쳘헷,쯼춻웆쇋뒫춳뗄죚뷡릹뗄솽럖램ꆣ릲춬믹뷰뗄랢햹튲쒣뫽쇋횱뷓죚폫볤뷓죚뗄뷧쿞ꆣ릲춬믹뷰퓚뷰죚쫐뎡짏틔ퟔ벺뗄쏻틥랢탐믹뷰럝뛮돯,늢틔ퟔ벺뗄쏻틥릺죫닺,내헕뒫춳볤뷓죚뗄쓚몭,헢훖죚랽쪽펦쯣ퟷ볤뷓죚ꆣ좻뛸,냑릲춬믹뷰폫짌튵틸탐듻뿮맩폚튻샠,쿔좻쒨즱쇋솽헟퓚퓋ퟷ짏ꆢ볠맜짏뗄뻞듳닮틬ꆣ뒫춳볤뷓죚ꆢ횱뷓죚솽럖램뛔뷰죚랢햹룅삨쓜솦뗄쿂붵폫뷰죚훐뷩몬틥뗄늻뛏럡뢻쏜쟐쿠맘ꆣ퓚뷰죚쪷짏,뷰죚훐뷩튲뺭샺쇋튻룶듓컞떽폐,듓볲떥떽뢴퓓,듓떥튻탍떽뛠퇹뮯뗄랢햹맽돌ꆣ퓚쿠떱뎤쪱웚샯,틸탐쫇햼횧엤뗘캻뗄,폐쪱짵훁쫇캩튻뗄뷰죚훐뷩ꆣ틲듋,죋쏇냑볤뷓죚폫짌튵틸탐죚뮮짏뗈뫅ꆣ쿖듺뷰죚랢햹쪹뗃뒫춳벯훐폚틸탐뗄뷰죚릦쓜럖뮯ꆢ훘ퟩ,럾컱폚뷰죚쫐뎡뗄탂탍뷰죚훐뷩늻뛏펿쿖ꆣ샽죧,춶틸탐ꆢ탅폃움벶믺릹뚼쫇뷰죚쫐뎡퓋ퟷ늻뿉좱짙뗄뷰죚훐뷩ꆣ쏦뛔살ퟔ뷰죚쫐뎡뫍탂탍뷰죚훐뷩뗄뺺헹,짌튵틸탐붫뒫춳튵컱틆훁뇭췢틔쟳짺듦뫍랢햹,죧듻뿮돐억튵컱ꆢ떣놣튵컱ꆢ룷훖퇜짺뷰죚튵컱뗈ꆣ짌튵틸탐뗄헢킩뇭췢튵컱폫웤뒫춳뗄듦듻뿮튵컱탎돉쇋횱뷓뗄뺺헹ꆣ샽죧,캪짌튵욱뻝랢탐헟쳡릩듻뿮돐억쫇쏀맺짌튵틸탐뗄튻쿮훘튪뗄뇭췢튵컱,헢킩듻뿮돐억뫜뛠쫇폃살횧돖뷰죚릫쮾뗄짌튵욱뻝랢탐,뛸뫳헟쫇틸탐듻뿮뗄횱뷓뺺헹뛔쫖ꆣ뿉볻,짌튵틸탐뇭췢튵컱랢햹뗄쪵훊쫇뒫춳짌튵틸탐뗄탍ꆣ헽쫇뷰죚훐뷩횰쓜뗄럖뮯ퟩ뫏ꆢ탎쪽뗄뛠퇹뮯쪹뗃뛔볤뷓죚폫횱뷓죚뗄뒫춳쟸럖뇤뗃풽살풽쒣뫽ꆣ평듋뿉볻,뒫춳횱뷓죚ꆪ볤뷓죚솽럖램헽훰붥쪧좥뛔뷰죚쳥쾵뗄룅삨쓜솦ꆣ뛾ꆢ뷰죚뫏풼뗄믹놾쳘헷캪쇋톰쟳룼폐룅삨솦뗄뷰죚쳥쾵럖샠램,폐뇘튪퇐뺿뷰죚뫏풼뗄믹놾쳘헷ꆣ컒쏇쿈뾼닩튻쿂웳튵폫쫐뎡뗄튻냣쳘헷ꆣ(튻)웳튵뫍쫐뎡뗄뫏풼놾훊뻉훆뛈뺭볃톧뗄듺뇭죋컯횮튻뗄뾵쎢쮹냑ꆰ붻틗ꆱ뾴ퟶ쫇뺭볃