资本市场长期资金:有效供给与发展战略

Long-term capital in capital market: Effective supply and development strategies

促进长期资本形成,是金融供给侧结构性改革的当务之急和核心要务。发挥长期资金供给优势,是助力资本市场高质量发展重要举措。中央和监管部门多次提出活跃资本市场、提振投资者信心、引入“养老基金、保险资产、主权财富基金、捐赠基金和基金会”等中长期资金。通过研究全球,特别是发达国家长期资金的发展现状、规模结构及中国长期资金构成特征,发现中国长期资金存在主权财富基金和保险资金占比相对较高等优势,及养老基金、捐赠基金和基金会的规模偏小等弱势。作为加快推进资本市场投资端改革,提出加快推进资本市场长期资金有效供给,促进长期资本形成,发挥长期资金优势,助力资本市场高质量发展,对其扩容长期资金增量、改革存量的推动作用和深远意义进行深入分析,并提出相关政策建议。

Promoting long-term capital formation is an urgent and core task of financial supply-side structural reform.Giving full play to the advantages of long-term capital supply is an important measure to promote the high-quality development of the capital market.The central government and regulatory authorities have repeatedly proposed to activate the capital market,boost investors’confidence,and introduce medium-and long-term capital such as“pension funds,insurance assets,sovereign wealth funds,and endowment funds and foundation”.This paper investigates the development status and overall scale of long-term capital in global and developed countries and the composition characteristics of China’s long-term capital.This paper finds that China’s long-term capital has the advantages of relatively high proportions of sovereign wealth funds and insurance assets and the disadvantages of relatively low proportions of pension funds and endowment funds.As an important measure to accelerate the reform of the investment side of the capital market,this paper proposes to accelerate the effective supply of long-term capital,promote the formation of long-term capital,give full play to the advantages of long-term capital,assist in the high-quality development of the capital market,conduct an in-depth analysis of the significance of expanding long-term capital and reforming its stock,and put forward relevant policy suggestions.