介绍
自上世纪末以来，随着经济的飞速发展，中国的资本市场经历了强劲的增长。尽管其丰厚的规模和潜力给世界留下了深刻的印象，但这种表现却很难说具有吸引力。截至2018年12月28日，基准上证综指与年初相比下跌了“ 25％”，“使其成为全球表现最差的主要股票市场”和“ 2.4万亿美元”亏损是2002年以来彭博记录中最大的一次（“中国有”，2018年）。下降的部分原因是中美之间持续的贸易紧张关系，部分归因于``去杠杆化驱动力''，即投资者变得更加``规避风险''（``China Have the''，2018）。
中国的资本市场植根于国有经济，而不是市场导向的国家，在发展过程中一直存在一些长期问题，影响其效率和投资者的信念。其中，诸如中央政府的严格控制和监管风险，相对于发达市场的透明度较低，投资选择有限，公司治理不成熟以及金融部门缺乏专业性等因素是投资者最关注的领域。随着经济增长势头开始放缓，中国的资本市场迫切需要进一步改革，以赶上资本主义经济的同业，而不仅仅是数量。在本文的以下部分，将讨论需要改进并相应提出一些策略和方法的领域。
放松政府控制，建立市场化机制
假定有效的可持续资本市场将提供足够的融资途径和增长机会，以推动宏观经济的发展。由于政府的大力干预，中国的市场已经偏离了这一目标-主要是为了那些国有资产的利益。正如Zhen（2013）所说，“通过中国证监会的监督，“中国的资本市场已成为实施中央政府经济政策的手段”，“效率通常不是最重要的目标”，这一特征鼓励并为该国的普遍投机创造了空间。而且，管理机制是零散的，直接影响到整个部门的效率。例如，债券市场在五个独立机构的监督下（Zhen，2013）。从货币角度来看，利率，高通胀率等受监管指标已将剩余资本推向影子银行，并抑制了债券市场的增长（Zhen，2013）。
政策制定者的长期干预使中国的资本市场无法发展成为实体市场，结果，市场结构，资产价格和投资行为逐渐受到折磨，资本市场失衡可能反过来损害实体经济。为了市场的可持续发展，监管机构应简化和重新设计一种与国际惯例接轨的管理机制，对私营部门提供有利的政策，让市场奖励善恶的人，以增强效率并充分释放社会的财富潜力。
IntroductionChina’s capital market has experienced robust growth along with the rapid economic development since late last century. Though impressed the world with its lucrative size and potentiality, the performance is hard to say appealing. As of Dec 28, 2018, the benchmark Shanghai Composite Index was “25% down” compared with where it was at start of the year, “making it the worst-performing major stock market in the world”, and the “$2.4 trillion” loss is the biggest in Bloomberg’s record since 2002 (“China Has the”, 2018). The decline is partly due to the persistent trade tension between U.S. and China, and partly attributed to a “deleveraging drive” that investors become more “risk-averse” (“China Has the”, 2018).
Rooted in a state-owned economy rather than market-oriented, the capital market in China has developed some long-lasting problems during the progress of evolvement, which impacts its efficiency and investor’s faith. Among them, factors like stringent control from central government and regulatory risk, less transparency relative to developed markets, limited investment choice, immature corporate governance, and lack of professionalism in the financial sector, are fields that concern investors most. As economic growth momentum began to slow down, the capital market in China is in urgent need for further reform, so as to catch up with its peers from capitalist economies in terms of quality, not just quantity. In the following part of this essay, fields that call for improvement and bring forward some strategies and methods accordingly will be discussed.
Relax Government Control and Build a Market-Oriented Mechanism
An efficient sustainable capital market is assumed to provide sufficient financing routes and growth opportunities to fuel the development of macroeconomy. Due to substantial government intervention, China’s market has diverted from this goal - mainly serve the interest of those state-owned assets. As commented by Zhen (2013), “China’s capital markets have become a means of implementing central government’s economic policies”, through the supervision of China Securities Regulatory Commission, and “efficiency is often not the most important goal”, this characteristic has encouraged and created room for prevailing speculation in the country. Moreover, the administration mechanism is fragmented, which directly impacts the efficiency of the whole sector. For example, the bond market is under the supervision of five separated agencies (Zhen, 2013). From the monetary perspective, regulated indicators like interest rate combining with high inflation rate have driven surplus capital to shadow banking and dampened the growth of the bond market (Zhen, 2013).
The long-lasting intervention from policymakers has prohibited China’s capital market from growing into a real market, as a result, market structure, asset prices, and investment behavior are tortured gradually, and an imbalanced capital market may conversely hurt the real economy. For the sustainable development of the market, regulators shall simplify and re-design an administration mechanism that in line with international practice, provide a favorable policy to the private sector, let the market to reward the good and punish the bad, so as to enhance efficiency and fully unleash the potential of wealth from the society.