톧퇐뺿뗄믹놾떥풪ꆣ퓚뾵쎢쮹쓇샯,붻틗쫇뫏램뿘훆좨뗄틆떥캻ꆣ뾵쎢쮹냑ꆰ붻틗ꆱ룅쓮뫍ꆰ짺닺ꆱ룅쓮쿠뛔솢,죏캪ꆰ짺닺ꆱ믮뚯쫇죋뛔ퟔ좻뗄믮뚯ꆰ,붻틗ꆱ믮뚯쫇죋폫죋횮볤뗄믮뚯,솽헟릲춬릹돉죋샠뗄좫늿뺭볃믮뚯ꆣꆰ훆뛈ꆱ뗄쪵볊퓋쫇평컞쫽듎ꆰ붻틗ꆱ릹돉뗄ꆣ틲듋ꆰ,붻틗ꆱ돉캪뾵쎢쮹훆뛈뺭볃톧뗄믹놾럖컶떥캻ꆣ뾵쎢쮹훘쫓럖컶ꆰ붻
ꆡ뗚5웚튶몣퓆,뗈:쫔싛뷰죚쳥쾵뗄솽럖램ꆤ647ꆤ틗ꆱ뗄뒫춳놻탂훆뛈뺭볃톧볌돐쿂살ꆣ탂훆뛈뺭볃톧뗄뇇ퟦ뿆쮹죏캪ꆰ,웳튵뗄쿔훸뇪횾쫇뛔볛룱믺훆뗄쳦듺ꆱ,웳튵뫍쫐뎡쫇ꆰ솽훖뿉쿠뮥쳦듺뗄킭뗷짺닺뗄쫖뛎ꆱ[2](뗚388튳)ꆣ샭뷢웳튵뫍쫐뎡뗄놾훊벰웤쳦듺맘쾵탨튪냑컕ꆰ붻틗ꆱꆰꆢ뫏풼ꆱ헢킩믹놾뺭볃럖컶떥캻ꆣ뿆쮹퓚ꆰ붻틗ꆱ뗄룅쓮짏틽짪돶ꆰ붻틗돉놾ꆱ룅쓮,늢냑쯼ퟷ캪좷뚨웳튵뫍쫐뎡뇟뷧뗄믹놾틲쯘ꆣ춬쪱,튻듳엺탂훆뛈뺭볃톧볒듓ꆰ붻틗ꆱ룅쓮훰붥틽짪돶ꆰ뫏풼ꆱ룅쓮,늢쪹뫳헟돉캪뺭볃럖컶뗄튻룶믹놾랶캧ꆣ헢쫇뫜죝틗샭뷢뗄ꆣ뷸탐ꆰ붻틗ꆱ뇘탫폐ꆰ뫏풼ꆱ(틾탔믲쿔탔뫏풼),샫뾪쇋ꆰ뫏풼ꆱꆰ,붻틗ꆱ뻍늻쓜듦퓚ꆣ틲듋,튻냣뮯뗄ꆰ붻틗ꆱ폫ꆰ뫏풼ꆱ룅쓮쫇췪좫뗈볛뗄ꆣ헢퇹,ퟷ캪뾵쎢쮹훆뛈뺭볃럖컶믹놾떥풪뗄ꆰ붻틗ꆱ,뻍퇝뮯캪탂훆뛈뺭볃톧뗄믹놾랶돫ꆪꆪꆪꆰ뫏풼ꆱꆣ틔뫏풼룅쓮캪믹뒡,헅컥뎣죏캪ꆰ뿆쮹ꆮ웳튵쳦듺쫐뎡ꆯ뗄맛뗣쫇늻췪좫헽좷뗄,늻죧쮵튪쯘쫐뎡쳦듺닺욷쫐뎡룼헽좷ꆱ[3](뗚72튳)ꆣꆰ웳튵뗄랢햹뿉뾴ퟷ닺욷쫐뎡놻튪쯘쫐뎡쯹듺쳦,뷡맻뷚풼쇋붻틗럑폃ꆣꆱ[4](뗚241튳)웳튵쫇튻쫸뫏풼뗄벯뫏,쫐뎡튲쫇뫏풼뗄벯뫏,웳튵폫쫐뎡횮볤뗄쳦듺,튲뻍쫇튻샠뫏풼뛔쇭튻샠뫏풼뗄쳦듺ꆣ웳튵뫍쫐뎡볤뗄쳦듺맘쾵뻍뫜죝틗샭뷢쇋ꆣ짌욷뫍샍컱뗄짺닺탨튪쪹폃짺닺튪쯘,뛸짺닺튪쯘뗄릺싲믲ퟢ폃탨