中国经济新常态下资本结构和投资领域研究

Study on China's Capital Structure and Investment Areas in the Economic New Normal

当前,中国经济进入新常态,即经济增长速度变档、经济结构优化、增长动力切换。如何在新常态背景下,适应新常态、把握新常态、引领新常态,调整资本结构、寻找适应国家经济发展、满足人民需求的行业和产业进行投资显得非常重要。本文首先分析和总结中国经济新常态的具体特征;然后,分析欧美发达国家在过去发展阶段是否出现过和中国当前相类似的新常态状况,为中国处理新常态中出现的问题提供解决思路;最后,提出在中国经济新常态下需要调整资本结构和重点关注的投资领域:降低国有资本,提高民营资本比重,大力发展混合所有制经济;重点投资基础设施和引领工业转型的现代装备制造业以及现代服务业;具体到微观企业投资时,不仅关注企业的财务指标,更要关注企业所承担的社会责任,即ESG指标(环境、社会和公司治理)。

At present,China's economy is being in an important historical period that three stages superimposed together and now entered the New Normal,which means slowdown of economic rate,optimization of economy and transformation of growth momentum.Under the background of the New Normal,it is important to find the way of capital structure adjustment and find out the sectors and industries to invest which can both fit the development of country's economy and meet public needs.First of all,the paper analyzes and summarizes the specific features of the Economic New Normal in China;and then,it analyzes if the similar New Normal exists in the past stage of development of American and European countries,which can provide solutions and suggestions for the issues we will meet in the New Normal;finally,the article concludes that we need to adjust the capital structure under the economic New Normal,and proposes investment areas that need to focus:reducing state capital,enlarging the proportion of private capital,developing the mixed ownership economy vigorously;focusing investment on infrastructure,modern service industry and modern equipment manufacturing which can lead industrial transformation;specifically to micro-enterprise investment projects,we should not only be concerned about the financial indicators of enterprises,but also focus on enterprise social responsibility——ESG indicators,including environmental,social and corporate governance.