深化资本市场中枢作用研究

资本市场应当主导我国金融市场由资金配置向资本配置转型、由不动产金融向动产金融转型,同时主导我国生产要素市场化改革。资本市场在经济活动中发挥主导作用的关键在于提升其价值发现能力,而当前我国资本市场价值发现能力欠缺有多方面深层次原因:一是对资产和资金的包容和汇聚不够,二是资本的流动和配置受到制约,三是定价机制受到一定程度的扭曲,四是产权制度不完善,五是市场主体归位尽责情况不理想,六是金融衍生品市场不够成熟。本文建议:一是完善多层次资本市场建设,二是推动市场多空机制均衡发展,三是纠偏资本市场定价机制,四是加速完善现代产权制度,五是强化对市场各主体的培育,六是加强资本市场高质量对外开放。

Research on Deepening the Central Role of the Capital Market

The capital market should lead the transition of China’s financial market from fund allocation to capital allocation and from real estate finance to movable property finance,and the market-oriented reform of China’s factor market.For this purpose,the key is to enhance the capital market’s value discovery capability.The lack of value discovery capability in China’s current capital market has many in-depth reasons.First,the capital market does not adequately accommodate various assets and funds.Second,the flow and allocation of capital is restricted by some measures.Third,the pricing mechanism of the capital market has been distorted to a certain extent.Fourth,the imperfection of the property rights market restricts the securitization process.Fifth,the roles of different capital market entities are not perfectly clear.Sixth,the financial derivatives market is not mature enough.This research puts forward several policy recommendations.First,improve the construction of multi-layer capital market.Second,promote the balanced development of the capital market’s long-short mechanism.Third,correct the distortions in the capital market pricing mechanism.Fourth,improve of the modern property rights market.Fifth,strengthen the cultivation of market entities.Sixth,accelerate the opening-up of the capital market with high quality.