튪뗞뷡폐돉놾뗄뫏풼,튪뮨럑헦쪵풴ꆣ떱엤훃짌욷뫍샍컱뗄쫐뎡뫏풼쫸뗄돉놾듳폚웳튵뫏풼쫸쪱,닉폃닣벶풭퓲뗄웳튵ퟩ횯좡듺쫐뎡뇣룼캪폐킧ꆣ뿉볻,헅컥뎣폫뿆쮹뗄맛뗣늢늻쎬뛜ꆣ헅컥뎣튲죏캪ꆰ:컒쏇늻쿠탅쯼(쯻폫뿆쮹횮볤뗄럖웧)쫇훘튪뗄ꆣꆱ[3](뗚72튳)웳튵헢훖뫏풼쫸뗄놾훊쫇ퟝ쿲튻쳥뮯,뷢쫍쇋ퟝ쿲튻쳥뮯뗄돌뛈,튲뻍샭뷢쇋웳튵폫쫐뎡뗄뇟뷧ꆣ룱싞쮹싼뫍맾쳘듓웳튵뿘훆좨엤훃뗄뷇뛈뛔웳튵뫍튻쳥뮯뷸탐쇋퇏룱뚨틥ꆣ쯻쏇죏캪ꆰ:떱뫏풼튻랽떱쫂죋냑쯻쾣췻뗃떽뗄뛔쇭튻랽떱쫂죋닺뗄쒳훖좨샻쿪쾸뷧뚨뗄돉놾맽룟쪱,쓇쎴뛔쯻살쮵릺죫돽쇋뫏풼훐뻟쳥쏷좷뗄좨샻횮췢뗄좫늿좨샻뿉쓜쫇ퟮ병뗄톡퓱ꆣ쯹폐좨뻍쫇릺죫뗄헢킩쪣폠뿘훆좨ꆣꆱꆰퟝ쿲튻쳥뮯쫇릺죫쒳튻릩룸헟(믲릺싲헟)뗄닺,웤쒿뗄퓚폚믱뗃쪣폠뿘훆좨ꆣꆱ[4](뗚302튳)뿉볻,뻶뚨웳튵뗄랶캧믲튻쳥뮯돌뛈뗄맘볼틲쯘쫇뛔뫏풼떱쫂죋좨샻뷸탐뷧뚨뗄돉놾ꆣ죧맻뛔폚쒳킩좨샻뷧뚨뗄돉놾뷏뗍,뿉틔뛔헢킩좨샻뗞뷡췪좫뫏풼,쓇쎴폃쫐뎡믺훆엤훃헢킩좨샻쫇ퟮ폅뗄;랴횮,죧맻뷧뚨좨샻뗄돉놾맽룟,쓑틔뻍헢킩좨샻뗞뷡췪좫뫏풼,퓲퓋폃쫐뎡믺훆뗄돉놾맽룟,ퟮ폅뗄톡퓱쫇붫헢킩쪣폠좨샻엤훃룸튻랽떱쫂죋,쪵쿖튻쳥뮯ꆣퟜ횮,웳튵폫쫐뎡뗄놾훊쟸뇰퓚폚룷ퟔ뗄뫏풼쳘헷ꆣ웳튵뫏풼뗄믹놾쳘헷쫇뫏풼뗄늻췪좫탔ꆢ럢뇕탔,뷧뚨룷랽좨샻ꆢ틥컱뗄붻틗돉놾룟낺;폫횮쿠랴,쫐뎡뫏풼뗄믹놾쳘헷쫇뫏풼뗄췪좫탔ꆢ뾪럅탔ꆣ틲듋,웳튵믲ퟝ쿲튻쳥뮯듦퓚뗄쳵볾쫇탅쾢좱랦믲탅쾢늻뛔돆ꆢ닺좨뷧뚨늻췪좫뗈틲쯘퓬돉뗄뫏풼늻췪좫탔ꆣ쯦ퟅ탅쾢벼쫵뗄랢햹ꆢ램싉뮷뺳뗄췪짆,뿉틔풤닢,쫐뎡뗄뇟뷧붫늻뛏삩햹ꆣ(뛾)틸탐뫏풼폫뷰죚쫐뎡뫏풼뗄쟸뇰뷰죚쳥쾵쫇뺭볃쳥쾵뗄ퟓ쾵춳,웳튵폫쫐뎡뗄놾훊쟸뇰쳥쿖퓚뷰죚쇬폲,뻍쫇틸탐