中国投融资体制改革的回顾与前瞻

文章认为中国的投融资改革严重滞后，其原因不仅因为受到国资国企延误改革的拖累。而且还因为它既秉承了传统计划经济最核心的内容(即政府配置资源)，又在渐进改革过程中衍生出了许多与市场经济不相容的“特色”。投融资体制改革迫在眉睫。其根本措施是完善出资人制度，将投融资管理的重点从项目管理转向资本市场管理，从“投”转向“融”。文章指出，中国投融资改革的总体目标应该是：建立起针对出资人的资信评价体系，以资信等级为依据，实施对出贵人融资能力的宏观调控。放弃项目的行政审批，形成投资决策、资本决策、信贷决策三权鼎立，相互制约各负其责的投融资格局。严格金融监管、放松金融准入，严格市场清除、放松资本管制，培育财务投资者与战略投资者之间良性互动的资金供求机制。厘清企业制度，改善中小企业融资环境。

Reform of Chinese Investment and Financing Systems: Past and Future

The article holds that China has done little in the reform of its investment and financing Systems not only because the reform of state-owned assets and enterprises has been delayed but also because the country has kept the core content of the traditional planned economy (that is, the government allocates resources) and many phenomena with Chinese characteristics have derived from the gradual reform that are incompatible with the market economy. It is a pressing task to carry out the reform of the investment and financing systems. The fundamental measures for doing so are to improve the investor system, shift the focus of investment and financing management from project management to the management of the capital market, that is, from investment to financing. The article points out that the overall objectives of China's investment and financing reform are to establish a credit evaluation system directed at investors and to exercise macro-control of the financing capacity of investors on the basis of their credit levels.