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媒体谈A股被纳入MSCI:既不是目标 更不是终点

2017-06-22 01:41:26   经济参考报

原标题:MSCI:既不是目标,更不是终点

尽管历经坎坷,A股市场还是最终纳入了MSCI。这令不少投资者憧憬:加入国际市场可能给A股带来增量资金。笔者认为,成功加入MSCI固然可喜,但目前其权重尚不能同中国市场体量相匹配,这反映出,当前A股市场在市场化和法治化方面,仍然还有很长的路要走。加入MSCI,既不是我们改革的目标,当然也不会是改革的终点。

作为全球第二大股市,A股市场长期与世界市场分割,这一现状本身就是不正常的。明晟公司此次在全球投资者的支持下,将A股纳入MSCI,充分印证了中国证券市场和中国经济的分量。既反映了中国金融市场改革和经济发展取得的巨大成就,也将在未来继续推动A股市场进一步同国际市场接轨,改变中国资本市场的生态环境。因此,这是一件具有里程碑意义的事件。

证券市场存在的意义在于充分发挥资源配置功能,服务实体经济,服务国家发展战略。我国A股市场化、法治化和国际化改革的目标,应是培育公开透明、健康发展的资本市场,完善市场功能,提高市场效率,优化社会融资格局,进而提升服务实体经济的能力。从这个目标来看,当前我国证券市场仍具有相当大的改革潜力。

具体而言,在资本市场基础性制度方面,新股发行和并购重组还有很大的市场化改革空间。近来,关于新股发行的争议较大,就是发行端推进市场化改革面临阻力的反映。未来,放开行政控制供给,由市场决定发行节奏和发行价格,将是改革的目标。在基本法律保障方面,新修订的证券法尚未正式出台,对于当前A股市场面临的新问题和新现象,仍然需要从法律层面提供更多的支持。在市场监管方面,一二级市场仍面临违法犯罪层出不穷、违法成本偏低、执法手段不足、执法威慑力不够、中小投资者利益受到损害等一系列突出问题,有待监管进一步强化。此外,在当前金融体系中,间接融资仍占据主导地位,以证券市场为代表的直接融资亟待拓展。

客观而言,在当前中国资本项目还未完全开放的背景下,从2013年MSCI公司正式启动对A股纳入新兴市场指数审议工作以来,为了符合MSCI和国际投资者的要求,包括证监会等金融监管部门,对A股市场进行了一系列改革,既包括针对MSCI提出的停牌制度、外汇管理、收益权分配等问题,也包括在国家主导下实施的沪港通、深港通互联互通机制。从效果来看,这些改革都进一步推动了A股市场的国际化,并正在日益改善中国证券市场的生态环境。

“打铁还需自身硬”。市场化、法治化是国际化的坚实基础和前提条件。MSCI说到底只是一家商业公司,它所作出的商业决策,更多地反映了全球投资者对一国资本市场治理的认可程度。从这个意义上说,此次A股市场被成功纳入MSCI,是对中国证券市场改革方向和努力的肯定。我们应以此为契机,进一步深化A股市场改革,从根本上提升A股市场的金融竞争力和服务实体经济的水平。

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