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一、香港回归——中国证券市场国际化契机 严格地说,中国证券市场目前尚处极度原始状态。这种原始性集中体现在三个方面:(1)市场规模弱小;(2)市场配置资源功能低效;(3)市场封闭式运作。若将中国证券市场视作一个经济系统,那么上述三种不利于系统良性发展的因素彼此相互作用,形成一种魔性怪圈。要打破系统的这种恶性循环,从中国国情出发,其突破口无疑在于改良市场封闭式运作这一状态,而且就建构中国新型证券市场来说,这样做让会成本最低、可行性最大、效果最佳。 根据美国经济学家格利和肖的观点,在一国经济发展进程中,随着人均收入的增加,金融资产将比国民产出增长更快。即是说,在一个经济体中,金融资产比非金融资产更高比率扩增。金融资产有直接金融资产(证券形式资产)和间接金融资产(银行业资产)之分,当代世界各国积聚金融资产的方式有全球范围内增长直接金融资产趋势。事实上,以证券形式融资(直接金融)其成本最低,效率最高。因此,欲保持中国经济持续高速发展,对国民储蓄尚难填补“投资扩张缺口”的中国经济来说,走证券市场国际化的路径是顺应世界潮流的必然取向。
I. Hong Kong’s Return - Opportunity for Internationalization of China’s Securities Market Strictly speaking, China’s securities market is still in an extremely primitive state. This primordial focus is reflected in three aspects: (1) market size is weak; (2) market allocation of resources is inefficient; (3) the market is closed-end operation. If we regard China’s securities market as an economic system, then the above three factors that are not conducive to the sound development of the system interact with each other to form a magic circle. To break this vicious cycle of the system and proceed from the actual conditions in China, the breakthrough point is undoubtedly the improvement of the closed-loop operation of the market. In terms of building a new type of securities market in China, this will minimize costs and maximize feasibility and effectiveness good. According to the U.S. economists Gregory and Shaw, in a country’s economic development process, as per capita income increases, financial assets will grow faster than the national output. That is, in an economy, financial assets expand at a much higher rate than non-financial assets. Financial assets have direct financial assets (assets in the form of securities) and indirect financial assets (banking assets). The ways in which all countries in the world accumulate financial assets include the trend of increasing direct financial assets worldwide. In fact, financing in the form of securities (direct finance) has the lowest cost and highest efficiency. Therefore, in order to maintain the sustained rapid development of China’s economy and take a path toward internationalization of the securities market, it is an inevitable trend for the internationalization of the securities market to conform to the trend of the world economy, for the Chinese economy where national saving is still hard to fill the “investment expansion gap.”