我国资本市场三十余年的建设与演变——基于功能视角的评价

The Construction and Evolution of Our Country's Capital Market for Over Thirty Years——Based on Functional Perspective

金融服务实体经济长期以来都是我国金融发展的根本要义,而金融市场的功能发挥又直接决定了金融服务实体经济的效率。为评估三十余年来我国资本市场功能演变过程,本文利用因子模型以及Wurgler模型等模型对我国资本市场的功能演变进行了定量分析,发现:一是资本市场的融资功能逐渐健全;二是资本市场的投资功能日益凸显;三是市场的定价功能显著提升;四是市场的资源配置功能改善明显。

Financial service real economy has long been a fundamental principle of our financial development.And the function of the financial market directly determines the efficiency of financial services to the real economy.In order to evaluate the evolution of function of Chinese capital market over thirty years,the paper makes a quantitative analysis of the evolution of function of Chinese capital market by using factor model and Wurgler model.Following conclusions are found:(1)The financing function of the capital market is gradually improving;(2)The investment function of capital market is increasingly prominent;(3)The pricing function of the market has improved significantly;(4)The market's resource allocation function has improved significantly.