Central Financial Work Conference clearly proposed，Optimized financing structure，better play the function of capital market hub。The modern financial system is under the trend of disconnect，Financial functions have gradually changed from financing to financing and wealth management.，The status of the capital market 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 is becoming more and more obvious，The system and function of the capital market are flexible and diverse，It can better match the risk characteristics of scientific and technological innovation，to promote technological innovation。Systems grasp the logic of the growth of my country's capital market，It is of great significance to improve the function of the capital market。

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Financial Decarbone，Also known as "Financial Decoration"，refers，Instead, the phenomenon that the fund supplier and the capital demander directly contact。Financial Pinsea will bring a great impact on the credit business of traditional commercial banks，Even weakening the status and role of commercial banks as financing intermediaries。Financial release is a phenomenon that will inevitably happen after the market economy develops to a certain stage。

The process of direct financing of enterprises，is the process of financial decline。The reason why companies choose to directly financing，It may be because companies cannot meet the loan conditions of financial intermediaries，It may also be because banks cannot meet the diverse financing needs of enterprises，If the demand for equity financing, etc.。Direct financing behavior without an enterprise，The capital market cannot be formed。At the same time，Enterprise as a demand party for funds，Wealth surplus departments such as residents provide funds for them。Residents to bet365 best casino games pursue higher returns and flexible and diverse financial products，Such as stock、Bonds, etc.，Will transfer excess funds in your hand from the bank and other departments to the capital market。Fund demanders and suppliers do not pass financial intermediaries such as banks and other financial intermediaries directly conduct fund transactions，It is a disconnection process including financing and investment。

Decarbon promoted the structural change of finance，promoted the generation and development of the capital market。With the continuous development of the capital market，The scale and type of financial assets are becoming more and more diverse，The transaction demand of financial products is getting larger and larger。During the process of disconnect，The function of the capital market is gradually improved，Financial functions transform from financing from financing -based to financing and wealth，Finally moves to wealth management，The result is the de -intermediary and marketization of financial transactions。The process of finance and disconnects not only has a direct effect on the formation of the capital market，It also has a key and profound impact on the development and prosperity of the capital market。

　　Science and technology leading capital market development

The Industrial Revolution is a process of widely application and promotion of scientific and technological innovation，Use capital through more concentrated and extensive use，Make the proportion of capital expenditure in production factor allocation increased significantly。The financial revolution not only conforms to the large -scale demand for capital use of the industrial revolution，It also provides diversified services and support through financial innovation，Promoting the development of the industrial revolution。John Hicks once pointed out，"The Industrial Revolution has to wait for a financial revolution"。So，The industrial revolution is closely related to the financial revolution，Promote each other，jointly promoted the accumulation of economic growth and national wealth。

Scientific and technological innovation and the mutual promotion role of the capital market，Not only will cycle effects in bet365 live casino games one country or region，and will generate radiation effects worldwide through international trade and international capital flows。From the 16th century in Venice, Italy，to Amsterdam, the Netherlands in the 17th century，to London, Britain in the 19th century，Further to New York, 20th century，New Global Financial Center continues to drift with the changes in the international economic structure。Although the drift process of the international financial center and the prosperity of the real economy、The development of international trade has a close relationship，But the development of economic and trade is inseparable from industry progress。

The site selection of financial institutions has a strong gathering effect，Similar features with the location of multinational enterprises。This is because of，The financial industry needs to be collected、Communication、Interpretation of a lot of information，Choose some international cities as information hinterland，to effectively reduce information processing costs。This agglomeration effect not only promotes the improvement of the quality of financial services，attracted the inflow of international capital，In turn, it will also promote industrial progress in the country or region。So，Industrial progress not only played a core role in the economic rise and continuous economic dominance of the country，It also has a close contact with the drift of the international financial center。

Scientific and technological innovation has achieved widespread application and promotion with the support of the capital market，In turn, it also promotes the prosperity of the capital market。Scientific and technological progress in promoting the capital market，Not only is it reflected in the mutual promotion of the two、Coupling relationship of common prosperity，It is also reflected in the full use of new technologies in the capital market。Because the transmission of information in the capital market is highly sensitive，Investors can gain advantages as long as they can obtain information acquisition，It may get huge benefits in the transaction。For example，Invention of the telegram、The input and use of the under Ocean submarine cable and the Bet365 app download launch of the stock automatic quotes，The transmission speed and communication distance of securities quotation information have been greatly increased，Increasing market activity and scope of influence。With the Internet communication、The emergence and application of new technologies such as satellite communication，The transaction time of the capital market is getting more and more accurate，The frequency of transaction is getting higher and higher，The efficiency of the market has also been significantly improved。

