作品简介

　　人类历史上一次又一次的金融危机反复提醒我们，我们需要的并不是规模更大的金融，而是更好的金融。而判别一个金融是好是坏的标准在于它能否有效降低资金两端建立信任的成本，进而降低融资成本，提升金融中介效率。本书以金融发展的制度背景及历史沿革为基础，透过金融演进的视角，分析全球金融体系尤其是中国金融体系过去70年不断变迁背后的深层逻辑；并通过大量数据分析和实证证据，揭示出“没有形成给信贷、股票、政府信用、房地产及基础设施投融资等市场定价的锚”是中国金融体系*大的结构性问题。修复我们这个时代金融体系的断裂点，塑造高质量发展的新一代金融体系，要求我们转换金融发展思维，回归到金融演进的基本法则——建设能够有效降低金融中介成本的好金融。

　　刘俏，北京大学光华管理学院金融学教授、院长，国家自然科学基金杰出青年获得者（2013年）和教育部长江学者特聘教授（2014）。2010年底加入光华前，刘俏教授任教于香港大学经济及工商管理学院，担任金融学助理教授、副教授（终身教职）。2001年12月至2003年7月间，刘俏教授曾任职于麦肯锡公司，负责麦肯锡亚洲公司金融和战略方面的研究，并为大型亚洲企业和跨国公司提供咨询服务。刘俏教授在公司金融、实证资产定价、金融市场与金融机构、和中国经济等方面拥有众多著述，由Journal of Financial Economics,Management Science,Economic Journal,Journal of Accounting Research,Journal of Financial and Quantitative Analysis等国际顶级学术期刊发表。刘俏教授与他人合作撰写的关于亚洲债券市场和亚洲金融体系的书籍包括Asia’s Debt Markets:Prospects and Strategies for Development（New York:Springer，2006）；Finance in Asia：Institution,Regulation,and Policy（New York:Routledge，2013）。他的英文著作Corporate China 2.0:The Great Shakeup全面梳理改革开放四十年中国企业的变迁，讲述中国发展故事，2017年1月由国际出版商Palgrave Macmillan出版。刘俏教授也是中文畅销书《从大到伟大——中国企业的第二次长征》（2014）和《从大到伟大2.0——重塑中国高质量发展的微观基础》（2018）的作者。

　　刘俏教授拥有加州大学洛杉矶分校（UCLA）经济学博士（2000年）、中国人民银行金融研究所国际金融硕士（1993年）、和中国人民大学经济应用数学学士（1991年）学位。除学术研究外，刘俏教授拥有丰富的政策研究和实践的经验。他主持多项“光华思想力”课题：《中国REITs发展》课题通过系列研究呼吁在中国推出标准化的公募REITs，并尝试制定中国公募REITs的实践规范；《2035远景目标和长期展望研究》为国家“十四五”规划的制订提供底层报告……刘俏教授是地方政府金融的倡导者，率先为地方政府编制政府资产负债表，并呼吁把市场化的地方政府信用评级作为关键的绩效考核指标，以此为基础优化地方政府行为模式。刘俏教授是中国证监会第十七届发审委委员；中国国家发改委“十四五”国家发展规划专家委员会委员；四川省委、省政府决策咨询委员会特聘委员；广东省人民政府决策咨询顾问委员会委员；民革中央经济研究中心委员；全国工商联智库委员会委员；第五届、第六届全国工商管理硕士教学指导委员会副主委；教育部金融专业教学指导委员会副主委。2017年，他被《中国新闻周刊》评为“影响中国年度经济学家”。

Introduction of works

Financial crises in human history have repeatedly reminded us that what we need is not bigger finance, but better finance. The criterion to judge whether a finance is good or bad lies in whether it can effectively reduce the cost of establishing trust at both ends of the fund, thus reducing financing costs and improving the efficiency of financial intermediation. Based on the institutional background and historical evolution of financial development, this book analyzes the deep logic behind the continuous changes of the global financial system, especially the Chinese financial system, in the past 70 years from the perspective of financial evolution. Through a large number of data analysis and empirical evidence, it is revealed that "there is no anchor for the market pricing of credit, stocks, government credit, real estate and infrastructure investment and financing" is the biggest structural problem of China's financial system. Repairing the breaking point of the financial system in our era and shaping a new generation of high-quality development of the financial system requires us to change our thinking about financial development and return to the basic law of financial evolution - building a good finance that can effectively reduce the cost of financial intermediation.

Liu Qiao, Professor of Finance and Dean of Guanghua School of Management, Peking University, Winner of the National Natural Science Foundation (2013) and Special Professor of Changjiang Scholars of the Ministry of Education (2014). Prior to joining Guanghua at the end of 2010, Professor Qiao Liu taught at the Faculty of Economics and Business Administration of the University of Hong Kong as Assistant Professor and Associate Professor of Finance (tenure track). From December 2001 to July 2003, Professor Qiao Liu worked at McKinsey & Company, where she was responsible for the financial and strategic aspects of McKinsey Asia and provided consulting services to large Asian corporations and multinational corporations. Professor Liu Qiao has written extensively on corporate finance, empirical asset pricing, financial markets and institutions, and the Chinese economy. By Journal of Financial Economics,Management Science,Economic Journal,Journal of Accounting Research,Journal of Financial and Quantitative Analysis and other top international academic journals. Her co-authored books on Asian bond Markets and Asian financial systems include Asia's Debt Markets:Prospects and Strategies for Development (New York:Springer, 2006); Finance in Asia: Institution, Regulation, and the Policy (New York: Routledge, 2013). His English book Corporate China 2.0:The Great Shakeup comprehensively reviews the changes of Chinese enterprises over the past 40 years of reform and opening up, and tells the story of China's development, was published by Palgrave Macmillan in January 2017. Professor Liu Qiao is also the author of the Chinese bestsellers From Big to Great: The Second Long March of Chinese Companies (2014) and From Big to Great 2.0: Reshaping the Micro Foundation of China's High-quality Development (2018).

She holds a PhD in Economics from the University of California, Los Angeles (UCLA) (2000), a Master's degree in International Finance from the Institute of Finance and Banking of the People's Bank of China (1993), and a Bachelor's degree in Applied Economic Mathematics from Renmin University of China (1991). In addition to academic research, Professor Liu Qiao has rich experience in policy research and practice. He chaired a number of "Guanghua Thought Force" projects: "China's REITs Development" project called for the launch of standardized public offering REITs in China through a series of studies, and tried to develop norms of practice for Chinese public offering REITs; The "2035 Vision and Long-term Outlook Study" provides a low-level report for the formulation of the national "14th Five-Year Plan"... Professor Liu Qiao is an advocate of local government finance, taking the lead in compiling government balance sheets for local governments, and calling for market-based local government credit ratings to be used as a key performance assessment indicator to optimize local government behavior patterns. Professor Liu Qiao is a member of the 17th Issuance Review Committee of the China Securities Regulatory Commission. Member of the "14th Five-Year Plan" National Development Planning Expert Committee of the National Development and Reform Commission; Special Invited Member of Sichuan Provincial Party Committee and Decision-making Advisory Committee of Sichuan Provincial Government; Member of the Decision-making Advisory Committee of Guangdong Provincial People's Government; Member of the Central Economic Research Center of the Democratic Revolution; Member of Think Tank Committee of All-China Federation of Industry and Commerce; Deputy Chairman of the fifth and sixth National MBA Teaching Steering Committee; Deputy Chairman of the Finance Teaching Steering Committee of the Ministry of Education. In 2017, he was named "Influential China Economist of the Year" by China News Weekly.