论资本市场推进金融供给侧结构性改革  

Remark on the Capital Market Propelling Structural Reform of the Finance Supply Front

作　　者：翟伟丽[1] Zhai Weili

机构地区：[1]深圳大学经济学院

出　　处：《证券市场导报》2019年第9期13-19,51,共8页Securities Market Herald

摘　　要：当前我国金融供给与经济高质量发展及人民群众日益增长的需求存在着不平衡、不充分发展的结构性矛盾。究其根源,在于风险定价机制扭曲下价格信号难以有效调配金融资源,风险与收益不匹配使得价值投资者难以生存,资本市场缺乏内生稳定机制和自我修复能力,从而制约着资本市场充分发展。故理顺风险定价机制是资本市场深化改革的核心,而改革的关键便在于消除渐进式改革带来的制度套利和以个人为主的市场结构所产生的群体套利。有鉴于此,以理顺风险定价机制为核心的改革思路包括:有序打破刚兑、消除制度套利,试行注册制、推动市场化改革;多措并举优化投资者结构,稳步推进改革消除群体套利。At present, China’s financial supply has structural imbalances that are unbalanced and underdeveloped for the highquality development of the economy and the growing demand of the people. Actually, the distortion of the risk pricing mechanism fundamentally restricts the full development of the capital market. It is difficult for stock market to effectively allocate financial resources under the price signal. The mismatching between risk and income makes value investors difficult to survive, thereby the capital market lacking endogenous stability mechanism and self-repairing ability. It is important to establish the risk pricing mechanism for the deepening reform of the capital market. The key to the reform is to eliminate the institutional arbitrage from the incremental reform and the group arbitrage generated by the individual-led market structure. Accordingly, we suggest that:(1) to orderly break the arbitrage of the system and try to register the system to promote market-oriented reform;(2) to optimize the investor structure for eliminating group arbitrage.

关 键 词：风险定价机制 套利机会 刚性兑付 金融供给侧结构性改革 

分 类 号：F832.0[经济管理—金融学]