Finance is the foundation and main body of the financing system of market economy, the core of modern economy and an inseparable part of developing productive forces. The financing function of finance effectively optimizes the allocation and utilization of resources through strict credit power and responsibility constraint mechanism, and plays an important role in the stable and healthy development of the whole social economy. Historical experience has proved that to become an economic power, it must be supported by a sound financial system. Why did the former Soviet Union disintegrate? Financial backwardness is an important aspect. Although the material productivity of steel, energy and transportation has reached a high level, the backward financial system cannot effectively mobilize and allocate the resources of the whole society, and the economic efficiency is low, making it difficult for the national economy to develop harmoniously. The competition of modern economy is also the competition of finance and the competition of financial system. In the new stage of modernization and opening to the outside world, building a strong, efficient and stable financial system is related to the financial and economic security and stability of China, as well as the efficiency of economic development and international competitiveness.
At present, the key to run the finance well in China is to understand the harm of credit defects, improve the understanding of finance, follow the three laws of financial development, and make clear the goal of running the finance well according to international standards. At this stage, while giving full play to the role of financial financing and promoting the development of the capital market, we should improve credit financing and securities financing, establish a new financing foundation and framework, and continue to support economic development. After decades of rapid development, China has established a stock market and a bond market. Some basic financial institutions, it should be said that China's financial industry has developed to some extent. But at the same time, we must clearly see that there are still many unstable factors in the development of the financial industry, the proportion of non-performing assets is still high, the long-term mechanism to prevent and resolve financial risks is far from being formed, and the competition level and service efficiency of the financial industry tend to be low. Therefore, how to establish a relatively perfect financial market such as stocks and securities has become an urgent problem to be solved.
The following specific measures can be taken:
1. is to improve the national macro-control system and strengthen and improve macro-control. Comprehensive use of a variety of monetary policy tools, timely regulation of the base currency, give full play to the role of open market operations in daily liquidity management and guide market interest rates.
The second is to deepen the reform of financial enterprises and promote their healthy development. By defining the target responsibility, establishing the assessment mechanism and listing, we will promote the shareholding system reform of state-owned commercial banks, promote their transformation of operating mechanism and improve the corporate governance structure. Deepen the reform of policy banks, so that policy banks can be transformed into development financial institutions that meet the needs of market economy, have sustainable finance and are competitive.
3. Establish a multi-level market system and encourage financial innovation. Coordinate the development of financial markets at all levels, strengthen the construction of basic systems, improve market functions, increase the proportion of direct financing and improve the structure of financial assets.
4. Improve the financial supervision system to prevent and resolve financial risks. Establish a supervision system with capital adequacy ratio as the core to prevent excessive expansion of risk assets of financial institutions. Strengthen the timely correction mechanism of financial risks.
5. Strengthen the construction of financial legal system and improve the financial ecology. Financial ecology refers to the external environment of the financial industry, such as legal environment, credit environment, market environment and institutional environment.
6. Vigorously develop institutional investors. In order to strengthen the function of equity restraint, China should vigorously develop institutional investors. In order to change the situation of scattered shareholders, we should do the following:
First, cultivate existing institutional investors and truly reflect their investment characteristics. Moreover, while developing institutional investors, it is necessary to guide the behavior of institutional investors so as to truly improve market efficiency, optimize resource allocation and improve corporate governance.
The second is to expand the investment scale of institutional investors.
Third, vigorously develop financial derivatives and enhance the risk control ability of institutional investors.
7. Strengthen the creditor's rights constraint of banks. First of all, we should establish a strong debt repayment guarantee mechanism. In recent years, with the increase of bad debts of banks, banks have strengthened the pre-guarantee mechanism such as mortgage guarantee, debt maturity and debt fund use, which has played a good role in enhancing the security of debts. However, the post-event safeguard mechanism can not be ignored. It is necessary to establish an effective after-the-fact guarantee mechanism, strengthen the organization of bankruptcy liquidation and reorganization, and attach importance to the role of liquidation. If the property of an enterprise is transferred by means of price, guarantee, false business contract, false debt contract and related party transactions, it is necessary to pursue the property of the person in charge of the enterprise and the parties concerned.
Second, establish a good internal environment for enterprises.
From our above analysis, we can know that it is difficult to improve the efficiency of corporate governance if we only adjust and change some contents of corporate governance structure without changing the financing mode of enterprises. Therefore, it is necessary to improve the corporate financing structure as a breakthrough and improve the corporate governance structure.
1. Increase the financing ratio of corporate bonds, improve the bond market and increase the liquidity of corporate bonds.
At present, the corporate bond market in China is mainly a "government-controlled" system. In order to change this situation and promote the evolution of China's corporate bond market from "government-led" to "market-oriented", on the one hand, the government needs to straighten out the relationship between stocks, national debt and corporate bonds, and clarify the main position of corporate bonds in guiding the development of China's securities market. On the other hand, we should learn from the mature experience of developed countries in the bond market, revise and improve the corresponding laws and regulations, reduce the excessive control of the government on the corporate bond market, and return what should have been decided and completed by the market to the market.
2. Optimize the ownership structure.
First, reduce the proportion of state-owned shares. At present, as the largest shareholder of listed companies, the state or state-owned legal person shares are in a holding position of 5 4%. In the international capital market, enterprises, as the main sponsors of listed companies, can usually mobilize and control 70% ~ 80% of other capital with 20% ~ 30% of capital, while in China capital market, China mobilized only 3 8% of social capital with 6 2% of state-owned capital, which is a great waste of resources. Secondly, it is necessary to implement equity incentives for the operators of enterprises. Judging from the annual reports published by listed companies, nearly 4 0% of the directors of listed companies hold zero shares, and about 2 0% of the general managers hold zero shares; Even if some directors and managers hold shares, the average shareholding is very low. Undeniably, the operators of listed companies in our country (many of them are chairmen and general managers) bear great responsibilities to the company, but the interests of the operators are inconsistent with those of many shareholders and the short-term decision-making behavior are major issues that need our serious study. Academic circles believe that equity incentive can make operators in a position similar to that of shareholders and make them pay attention to the maximization of shareholders' interests. To sum up the above-mentioned enterprises in China, we should not only consider the benefits brought by debt, but also consider the risks and various expenses brought by debt. The determination of the optimal capital structure should balance the benefits and costs brought by liabilities. In the choice of financing methods, the company first chooses internal financing, followed by bonds, and finally common stock. The consideration of financing order selection is based on the asymmetry of financial signals and information. Under the theory of financing preference order, choose the best capital structure according to your own actual situation.