资本市场结构性错配根源探究及改善建议

本文总结了资本市场多维度结构所呈现出的特征,得到资金风险偏好与资产实际风险、资产价格与内在风险、资金供需结构三个维度均存在一定程度错配的结论。文章挖掘了三个维度错配背后的成因,并对比了美国、日本资本市场发展历史,发现在狭义资本市场尤其是股票市场的制度建设、资产管理市场的产品运作与考核机制以及财富管理市场的销售模式和投资者保护机制方面都有一定的改进空间。整体结构改善需要以金融供给侧改革的五个目标为出发点,从顶层的法律、监管体制入手,自上而下进行有目标、有逻辑、有顺序的改革。改革的思路也应该从“打补丁式完善”转向“根本性重塑”。

Causes of Structural Mismatch in the Capital Market and Suggestions for Improvement

This paper summarizes the characteristics of the multi-dimensional structure of the capital market,and concludes that there are mismatches between risk willingness and actual asset risk,between asset price and intrinsic risk,and between capital supply and demand structures.The article explores the causes of the three mismatches,and compares them with the development history of the US and Japanese capital markets.It finds that in the narrow capital market,especially the stock market,there is potential room for improvement in the system construction,financial product operation and performance appraisal mechanism,and the sales model of financial products and investor protection mechanisms.The improvement of the structure of capital market needs to take the five goals of financial supply-side reform as the starting point.Starting from the legal and regulatory system,we shall make targeted,logical and orderly reform,from top to bottom.The reform thinking should also be changed from“patch-type improvement”to“fundamental remodeling”.