中国特色资本市场的制度选择及构建

Institutional Selection and Construction of Capital Market with Chinese Characteristics

大变革时代下的资本市场运行环境已发生深刻变化。面向未来,资本市场不再仅关注经济价值,开始与社会、生态价值交织融合;不再仅关注经济效率,开始转向价值标准和逻辑的选择与引导。回归现实,我国资本市场不仅存在偏离价值取向和规则约束的资本无序扩张行为,也存在一些制度不足,如缺乏培育上市公司价值的能力、存在价格高估机制、监管有效性不足。综合来看,借助全球良好的“资本市场”,提高上市公司质量促进经济的良性循环符合短期国家利益,创设中国特色高质量现代资本市场引导制度和规则演化符合长期国家利益。建设体现国家意志的中国特色资本市场,是一个渐进的过程,将在次优选择中逐步完善并转轨。

In the era of great changes,the operating environment of capital market is undergoing profound changes.Looking to the future,the capital market no longer only focuses on economic value,but begins to interweave and integrate with social and ecological values;it no longer only focuses on economic efficiency,but turns to the selection and guidance of value standards and logic.Return to reality,China’s capital market not only has a lot of disorderly expansion of capital deviating from the value orientation and rule constraints,but also has some institutional deficiencies,such as the lack of the ability to cultivate the value of listed companies,the existence of price overvaluation mechanism,insufficient effectiveness of supervision.Taken together,it is in the short-term national interest to take advantage of the good“capital market”in the world to improve the quality of companies and promote the virtuous circle of the economy,and it is in the long-term national interest to create a high-quality modern capital market with Chinese characteristics to guide the evolution of the system and rules.The construction of a capital market with Chinese characteristics that reflects the will of the state is a gradual process,which will be gradually improved and transformed in the suboptimal selection.