区域性股权市场的市场化改革与资源配置效率研究——理论模型与改革措施

The Market-oriented Reform and Resource Allocation Efficiency of Regional Equity Market: A Theoretical Model and Reform Measures

金融服务实体经济的最基本功能是优化资源配置,而金融改革是提高资源配置效率的重要驱动力。作为我国金融市场改革的重要举措,完善多层次资本市场和规范发展区域性股权市场进展快速。然而,市场化改革还面临着市场交易不够活跃、资本流动性不足,以及产品风险难以定价等问题。本文以区域性股权市场为研究对象,选取企业经济附加值作为评价资源配置效率的指标,基于自由资本模型均衡推导构建了资本跨区域流动模型,并对模型进行了数值模拟。结果表明,资源配置效率与市场化运作水平呈显著正相关关系。对模型推导结果的进一步分析发现,增加资本流动性是提高市场资源配置效率的关键。而针对区域性股权市场发展滞后的原因分析则表明,目前已到了加快市场化改革进程的关键时期。鉴此,本文结合我国区域性股权市场的发展现状,从制定适当的企业挂牌标准、试点推行做市商制度、建立健全多层次资本市场互联互通机制和提高企业信息披露质量四个方面,提出了切实可行的市场化改革.措施。

The fundamental function of financial services is to optimize the allocation of resources towards the real sector. To improve the efficiency of resource allocation, the financial reform is an important driving force . As an important measure of China's financial market reform, the improvement of multi-level capital market and the standardized development of regional equity market have made much progress. However, market-oriented reform also faces some problems, such as insufficient market transactions, insufficient capital liquidity, and inefficient risk pricing. This paper takes the regional equity market as the research subject, and selects the enterprise economic value added as the indicator of resource allocation efficiency. Based on the equilibrium of the free move capital model, this paper constructs a cross-regional capital movement model and conducts simulations. The results show that the efficiency of resource allocation and the level of market-oriented operation are significantly positively correlated. Further analysis shows that increasing capital liquidity is the key to improve the efficiency of market resource allocation and the lagging development of regional equity market has come to a critical period to speed up the process of market-oriented reform. Considering the development situation of regional equity market in China, this paper proposes feasible market-oriented reform measures from four aspects: formulating appropriate standards for listing enterprises, carrying out market maker system, establishing and perfecting the interconnection mechanism of multi-level capital market and improving the quality of enterprise information disclosure.