中国投融资体制改革的回顾与前瞻

发布时间：2018-09-10 07:08

【摘要】：文章认为中国的投融资改革严重滞后 ,其原因不仅因为受到国资国企延误改革的拖累 ,而且还因为它既秉承了传统计划经济最核心的内容 (即政府配置资源 ) ,又在渐进改革过程中衍生出了许多与市场经济不相容的“特色”。投融资体制改革迫在眉睫。其根本措施是完善出资人制度 ,将投融资管理的重点从项目管理转向资本市场管理 ,从“投”转向“融”。文章指出 ,中国投融资改革的总体目标应该是 :建立起针对出资人的资信评价体系 ,以资信等级为依据 ,实施对出资人融资能力的宏观调控。放弃项目的行政审批 ,形成投资决策、资本决策、信贷决策三权鼎立 ,相互制约各负其责的投融资格局。严格金融监管、放松金融准入 ,严格市场清除、放松资本管制 ,培育财务投资者与战略投资者之间良性互动的资金供求机制。厘清企业制度 ,改善中小企业融资环境。
[Abstract]:The paper holds that the reform of investment and financing in China lags behind seriously, not only because of the delay in the reform of state-owned enterprises, but also because it inherits the core contents of the traditional planned economy (that is, the allocation of resources by the government). In the process of gradual reform, there are many characteristics that are incompatible with market economy. Investment and financing system reform is imminent. The fundamental measure is to perfect the investor system, to change the emphasis of investment and financing management from project management to capital market management, from "investment" to "melt". The article points out that the overall goal of China's investment and financing reform should be to set up a credit evaluation system for the investors and to carry out macro regulation and control on the financing ability of the investors on the basis of the credit rating. Giving up the administrative examination and approval of the project forms the investment decision, the capital decision and the credit decision, which restrict each other in the pattern of investment and financing. Strict financial supervision, relaxation of financial access, strict market clearance, relaxation of capital control, foster a benign interaction between financial investors and strategic investors in the supply and demand mechanism of funds. Clarify the enterprise system and improve the financing environment for small and medium-sized enterprises.
【作者单位】：国务院发展研究中心技术部
【分类号】：F832.1

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