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Deepen the capital market reform, optimize the allocation of resources

Author: ZhangYingXin From: www.yourpaper.net Posted: 2010-05-26 05:42:41 Read:
[Abstract] in the face of the scope of the current international financial crisis, China's financial system, especially the construction of the capital market is facing new problems to be solved, based on the theory of institutional economics institutionalization of China's capital market The construction of a brief analysis, put forward policy recommendations at the same time, in order to better achieve the optimal allocation of resources of China's capital market functions.
[Key words] capital markets; optimal allocation of resources; institutionalized

The current international financial crisis spread worldwide, hard-hit by the financial system in developed countries, emerging economies, despite the financial system did not suffer a serious blow, but how much some of the impact of the financial turmoil, but also from get some inspiration: the crisis continue to vigorously develop the socialist market economy, to shake off the impact of the economic crisis, achieve sustained economic growth, we must establish a highly developed capital market system. Given the current situation of the development of the domestic financial system as well as international economic operation, we must accelerate the pace of reform of the capital market, and improve China's capital market to optimize resource allocation. Deepen the reform of the capital market is a systematic project, here is a simple analysis from the point of view of institutional economics.

1 To improve the capital market structure and the structure of listed companies

Capital markets, the role of economic development depends largely on the capital market is fully functional. Therefore, to accelerate the development of a diversified, multi-level capital market system, to facilitate the financing channels for small and medium-sized enterprises, private enterprises and start-ups. Resolved as soon as possible in a fair, open and impartial manner on the basis of state-owned shares and legal person shares of listed circulation problems, vigorously develop the multiple functions of financial intermediaries, foster insurance investment funds, pension funds, securities investment funds, such as a large number of strength, sound business institutional investors and strategic investors. GEM set up precisely to provide such a platform to provide a reliable source of funds for the financing difficulties of small and medium-sized enterprises, and constantly promote the reform of the system of corporate equity and state-of-the-art management system construction. GEM start main purpose is to support small and medium enterprises especially high-growth companies, venture capital and venture capital companies to establish normal exit mechanism for the national strategy of independent innovation financing platform for the necessary support for the construction of multi-level capital market system .
In addition, state-owned enterprises, private enterprises listing and financing to be treated equally, and select a small number of foreign-funded enterprises to enter the capital market. All listed companies should be carried out standardized system of property rights reform, improve the corporate governance structure. Improve market structure, and promote market diversification, and promote capital instruments, capital of product diversification. Strictly adhere to the listing standards established by the company to apply for intermediaries recommended investors open, fair market listing subscription operation mechanism.

2 To improve the capital market entry and exit mechanisms

To establish a standard market entry and exit mechanisms, the poor performance of listed companies should allow to improve the results of the implementation of the poor quality of listed companies delisting and market clearance system to break the one-way expansion in the market of China's stock market from institutional to form a two-way open are imported and exported, and constantly adjust the operation of the market mechanism. By dynamically adjusting, continue to attract quality companies listed on the elimination of poor quality, improve the overall quality of listed companies, and always maintain the vitality of the capital markets. To accelerate the development of venture capital, improve the capital market exit mechanism. The core aspects of the venture capital exit mechanism the convenient exit mechanism for venture capital will not be able to achieve capital appreciation and a virtuous cycle, a new round of investment can not continue.
Currently, the legal system should speed up the establishment of the venture capital market, tax incentives, intellectual property protection of venture capital in the form of legislation.

3 To further conversion of government functions

The government should focus on supervision according to law, this regulation must be to perform a mandatory disclosure system as the main means to ensure the transparency of the market, trading in an open, fair and just environment. At present, we must strictly enforce the standards as soon as possible to solve the operation of the market is not standardized, the prevalence of opportunism, fraud was rampant, serious information asymmetry and the stock market fraud, standardize the market order; improve the information disclosure of listed companies and the release mechanism, improve market run transparency. Changes in regulation, improve the regulatory level, the key is to work hard to improve market discipline mechanism. To further improve the laws and regulations on the basis, drawing on the lessons of the western countries, and effectively improve the regulatory mechanism, the formation of government regulation, industry self-regulation, internal control, risk prevention harmonization of social supervision and restraint mechanisms, in order to truly improve effectively prevent, protect against, risks and the ability to defuse the crisis.

4 to develop a healthy capital market culture

The development of the market must have a rational legal system for protection, which is the foundation of the operation of the market; as well as health and state-of-the-art cultural ideas, it provides great support for the operation of the market. Three support the rule of law, competition, integrity is the sound operation of the market, are indispensable. To make full use of the mass media, newspapers, books and other tools of public opinion to the majority of investors to promote integrity, standardization, transparency, efficiency, competition, risks correct investment philosophy. Market culture of honesty. Therefore, to morality and conscience to intensive care, to safeguard and protect the legal system, make great efforts to cultivate the sense of integrity of the whole society, the concept of good faith, integrity habits, the atmosphere of good faith. 5 establishment of a multi-level capital market system, improve China's capital market breadth and depth

5.1 improve the market mechanism. Gradually develop the market competition mechanism to speed up the process of marketization. Open, fair, impartial, transparent and competitive is an important prerequisite to play the role of market allocation of resources, and the degree of market is the key to determine the efficiency of resource allocation. In view of the current status and problems of the capital market, we are faced with an urgent need to establish a reduce excessive government intervention, market-oriented mechanism of market competition. Development of legal standards on the issue of mechanism, registered by the approval system to registration and recording system, to ensure competition in the market from the law; issuance and listing of separation in the circulation mechanism to change the status quo transformation of listed companies are not transformed; financing mechanism in accordance with the optimization of the capital structure, improve the operational efficiency of capital funds to invest in a reasonable, and actively improve multi-channel, diversified financing system; exit mechanism to establish an effective mechanism for withdrawal in accordance with the principle of survival of the fittest competition in the market, to change the listed companies serious shortage of external pressure and internal power status quo.
5.2 Strengthening the regulatory system: to strengthen regulatory cooperation in the international context, the regulatory system with the international market. In the process of promoting the international capital markets, we should learn from the experiences and lessons of the financial crisis in developed countries, strengthen the construction of the capital market regulatory system. First of all to improve the domestic regulatory system, so that standardization and legalization. Accelerate the formulation of the Securities Exchange Act, the Investor Protection Act, "market competition law, market supervision and provide a strong legal support from a legal perspective; focusing on the bridge and link of the Securities Industry Association, to improve and strengthen self-discipline supervision; strengthen mutual cooperation between the multi-level regulatory system, to eliminate the regulatory vacuum. Secondly, it should also strengthen cooperation with the international financial institutions and international financial organizations, the most important matter in order to effectively address the barriers to cross-border exchange of information, in order to effectively prevent the transfer and diffusion of capital market risk in our country.
5.3 financial instruments and product innovation: innovative financial instruments, derivative products, and constantly improve the product mix. Financial product innovation, especially in financial derivatives are emerging, allows investors to effectively avoid the risk of stock market investment potential, a strong impetus to the internationalization of the capital market. In the next period of time, while positive development bonds, subordinated bonds, stocks, funds, securities and other securities varieties, should pay attention to the product innovation as follows: (1) to actively promote the development of commercial paper, short-term financing bonds, credit derivatives, the effective a function decentralized financial mechanisms and defuse financial risks. (2) active development of financial derivative products, timely step-by-step to promote the development of various types of deliverable forwards, futures, options, swaps and other innovative products, improve the capital market structure of varieties, improve the ability of capital markets to prevent and defuse financial risks, improve capital market services to the development of the real economy.
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