폫뷰죚쫐뎡볤뗄놾훊쟸뇰ꆣ틸탐쳡릩뷰죚럾컱뗄믹놾쳘헷쫇튻쳥뮯,벴쯼붫쯹폐뗄뷰죚릦쓜(횧뢶릦쓜ꆢ죚릦쓜ꆢ볠뿘릦쓜ꆢ럧쿕맜샭릦쓜뗈)튻쳥뮯폚떥튻뗄뷰죚믺릹(틸탐)횮훐,삦냰퓚튻웰쳡릩룸뿍뮧ꆣ뛸뷰죚쫐뎡퓲뿉틔뛔뷰죚릦쓜뷸탐ꆰ뷢삦ꆱ(unbundle),붫튻쳥뮯폚틸탐뗄뷰죚릦쓜럖뷢ꆢ훘탂ퟩ뫏ꆣ퓚뷰죚쪷짏,틸탐뗄ퟮ폆뻃뗄ꆢퟮ훘튪뗄횰쓜쫇쳡릩횧뢶럾컱,좻뛸뷰죚쫐뎡튲쓜릻쳡릩횧뢶릦쓜,죧믵뇒쫐뎡믹뷰뻍뿉폃폚횧뢶ꆣ뻍죚릦쓜뛸퇔,틸탐컼쫕듦뿮랢럅듻뿮,볤뷓뗘싄탐ퟅ죚릦쓜,뛸뷰죚쫐뎡,죧막욱쫐뎡ꆢ햮좯쫐뎡횱뷓붫뷰펯폠떥캻폫돠ퟖ떥캻솪뷓웰살ꆣ틸탐뗄믮웚듦뿮캪듦뿮죋쳡릩쇋쇷뚯탔,뛸뷰죚쫐뎡쳡릩쇋닺붻틗ꆢ뇤쿖뗄믺훆,쳡릩쇷뚯탔룼쫇웤쳢훐펦폐횮틥ꆣ틸탐퓚듻뿮맽돌훐뛔뷨뿮헟쪵쪩볠뿘,뷰죚쫐뎡튲쳡릩쇋헢랽쏦릦쓜,죧막욱쫐뎡쫇쿖듺릫쮾훎샭뷡릹뗄믹뒡뮷뷚ꆣ쪵볊짏퓚탅쾢뷏돤럖뗄릫뾪쫐뎡짏,뷨뿮죋뗄쓦쿲톡퓱뫍뗀뗂럧쿕컊쳢뇈틸탐죚튪뮺뫍뗃뛠ꆣ틸탐훷튪틔듻뿮볠뿘뗄랽쪽뷸탐럧쿕맜샭,뛸뷰죚쫐뎡죧퇜짺뷰죚릤뻟쫐뎡쳬짺뻍쫇폃폚럧쿕맜샭뗄ꆣ쿖쪵훐뗄틸탐폫뷰죚쫐뎡뮥쿠죚뫏,돊쿖돶럡뢻뛠닊뗄쏦쎲,좻뛸솽헟뗄믹놾쳘헷좴놻퇚룇웰살ꆣ틲듋,컒쏇탨튪뷸탐샭싛돩쿳,쳡솶돶솽헟뗄놾훊쟸뇰ꆣ틸탐뫍뷰죚쫐뎡뚼쫇뷰죚뫏풼뗄벯뫏,솽헟닮
ꆤ648ꆤ커몺듳톧톧놨(헜톧짧믡뿆톧냦)뗚58뻭ꆡ틬훷튪쳥쿖퓚룷ퟔ듺뇭탔뫏풼뗄쳘헷짏ꆣ틸탐뫏풼뗄뗤탍쳘헷쫇럢뇕탔,쯼붫붻틗맘쾵만뚨퓚뫏풼떱쫂죋횮볤,튲뻍쫇쮵,뷰죚맘쾵폫랢짺헢훖맘쾵뗄훷쳥삦퓚튻웰ꆢ늻뿉럖룮ꆣ헢훖뷰죚뫏풼쫇늻뿉죃ꆢ늻쓜붻틗뗄,쯼늻듦퓚튻룶웕뇩죏뿉뗄볛룱ꆣ뛸뷰죚쫐뎡쫇붨솢퓚뾪럅탔뷰죚뫏풼뗄믹뒡횮짏ꆣ뾪럅탔뷰죚뫏풼듺뇭ퟅ뇪ힼ뮯뗄뷰죚맘쾵,쯼폫랢짺헢훖맘쾵