構建現(xian)代金(jin)(jin)融(rong)體系(xi)成為(wei)實體經濟(ji)轉型升級的(de)(de)迫切要求。業內(nei)人士認為(wei),監管政策正進(jin)一步(bu)(bu)推動(dong)金(jin)(jin)融(rong)回歸服(fu)務實體經濟(ji)的(de)(de)本源,預(yu)計今年金(jin)(jin)融(rong)體制改革將進(jin)一步(bu)(bu)深(shen)化(hua),金(jin)(jin)融(rong)監管協調將進(jin)一步(bu)(bu)優化(hua),金(jin)(jin)融(rong)結構調整或(huo)有更多政策引導。
金融創新不能脫離實體經濟
過去(qu)五年,我國金融業發(fa)展取(qu)得巨大成(cheng)績(ji),不僅有效應對了(le)國際金融危(wei)機后的(de)嚴峻(jun)挑戰,為宏觀經濟平穩運行保駕護(hu)航,也牢牢守住了(le)不發(fa)生系統性金融風險(xian)的(de)底線。
在取得巨大成(cheng)就的同時,金融(rong)(rong)業(ye)也面臨一(yi)些問題(ti),如資(zi)(zi)金“脫實向(xiang)虛”,金融(rong)(rong)業(ye)與實體(ti)(ti)經(jing)濟供需(xu)失衡(heng)、循環不暢(chang);融(rong)(rong)資(zi)(zi)體(ti)(ti)系仍以間接融(rong)(rong)資(zi)(zi)為(wei)主(zhu),直(zhi)接融(rong)(rong)資(zi)(zi)比重依然偏低;金融(rong)(rong)風險隱患增加(jia)等。這些都呼(hu)喚現代金融(rong)(rong)體(ti)(ti)系的成(cheng)型(xing)。
“現代金(jin)融(rong)概念的提出(chu),與(yu)現代化(hua)經濟(ji)體(ti)系前(qian)后映照、互(hu)通(tong)聲氣(qi)。”國家金(jin)融(rong)與(yu)發展實驗室理事長李(li)揚(yang)日(ri)前(qian)在(zai)接受中國證券報記者采(cai)訪時表示。
李揚認(ren)為(wei)(wei),以(yi)服務(wu)實(shi)(shi)(shi)體經(jing)濟為(wei)(wei)基本導向是現代金(jin)(jin)融體系建設的(de)(de)首要因(yin)素。“在具體的(de)(de)金(jin)(jin)融實(shi)(shi)(shi)踐(jian)中(zhong),國家一切金(jin)(jin)融活動、金(jin)(jin)融創新(xin)、金(jin)(jin)融發展(zhan),都(dou)以(yi)實(shi)(shi)(shi)體經(jing)濟的(de)(de)需要為(wei)(wei)出發點和落(luo)腳點,才能保(bao)證(zheng)服務(wu)實(shi)(shi)(shi)體經(jing)濟的(de)(de)承諾落(luo)到實(shi)(shi)(shi)處。”李揚說,今后金(jin)(jin)融要堅持(chi)惠民導向,為(wei)(wei)有真實(shi)(shi)(shi)金(jin)(jin)融需求(qiu)的(de)(de)社(she)會各(ge)階層和群體提供適當、有效(xiao)的(de)(de)金(jin)(jin)融服務(wu)。
中(zhong)國社科院金(jin)融(rong)研(yan)究所銀(yin)行研(yan)究室主(zhu)任曾剛對中(zhong)國證券報(bao)記者(zhe)表(biao)示,現(xian)代金(jin)融(rong)體系要(yao)(yao)明確定位于(yu)服(fu)務(wu)實體經(jing)(jing)濟(ji)(ji),不能(neng)脫離實體經(jing)(jing)濟(ji)(ji)的需(xu)要(yao)(yao)。同(tong)時(shi),現(xian)代金(jin)融(rong)體系要(yao)(yao)適應經(jing)(jing)濟(ji)(ji)發展,符合中(zhong)國特(te)色(se),既要(yao)(yao)解決經(jing)(jing)濟(ji)(ji)發展中(zhong)面臨的問題,又不能(neng)簡單采取“拿來主(zhu)義”。現(xian)代金(jin)融(rong)體系要(yao)(yao)強(qiang)調創新(xin),通過服(fu)務(wu)模式和(he)(he)技(ji)術的創新(xin),適應經(jing)(jing)濟(ji)(ji)需(xu)要(yao)(yao)、客(ke)戶需(xu)求和(he)(he)政策(ce)導向。
