双支柱框架下资本市场的治理与发展

Governance and Development of the Capital Market under the Dual-Pillar Framework

我国双支柱框架的建立表明市场流动性管理模式的转型,在央行主动调控能力增强的同时,货币供给形成出现被动化、短期化特征,导致市场流动性稳定性降低、波动性上升,对资本市场发展形成流动性约束。与货币市场和信贷市场不同,资本市场不具备流动性创造功能,只有在完善资本市场制度建设、保护投资者利益的基础上,才能吸引流动性进入。我国资本市场也有必要扩大投资者范围,渐次引导更多储蓄性资金进入,加快国际化步伐。

The establishment of the dual-pillar framework in our country reflects the transformation of the market liquidity management mode. While the central bank takes greater initiative in regulating and control, the formation of the money supply has had the passive and short-term characteristics, causing the market liquidity to be less stable and more volatile and forming a liquidity constraint on the development of the capital market. Unlike the money market and the credit market, the capital market does not have the function of creating liquidity. Only by improving the institutional improvement of the capital market and protecting the interests of investors can it attract the inflow of liquidity. It is also necessary to expand the types of investors in China＇s capital market and gradually introduce more savings funds to accelerate the pace of internationalization.