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资本市场助推实体经济 伪市值管理走向不归路

2017-09-15 07:31:47   中国经济网

县级市拥多家上市公司

资本市场助推实体经济

江阴民营经济发达,被誉为“中国制造业第一县”和“中国资本第一县”。1997年江阴第一只股票“兴澄股份”登陆深交所,前不久,电工合金在深交所挂牌上市,“江阴板块”扩容至45家,其中境内A股上市30家,境外上市15家。截至2016年,江阴上市(挂牌)企业累计直接融资702.8亿元,市值超过3000亿元。其中,有9家上市公司的母公司是“中国500强企业”、12家是“中国500强民营企业”、13家是“中国制造业500强企业”。

江阴的发展是个奇迹,也是个谜。一个县级市能有如此的经济规模,如此密集的上市公司,足以让一些省级行政区汗颜,甚至就密度而言,也不输北上广深。有业内人士认为,江阴抓住了历史性发展机遇,归根结底,还是江阴企业能持续坚守主业,虽然善于资本运作,但最终还是让资本服务于实业,而不是脱实入虚。曾经有经济学家认为,江苏的“苏南模式”过分强调政府作用,对市场经济不适应的状态已经显现。但这些年走过来,江苏的经济依然兴旺,苏南模式依然火爆,而且,江苏的实体经济长盛不衰。进入上世纪90年代以后,江阴市一批企业家大胆实施资本经营,通过投资、兼并、控股等方式,做大做强主业,提升产业层次,实现了产业结构的不断优化升级。可见,资本运营只要用好了,就会对实体经济起到积极的促进作用。反之,则有可能实业衰、虚业旺,甚至有可能让整体经济一蹶不振。这方面,一些地方是有教训的。

上市公司偏爱理财

实体经济隐含困境

据媒体报道,今年以来共有974家A股公司购买了理财产品,占比超过29%。购买规模相当于去年全年的127.5%。披露理财产品到期收益统计的413家公司中,38家公司理财产品到期收益高于半年报披露净利润。为什么上市公司的钱没有拿去发展公司,反倒大量投向理财产品?有上市公司高管表示,上半年公司理财资金“野蛮生长”与实体萎靡、传统行业不景气有关。银行对公贷款和理财产品收益率“双高”,同样助推了公司理财资金规模爆发性增长。业内人士指出,银行贷款给上市公司时经常会变相销售理财产品,即提高贷款额度,并要求公司将超出部分购买理财产品,以覆盖利率上升增加的借贷成本,同时满足银行相应的业务指标。

上市公司“不务正业”、偏爱理财,这事还真不好一味谴责。资本是个嫌贫爱富的东西,有个“钱往高处流”的定律。偏爱理财,固然有银行和金融机构的大力推介,但企业最终看上的恐怕还是回报率。为什么不去投被媒体反复鼓吹的实业?为什么对本来坚持的主业无动于衷?这在一定程度上说明,主业不适应市场、回报率太低;实业处处陷阱,难以有可靠的利润收入。如果这种现象不再是个别企业的偶尔行为,而是成为广泛、普遍的上市公司选择,那可真要引起决策部门的高度重视了。从另一个角度看,实体经济的现状恐怕依然要引起高度重视,至少说明在不少领域没有投资价值,不具备对资本的吸引力。资本流向其实是重要的指示器,应警惕上市公司长期依靠理财产品拉动利润的行为,也要关注这种现象背后的产业结构问题,以及脱实向虚可能带来的产业空心化问题。

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