“新常态”下的经济发展困境及其出路

发布时间：2018-11-03 18:15

【摘要】：房地产行业、传统制造业和基建投资作为长期以来拉动中国经济增长的三股主要力量已经达到了饱和状态,目前遇到了发展瓶颈。在此形势下,中国经济不可避免地从高速增长转向中高速增长的"新常态",而"新常态"反过来加剧了房地产泡沫、产能过剩和地方政府债务问题,从而进一步抑制了经济增长。与此同时,受制于中国特有的金融体制安排,本有望推动中国经济转型的中小企业长期以来面临融资难和融资贵问题。在大型商业银行主导的间接融资体系下,走出经济发展困境的关键在于找到替代性制度安排,这种制度安排既有利于缓解实体经济的资金需求,又有利于降低现有商业银行体系的杠杆化水平。激活资本市场活力的一个根本途径是改革股票发行制度,以IPO注册制取代审批制,这样才能从制度上突破当前金融体系的局限性,打破严重失衡的直接融资和间接融资结构,从而突破中小企业融资困境及其"新常态"下的经济发展瓶颈。为了克服IPO注册制的内在缺陷,监管部门必须加强事后监管,建立市场纪律,约束企业的背德行为,也就是采取"宽进入、严监管"的模式。
[Abstract]:The real estate industry, traditional manufacturing industry and infrastructure investment, as the three main forces driving China's economic growth for a long time, have reached saturation state, and have met the bottleneck of development. In this situation, China's economy inevitably shifts from a high growth rate to a "new normal" with medium and high growth, which in turn exacerbates the problems of real estate bubbles, overcapacity and local government debt. This further suppressed economic growth. At the same time, subject to China's unique financial system arrangements, which were expected to promote the transformation of China's economy, SMEs have long faced financing difficulties and expensive problems. Under the indirect financing system dominated by large commercial banks, the key to get out of the predicament of economic development lies in finding alternative institutional arrangements, which are conducive to alleviating the financial needs of the real economy. It also helps to reduce the leverage of the existing commercial banking system. One of the fundamental ways to activate the vitality of the capital market is to reform the stock issuance system and replace the examination and approval system with the IPO registration system. Only in this way can we break through the limitations of the current financial system and break the structure of direct and indirect financing, which is seriously unbalanced. In order to break through the financing dilemma of SMEs and the bottleneck of economic development under the new normal. In order to overcome the inherent defects of the IPO registration system, the supervision department must strengthen the supervision after the event, establish the market discipline, restrain the enterprise's bad behavior, that is, adopt the mode of "wide entry, strict supervision".
【作者单位】：新乡学院;
【分类号】：F124

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