今年將繼續深化(hua)供(gong)(gong)給(gei)(gei)側(ce)(ce)結構性改(gai)革(ge)。中(zhong)國證券報(bao)認為,加快金融體(ti)制改(gai)革(ge)、豐(feng)富金融產品供(gong)(gong)給(gei)(gei)、完善(shan)金融機構治理(li)是(shi)加快金融領域(yu)供(gong)(gong)給(gei)(gei)側(ce)(ce)改(gai)革(ge)的應有之義(yi)。對(dui)此,完善(shan)多層(ceng)次資本市場體(ti)系意義(yi)重大(da)。
服務實體經濟(ji)是金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)業發展的(de)根基,而(er)目前出(chu)現(xian)的(de)資(zi)(zi)金(jin)(jin)(jin)(jin)“脫實向虛”、中小(xiao)企(qi)業融(rong)(rong)(rong)資(zi)(zi)難、P2P公司“跑路”等現(xian)象折(zhe)射出(chu)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)業供給側(ce)的(de)一些(xie)問題:一是融(rong)(rong)(rong)資(zi)(zi)結構(gou)失衡,市場(chang)體系單一,過度依賴銀行信貸,資(zi)(zi)金(jin)(jin)(jin)(jin)供求不(bu)匹配(pei)且儲蓄轉(zhuan)化(hua)為投(tou)資(zi)(zi)的(de)效率(lv)較低(di),風(feng)險集中在(zai)銀行體系。二是傳導(dao)機(ji)制不(bu)暢,資(zi)(zi)金(jin)(jin)(jin)(jin)未能(neng)有效流入實體經濟(ji)末(mo)梢,而(er)在(zai)跨市場(chang)、交(jiao)叉產(chan)品的(de)高收益誘惑下(xia),空(kong)轉(zhuan)于(yu)各(ge)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)市場(chang),并(bing)對實體經濟(ji)的(de)資(zi)(zi)金(jin)(jin)(jin)(jin)供給產(chan)生擠出(chu)效應。三是金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)構(gou)體系不(bu)健全。在(zai)嚴格的(de)牌(pai)照管(guan)理之下(xia),機(ji)構(gou)普遍追求“大而(er)全”,忽視(shi)或不(bu)重(zhong)視(shi)普惠(hui)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)和小(xiao)微金(jin)(jin)(jin)(jin)融(rong)(rong)(rong),加(jia)劇了資(zi)(zi)源錯(cuo)配(pei)。四是綜合監(jian)管(guan)不(bu)通暢。金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)業混業發展態勢(shi)已明,監(jian)管(guan)套利風(feng)險已現(xian),如何完善監(jian)管(guan)協調機(ji)制迫(po)在(zai)眉(mei)睫(jie)。
從服務實體經濟的(de)角度來(lai)看,深(shen)(shen)化(hua)金融(rong)領域供給側改革有(you)(you)利于引導資(zi)(zi)(zi)金更多(duo)地(di)流向實體經濟,服務經濟轉(zhuan)型升(sheng)(sheng)級。改革的(de)著力(li)點(dian)之(zhi)(zhi)一就是(shi)大(da)力(li)發展股(gu)權(quan)(quan)融(rong)資(zi)(zi)(zi),提升(sheng)(sheng)直(zhi)接融(rong)資(zi)(zi)(zi)比重(zhong)。在(zai)此方面,資(zi)(zi)(zi)本市(shi)(shi)場(chang)大(da)有(you)(you)可為。