Although new technologies and emerging industries will appear in the future，But what can be judged is: first，Scientific and technological progress promotes the update of the industry，It will inevitably lead to the continuous replacement of new and old companies in the capital market; second，Blockchain、cryptocurrency、The emergence and development of new technologies such as virtual reality，being shaping new industries and assets，and the capital market's adaptation and use of new technologies will inevitably promote the self -innovation of related theories and practice。

　　Transition from a financing market to an investment market

The capital market is essentially not providing convenience for enterprise financing，Instead, it is designed for investors with growth assets。This is because of，The process of investment is the process of pricing risks，Its return is uncertain。Although the risk preferences of investors are different，But I hope to get the income that matches risks。The capital market is giving valuations to those high -tech companies with uncertainty，It will also provide them with capital support。Correspondingly，Investors expect and ask the market to bring corresponding returns。The capital market exerts financing functions while，To provide a reasonable return to the market，To achieve wealth management functions。Only the return is equivalent，Financing can continue。So，China's capital market should improve market functions，Be sure to penetrate the system design level，Realize the transition from a financing market to an investment market。

July 24, 2023，Political Bureau of the Central bet365 best casino games Committee of the Communist Party of China pointed out，To activate the capital market，boosts investor confidence。Behind the current insufficient investment in capital market，There is an imbalance in the supply and demand of assets。China's capital market must resume investment functions、Wealth Management Function，Think and reform from three levels: First, on the asset supply side，To continuously inject growing high -quality assets from the market; second, on the asset demand side or the capital supply side，The dynamic balance of asset supply speed and capital demand must be achieved; the third is on the transaction side，Benefits from transaction、Membranes such as convenience and transaction costs increase investor enthusiasm。Where，Asset supply side is the most important，Requirement end，The transaction side is arranged at the end。

August 27, 2023，The China Securities Regulatory Commission issued an announcement，Adjust and optimize the relevant system。On the asset supply side，First, the rhythm tightening IPO and stock issuance in stages，Promoting the dynamic balance of both ends of investment and financing of the capital market; the second is to further regulate the shares reduction behavior，Key restricted controlling shareholders、Actual controller's reduction behavior，Especially those broken transmission、Breaking net and unprepared dividends in the past three years or 30%of the annual average dividend of 30%of net profit。These new rules require listed companies to give investors a higher return，So as to improve the risk income ratio of China's capital market，Promoting the A -share market gradually becomes an investment market。other，On the market demand side，Three Securities Exchanges to reduce the financing margin ratio，Support moderate financing requirements。From this，The supply of assets and demand imbalances can be effectively improved。

From the perspective of asset supply，At present, the improvement of the reduction system for the listed company is more important than suspending IPOs and adding issuance。In mature capital market，bet365 live casino games If institutional investors have discovered that the controlling shareholder of listed companies reduce holdings at a high level，The stock price of listed companies will soon suppress the stock price to a sufficiently low level，Forced the controlling shareholder cannot continue to reduce its holdings。China's capital market has not yet formed a similar investor structure and market constraint mechanism，You need to set a boundary，Make the major shareholders of listed companies be reduced to a certain amount of restraint.。This constraint is not only reflected in the holding period of the controlling shareholder，It is also reflected in financial constraints or investor returns。The core of the previous equity distribution reform is full circulation，Now is the continuation of equity separation reform，On the basis of holding the lock -up period，Add the constraints of financial indicators and dividend indicators。

Asset demand side，Not belonging to the category of reform。Whether individual investors or institutional investors，All make investment decisions based on risk income。Mobilization investors enter the venue，It is completely different from them。Market needs to create an environment，Can attract these large institutions funds and voluntarily enter the market with new funds。The key to the active capital market lies in investor confidence，Investor confidence mainly comes from the growth of the market，The growth of the market depends on the good development of the real economy。At present, there are some difficulties in the real economy in China，If you find a way to activate the real economy，Realize the foundation of the growth of the capital market。So，Promoting the real economy and the reform of asset supply is an important prerequisite for the demand side to enter the market。In particular, it is necessary to pay attention to the reduction of printing duty and commission in the adjustment of the transaction policy，It can reduce transaction costs，It has an active effect on transactions to a certain extent。other，It also has practical significance to strengthen the supervision of programmatic investment。

The current reform of China's capital market Bet365 app download will have a profound impact on the future market，It may take a long time to see the effect。Look at it for a long time，China's capital market must complete functional transformation，and functional transformation must be completed at the institutional level。

　　(The author is a professor of the China Capital Market Research Institute of Renmin University of China; researcher at Shanghai University of Finance and Economics of Shanghai University of Finance and Economics)