向外国金融机构开放
自2001年加入WTO以来，全球主要的金融机构，包括投资银行，商业银行，投资管理公司和保险公司，已在中国树立了自己的足迹（安永会计师事务所，2018年）。但是，存在是一个故事，参与是另一个故事。到2018年末，不允许外国公司持有合资企业的控股权，并且业务范围仅限于非核心交易-不允许它们从事诸如“金融交易，储蓄存款和付款”之类的庞大业务，反过来影响FFI的发展和利润（Tang，2018）。另一方面，过度保护和有限的竞争未能刺激本地企业提高服务水平并优化所提供的产品。结果，投资者没有更好的多元化选择，盛行的投资理念也落伍了，甚至变得不合理，从长远来看对资本市场有害。
向外国金融机构开放不仅可以鼓励当地同行提高服务水平，例如执行“尽职调查”（Tang，2018），还可以通过更多种类的产品丰富中国的资本市场，此外，还可以培养合理的投资。文化并在当地社区引入先进的财务语言。
加强公司治理和专业精神
在中国市场进行投资时，投资者的主要关切是道德方面。在2018年，由于几家上市公司的“疫苗丑闻”和“基因编辑争议”（“ China Has the”，2018），引发了卫生行业的抛售。尽管文化和政治背景有所不同，但投资者经常批评的另一部分是专业精神。例如，一些投资者关系经理缺乏对公司治理甚至财务知识的基本了解（Allen and Rui，2018）。根据阿伯丁标准投资亚洲公司公司治理负责人戴维·史密斯（David Smith）的说法，公司通常会误解“暂停意味着什么”，并且他们常常在不需要时选择暂停（Allen和Rui，2018年）。为了增强资本市场的吸引力和竞争力，中国公司应改善公司治理，以减少投资者眼中的公司级风险或人员风险。同时，监管机构和公司应努力通过与国际惯例相类似的培训或许可来保持市场人才的专业表现。
结论
上述领域是决定中国资本市场健康发展的相互联系的因素。有利的消息是，中国政府将致力于``进一步开放，放宽法规，简化金融部门的管理''，为内陆和海外投资者建立一个``更公平''，``更透明''的市场（Ernst＆Young，2018 ）。罗马不是一天建成的，中国的资本市场有望走很长一段路，并逐步探索自己的发展模式。
Open Up to Foreign Financial Institutions(FFIs)The world’s major financial institutions, including investment banks, commercial banks, investment management companies, and insurance companies have set their footprints in China upon its entering into WTO in 2001(Ernst & Young, 2018). However, presence is one story, participation is another. Till late 2018, foreign firms were not allowed to take controlling stakes in joint ventures, and scope of business was restricted to non-core transactions - they are not permitted to touch vast business like “financial transactions, saving deposits and payment”, which in turn affects FFI’s development and profit (Tang, 2018). On the other hand, over-protection and limited competition failed to stimulate local players to improve their service standard and optimize products that offered. As a result, investors have no better choice for diversification, the prevailing investment philosophy also falls behind, even become irrational, which is harmful to the capital market in the long run.
Opening up to FFIs can not only encourage local peers to upgrade their service standard, for example, the execution of “due diligence” (Tang, 2018), but can also enrich China’s capital market with more varied products, moreover, cultivate a rational investment culture and introduce advanced financial language within local community.
Enhance Corporate Governance and Professionalism
When investing in China market, one major concern of investors is the ethic aspect. In 2018, the stock market has seen a “sell-off” in the health sector ignited by the ‘vaccine scandal’ of several listed companies and a “gene-editing controversy” (“China Has the”, 2018). Another part that frequently criticized by investors is professionalism, despite the difference in cultural and political context. For example, some investor relation managers lack basic understanding of corporate governance or even financial knowledge (Allen and Rui, 2018). According to David Smith, Head of Corporate Governance in Aberdeen Standard Investment Asia, companies generally misunderstand “what suspension means”, and they just too often choose to suspend when it is not necessary (Allen and Rui, 2018). For the attractiveness and competitiveness of capital market, Chinese companies shall improve their corporate governance so as to reduce corporate level risk or people risk in investor’s eyes. Meanwhile, regulators and companies shall strive to maintain the professional performance of talents in the market, either through training or licensing that comparable to international practice.
Conclusion
The above fields are interlinked factors that determine the healthy development of China’s capital market. Upside news is that the Chinese government is committed to “further opening up, relaxing regulations and streamlining the administration of the financial sector”, toward a “fairer” and “more transparent” market for both inland and overseas investors (Ernst & Young, 2018). Rome is not built in a day, the capital market in China is expected to take a long way of justification and gradually explore its own development mode.
References
Allen, J., and L. Rui. 2018. Awakening Governance: ACGA China Corporate Governance Report 2018. Asia Corporate Governance Association.
“China Has the World’s Worst Stock Market With $2.4 Trillion Loss”. 2018, Bloomberg.
Ernst & Young. 2018. New Era of China’s Opening Up - Unlocking Market Potential Through Trade Transformation. Ernst & Young Advisory Services.
Tang, F. 2018. “China is letting in foreign firms, but will the financial market really be open?” South China Morning Post.
Zhen, Y. 2013. China’s Capital Markets. Elsevier Science & Technology.
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