A recommendations of the Central Committee of the 19th CPC Central Committee of the Communist Party of China on the Fourteenth Five -Year Plan for the Development of the National Economic and Social Development and the 2013 Fast Vision Goals "made，"Improve the Performance of Direct financing"。This indicates，The proportion of direct financing has become an important direction for the development and construction of the capital market during the planning period of my country。The "Fourteenth Five -Year Plan" period must effectively reduce the proportion of indirect financing，Efforts to improve the capital market share of direct financing with relatively low financial risks，to better provide financial services to the development of the real economy。

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Theoretically，Enterprise financing can be divided into indirect financing and direct financing。Where，Indirect financing refers to financing through commercial banks，That is, the enterprise loan from the bank。Direct financing refers to the company that mainly relies on the stock market、Enterprise bond market or private equity investment market for financing。Stock markets formed by indirect financing and stocks formed by direct financing、Corporate bonds or private equity investment and other markets，All are an important part of the capital market。

Indirect financing has long occupied an important share of my country's capital market financing。Before reform and opening up，The capital market is basically in the bud in my country，Main commercial banks are state -owned banks，So，Under the planned economic system, almost all enterprises financing is indirect financing。Bet365 lotto review After my country officially embarked on the road of market economy in the 1990s，Due to the development of the capital market，With the influence of traditional inertia，The proportion of indirect financing has always been high，So far, it still accounts for about 68%of the total financing of capital market。"Fourteenth Five -Year Plan" planning period to increase the proportion of direct financing，For further effectively reduce the proportion of indirect financing，Reduce the systemic risk pressure of state -owned banks，The resource allocation role of the direct financing market to a greater extent is of great significance。

Different from indirect financing，Direct financing does not depend on commercial banks，but mainly depend on the stock market、Enterprise bond market or private equity investment market。Where，Direct financing that rely on the stock market to issue stocks is equity financing (also known as equity financing)，Direct financing of enterprises relying on the bond market issuance of creditor's rights is the credit financing of bonds (also known as debt financing)。Whether it is equity financing，Still creditor financing，Enterprises must pass the relevant non -bank financial institution agencies，In the stock market、Corporate bond market or private equity investment market obtains direct investment from residents or related investment institutions。In direct financing，bet365 Play online games Non -bank financial institutions responsible for providing financing services to enterprises play an important market intermediary role.，Not only responsible for financing enterprises，More to the stock market、Investors in the corporate bond market and the private equity investment market are responsible for，Affecting the corresponding financial risks and financing responsibilities。and relevant government departments are responsible for managing the stock market、Enterprise bond market and private equity bet365 live casino games investment market，Responsibility for the management market，Give play to the role of supervision。

my country's stock market、The corporate bond market and the private equity investment market are gradually established around the 1990s，Lack of mature regulatory management experience，I can't meet the standardized management requirements。Although the stock market and the corporate bond market have reached a certain scale，Become the second largest market in the world，and the cumulative investment in the private equity investment market has also exceeded 10 trillion yuan，But compared with indirect financing，The proportion of enterprises to realize direct financing is not high，This has become an urgent problem that must be solved by the high -quality development of my country's capital market。So，During the "Fourteenth Five -Year" plan，Improve the proportion of direct financing，It is to try to improve the functions and management of the direct financing market，More enough、More effectively play the role of the direct financing market。

　　Two key to increase the proportion of direct financing

In the "Counseling Reading of the Central Committee of the Communist Party of China on the Fourteen Five -year Planning of the National Economic and Social Development and the 2013 Fast Vision Goals"，Chairman of the China Securities Regulatory Commission Yi Hui will give six key tasks to increase the proportion of direct financing: First, comprehensively implement stock issuance registration system，Greed up direct financing entrance。Second is to improve the multi -level capital market system with Chinese characteristics，Enhance direct financing tolerance。Third is to promote the improvement of listed companies，Consolidate the cornerstone of direct financing development。Fourth is to further promote the innovation and development of the bond market，Rich direct financing tools。Five is to accelerate the development of private equity funds，Highlight the strategic role of innovative capital。Six bet365 best casino games is ​​to vigorously promote long -term funds to enter the market，Full and direct resource head live water。To successfully complete these six key tasks，Fundamental speaking，You must seize two key basic points，It must meet two vital basic prerequisites。

