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:2002-03-10:(1965-),,,,3,,,1993,14.3%18.9%1999372.3,3.56%,,20025(263)JournalofFinancialResearchNo.5,2002GeneralNo.2633(,100872):,,,,;,,::F830.45:A:1002-7246(2002)05-0074-07,,,,,,,,,,(),,1.47,,,19998201012,,,7,1,12000,,3989,,5114200119,4008.5,77.1%2000,23145.85,216.14%,()88.4%,763.7%2001,,782.3%,10.9;,777.9%,107,,,45,72.,(),,2000200110,,,(1),,2000213,,,,,,,,,2000,4500-6000,28%-37%4.5%-6.0%,,1,GDP,,,,57:,200142001212000-2001,,2000,2001,,:,,20014,,,,()1.1994,,,1998199955%40%1998,4000,,,,,,1998-2000,80002.,20019,8169,,,,1994,,,1999,,20001,,1393967:,20014:,20012,,,,,,,3.,1970-1985,61.9%,29.8%,2.1%,6.2%,,,,1991-1999212.6411.6204550250300380420,2001,,,,20011600,18001216,72.11%,2001,,4713,21232100490,,,19974.97%200115.05%(1)19974.98%,200112.51%2001,,1855,2282,,,119971998199920002001()2462.43671.712505.819651.123112.7(%)4.973.8610.1514.7415.05:,(),,,100,5.53%3.62%77:,20012[],:,1998,18299,4.4%(2)1991,3/5,2/51/5,225,,;S&P500,75,15%,,,220007()()(%)20441115.532250994.4045331643.622305391.69:(bloomberg):,2001,3,,,,(InitialPublicOffer2ing,IPO),100,15.5,20%,1992-19982001,,100,213.287,79.863()()()1987.12.28199115518410716339.6500011993.01.091999.11.1024100040000406000001996.01.122000.12.191730243500040.9600016,,,,,,,,,,,,87:,2001,6200112,20007,13,1.7%4,12.1%,,3:,2001,4,,2080,,(),()1.,,,,,,2.,,3.,,,(),,,,1.(1):,,,:,,,,,,,,,,,,,,,,(2):,,1Ø1,4Ø1,:16,,,,97::,20011222.(1),,,,,,(),(2),,,,1.:,20012.:,20013.:,20004.:,200145.:,200196.:,200147.:,200128.:(),2001616911,623109.:2001,[]:,2000312.JprdiCanals(1997),UniversalBanking:InternationalComparisonsandTheoreticalPerspectives,OxfordUniversityPressInc.,NewYork.Abstract:Thereisacompetitiveandmutuallycomplementaryrelationbetweencommercialbanksandcapitalmarket.Fromtheperspectiveofcapital,wecanseevolumesofbankcapitalflowintocapitalmarketwhilenotsoviceversa.Theregulatoryauthoritiesoughttoenhancethemanagementofcapitalmutualflowing,playinglooseandtightto2wardscapitalthatflowingintostockmarketwhileplayingloosetowardscapitalthatflowingintobondsmarket.Itsal2souptothemtosupportcommercialbanksraisingfundsincapitalmarketwhilekeepingitsstability.Keywords:commercialbank,capitalmarket,capitalmutualflowing(:)(:HA)08