The Central Financial Work Conference clearly stated，Optimize financing structure，Better play the hub function of the capital bet365 bonus code 2023。The modern financial system is under the trend of disintermediation，The financial function gradually changes from focusing on financing to focusing on both financing and wealth management，The status of capital bet365 bonus code 2023 is becoming more and more important。With the evolution of the industrial revolution，The role of scientific and technological innovation in industrial optimization and economic growth has become increasingly obvious，The system and functions of the capital bet365 bonus code 2023 are flexible and diverse，Be able to better match the risk characteristics of technological innovation，Thus promoting technological innovation。Systematically grasp the logic of my country’s capital bet365 bonus code 2023 growth，It is of great significance to improving the functions of the capital bet365 bonus code 2023。

　　The capital bet365 bonus code 2023 is generated by financial disintermediation

Financial disintermediation，Also known as “financial disintermediation”，refers to financing in economic activities without the need for financial intermediaries，It is a phenomenon in which fund suppliers and fund demanders are directly connected。Financial disintermediation will have a greater impact on the credit business of traditional commercial banks，Even weaken the status and role of commercial banks as financing intermediaries。Financial disintermediation is a phenomenon that will inevitably occur after the bet365 bonus code 2023 economy develops to a certain stage。

The process of direct corporate financing，It is the process of financial disintermediation。The reason why companies choose direct financing，It may be because the company cannot meet the loan conditions of financial intermediaries，It may also be because banks cannot meet the diverse financing needs of enterprises，Such as equity financing needs, etc.。No direct financing behavior of enterprises，The capital bet365 bonus code 2023 cannot be formed。Meanwhile，Enterprises as demanders of funds，Needs wealth surplus sectors such as residents to provide funds。Residents pursue higher returns and flexible and diverse financial products，Like stocks、Bonds, etc.，Will transfer excess funds from banks and other departments to the capital bet365 bonus code 2023。The capital demand side and the supply side conduct direct capital transactions without going through financial intermediaries such as banks，It is a disintermediation process that includes both financing and investment。

Disintermediation promotes structural changes in finance，Promoted the emergence and development of capital markets。With the continuous development of the capital bet365 bonus code 2023，The scale and types of financial assets are becoming more and more diverse，The transaction demand for financial products is also increasing。In the process of disintermediation，The functions of the capital bet365 bonus code 2023 are gradually improving，The financial function has transformed from mainly financing to focusing on both financing and wealth management，Ultimately focus on wealth management，The result is the disintermediation and marketization of financial transactions。The process of financial disintermediation not only has a direct effect on the formation of the capital bet365 bonus code 2023，It also had a key and far-reaching impact on the development and prosperity of the capital bet365 bonus code 2023。

　　Technology-led capital bet365 bonus code 2023 development

The industrial revolution is a process of widespread application and promotion of scientific and technological innovation，By more concentrated and widespread use of bet365 bonus code 2023，Significantly increase the proportion of bet365 bonus code 2023 expenditure in the allocation of production factors。The financial revolution not only complies with the industrial revolution’s demand for large-scale bet365 bonus code 2023 use，Also provides diverse services and support through financial innovation，Promoted the development of the industrial revolution。John Hicks pointed out，“The industrial revolution had to wait for a financial revolution”。Therefore，The industrial revolution and the financial revolution are closely linked，The two promote each other，Together promote economic growth and the accumulation of national wealth。

The mutual promotion of technological innovation and capital bet365 bonus code 2023，It will not only form a circular effect within a country or region，And it will have radiating effects around the world through international trade and international capital flows。From Venice, Italy in the 16th century，To Amsterdam, the Netherlands in the 17th century，To London, England in the 19th century，New York, USA in the 20th century，The new global financial center continues to drift with changes in the international economic landscape。Although the drift process of the international financial center and the prosperity of the real economy、The development of international trade and other aspects are closely related，But the development of economy and trade is inseparable from the progress of industry。

The location selection of financial institutions has a strong agglomeration effect，Has similar characteristics to the location selection of multinational enterprises。This is because，Financial industry needs collection、Propagation、Deciphering a lot of information，Choose some international cities as information hinterland，Thus effectively reducing information processing costs。This agglomeration effect not only promotes the improvement of financial service quality，And attracted the inflow of international bet365 bonus code 2023，In turn, it will promote the industrial progress of the country or region。Therefore，Industrial progress has not only played a central role in the country’s economic rise and continued economic dominance，Also closely related to the drift of the international financial center。

Scientific and technological innovation has been widely applied and promoted with the support of the capital bet365 bonus code 2023，In turn, it also promotes the prosperity of the capital bet365 bonus code 2023。The promotion effect of scientific and technological progress on the capital bet365 bonus code 2023，Not only reflected in the mutual promotion between the two、On the coupling relationship of common prosperity，It is also reflected in the full use of new technologies in the capital bet365 bonus code 2023。Because the capital bet365 bonus code 2023 is highly sensitive to the transmission of information，As long as investors can gain an advantage in obtaining information，It is possible to obtain huge profits in trading。For example，The invention of the telegraph、The commissioning of the Atlantic submarine cable and the launch of the automatic stock quoter，This has significantly increased the transmission speed and distance of securities quotation information，Increased bet365 bonus code 2023 activity and scope of influence。With Internet communication、The emergence and application of new technologies such as satellite communications，The trading time of the capital bet365 bonus code 2023 is becoming more and more precise，The frequency of transactions is getting higher and higher，As a result, the efficiency of the bet365 bonus code 2023 has also been significantly improved。

