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C.）：《對中國金融體系改革的期望》，載廖理、汪韌、陳璐《探求智慧之旅：哈佛、麻省理工著名經(jīng)濟(jì)學(xué)家訪談錄》。l 孫杰：《貨幣與金融：金融制度的國際比較》，社會科學(xué)文獻(xiàn)出版社，1998年版。l 張杰：《中國金融制度的結(jié)構(gòu)與變遷》，山西經(jīng)濟(jì)出版社，1998年版。l 張杰，（2001）：《金融中介理論發(fā)展述評》《中國社會科學(xué)》第6期。l 曾康霖（2001）：《簡論金融中介學(xué)說的發(fā)展軌跡》《財(cái)經(jīng)科學(xué)》第4期。l 彭文平，肖繼輝（2002）：《新金融中介理論述評》《當(dāng)代財(cái)經(jīng)》第2期。l 周延軍編著（1992）：《西方金融理論》，北京：中信出版社。l 北京奧爾多投資研究中心主編（2001）：《風(fēng)險(xiǎn)、不確定性與秩序》中國財(cái)政經(jīng)濟(jì)出版社。l 凱文多德，默文K劉易斯主編（1989）《金融與貨幣經(jīng)濟(jì)學(xué)前沿問題》（中譯本）中國稅務(wù)出版社，北京騰圖電子出版社2000年出版。The Development of the Financial IntermediaryTheory and its Late ProgressLiu zonghua(School of Economics, Fudan University 200433)Abstract: In the marketoriented economy, financial intermediary, as a basic system, centers on the process of savings turning into investments. All along the existence of financial intermediary has been in the limelight in financial study. After throwing the paradigm restraints of transaction costs and asymmetric information, it begins to emphasize the influence of risk management, participating costs and value increase. Correspondingly the theory changes from the passive opinion(savings is turned into investments by the financial intermediary)into the active one(during the course of turn , the financial intermediary bring depositors and investors the increased value). Therefore, we consider that for the development of the financial intermediary, risks, uncertainty, information costs and transaction charges are its objective requirements , while system, law and technique constitute its actual conditions.key words:financial intermediary transaction costs asymmetric information participating costs risk management,