证券性金融支持与中国资本市场的性质和作用

Securities Financial Support and the Characteristic and Function of Capital Market in China

长期以来,理论界对中国资本市场的性质及其在经济改革过程中所应发挥的作用一直存有误解,由此在很大程度上误导相关领域的改革政策。事实上,资本市场在中国经济改革过程中从一开始就承担提供证券性金融支持的"宏观责任",它与银行体系提供的信贷性金融支持一道共同构成一种特殊的金融制度组合。基于此,作为改革主导者的政府与投资者以及上市公司实际上签订了一份旨在同时兼顾经济增长、企业筹资与投资者利益三大诉求的"金融合约"。为了协调以上利益诉求,政府从此不得不长期背负沉重的市场责任。正因如此,仅针对资本市场"微观结构"的很多市场化改革举措(诸如股权分置改革等)难以取得实效。未来中国资本市场发展路径的决定因素既不是决策者的改革偏好与勇气,也非经济学家们的单方面价值评判,而是经济改革与发展对证券性金融支持的内在需求。

The nature of capital market in China and its role in economic reform have long been theoretically misunderstood, contributing considerably to the inadequacy of the reform policies in related fields.According to the paper,the creation of capital market,which has been required of taking the improper macro-responsibility of providing securities financial support since birth,only serves to have set up a special joint system in combination with the loan financial support provided by banks.It is therefore justified to say that government, the dominant player in the reform,entered into a contract with investors and listed companies aiming at three simultaneous targets:economic growth,enterprise financing and investors' profit.Coordination of these pursuits has been a heavy burden for the government ever since.For this reason,reform measures in terms of the micro-structure of the capital market(such as the nontradable shares reform) are largely to end in nowhere.The paper concludes that the determinant of the capital market development will be neither the courage and preference of policy makers nor the unilateral value judgments made by economists.Instead,it will be the innate demand of the economic reform and development for the securities financial support.