Financial innovation has deeply restructured modern financial system, traditional dichotomy of direct finance and indirect finance has lost power to recapitulate financial system, and necessary to reclassify modern financial system.

• 摘要随着金融创新的发展，现代金融结构发生了深刻的变化，传统直接融资与间接融资的两分法已经失去了对金融发展的概括力，需要寻求对金融体系的重新分类。