中国资本市场的功能转型与估值校正

The Function Transformation and Valuation Correction of China's Capital Market

财富管理功能是确保投资者财富增值和市场稳健发展的关键。中国资本市场要从融资市场向投资市场转型,为投资者提供与风险相匹配的收益,由此进入股权分置改革2.0时代。为实现功能转型,中国资本市场需要修复市场估值能力。在资产定价的一般理论逻辑基础上,市场估值的校正需要弥补法制的缺陷和不足,压缩制度性套利空间,减少市场噪声交易干扰。为此,可以按照以下思路推进中国资本市场改革:首先,市场估值校正需要准确的功能定位、良好的估值环境、合格的市场主体;其次,中国上市公司既要重视利润增长和科技创新的价值提升作用,发挥并购重组的价值发现功能,还要融合股东在环境保护、社会责任承担等方面的价值追求;再次,在全面实行注册制的背景下,中国资本市场还需要一些配套改革,包括退市制度的完善、机构投资者的能力建设、长期投资者培育等;最后,在人工智能等新技术的运用和推广下,监管部门要积极应对量化交易带来的挑战。

As the core of the modern financial system,the capital market plays a vital role in boosting the real economy,promoting technological innovation,and increasing residents'property income.China's capital market focuses on financing,making significant contributions to enterprise development and economic growth,while its investment function is relatively weak,failing to fully unleash the power of wealth management.In the long run,the function of wealth management is critical for investors'wealth appreciation and robust economic growth.To transform its function,China's capital market must address deficiencies in its market valuation capabilities and improve its valuation system.This paper examines the challenges facing the Chinese capital market,including the practice of large-scale share dumping by major shareholders,the prolonged decline in market performance,the undervaluation of core assets,low returns on stock investments,and the lack of investor confidence.These phenomena bear significant similarities to the period preceding the Equity Division Reform,particularly with regard to the substantial impact of massive share dumping by stateowned majority shareholders,which severely affected market expectations and investor confidence.Accordingly,this study proposes that the current capital market reform is a continuation of the Equity Division Reform,and can be designated as Equity Division Reform 2.0.To address these issues,the core target of Equity Split Reform 1.0 was to achieve full circulation of stocks,while that of Equity Split Reform 2.0 is to transform the functions of China's capital market,specifically to transition from a financing market to an investment market.To achieve the desired outcome,it is essential that policymakers consider the following three aspects.Firstly,on the asset supply side,high-quality assets with growth potential need to be continuously channeled into the market.Secondly,on the asset demand side,the outflow of funds in the primary market and inflow of funds in the secondary market need to be balanced.Thirdly,on the trading side,investors'trading needs to be encouraged by profitability,convenience,and transaction costs.In general,the asset supply side is of paramount importance,followed by the demand side,and then the trading side.Based on the transformation of function,China's capital market should improve the legal systems,be more transparent,and maintain consistency in policies and regulation.The listed companies should strive to generate more and more profits and share them with all shareholders.They should make more input into technological innovation,and align with shareholders'values in such areas as environmental protection and social responsibility performance.As the registration-based IPO system is fully implemented,some complementary reforms should be accelerated in China's capital market,including the delisting mechanism,capacity building of institutional investors,and cultivation of long-term investors.Furthermore,with the increasing use of new technologies like artificial intelligence,regulatory authorities have to actively address challenges brought about by algorithmic trading.