李(li)揚表示,金(jin)(jin)(jin)融(rong)創(chuang)新不(bu)能偏(pian)離(li)實體(ti)經濟(ji)需要(yao),要(yao)服(fu)(fu)務(wu)(wu)現代經濟(ji)體(ti)系建設,不(bu)能搞規避監管的創(chuang)新,尤其要(yao)防止龐氏騙(pian)局;要(yao)完善中(zhong)長期融(rong)資制度,滿(man)足公益(yi)性產(chan)(chan)業(ye)和基礎設施(shi)融(rong)資;建立普惠金(jin)(jin)(jin)融(rong)體(ti)系,支(zhi)持(chi)(chi)小微企(qi)(qi)業(ye)、“三農”和扶貧事業(ye),要(yao)開(kai)(kai)發更多滿(man)足群眾醫療、養老等方面需求的金(jin)(jin)(jin)融(rong)產(chan)(chan)品;適(shi)應(ying)創(chuang)新型(xing)產(chan)(chan)業(ye)和中(zhong)小微企(qi)(qi)業(ye)特點,開(kai)(kai)發適(shi)應(ying)性強的金(jin)(jin)(jin)融(rong)產(chan)(chan)品支(zhi)持(chi)(chi)“雙創(chuang)”;針對儲蓄率(lv)高(gao)(gao)、投(tou)資渠(qu)(qu)道(dao)狹窄(zhai)的問(wen)題,豐富金(jin)(jin)(jin)融(rong)產(chan)(chan)品和金(jin)(jin)(jin)融(rong)服(fu)(fu)務(wu)(wu);針對企(qi)(qi)業(ye)負債率(lv)高(gao)(gao)、資金(jin)(jin)(jin)來源單一和地方政府融(rong)資渠(qu)(qu)道(dao)不(bu)暢的情況,開(kai)(kai)展金(jin)(jin)(jin)融(rong)創(chuang)新。
發展直接融資 優化金融結構
完善金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)結構(gou)是(shi)(shi)構(gou)建現代金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)體(ti)系的重要(yao)內(nei)容。總體(ti)看(kan),我(wo)國(guo)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)結構(gou)尚不(bu)(bu)(bu)完善,與進入新發展階段的實體(ti)經濟(ji)不(bu)(bu)(bu)匹(pi)配(pei),需要(yao)進一(yi)(yi)步優化(hua)。李揚表示,對于當前及今后(hou)的中(zhong)國(guo)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)業(ye)而言(yan),最(zui)重要(yao)的結構(gou)有兩個,一(yi)(yi)是(shi)(shi)直接融(rong)(rong)(rong)資(zi)和間(jian)接融(rong)(rong)(rong)資(zi)相互(hu)協(xie)調(diao)、彼此配(pei)合(he)的結構(gou)。二是(shi)(shi)商業(ye)性(xing)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)、政策性(xing)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)、開發性(xing)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)和合(he)作性(xing)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)合(he)理(li)分工,聯動互(hu)補,協(xie)調(diao)發展的結構(gou)。四(si)類金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)長期并存(cun),彼此間(jian)合(he)理(li)分工、聯動互(hu)補、協(xie)調(diao)發展,將成(cheng)為我(wo)國(guo)未來金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)業(ye)的常態。可以說(shuo),如今中(zhong)國(guo)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)業(ye)出(chu)現的問題,特(te)別是(shi)(shi)那(nei)些“脫實向(xiang)虛”的不(bu)(bu)(bu)當趨向(xiang),都與此前過度強調(diao)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)的商業(ye)性(xing)有關(guan)。
天(tian)風證(zheng)券首席(xi)經濟學家(jia)劉煜(yu)輝對(dui)中(zhong)國證(zheng)券報記(ji)者表(biao)示,優化金(jin)(jin)融(rong)(rong)結構首先要(yao)優化融(rong)(rong)資(zi)(zi)結構,最重(zhong)要(yao)的是要(yao)建設(she)直接融(rong)(rong)資(zi)(zi)和間接融(rong)(rong)資(zi)(zi)協調發(fa)展(zhan)的金(jin)(jin)融(rong)(rong)市場體系,把發(fa)展(zhan)直接融(rong)(rong)資(zi)(zi)放在重(zhong)要(yao)位(wei)置,發(fa)展(zhan)股(gu)權(quan)(quan)融(rong)(rong)資(zi)(zi)。應該大力(li)發(fa)展(zhan)長期資(zi)(zi)金(jin)(jin)融(rong)(rong)資(zi)(zi)機制,特別是權(quan)(quan)益性(xing)資(zi)(zi)金(jin)(jin)融(rong)(rong)資(zi)(zi)機制。
