中国资本市场的战略目光芒标与战略转型.docVIP

总 论 中国资本市场的战略目标与战略转型 摘要 从战略角度看，股权分置改革的成功开启了中国资本市场发展的新阶段，当我们完成了资本市场的制度变革即股权分置改革后，我们就不得不研究中国资本市场的战略定位、战略目标和由此决定的战略转型。这对未来中国资本市场成为一个大国资本市场具有重要的战略意义。 我们认为，到2020年，中国（内地，下同）资本市场的战略目标和战略定位是： 以沪深市场为轴心形成的中国资本市场是全球最重要、规模最大、流动性最好的资产交易场所之一，其市值将达到60万亿——80万亿人民币； 由于人民币届时将成为全球最重要的三大国际储备货币之一，因而以相对发达的资本市场为核心的中国金融体系将成为全球多极金融中心之一极。它将成为人民币及人民币计价资产的定价中心，拥有人民币及人民币计价资产的定价权。 为了实现上述战略目标，中国资本市场在发展重点和政策安排上，必须实现战略转型： 一是，要对上市资源进行有效地开发和对上市公司的结构进行战略性转型，让已在海外上市的大型国企有序回归A股，以形成中国市场的大型蓝筹股群，提升中国资本市场的内在投资价值。 二是，实现中国资本市场资金来源和投资者结构的战略转型，为此，必须改革中国传统的金融结构，继续大力发展机构投资者，加大资本市场的开放。 Abstract From the strategic angle, the success of the reform of equity split embarks on the new phase of China’s stock market development. When we accomplished the system reform of the capital market, that is the reform of equity split, we have to think about the strategic position, strategic goals and strategic transformation, which is of meaningfal strategic importance for china’s capital market to be a large country’s capital market in the future. We think that by 2020, the strategic goals and strategic position of china’s (mainland, same as below) capital market should be: China’s capital market, which is formed by taking shanghai and Shenzhen market as the axis, is one of the most important assets transaction markets with the largest scale and the highest liquidity. The market value should approach 60000 billion—80000 billion RMB. By then, RMB will be one of the most important three international reserve currencies, and China’s financial system, with comparatively developed capital market at the core, will be one of the multi-polar financial centers of the world. China’s financial system will possess the power of pricing and be the pricing center of the RMB and RMB valued assets. In order to achieve the above strategic goals, China’s capital market must achieve strategic transformation in terms of development emphasis and policy arrangement. Firstly, to develop the listing resources effectively and achieve strategic transfo