The first key basic point is，We must increase the willingness of residents to participate in the direct financing market。If residents are unwilling to invest in the direct financing market in their hands (including investing in the stock market and corporate bond market)，More choices to stay in commercial banks as savings，So，It is very difficult to achieve the goal of increasing the proportion of direct financing。The total amount of funds in the whole society is certain，Residents In addition to consumer income and wealth, if they are not in circulation in the indirect financing market，It must be circulating in the direct financing market。Modern Society，The habit of residents who store a lot of cash in the home has gradually weakened，Almost all the currency flows freely in the financial market，Flowing of funds is nothing more than two markets: direct financing or indirect financing。So，Gradually regulate the development of the direct financing market，It is important to ensure that the investment in the direct financing market as the indirect financing market is of the same security。

To increase the proportion of direct financing，Raise the willingness of residents to participate in the direct financing market，It is necessary to reduce the risk of the stock market，Standardize the normal operation of the stock market，To ensure that listed companies can achieve continuous financing in the stock market，Improve the proportion of direct financing。Similar，In -depth promotion of the innovation and development of the bond market，Enrich the direct financing tool of the corporate bond market，It also has important value。Compared with the stock market，The investment risk of the corporate bond market is relatively Bet365 lotto review limited，Just in the past residents' understanding of the corporate bond market，And most companies choose to issue stocks instead of bond financing。Compared with similar foreign markets，The proportion of Chinese corporate bond financing in direct financing is also at a lower level。So，During the "Fourteenth Five -Year" plan，Actively guide funds to enter the corporate bond market，strongly promoting enterprises to choose more bond financing，Therefore, the proportion of financing in the direct financing market。

The second key basic point is，Cultivate a batch of bet365 Play online games Non -bank financial institutions that provide direct financing services，Including the function of expanding the non -bank financial institution of commercial banks。During the "Fourteenth Five -Year" plan，The proportion of direct financing requires corresponding financial institutions to provide direct financing services for enterprises，These financial institutions include non -bank financial institutions，It also includes a branch of commercial banks engaged in non -commercial banks。It must be clearly，Enterprise realizes direct financing，Whether it is equity financing，Still bond financing，Whether it is private equity financing，Or public financing，All must be operated by related financial intermediaries，instead of being directly faced by the enterprise to face the residents or institutional investors。

To fully implement the stock issuance registration system，Greed up the direct financing entrance，There must be a non -bank financial institution strictly reviewing the market -oriented company to be issued by bet365 Play online games Non -bank financial institutions，After approval, it can be submitted to the relevant materials to register and distribute。Under the registration system of stock issuance，The main functions of the China Securities Regulatory Commission or the Stock Exchange are concentrated in registration and supervision，Non -bank financial institutions responsible for direct financing services in the enterprise will assume important review functions。Direct financing and indirect financing belong to the financing behavior of enterprises，Indirect financing is reviewed by commercial banks，Direct financing is reviewed by non -bank financial institutions，This is the guarantee of the smooth operation of the financial market。

For the in -depth promotion of the innovation and development of the bond market，Rich direct financing tools，It is inseparable from bet365 Play online games Non -bank financial institutions to play an intermediary function。Not only that，Accelerate the development of private equity funds and vigorously promote long -term funds to enter the market，It also needs to vigorously play the role of non -bank financial institutions。Enterprises with financing demand are not allowed to issue private equity funds，Need to rely on non -bank financial institutions with professional qualifications for business operations。Promote long -term idle funds to enter the market，Under the market economy conditions，Also can only be responsible for non -bank financial institutions。It can be said，To improve the proportion of direct financing，Need non -bank financial institutions to play a key intermediary function。

Overall，Vigorously improve the willingness of residents to participate in the direct financing market，At the same time, it is supplemented by a group of high -quality bet365 Play online games Non -bank financial institutions to effectively and effectively cooperate，Six key tasks for completing the "14th Five -Year Plan" plan "Increase Direct financing"，The strategic goal of "improving the proportion of direct financing" formulated by the Fifth Plenary Session of the 19th Central Committee of the Party is significant。

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