建立多层次资本市场体系保障经济的可持续发展

20世纪90年代中期以后,中国经济运行中发生了债务性资金相对过剩和资本性资金相对紧缺并存的现象,要解开这一资金供求的"死结",必须建立多层次资本市场体系.这既是加快实体经济发展的要求,也是有利于建立防范金融风险的市场机制.建立多层次资本市场体系,应避免三种倾向,即避免单纯追求建立全国统一市场、避免运用行政标准规范多层次资本市场体系的发展、避免由行政部门承揽市场微观主体的非系统性风险.推进多层次资本市场体系的建设是一项综合性创新工程,它既要进行体制创新和机制创新,也要进行市场创新和运作方式创新,还要进行产品创新和机构创新.

Building up a Multi - level Capital Market System to Ensure Sustainable Economic Growth

The capital market has seen the coexistance of debt capital suplus and investment capital shortage since late1990's, and a multi - level capital market system is needed to solve this problem. Building up a multi - levelcapital market system can benefit both the real economic growth and development of financial risk - avoidingmarket mechanism. This inclinations should be avoid in building such a system, namely, the inclination ofsimply building a unified national market, the inclination of regulating the system in accord with administrativenorms, and the inclination of the administration's assuming of non - institutional market risks that should beassumed by microeconomic entities. It is a comprehensive and innovative task to complete such a system, andit is necessary to encourage institutional and mechanism innovation, to encourage market and operational inno-vation, and to encourage product innovation and orgnizational innovation.