中文摘要：

从金融市场和机构的相对地位而言，当前中关两国的金融市场结构处于银行主导和市场主导两端。尽管优化资源跨时期或跨区域配置这一核心功能导向并没有太大的差异，但中美两类金融结构在信息显示、（中小企业）融资渠道、对法律及其执行等外部制度环境的依赖度、信贷定价理念等方面存在较大的理论差异，这种理论差异成为了决定两国产业结构升级换代速度和资源配置效率的重要因素，或者说和美国相比，中国现有金融市场结构和经济之间存在较大的适应性差距。历史地看，尽管中美两国金融市场结构的演变具有各自的特性，不能简单复制，但市场主导模式为中国提供了一种金融发展目标模式选择。

英文摘要：

In term of the relative importance of financial markets and institutions in the financial system, there is a great difference in the financial structure between U.S. and China, with the former featuring market-oriented system and the latter featuring bank-oriented system. Though the primary function of any financial system, which is to facilitate the allocation and deployment of economic resources both spatially and temporally in an uncertain environment, is the same, there is a great difference in the core functions performed by the two financial systems, such as information revelation, selection of financing channels （especially for SMEs） , dependence on laws and legal enforcements, guidelines for credit pricing, et al. Such difference is an important factor which determines the efficiency of resource allocation and the pace of industrial structure upgrade in different countries. In other words, for China there is a big adaptive gap between the financial structure and the economy. From the historical perspective, though the evolution of financial structure in any country, especially for U.S. and China, is peculiar and cannot be replicated by others, market-oriented financial system may be a good choice for China.