包括委托贷款、银行间市场债券融资和股票融资在内的非信贷融资,是社会融资总量的重要组成部分,有效满足了实体经济活动和发展的资金需要。2011年开始,人民银行提出用社会融资总量替代信贷规模,作为金融宏观调控的中间目标,因此分析非信贷社会 Non-credit financing, including entrusted loans, inter-bank market bond financing and stock financing, is an important part of the total social financing volume and effectively meets the funding needs of the real economy and development. Since 2011, the People’s Bank of China has proposed to replace the credit scale with the total amount of social financing as an intermediate target of financial macro-control. Therefore, the analysis of non-credit society