资本无序扩张:表现、风险、根源与应对
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Disorderly Expansion of Capital: Performance, Risks, Root Causes, and Responses

资本无序扩张:表现、风险、根源与应对

This article, published by the Development Research Center of the State Council, unpacks the “disorderly expansion of capital,” a term that rose to prominence in the wake of Beijing’s tech crackdown during the summer of 2021.


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For a long time, capital has played an irreplaceable role in China’s economic development. However, over this past period of time, there has been a trend of disorderly expansion of capital in China, which has brought important challenges to the supervision of capital factors and financial stability. Resolutely opposing monopoly and unfair competition and preventing the disorderly expansion of capital have become important policy tasks in the near future.

长期以来,资本在中国经济发展过程中扮演了不可替代的角色。但是,过去一段时间,国内出现了资本无序扩张的趋势,给资本要素监管和金融稳定带来了重要挑战。坚决反对垄断和不正当竞争行为,防止资本无序扩张,成为近期重要的政策任务。

Basic performance of the disorderly expansion of capital

资本无序扩张的基本表现

(1) Capital Expansion Models
(一)资本扩张模式

Capital is one of the basic factors of production. Narrow capital mainly refers to equity capital, while broad capital includes not only equity capital but also debt capital. From the perspective of goals, capital expansion can be divided into industrial chain expansion, market-based expansion, resource-based expansion, and permit-based expansion. Product chain expansion mainly focuses on integrating upstream and downstream resources of the product chain to form economies of scale and scope. Market-based expansion aims to acquire a larger market share, focusing on horizontal mergers and acquisitions and economies of scale. Resource-based expansion aims to occupy various resources, such as technology, markets, and product chains, and pays more attention to the construction of ecosystems. Permit-based expansion uses institutional permits, business permits, or franchising for the purpose of capital expansion.

资本是基本的生产要素之一,狭义资本主要特指股权资本,广义资本不仅包括股权资本而且包括债权资本等。从目标角度看,资本扩张可分为产业链扩张、市场型扩张、资源型扩张和牌照型扩张等模式。产业链扩张主要致力于整合产业链上下游资源,形成规模经济和(或)范围经济。市场型扩张以占有更大市场份额作为目标,注重横向并购和规模经济。资源型扩张以占据技术、市场和产业链等多种资源为目标,较为注重生态系统建构。牌照型扩张以机构牌照、业务许可或特许经营等为资本扩张的目的。

An understanding of capital expansion in terms of industries offers more direct policy value. There are three main modes of capital expansion: Expansion within the industry, expansion into related industries, and expansion into unrelated industries. First, an expansion within an industry includes horizontal expansion and vertical expansion. Horizontal expansion is mainly used to expand the scale of the industry, which is mainly manifested as “copying” the mature production, operation, or business model of an enterprise and expanding its production capacity, output, or service scope. For example, an automobile manufacturing company acquires or builds more manufacturing plants to produce multiple types of products. Vertical expansion is the expansion up or down along the product chain, the purpose of which is to internalize external costs, reduce costs, and improve efficiency. For example, car manufacturers may invest in steel, rubber, and other industries in the upstream of the product chain and invest in sales enterprises in the downstream of the product chain.

从产业范畴认识资本扩张具有更为直接的政策价值。资本扩张主要有本产业内的扩张、相关产业领域的扩张以及无关产业领域的扩张等三种模式。第一,本产业内的扩张包括横向扩张和纵向扩张。横向扩张以扩大产业规模为主,主要表现为“复制”本企业成熟的生产、经营或商业模式,扩大产能、产量或服务范围。例如,汽车制造企业收购或新建更多的生产车间、生产多种类型产品。纵向扩张是沿着产业链向上或向下扩张,目的在于使外部成本内部化,降低成本,提高效率。例如,造车企业向产业链上游投资钢铁、橡胶等产业,向产业链下游投资销售企业。

Second, the expansion into related industries refers to an expansion into other industries related to the development of a given industry. For example, in order to achieve diversified financing purposes, real estate companies invest, participate in, or even control commercial banks, industrial funds, or other financial institutions. Automobile manufacturers set up consumer finance companies for sales and service facilitation. Technology companies expand into fintech to improve their technological application capabilities and develop diversified financial businesses or, alternatively, traditional financial companies invest in setting up fintech companies or establishing e-commerce platforms to cope with the pressure of digital transformation.

第二,相关产业领域的扩张是指在与本产业发展有关的其他产业扩张。例如,房地产企业为了实现多元化融资目的,投资参股甚至控股商业银行、产业基金或其他金融机构;汽车制造企业为销售及服务便利成立消费金融公司;科技公司为提高技术应用能力向金融科技扩展并开展多样化金融业务,或传统金融公司为应对数字化转型压力投资设立金融科技公司或建立电子商务平台。

Third, the expansion into unrelated industries is mainly into areas that are not clearly related to a given industry. For example, network service providers and real estate companies investing in automobile manufacturing; air-conditioning manufacturers investing in mobile phone manufacturing; home appliance companies investing in pharmaceutical and biological industries; computer companies investing in transportation services. This type of expansion is all about investing in other areas that are not part of a given industry. There are three potential reasons for large corporations to diversify across borders. The first is diversification and expansion based on development and transformation. When this occurs, corporations are very optimistic about the development prospects of hot industries and make cross-border investments for higher profits or for business transformation. The second is for a diversified expansion based on corporate valuation or financing convenience. Hot industries may be very attractive to other investors, and the market valuation premium can be used to increase the overall valuation of the company so as to improve its balance sheet and ease pressure on capital financing. The third is diversification and expansion based on the transfer of funds. When it is difficult to continue financing in an industry or for a project, it is relatively easy to obtain investment through hot projects, funding for which can then be transferred to the original industry or other unrelated fields.