Although it is unknown what new technologies and emerging industries will appear in the future，But what can be judged is: first，Technological progress promotes the upgrading of industries，It will inevitably lead to the continuous replacement of old and new companies in the capital bet365 bonus code 2023；Second，Blockchain、Cryptocurrency、The emergence and development of new technologies such as virtual reality，Is shaping new industries and asset forms，The capital bet365 bonus code 2023’s adaptation and application of new technologies will inevitably promote self-innovation of relevant theories and practices。

　　Transformation from financing bet365 bonus code 2023 to investment bet365 bonus code 2023

The capital bet365 bonus code 2023 does not essentially facilitate corporate financing，It is designed to provide investors with assets with growth potential。This is because，The process of investment is the process of pricing risk，The return is uncertain。Although investors’ risk preferences are different，But they all expect returns commensurate with the risks。The capital bet365 bonus code 2023 gives high valuations to high-tech companies with uncertainties，We will also provide them with capital support。Accordingly，Investors expect and require corresponding returns from the bet365 bonus code 2023。While the capital bet365 bonus code 2023 plays its financing function，To provide the bet365 bonus code 2023 with reasonable returns，To realize wealth management function。Only the rewards are comparable，Financing can be sustained。Therefore，China’s capital bet365 bonus code 2023 must improve bet365 bonus code 2023 functions，Must go deep into the system design level，Realize the transformation from financing bet365 bonus code 2023 to investment bet365 bonus code 2023。

July 24, 2023，Pointed out at the meeting of the Political Bureau of the CPC Central Committee，To activate the capital bet365 bonus code 2023，Boost investor confidence。The reason behind the current lack of investment confidence in the capital bet365 bonus code 2023，There is an imbalance between the supply and demand of assets。China’s capital bet365 bonus code 2023 must restore its investment function、Wealth management function，Need to think and reform from three levels: First, on the asset supply side，We must continuously inject high-quality assets with growth potential into the bet365 bonus code 2023；The second is on the asset demand side or the capital supply side，To achieve a dynamic balance between asset supply speed and capital demand；The third is on the transaction side，Based on the advantages of trading、Dimensions such as convenience and transaction costs increase investor enthusiasm。Among them，The asset supply side is the most important，Demand side comes second，The transaction end is ranked last。

August 27, 2023，China Securities Regulatory Commission issued an announcement，Adjust and optimize relevant systems。On the asset supply side，First, the pace of IPO and additional stock issuance is gradually tightened，Promote the dynamic balance between investment and financing in the capital bet365 bonus code 2023；The second is to further standardize the behavior of reducing shareholdings，Key restrictions on controlling shareholders、The actual controller’s holding reduction behavior，Especially those breaks、Listed companies that have broken the net profit and have not paid dividends in the past three years or the average annual dividend is less than 30% of the net profit。These new rules require listed companies to give investors higher returns，Thus improving the risk-return ratio of China’s capital bet365 bonus code 2023，Promote the A-share bet365 bonus code 2023 to gradually become an investment bet365 bonus code 2023。In addition，On the bet365 bonus code 2023 demand side，Three major stock exchanges reduce financing margin ratio，Support moderate financing needs。From this，The imbalance between asset supply and demand can be effectively improved。

From the perspective of asset supply，At present, improving the system for reducing shareholdings of listed companies is more important than suspending IPOs and additional issuances。In mature capital markets，If institutional investors discover that the controlling shareholder of a listed company has reduced its stock holdings at a high level，The stock prices of listed companies will soon be suppressed to a low enough level，Forcing controlling shareholders to be unable to continue reducing their holdings。China’s capital bet365 bonus code 2023 has not yet formed a similar investor structure and bet365 bonus code 2023 discipline mechanism，Need to set a limit，Let major shareholders of listed companies be subject to certain restrictions on their reduction of holdings。This restriction is not only reflected in the holding lock-up period of the controlling shareholder，Also reflected in financial constraints or investor returns。The core of past share-trading reforms was full circulation，Now it is the continuation of the share-trading reform，That is, based on the holding lock-up period，Add the constraints of financial indicators and dividend indicators。

Asset demand side，Not included in the reform category。Regardless of individual investors or institutional investors，Investment decisions are made based on risk and return。Mobilize investors to enter the bet365 bonus code 2023，It is completely different from their own entry。The bet365 bonus code 2023 needs to create an environment，Can attract these large institutional funds and new funds to voluntarily enter。The key to an active capital bet365 bonus code 2023 lies in investor confidence，Investor confidence mainly comes from the growth of the bet365 bonus code 2023，The growth of the bet365 bonus code 2023 depends on the good development of the real economy。There are certain difficulties in China’s real economy at present，We must find ways to activate the real economy，Consolidate the foundation for the growth of the capital bet365 bonus code 2023。Therefore，Boosting the real economy and reforming the supply side of assets are important prerequisites for large amounts of capital to enter the bet365 bonus code 2023 on the demand side。Special attention needs to be paid to the reduction of stamp duties and commissions in the transaction-side policy adjustments，It can reduce transaction costs，Active effect on transactions to a certain extent。In addition，Strengthening the supervision of programmatic investment also has practical significance。

The current reforms in China’s capital bet365 bonus code 2023 will have a profound impact on the future bet365 bonus code 2023，It may take a long time to take effect。Long term，China’s capital bet365 bonus code 2023 must complete functional transformation，The functional transformation must be completed first at the institutional level。

　　(The author is a professor at the China Capital bet365 bonus code 2023 Research Institute, Renmin University of China；Researcher at Shanghai Institute of International Finance and Economics, Shanghai University of Finance and Economics)