Which can be the basis to distinguish direct financing and indirect financing?

A.It is direct financing when there is no participation of intermediary agents.

B.If there is the participation of intermediary agents, it depends on the role played by them.

C.Whether there must be the replacement of financial instruments in the financing.

D.The need to accept the supervision in financing.

E.Whether there is participation of banks.

E.Whether the financing involves financial instruments such as stocks and bonds.

正确答案：It is direct financing when there is no participation of intermediary agents.；If there is the participation of intermediary agents, it depends on the role played by them.；Whether there must be the replacement of financial instruments in the financing.