April 2020，Central Committee of the Communist Party of China、The State Council issued the "Opinions on Constructing a more comprehensive factor market -based allocation system and mechanism"，For Land、Capital、Market -oriented reform of labor force and other factors indicate directions。The market -oriented configuration of capital element is essentially a capital facilities for the market participation subject through trading means。To achieve the goal of the market -oriented configuration of capital element，Since the reform and opening up，my country has carried out a magnificent financial institutional mechanism reform，Market -based configuration reform of capital element has achieved significant results，It played an important role in promoting the high -quality development of the economy。

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Multi -level capital market gradually improves，Enterprise financing constraints are relaxed。The commercial banking system established in the 1980s，Enterprise's financing constraint threshold is to provide mortgage assets。Subsequent，Some state -owned enterprises start issuing corporate bonds，Relax of the constraints of mortgage loans，but still belong to debt financing。Starting in the 1990s，Establishment of the stock market，Improve financing structure for enterprises、Conditions for reducing debt burden，Equity financing has become an important means for corporate debt financing，But the requirements of the stock market are higher。Since the 21st century，With the GEM、Science and Technology Board, etc.，The conditions for the company's listing are relaxed，More and more companies have begun to use the model of equity financing to raise development funds。Especially in the past ten years，The development of the Entrepreneurship Investment Fund further relaxed the financing Bet365 lotto review constraint on growth enterprises。

The continuous expansion of the capital market lays the foundation for enterprises to improve the financing structure。my country's total market value expanded from 2.382 billion yuan in 1990 to 6.581 trillion yuan in 2019，Become the second largest capital market in the world。The balance of the existing bonds in the national bond market expanded from less than 100 billion yuan in 1990 to 9.70 trillion yuan in 2019。The expansion of the scale of the capital market and reshape the capital market financing pattern，It has changed the situation that the company's serious dependence on the bank's medium and long -term loans，Let the enterprise have the means and ways to obtain capital elements in the market，So as to improve the financing structure for enterprises、The reduction of financing costs laid the foundation。

The steady advancement of the stock market registration system has further reduced the threshold for the issuance of enterprise stocks，Provides prerequisite for the market -oriented configuration of capital element。China's stock issuance system has gone through the approval system、Approve system，Reform in the direction of the registration system。The right to issue shares to issue shares for financing under the approval system and approval system is strictly limited，The government's responsibilities under the registration system are concentrated on the regulatory side，Enterprise stock issuance depends more on market supply and demand，The degree of marketization of capital element further improves。and，The continuous improvement of basic legal systems such as the Securities Law of the People's Republic of China and the gradual improvement of the securities market legal guarantee mechanism，Provides legal guarantee for the market -oriented configuration of capital element。

but，The current market -based configuration reform of capital element still faces many problems，It restricts the satisfaction of corporate financing needs。For example，The proportion of direct financing of enterprises is low，Direct financing China Bet365 app download equity financing ratio is low，Enterprise debt burden, etc.。A recommendations for the Central Committee of the Communist Party of China on the Fifth Plenary Session of the 19th Central Committee of the Party.，Institutions and mechanisms to build financial effects to effectively support the real economy。So，The function of giving full play to financial support for the real economy should become the meaning of the market -oriented reform of the capital market。At the same time，The stock market is big but not strong、Insufficient flexibility of the system and mechanism、The current situation of the division of the bond market still exists，Enterprises face unfair issues such as debt issuance and other issues urgently need to be solved。Not only that，Domestic and foreign capital markets are large，The financial system that effectively responds to international financial risks needs to be improved。These factors have restricted the further deepening of the market -oriented reform of my country's financial market。

　　The focus point of deepening reform

With the improvement of the capital element trading platform and the accumulation of financial talents，The environmental constraints faced by corporate financing in the early stage of reform and opening up have been greatly improved。Further deepen the market -based configuration reform of capital element，Provides a more optimized financing environment for promoting the high -quality development of enterprises，Need to start from the following aspects。

First, deepen the reform of the financial system。The important content of deepening the reform of the financial system is to improve the formation of market -oriented interest rate formation and conduction mechanism。At present, the market -oriented reform of interest rates is still advancing steadily，The reform of interest rate marketization means that the business model of the banking industry dependence on deposit loan as the main profit point will be difficult to continue，The competition in the banking industry is becoming increasingly fierce。To find a profit point，The banking industry needs to continuously explore bet365 Play online games business boundaries，Efforts to meet the market's demand for financial business，This has become an important promoter of the market -oriented reform of capital element。Data show，The bank participates in the configuration of nearly 70%of the capital，Breaking the original capital allocation model of the banking industry is a key part of deepening the market -oriented configuration of capital elements。Especially the reform of the marketization of interest rates，It is of great significance for deepening the market -oriented configuration of capital element。

