华东师范大学(哲学社会科学版) ›› 2013, Vol. 45 ›› Issue (5): 17-23.

• 当下经济问题研究 • 上一篇    下一篇

市场结构调整:中国金融市场应对资本管制放开之举措

周炼石   

  1. 上海行政学院经济学系,上海,200233
  • 出版日期:2013-09-15 发布日期:2013-11-06
  • 通讯作者: 周炼石
  • 作者简介:周炼石
  • 基金资助:

    本文为上海社科基金系列课题(2012XAI001)的阶段性成果。感谢顾京博士为本文的形成所提供的支持。

Structural Adjustment of China’s Financial Market: The Way to Avoid Crisis with the Liberalization of Capital Control

ZHOU Lian-shi   

  • Online:2013-09-15 Published:2013-11-06
  • Contact: ZHOU Lian-shi
  • About author:ZHOU Lian-shi

摘要: 各国资本管制放开后,大致出现了未爆发危机、未爆发危机但国民经济失衡、爆发了金融危机三类不同的后果。中国金融市场与第三类放开资本管制后爆发危机国家的金融市场有较高的相似性,即除了规模小、抗风险能力差外,更突出的是投机性强,其根源在于市场结构比例失调。因此,为了应对资本市场管制放开、避免金融危机,根据戈德斯密斯金融结构理论,在中国当前上金融市场建设和完善中,急需加强市场结构调整,并将其提高到防范金融风险的高度来认识。为此,应当迅速建立以公司债券为中心的资本市场结构和以票据贴现为主体的货币市场结构,以及加强基础性和衍生性金融期货市场之间的衔接。

关键词: 金融市场, 资本管制, 结构调整

Abstract: The countries in practicing the liberalization of capital control have roughly experienced three different consequences: no crisis, no crisis but the imbalance occurred in national economy, and financial crisis. China’s financial market has high similarities with the third category. Besides its small scale of the market with low resistance of risk, the speculative factor is quite active, which originates from the disproportion of China’s market structure. Therefore, according to the financial structure theory of Raymond W. Goldsmith, we need to carry out structural adjustment of financial market so as to avoid financial crisis with the liberalization of capital control. We should establish a structure of capital market with the core business of corporate bonds, set up a structure of monetary market with the note discounts as the major part, and strengthen the connection between fundamental and derivative financial futures markets.