뗄훷쳥뿉틔럖샫,늢늻만뚨퓚쒳킩뫏풼떱쫂죋볤ꆣ튲뻍쫇쮵,뾪럅뗄뷰죚뫏풼쯹돩쿳뗄쫇튻훖듸폐튻냣탔뗄뷰죚맘쾵ꆣ틲듋,뾪럅탍뗄뷰죚뫏풼쫇쇷뚯탔뗄,쯼뿉틔퓚뺭볃탐캪훷쳥볤붻틗ꆢ죃,쯼폐평쫐뎡좷뚨뗄뻹뫢볛룱ꆣ틸탐뫏풼폫뷰죚쫐뎡뫏풼쳘헷뗄쟸뇰뮹뿉듓뛔웳튵뗄볠뿘뫍훎샭뷇뛈샭뷢ꆣ퓚릫쮾죚샭싛훐죚랽쪽폐ꆰ놣돖뻠샫탍ꆱ(armꆯs2length)뫍ꆰ뿘훆떼쿲탍ꆱ(control2oriented)뗄쟸뇰[5](뗚82튳)ꆣ퓚ꆰ놣돖뻠샫탍ꆱ죚뫏풼훐,춶헟늢늻횱뷓룉풤뷨뿮죋뗄뺭펪햽싔뻶닟,횻튪쟳뗃떽뫏풼맦뚨뗄횧뢶ꆣ떱좻헢훖뫏풼늻업돢춶헟뗄룉풤,늻맽춶헟훷튪틀삵ퟅ훮죧릫쮾뿘훆좨쫐뎡믲웆닺램풺횮샠뗄췢늿믺훆쪵쿖웤룉풤ꆣ뷰죚쫐뎡짏뗄죚뫏풼쫇뗤탍뗄ꆰ놣돖뻠샫탍ꆱꆣ퓚ꆰ뿘훆떼쿲탍ꆱ죚뫏풼훐,춶헟춨맽ퟔ벺볠뿘웳튵춶뻶닟살복짙듺샭컊쳢ꆣ춶헟뛔뷨뿮죋뗄뿘훆랽쪽뫜뛠,죧럱뻶컞킧싊뗄뻶닟ꆢ룄ퟩ웳튵맜샭닣뗈ꆣ틸탐듻뿮쫇뗤탍뗄ꆰ뿘훆떼쿲탍ꆱ뫏풼,평폚뛔뷨뿮죋뷸탐볠뿘짦벰듳솿쮽죋탅쾢,췢늿죋늻뿉쓜맛닢떽ꆣ틲듋,쯼쫇튻훖럢뇕탍뫏풼,웤쇷뚯탔뷏뗍ꆣퟜ횮,폫탂훆뛈뺭볃톧뗄ꆰ웳튵ꆱꆰꆢ쫐뎡ꆱ룅쓮튻퇹,퓚뾼달뷰죚쳥쾵뗄믹놾샠탍쪱ꆰ,틸탐ꆱ폫ꆰ뷰죚쫐뎡ꆱ룅쓮쫇뛔쿖쪵뷰죚쿖쿳뗄돩쿳,쯼쏇쫇쪵쿖뷰죚릦쓜뗄솽훖믹놾훆뛈낲업ꆣ틸탐틔럢뇕탔뷰죚뫏풼캪믹뒡,틔튻쳥뮯뗄랽쪽쪵쿖뷰죚릦쓜;뛸뷰죚쫐뎡틔뾪럅탔뷰죚뫏풼캪믹뒡,틔붻틗뫍볛룱(샻싊)믺훆엤훃뷰죚풴,뛔튻쳥뮯폚틸탐뗄뷰죚릦쓜뷸탐럖뷢ꆣ쯦ퟅ쿖듺탅쾢벼쫵뗄춻량쏍뷸ꆢ짧믡램싉훆뛈뗄훰늽췪짆,붻틗돉놾늻뛏쿂붵,뫏풼뗄췪좫탔튲늻뛏볓잿,뷰죚쫐뎡뗄랢햹돉캪평짺닺솦쮮욽뻶뚨뗄늻뿉쓦뗄샺쪷쟷쫆ꆣ죽ꆢ틸탐훷떼탍폫쫐뎡훷떼탍:뷰죚쳥쾵뗄솽럖램ퟛ짏쯹쫶,뿉틔내헕뷰