At the same time，Establishment of the Regional Financial Pilot Zone，Pioneering regions and paths for financial opening and financial marketization。The negative list of them，Especially attractive attention，Direction for the future financial marketization reform。Timely summarize the experience and lessons of the financial reform pilot zone，To further promote the market -oriented reform of capital element。and，In this process, you need to make full use of the power of technology finance，Expand the depth and breadth of the market -oriented allocation of capital element，Effective supervision of it。

The second is to explore the further open policy of the capital market。Experience indicates，High national income and closed capital markets can easily lead to the capital market bubble，If the profits of virtual economic profit at the same time are growing faster than the real economy profit，Fund continues to flow towards the capital market and the real economy gradually weakened，The difficulties facing economic and social development will be greater。World Bank data display，Since the reform and opening up，China's national income level gradually increases，China's per capita GDP at the end of 2019 exceeds $ 10,000，Gradually move closer to the per capita income level of high -income countries。At the same time，Thanks to the progressive reform and open measures of China's capital market，my country's stock market has been steadily good for a long time，It has not formed a high and persistent foam。Although the current channels of my country's capital market bet365 best casino games are gradually diversified，Open scale expands year by year，But the continuous growth of national income makes the demand for further opening of the capital market more urgent。For this，Need to further increase the research intensity of capital opening，Summarize the experience and lessons of the opening of the foreign capital market，Pay close attention to the effectiveness and trend of pilot pilot pilot pilots in the capital market，Strive to transform the capital market to a higher level of open capital market，Gradually become one of the global financial allocation centers。

Third is to improve the basic system of the capital market。Comprehensive implementation of stock issuance registration system，Establish a normalized stock delisting mechanism。First is to improve the basic system of the stock market。First, comprehensively promote the stock market issuance system from the approval system to the registration system; the second is to improve the new stock issuance pricing system for the market inquiry system; the third is to continue to improve the stock issuance method，Improve the method of distribution of general investors online distribution and distribution of legal persons; fourth, strengthen the construction of information disclosure system。Followed by improving the stock trading system。First, optimize the delisting index system，Second is to improve the financing environment of the delisting enterprise，and strictly implement the delisting system。

Fourth is to unify the reform of the bond market with standards。The division of the bond market is intricate，Involved in many aspects。For this，Unified market access needs to be established from the legislative level、Information disclosure、Transaction、Standards such as illegal and illegal treatment，Graduation of the credit evaluation system，The final formation of the inconsistent yield curve，Improve the efficiency of the capital element of the bond market。Promoting the construction of bond market integration，Need to explore corporate bonds、Unified evaluation system bet365 Play online games for credit bonds such as corporate bonds，Deepening the reform of bond supervision agency。

Five is to explore the implementation of mixed operations and effective paths。Since the reform and opening up，China's financial division business structure formed，To a certain extent, it has contributed to the unique competitive advantage of various financial industries。For example，Different channels of funds for banking outlets，helps solve the capital needs of most enterprises，The investment layout of the securities firm makes the standardized product advantage，and the fund industry is more conducive to serving growth for a period of time。But this dividing supervision model is not conducive to capital needs and supplies to make full use of various financing and investment information，thus affecting the effective configuration efficiency of the capital market。In recent years，The asset management industry has gradually become a business for the development of various financial sub -industries，From this mixed operation，Provides a realistic foundation for future mixed operation development and mixed industry supervision。Take this as an opportunity，Exploring the feasibility scheme of mixed operation and mixed industry supervision，In -depth excavation of the potential of physical enterprises in the capital market，It provides a basis for further optimizing the market -oriented configuration of capital element。In this process，It is necessary to gradually improve the modern financial regulatory system，Improve the transparency of financial supervision and the level of rule of law，Improve financial risk prevention、Early warning、disposal、Accountability System。

At present, domestic international uncertainty increases significantly，The Party Central Committee proposes to build a large domestic cycle as the main body、The new development pattern of mutual promotion of domestic and international dual cycles，Direct new directions for China's economic and social development。In -depth promotion of the market -oriented reform of capital element，Especially Bet365 lotto review the efficiency of improving financial support to support the real economy has become an important support for China's high -quality development。

　(Author Unit: Institute of Industrial and Economics of the Chinese Academy of Social Sciences)