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要想真正避免股市动荡引发系统性风险,必须从整个经济体的负债端和资产端入手,通过“调结构”来“防风险”。近期A股行情的跌宕起伏是市场最为热议的一大话题。表面上看,A股的震荡似乎是偶然事件;但从深层次来看,则在一定程度上反映了中国经济结构的失衡。一是融资结构的失衡。传统的间接融资熄火,导致股市在社会融资体系中遭遇不可承受之重。当前企业依然面临融资难、融资贵的问题,原因归根到底是传统的间接融资行不通了,银行找不到高质量的抵
If we want to truly avoid systematic turmoil in the stock market, we must start with the debt side and the asset side of the entire economy and “prevent risk” through “restructuring”. The recent A-share market ups and downs is the hottest topic in the market. On the surface, A-share shocks seem to be by chance; from a deep-seated point of view, however, to a certain extent, they reflect the imbalance in China’s economic structure. First, the imbalance in the financing structure. The traditional indirect financing stalled, resulting in the stock market in the social financing system suffered unacceptable weight. At present, enterprises still face the problem of financing difficulties and high financing costs. The reason is that the traditional indirect financing will not work and the banks can not find a high quality