죚뫏풼뗄믹놾쳘헷냑뷰죚쳥쾵뮮럖캪틸탐훷떼탍뷰죚쳥쾵뫍쫐뎡훷떼탍뷰죚쳥쾵ꆣ떱좻,뷰죚쪷짏듓살쎻폐뒿듢뗄ꆰ틸탐탍ꆱ뷰죚쳥쾵믲ꆰ쫐뎡탍ꆱ뷰죚쳥쾵,쯼쏇횻쫇튻훖샭싛돩쿳ꆣ쿖쪵훐뗄뷰죚쳥쾵쫇헢솽훖돉럖뗄믬뫏ꆣRybczynski뾼닩쇋뷰죚쳥쾵뗄샺쪷퇝뇤,쯻룹뻝뷰죚쳥쾵뗄믹놾릦쓜ꆢ쪵쿖헢킩릦쓜뗄ퟩ횯샠탍벰랽쪽ꆢ릫쮾훎샭뷡릹,냑뷰죚쳥쾵뮮럖캪쯄룶랢햹뷗뛎:틸탐훷떼뷗뛎;죵쫐뎡훷떼뷗뛎;잿쫐뎡훷떼뷗뛎;횤좯뮯뷗뛎[6](뗚3213튳)ꆣ틸탐훷떼뷗뛎뗄훷튪쳘헷쫇쯹폐뗄뷰죚릦쓜뻹평틸탐쪵쿖,럇뷰죚웳튵뗄췢풴탔뷰듳늿럖평짌튵틸탐틔듻뿮뗄탎쪽쳡릩ꆣ믵뇒쫐뎡쫇훷튪뗄뷰죚쫐뎡,웤맦쒣늻쫇뫜듳,쟒믹놾짏쫇틸탐볤쫐뎡ꆣ퓚죵쫐뎡훷떼뷗뛎,틸탐죔좻쫇뷰죚쳥쾵뗄훷쳥,쫇췢풴탔뷰뗄훷튪릩펦헟ꆣ떫쫇,웤쯼뷰죚믺릹죧놣쿕릫쮾뾪쪼돶쿖늢훰붥믱뗃훘튪탔ꆣ믵뇒쫐뎡뻸뛔솿뫍쿠뛔솿뚼뾪쪼짏짽,떫죔훷튪쫇틸탐볤쫐뎡ꆣ놾쫐뎡뾪쪼돶쿖,떫웤훘튪탔폐쿞,웤훷튪뗄뷨뿮죋쫇룷훖샠탍뗄헾뢮믺릹ꆣ잿쫐뎡훷떼뷗뛎뗄훷튪쳘헷쫇틸탐듻뿮뗄뇈샽쿂붵,춨맽놾쫐뎡죚뗄뇈샽짏짽,럇틸탐뷰죚믺릹(죧럢뇕탍벰뫳살뗄뾪럅탍춶믹뷰ꆢ놣쿕릫쮾ꆢ뷰죚릫쮾)훰붥뇤뗃훘튪,쯼쏇춨맽뷰죚뒴탂,뒴퓬탂뗄뷰죚릤뻟폫틸탐햹뾪뺺헹ꆣ탂탍뷰죚훐뷩퓚쫽솿뫍샠탍짏뗄삩헅ꆢ탂뷰죚릤뻟뗄돶쿖,폫뷰죚쫐뎡뗄랢햹뷴쏜솪쾵퓚튻웰ꆣ믵뇒쫐뎡맦쒣늻뛏삩듳,닎폫헟쫽솿퓶볓,쯹폐샠탍뗄뷰죚믺릹뫍럇뷰죚웳튵뚼볓죫뷸살ꆣ놾쫐뎡맦쒣튲톸쯙삩헅,쯼퓚캪럇뷰죚릫쮾ꆢ뷰죚믺릹뫍룷훖헾뢮믺릹죚춨뷰랽쏦뗄훘튪탔튲늻뛏쳡룟ꆣ횤좯뮯뷗뛎뗄믹놾쳘헷쫇뷰죚쳥쾵믹놾릦쓜훷튪평뷰죚쫐뎡살돐떣,뒫춳틸탐튵뗄럝뛮쿔훸쿂붵ꆣRybczynski뿌뮭쇋뷰죚쳥쾵퇝뮯뗄뚯첬쳘헷,듓훐뿉틔뾴돶틸탐뗄럝뛮훰붥쿂붵,뷰죚쫐뎡뗄훘튪탔훰붥짏짽뗄샺쪷쟷쫆ꆣ죧맻냑뷰죚쳥쾵뗄퇝뇤뾴ퟶ튻룶솬탸뗄웗쾵,웤튻뛋쫇ꆰ틸탐탍ꆱ뷰죚쳥쾵,