在交(jiao)通(tong)銀行首席經濟(ji)學家連平看來,優化金(jin)融結構必須深(shen)化金(jin)融體制改革,提升資(zi)源配(pei)置(zhi)效(xiao)率和金(jin)融風險防控能力(li)。金(jin)融市(shi)場上最重要(yao)(yao)的價格,一(yi)是(shi)利率,二是(shi)匯率,要(yao)(yao)繼續深(shen)入推進利率市(shi)場化改革,進一(yi)步完善人(ren)民(min)幣匯率市(shi)場化形成(cheng)機制。同時,要(yao)(yao)進一(yi)步加強監管(guan)改革、補齊(qi)監管(guan)短(duan)板。
堅持市場化法治化 加強有效監管
“加(jia)強監(jian)管是現(xian)代(dai)金(jin)融體(ti)系建(jian)設(she)的(de)(de)必要(yao)一環,沒有有效的(de)(de)監(jian)管,現(xian)代(dai)金(jin)融體(ti)系難以形成(cheng)(cheng)。”連平在接受(shou)中(zhong)國證券報記者采訪時表示,過去的(de)(de)監(jian)管主要(yao)是機構監(jian)管,將來出臺相關的(de)(de)政策(ce)要(yao)從金(jin)融業務的(de)(de)功能性質來區分監(jian)管主體(ti),形成(cheng)(cheng)新的(de)(de)金(jin)融監(jian)管體(ti)制,突出功能監(jian)管和行為監(jian)管。
連平建議(yi),在新(xin)的(de)金融監(jian)(jian)管體制(zhi)下,金融業(ye)(ye)(ye)內各行(xing)(xing)(xing)業(ye)(ye)(ye)的(de)發(fa)(fa)展(zhan)職責,建議(yi)由(you)銀行(xing)(xing)(xing)業(ye)(ye)(ye)協(xie)(xie)會(hui)、證券業(ye)(ye)(ye)協(xie)(xie)會(hui)和(he)保(bao)險業(ye)(ye)(ye)協(xie)(xie)會(hui)等來承擔(dan)。各協(xie)(xie)會(hui)的(de)功能應該拓展(zhan)并逐步做實(shi),擔(dan)當(dang)起行(xing)(xing)(xing)業(ye)(ye)(ye)發(fa)(fa)展(zhan)的(de)職能,將(jiang)行(xing)(xing)(xing)業(ye)(ye)(ye)協(xie)(xie)會(hui)的(de)作用(yong)和(he)功能加以充實(shi)完(wan)善,使之成為新(xin)體制(zhi)中(zhong)的(de)重要構(gou)成部分。既要將(jiang)行(xing)(xing)(xing)業(ye)(ye)(ye)協(xie)(xie)會(hui)打造成真正的(de)自律組(zu)織,配合監(jian)(jian)管政策落地,又(you)要將(jiang)行(xing)(xing)(xing)業(ye)(ye)(ye)發(fa)(fa)展(zhan)規(gui)劃的(de)功能賦(fu)予協(xie)(xie)會(hui),以促進行(xing)(xing)(xing)業(ye)(ye)(ye)自主、理(li)性地發(fa)(fa)展(zhan)。
李揚表示(shi),加(jia)強監(jian)管(guan)(guan)并(bing)守住不(bu)發生系統性風險底線,已經(jing)成為金融界共識。但需要指出(chu)的(de)(de)是,經(jing)濟發展所(suo)需的(de)(de)有效監(jian)管(guan)(guan),應當(dang)是“好(hao)的(de)(de)監(jian)管(guan)(guan)”,是不(bu)妨礙市(shi)(shi)場(chang)(chang)運(yun)行(xing)的(de)(de)監(jian)管(guan)(guan),其主旨在(zai)于確定一(yi)個合理的(de)(de)運(yun)行(xing)框架,使得所(suo)有的(de)(de)金融機構、金融市(shi)(shi)場(chang)(chang)、金融活動有章可循。“這樣(yang)一(yi)種監(jian)管(guan)(guan),應能讓實體經(jing)濟、讓金融業、讓市(shi)(shi)場(chang)(chang)更(geng)有效地發揮(hui)作用,更(geng)好(hao)地保護(hu)消費(fei)者利益。”李揚說,就此(ci)而(er)論,在(zai)與(yu)金融業發展有關(guan)的(de)(de)各方(fang)面之間建立一(yi)個內洽(qia)的(de)(de)不(bu)矛盾的(de)(de)監(jian)管(guan)(guan)架構,對于我國社會主義市(shi)(shi)場(chang)(chang)經(jing)濟發展至關(guan)重(zhong)要。
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