区域性资本市场:西部金融创新的突破口

Regional Capital Market: A Breakthrough Point in Financial Innovation in Western China

金融创新不足引起的资金短缺、资金流失、资本形成困难,至今仍制约着我国西部经济的发展。而建立西部区域性资本市场,将成为西部金融创新的突破口。西部区域性资本市场的构建思路是:第一,在功能方面,定位于地方性、标准化证券的交易场所;第二,在交易品种方面,首先引入非上市股份公司的股票和非上市的企业债券;第三,在交易制度和监管制度方面,实行保荐人制度、竞争性做市商制度以及严格的、有差别的监管制度。

Shortage of fund, drain of fund and difficulty in capital formation caused by lack of financial innovation so far still restrict economic development in western China. And establishing regional capital market in the west will become a breakthrough point in financial innovation in the west. Guidelines for establishing it are: firstly, in terms of function, positioning it as local exchange for standardized securities; secondly, in terms of transaction types, introducing shares and bonds of unlisted companies in the first place; and thirdly, in terms of transaction system and regulatory system, carrying out recommendation system, competitive market-maker system and rigid, discriminatory regulatory system.