摘要
着力推进供给侧结构性改革是党和国家综合研判世界经济形势和我国经济发展新常态作出的重大决策,近期重点任务是着力推进"三去一降一补"。本文在回顾供给侧结构性改革政策及综述相关理论及实践问题探讨的基础上,分析了资本市场助力供给侧结构性改革的历史使命,包括具有去杠杆、降成本的比较优势,拥有并购重组、资产支持证券等市场化手段,是补强国家环境治理、扶贫攻坚等发展短板的助推器。进而,本文提出了推进资本市场自身改革,大力推动股权、债权融资,规范发展并购重组、资产支持证券业务,严格执行相关补短板政策等助推供给侧结构性改革的政策建议。
It is the country＇s important decision to promote the supply-side structural reforms after comprehensive analysis of present world economic situation and the ＇new normal＇ status of China＇s economy development. Facing the arduous task of structural reforms, five major tasks were identified - cutting excessive industrial capacity; destocking; de-leveraging; lowering corporate costs; and improving weak links. This paper analyzes the historical mission of capital market to promote the supplyside structural reforms based on reviewing the policy about the supply-side structural reforms and relevant theories and practical problems. It includes creating comparative advantages resulted from de-leveraging and lowering corporate costs, having market- oriented means such as merger and acquisition as well as asset-backed securities. Those measures are the boosters of improving weak links in national environmental governance and poverty alleviation. It proposes policy recommendations to promote the supply-side structural reforms that include promoting the capital market reform, encouraging equity and debt financing, regulating the development of mergers and acquisitions, asset-backed securities business, and implementing the relevant policies to improve weak links.
出处
《证券市场导报》
CSSCI
北大核心
2017年第2期4-13,共10页
Securities Market Herald
关键词
资本市场
供给侧结构性改革
直接融资
并购重组
capital market, supply-side structural reforms, direct financing, merger and acquisition
