长三角经济成长中的资本市场功效及其完善

How to Perfect the Capital Market efficacy During Economic Development of Yangtze Delta

资本是经济增长的第一推动力,区域经济的成长离不开资本市场的支持。通过考察长三角资本市场功效,发现该区域的资本动员能力不足,社会资本不能有效从储蓄转化为投资;资本缺乏风险配置能力,新兴产业缺乏资本导向,经济结构优化和产业升级受阻。为发挥资本市场对经济成长的推动效能,本文提出了资本市场功效重构思路,这包括完善资本市场一体化机制,构建长三角资本市场“雁形模式”;建立多层次资本市场体系,进行资本充分动员;发挥资本市场的要素配置、产业聚集、风险分配和公司治理优化四种机制,实现资本市场功效重构的合力目标。

Capital is the first impetus of economic growth, and the regional economic growth couldn,t run short of capital market. By examining the efficacy of capital market in YangtzeDelta, we found that the capacity of capital mobilization is still deficient, which result in the difficulty of transforming savings into investment. The capital market is lack of risk-allocation ability, and the emerging industry is not so capital- oriented. The economic structure optimization and industry upgrade were blocked. In order to make the best use of the economic impetus functions of capital market, we bring forward some advice to rebuild the Yangtze Delta capital market, which includes perfecting the capital market integration to found a Yangtze Delta “Goose”Market Model; setting up multi-levels capital market system to mobilize the capital adequately; exerting the mechanisms of essential collocation, industries assembling, risk distribution and the optimization of corporation management, so as to realize the composite target of capital market efficacy rebuilding.