ꆡ뗚5웚튶몣퓆,뗈:쫔싛뷰죚쳥쾵뗄솽럖램ꆤ649ꆤ쇭튻뛋쫇ꆰ쫐뎡탍ꆱ뷰죚쳥쾵,퓲Rybczynski뗄틸탐훷떼뷗뛎ꆢ죵쫐뎡훷떼뷗뛎ꆢ잿쫐뎡훷떼뷗뛎ꆢ횤좯뮯뷗뛎뻍내쮳탲실퓚헢튻웗쾵횮훐ꆣ틲듋,컒쏇뿉틔돩쿳돶뷰죚쳥쾵퇝뮯웗쾵훐뗄솽훖믹놾샠탍:틸탐훷떼탍뷰죚쳥쾵폫쫐뎡훷떼탍뷰죚쳥쾵ꆣ퓚틸탐훷떼탍뷰죚쳥쾵훐,햼훷떼뗘캻뗄쫇럢뇕탍뷰죚뫏풼,듺뇭탔뷰죚훐뷩쫇뒫춳뗄틸탐,쯼쏇쫇벯쯹폐뷰죚릦쓜폚튻짭뗄ꆢꆰ늻춸쏷뗄ꆱ뷰죚믺릹;뛸퓚쫐뎡훷떼탍뷰죚쳥쾵훐,햼훷떼뗘캻뗄쫇뾪럅탍뷰죚뫏풼,웤뷰죚훐뷩뚼쫇ꆰ춸쏷뗄ꆱ,벴웤볛횵쓜릻평뻟폐뷏룟쇷뚯탔뗄뷰죚쫐뎡뚯첬좷뚨ꆣ퓚쿲쫐뎡훷떼탍뷰죚쳥쾵퇝뮯맽돌훐,뒫춳벯훐폚틸탐뗄뷰죚릦쓜놻훘탂럖뮯ퟩ뫏,헽쫇퓚헢훖훘ퟩ맽돌훐,뷰죚쳥쾵뗄킧싊뗃떽쇋룄짆ꆣ틲듋,쿖듺뷰죚랢햹뗄믹놾쟷쫆쫇뾪럅탍뷰죚뫏풼훰붥좡듺럢뇕탍뷰죚뫏풼,뷰죚훐뷩늻뛏ꆰ춸쏷뮯ꆱ,틸탐훷떼탍뷰죚쳥쾵훰붥퇝뮯캪쫐뎡훷떼탍뷰죚쳥쾵ꆣ[닎ꆡ뾼ꆡ컄ꆡ쿗][1]ꆡBRYAN,[J].BankManagementMagazine,March/April,1994.[2]ꆡCOASE,[J].Economica,.[3]ꆡ[쏀]뿆ꆡ쮹,맾ꆡ쳘,쮹뗙룱샻듄,뗈.웵풼뺭볃톧[M].샮럯쪥틫.놱뺩:뺭볃뿆톧돶냦짧,1999.[4]ꆡ돂ꆡ폴.웳튵훆뛈폫쫐뎡ퟩ횯[M].짏몣:죽솪쫩뗪,짏몣죋쏱돶냦짧,1996.[5]ꆡ[죕]쟠쒾닽퇥,[죕]택ꆤ엁쳘샯뿋.죕놾훷틸탐쳥훆[M].놱뺩:훐맺뷰죚돶냦짧,1998.[6]ꆡRYBCZYNSKI,[J].NationalWestminsterBankQuarterlyReview,November1988.(퓰죎뇠벭ꆡퟞ믝쟤)OntheDichotomyofFinancialSystemYEHai2yun,YINHeng(,WuhanUniversity,Wuhan430072,Hubei,China;,BejingNominalUniversity,Beijing100875,China)ꆡꆡBiographies:YEHai2yun(19642),male,Lecturer,InstituteforAdvancedStudy,WuhanUniversity,majoringinWesterneconomics;YINHeng(19692),male,Associateprofessor,EconomicsDepartment,BejingNominalUniversity,:Financialinnovationhasdeeplyrestructuredmodernfinancialsystem,traditionaldichotomyofdirectfinanceandindirectfinancehaslostpowertorecapitulatefinancialsystem,anditꆯ,ꆰbankꆱandꆰfinancialmarketꆱ,performsfinancialfunctioninintegrationway,financialmarketisbasedonopencontract,,:directfinance;indirectfinance;bank2oriented;market2oriented
