资本市场和现代金融体系——兼谈股权分置改革问题

The Capital Market and the Modern Finance System: On Shareholder Structure Reform

传统的金融体系具有支付清算和媒介资源配置的功能,而现代金融体系必须增加分散风险与管理财富这两个新功能。中国金融改革的一个战略目标是构建市场主导型金融体系,即建立以充分发达的资本市场为基础的现代金融体系。商业银行的改革和资本市场的发展是相辅相成的,商业银行改革的目标应当是建立在资本市场平台之上;要发挥中国的资本市场的基本功能,需要克服法律制度层面的、文化层面的、政策层面的不利因素的制约,当前最重要的问题是股权分置改革。

The traditional financial system has the functions of paying and media resource distribution,whereas the modern financial system must increase two new functions of risks dispersion and wealth management.A strategy of China's financial reform is to construct the financial system of the market-leading type,namely to set up the modern financial system on the basis of the fully developed capital market.The reform of the commercial bank and the development of capital market complement each other,the goal of the reform of commercial banks should be set up on the platform of capital markets.In order to develop the basic functions of capital markets,we need overcome restriction of unfavorable factors in legal system aspect,culture aspect,and policy aspect.The most important problem is to promote the shareholder structure reform.