How to Redesign Chinese Capital Market ? ——Based on the Perspectives of“Equity and Effi ciency”and “Enriching People's Life and Prospering China”
- 王亚南院－已发表论文 
效率与公平是各种经济社会制度都要追求和平衡的两大目标,资本市场作为实现资源配置和财富分配的重要制度,应该有效地为实体经济服务和使全民都能分享经济增长的好处。现有的中国资本市场在这两个方面都有必要加以改造,达到富民强国的战略目标。一方面,建立资本市场上代表公众利益的"公众基金",使之成为终身保荐人和长期战略投资者,降低一级市场高价圈钱、二级市场疯狂套现的行为,并建立起直接向大众分配财富的渠道;另一方面,制定有利于实体经济和公众资本的规则,将市场估值重新建立在真实收益和现金流基础上,区分不同性质的股票并做差异化的处理,从而把资本确实有效地引导到实体经济需要的地方。Efficiency and equity are two basic goals in any society and economic system. As an important system of resource allocation and wealth distribution, capital market should well serve the real economy and share the benefi ts of economic growth with all the people. However, the existing Chinese capital market should be reformed in regards to achieving strategic objectives of both enriching the people and prospering the nation. On one hand,"Public Funds"which can turn into lifetime sponsors and long-term strategic investors should be established on behalf of all the people and be allowed to participate in the capital market. By the means, the distorted behaviors in the capital markets can get corrected and the channels which can distribute the wealth to the public in a direct and fair manner will be established. On the other hand, the rules of the capital market should be developed in favor of real economy and public interests. Capital market valuation should be re-built on the basis of real earnings and cash flow. Subject to differentiated treatment, stocks should be effective in guiding capital into the real economic needs.