黄奇帆：以社保基金、外汇储备等“输血”企业股本，降低企业负债率

Core Viewpoint - Huang Qifan emphasizes the need for reform in the capital formation mechanism of Chinese enterprises, advocating for a dual-driven capital market that includes both the stock market and a robust equity financing system for businesses [3][4]. Group 1: Capital Market Structure - A healthy capital market should function like a two-wheeled cart, with one wheel representing the stock market and the other representing the capital formation and supplementation mechanism for enterprises [3]. - Current discussions in China's capital market often focus on the stock market, neglecting the importance of a sustainable equity financing system that supports long-term corporate health [3]. Group 2: Historical Context and Current Challenges - Historical data shows that in the 1990s, measures like bankruptcy write-offs and the development of the stock market significantly improved corporate capital adequacy, with listed companies' capital accounting for over 70% and state-owned enterprises over 50% [3]. - Presently, high debt levels are a major concern for Chinese enterprises, reflecting their operational efficiency, risk, and vulnerability [3]. Group 3: Proposed Solutions for Capital Expansion - Huang Qifan identifies four types of "sleeping" capital that can be utilized: bank capital, social security funds, insurance funds, and foreign exchange reserves, which could collectively form over 10 trillion yuan in guiding funds [4]. - By leveraging these funds, it is possible to create a total equity investment fund system worth 40 to 50 trillion yuan, which could directly increase corporate equity and reduce debt ratios by 15-20 percentage points [4]. Group 4: Broader Implications - The proposed capital expansion could lead to improved financial health and risk resilience for enterprises, promote new productive forces, and facilitate industrial upgrades [4]. - Additionally, it could generate significant investment returns that could be used to bolster public finances and social security, while enhancing the influence of state-owned enterprises and improving the credit and efficiency of private enterprises [4].