摘要
资本市场贯彻新定位、合理发挥枢纽功能对于新质生产力的培育与涌现至关重要。创新激励效应、要素配置效应和产业支撑效应的发挥是资本市场赋能新质生产力形成的重要路径。具体而言,资本市场以层次化的直接融资渠道打破诸多科创活动的资金僵局,加快创新资本的集聚;在创新成果转化中,资本市场通过直接与间接途径发挥要素配置功能,引导新型生产要素与新质主体匹配;作为政策落实的重要载体,资本市场以巩固资金链、分散风险等方式为新兴与未来产业提供发展动能。限于发展历史较短,当前我国资本市场还存在着一些问题,集中表现为金融服务功能尚未充分发挥、创新资本形成渠道狭窄;股价信息含量不高且质量欠佳、要素流动与配置受阻;投融资良性循环尚未形成、资本市场结构协调性不佳。这些问题引发创新资本形成、生产要素配置与中长期资金支撑方面的堵点,导致资本市场对新质生产力形成的赋能路径受阻。未来应多措并举,将资本市场打造成服务实体经济、锻造新质生产力的实质性金融支撑。一是稳步优化金融结构,引导多元化融资渠道互补互促;二是加快完善注册制配套监管机制,提升信息披露质量与传递效率;三是持续推进投资端改革,深层次优化投资者结构治理。
The capital market's implementation of its new positioning and its role as a hub are crucial to the cultivation and emergence of new quality productive forces.The innovation incentive effect,factor allocation effect and industrial support effect are important ways for the capital market to empower the formation of new quality productive forces.Specifically,the capital market uses hierarchical direct financing channels to break the funding deadlock in many scientific and technological innovation activities and accelerates the concentration of innovation capital;in the transformation of innovation achievements,the capital market plays the factor allocation function through direct and indirect ways,and guides the matching of new production factors and new quality entities;as an important carrier for policy implementation,the capital market provides development momentum for emerging and future industries by consolidating capital chains and diversifying risks.Due to the short development history,China's capital market still has some problems,which are mainly reflected in the fact that the financial service function has not been fully exerted and the channels for innovative capital formation are narrow;the stock price information content is not high and the quality is poor,and the factors flow and allocation are blocked;a virtuous cycle of investment and financing has not yet been formed,and the capital market structure is poorly coordinated.These problems have caused blockages in the formation of innovative capital,allocation of production factors,and medium and long term financial support,blocking the capital market's path to empowering the formation of new quality productive forces.In the future,multiple measures should be taken to build the capital market into a substantial financial support that serves the real economy and creates new quality productive forces.Firstly,we should steadily optimize the financial structure and guide diversified financing channels to complement each other;secondly,accelerate the improv
作者
林春
文小鸥
LIN Chun;WEN Xiao-ou(School of Finance and Trade,Liaoning University,Shenyang,Liaoning,110036)
出处
《深圳大学学报（人文社会科学版）》
北大核心
2024年第2期66-75,共10页
Journal of Shenzhen University：Humanities & Social Sciences
基金
辽宁省教育厅基本科研项目“数字经济赋能辽宁省城市金融韧性提升研究”(JYTMS20230745)。
关键词
新质生产力
资本市场
创新资本
生产要素配置
新兴与未来产业
new quality productive forces
capital market
innovation capital
allocation of factors of production
emerging and future industry
