新常态下资本市场促进产业结构升级研究——中美的比较视角

The Study on the Promotion of Multi-level Capital Market to Industrial Structure Upgrade in New Normal——From the Perspective of Comparison between China and USA

文章基于美国发展完善多层次资本市场的经验,对我国资本市场的现状进行了分析,研究了其在促进产业结构升级方面存在的不足,通过比较分析法发现目前我国资本市场存在各主体缺乏组织和规范性、市场结构不合理、缺乏对冲和转板机制以及相关的法律与监管不完善的问题。针对存在的问题,借鉴美国的经验,提出在新常态下建立和完善符合市场化要求的上市公司筛选制度;减少行政干预,健全股票市场制度;建立健全相应的法律法规,加强资本市场监管,积极稳妥地推进资本市场对外开放,使之在新形势下能更好地促进我国产业结构升级。这对于完善我国多层次资本市场体系,充分发挥我国资本市场促进产业结构升级的作用,进而助推我国经济转型,具有理论和现实意义。

Based on the experience of improving the multi-level capital market in USA, the current situation of China＇s capital market is analyzed, and the existing problems in promoting the industrial upgrading are studied. Through the comparative analysis, the following problems are expounded. Firstly, the market is lack of organization and standardization. Secondly, the market structure is irrational and lack of hedging and transferring mechanism. Thirdly, the related law and supervision are imperfect. Based on the problems and American experience, several policy recommendations are provided as to improve the screening system of the listed corporations to meet the requirements of the market, reduce administrative intervention, improve the stock market system, the relevant laws and regulations,strengthen the capital market supervision and put forward the opening up of capital market steadily in order to promote China＇s industrial structure upgrade in the new period. These policy recommendations contain both theoretical and practical significance in improving the multi- level capital market system and industrial upgrading, and promote China＇s economic restructuring.