对我国金融市场发展中几个重大战略问题的探讨

A Discussion of a Few Important Strategic Issues in the Development of China's Financial Market

本文对我国金融市场发展中的3个重大战略性问题进行探讨:(1)“先资本市场,后货币市场”的发展思路是不可取的。这种思路会削弱货币市场的基础作用,破坏货币市场和资本市场的协调发展,直接或间接地对中央银行的宏观调控、利率功能发挥和金融秩序稳定等产生负面影响。(2)重视企业债券市场的作用,因为其对约束企业负债行为、提高资金使用效率、完善资本市场品种结构、降低银行经营风险和资本市场风险等,起着不可忽视的作用。(3)要全面、辩证地认识中国股市规范与发展的关系,必须“在规范中求发展,在发展中重规范”。

This paper discusses three importan t strategic issues in the developmen t of China's financial market.The author's view s are as follows:(1)The idea that'the capital market takes precedence over the money market'is undesirable.Such practice will w eaken the primary function of the money market and affect the coord ination between the money market and the capital market,thus excercising a direct or indirect neg ative impact on the central bank's ma cro -adjustment,control over the interest rate and stabilization of the financial market.(2)We should attach importance to the important function of the enterpris e bonds market.Such a market plays an indispensible role in controlling the enterprise loans,r aising capital efficiency,improving the categories of the capital market and lowering bank risks and ca pital market risks.(3)We should look rationally at the rela-tionship between regularizing and d eveloping China's stock market.There will be no regularization without development.But when development goes beyond market laws,it wi ll be eroded.Therefore,we must'seek for development in the process o f regularization and attach importa nce to regularization in the process of development.