黄奇帆：资本市场两个“轮子”要一起转

Core Viewpoint - The capital market in China consists of two essential components: the stock market involving listed companies and securities firms, and the capital formation and supplementation mechanism for all enterprises, which includes the development of equity investment funds [2][3]. Group 1: Capital Market Structure - The capital market should not only focus on securities and listings but also encompass mechanisms for capital formation and supplementation for enterprises [2]. - The dual components of the capital market act as a significant driving force for the national economy, necessitating a sustainable capital supplementation mechanism to address issues of corporate efficiency and risk [3][4]. Group 2: Historical Context and Current Challenges - Historically, state-led initiatives in the 1990s, such as the bankruptcy write-off of state-owned enterprises and debt-to-equity swaps, played a crucial role in capital supplementation [3]. - By 2000, the capital of listed companies in China was over 70%, but by the present, corporate debt ratios have risen to around 70%, significantly higher than the 30%-40% seen in the US and Europe [3][4]. Group 3: Proposed Solutions for Capital Supplementation - To improve the capital structure, an additional 30 trillion to 40 trillion yuan is needed to raise the total capital of Chinese enterprises from approximately 200 trillion yuan to around 240 trillion yuan, potentially reducing the debt ratio to 55% or 50% [5][6]. - Four sources for this additional capital include: 1. Bank capital, where banks could allocate about 1 trillion yuan for equity investments [6]. 2. National social security funds, which could contribute approximately 2 trillion yuan [6]. 3. Commercial insurance funds, which could provide around 4 trillion yuan [6]. 4. Foreign exchange funds, which could be mobilized through special government bonds [7]. Group 4: Expected Benefits of Capital Injection - The formation of this additional equity capital could lead to improved corporate risk management, enhanced productivity, significant investment returns, and increased influence of state-owned enterprises on the national economy [7]. - An estimated average return of 8% on these investments could yield 3 trillion to 4 trillion yuan in returns, benefiting public finances and enhancing the returns for social security and insurance funds [7].