我國(guo)多(duo)層次資(zi)(zi)(zi)本市(shi)(shi)場(chang)體系雛形已現(xian),未來(lai)有(you)(you)待繼(ji)續完善的(de)方面主要有(you)(you):首先,夯(hang)實區(qu)域股(gu)權(quan)(quan)市(shi)(shi)場(chang)、新三(san)板(ban)市(shi)(shi)場(chang)這些“塔基”部分。前(qian)者重(zhong)在(zai)規范(fan),防(fang)止無(wu)序競爭和(he)重(zhong)復建(jian)設;后(hou)者重(zhong)在(zai)激活(huo),提升(sheng)(sheng)流動性和(he)融(rong)資(zi)(zi)(zi)功能。其次,搭建(jian)各(ge)層次市(shi)(shi)場(chang)之(zhi)(zhi)間的(de)制(zhi)度橋梁,疏通塔基、塔身、塔尖之(zhi)(zhi)間的(de)流通機制(zhi),新三(san)板(ban)轉(zhuan)板(ban)、退市(shi)(shi)制(zhi)度等(deng)改革有(you)(you)待深(shen)(shen)化(hua)。再(zai)次,改善股(gu)債失(shi)衡局面,大(da)力(li)發展債券(quan)市(shi)(shi)場(chang),推進兩個債券(quan)市(shi)(shi)場(chang)的(de)互聯互通。
從(cong)守(shou)住不(bu)發(fa)生系(xi)統性風險(xian)的角度來(lai)看(kan),深(shen)化金(jin)融(rong)領域(yu)供給側改革有(you)利(li)于防范和(he)化解風險(xian)。如前所述(shu),融(rong)資(zi)(zi)模式單(dan)一(yi)使得銀行(xing)不(bu)良資(zi)(zi)產、影(ying)子銀行(xing)風險(xian)累積(ji),而發(fa)展多層次資(zi)(zi)本(ben)市場(chang)、豐富金(jin)融(rong)市場(chang)體(ti)系(xi)有(you)利(li)于化解風險(xian)過(guo)于集(ji)中的局面(mian)。此外,監(jian)(jian)(jian)管體(ti)制的完善可有(you)效彌(mi)補監(jian)(jian)(jian)管短板,堵住制度漏洞,打擊監(jian)(jian)(jian)管套利(li),規(gui)范某些不(bu)健康或動(dong)(dong)機不(bu)純的金(jin)融(rong)創新活動(dong)(dong)。在(zai)此方面(mian),資(zi)(zi)管產品(pin)的統一(yi)監(jian)(jian)(jian)管已提上日程,相(xiang)關(guan)規(gui)則正在(zai)研(yan)究(jiu)制定。
從(cong)提升(sheng)金(jin)融(rong)業國際競爭力的(de)角度來看,深(shen)化金(jin)融(rong)領域(yu)供給側改革有利于完善(shan)金(jin)融(rong)治(zhi)理(li)、提升(sheng)機構(gou)綜(zong)合實力。與發(fa)達國家相比,我國金(jin)融(rong)業整體“大(da)而(er)不(bu)強(qiang)”,特別是證券基金(jin)業發(fa)展(zhan)水平差距明顯。這既需(xu)(xu)要監管層加(jia)強(qiang)金(jin)融(rong)宏觀審(shen)慎管理(li)制(zhi)度建設,改革監管框架(jia),明確監管職(zhi)責和風(feng)險防范處置責任,為行業發(fa)展(zhan)創造良好的(de)“放管服(fu)”政策環境(jing),也需(xu)(xu)要機構(gou)自身端(duan)正經營(ying)理(li)念,筑牢風(feng)控根(gen)基,回(hui)歸主業,勤(qin)勉盡責。
金(jin)融(rong)已成(cheng)為現(xian)代(dai)(dai)經(jing)(jing)濟的核心,也是現(xian)代(dai)(dai)國家(jia)治理(li)和經(jing)(jing)濟發展的重(zhong)要手段。在經(jing)(jing)濟新常態下,深化金(jin)融(rong)領(ling)域(yu)供給側(ce)改(gai)革必(bi)將進一步推(tui)動金(jin)融(rong)服務(wu)實體經(jing)(jing)濟,服務(wu)經(jing)(jing)濟轉型(xing)升級。
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