第三,无关产业领域的扩张主要是在与本产业没有明显关联的领域扩张。例如,网络服务商、房地产企业投资汽车制造业;空调制造企业投资手机制造业;家电企业投资医药生物产业;电脑公司投资交通服务业。此类扩张都是向不属于本产业的其他领域投资。大型企业跨界多元化扩张主要有三个潜在原因。一是基于发展转型的多元化扩张。确实看好热点产业的发展前景,为获取高额利润或业务转型进行跨界投资。二是基于企业估值或融资便利的多元化扩张。热点产业对其他投资者吸引力大,能利用市场估值溢价使得企业整体估值得到提高,以改善企业资产负债表,缓释资金融资压力。三是基于资金腾挪的多元化扩张。在原有产业或项目难以继续融资时,通过热点项目相对容易获得投资,其后将资金腾挪转移至原产业或其他无关领域。

(2) Main manifestations of disorderly expansion of capital
(二)资本无序扩张的主要表现

There may be a certain degree of rationality to capital expansion whether from the perspective of goals or from the industrial dimension. However, when capital expansion deviates from national policy goals and from basic value principles, arbitrarily raises the “threshold” of competition, and is used to conduct regulatory evasion or arbitrage, it gradually devolves into disorderly capital expansion. The disorderly performance of resource-based and license-based capital expansion has become more prominent, while the disorderly expansion of capital in unrelated industries has grown quite serious.

不管是从目标角度出发的资本扩张,还是从产业维度出发的资本扩张,都可能具有一定合理性,但是,当资本扩张偏离国家政策目标、偏离基本价值准则、肆意提升竞争“门槛”、意图进行监管规避或套利时,就逐步演化为资本无序扩张,资源型和牌照型资本扩张的无序性表现更为突出,同时在无关产业领域的资本无序扩张更为严重。

The disorderly expansion of domestic capital is universal, to a certain extent, and it is more serious in the integration of industry and finance, in real estate, and in the financial sector. At the industrial level, the disorderly expansion of domestic capital runs through a larger part of the industry, gradually forming alienated industrial capital, real estate capital, and financial capital. The use of capital factors and capital expansion permeate all areas of economic development, while disorderly expansion is more prominent in asset management, real estate, local financing, emerging technologies, and other fields. In the financial sector, some real enterprises and financial institutions, in the name of diversified expansion or comprehensive operation, control or hold various types of financial permits, substantially carry out mixed operations, and even evade supervision with the support of capital operations and conduct regulatory arbitrage to form alienated financial capital.

国内资本无序扩张问题具有一定的普遍性,在产融结合、房地产以及金融部门更为严重。在产业层面,国内资本无序扩张贯穿于较大部分产业之中,逐步形成异化的产业资本、房地产资本和金融资本等,部分市场主体以产融结合为名,行资本扩张之实。资本要素使用和资本扩张渗透于经济发展中各个领域,而无序扩张在资产管理、房地产、地方融资、新兴科技等领域较为突出。在金融部门中,部分实体企业和金融机构以多元化扩张或综合化经营为名,以资本运作为支撑,控制或持有多种类型的金融牌照,实质性开展混业经营,甚至进行监管规避和监管套利,形成异化的金融资本。

The forms of disorderly expansion of domestic capital is mainly reflected in five aspects. One is the issue of capital raising. Typical alienation methods are false investments, capital evasion, and illegal investments. The second is the expansion of capital with high leverage. Whether it is debt financing or equity financing, problems tend to arise, such as excessive debt or share transfers at high premiums. The third is the complex related-party transactions of capital. Some capitals take advantage of the loopholes in the supervision of separate industries and use a “sausage” or “nesting doll” approach to conduct multi-level, multi-subject, and cross-domain capital transactions. The fourth is to link to foreign capital. With the help of the so-called international influence and market credibility of some forms of foreign capital, capital expansion is carried out in various fields. Of course, some of this so-called foreign capital amounts to the alienation of domestic capital. Fifth is the disorderly exit of capital. Various trading markets and means are used to conduct transactions in a manner that seriously deviates from the fair value of the market. It is worth noting that the disorderly expansion of capital is prominent in large and medium-sized private enterprises though there are also many state-owned enterprises and financial institutions involved.

国内资本无序扩张的形式主要体现在五个方面。一是资本金募集问题。典型异化方式是虚假出资、抽逃资本、违规出资等。二是资本高杠杆扩张。不管是债权融资还是股权融资,存在过度负债或高溢价股份转让等问题。三是资本复杂关联交易。部分资本利用分业监管存在监管不足的漏洞,采用“香肠式嵌套”或“套娃式嵌套”进行多层级、多主体、跨领域的资本关联交易。四是联合境外资本。借助部分境外资本所谓的国际影响力和市场公信力,在多个领域进行资本扩张。当然,部分所谓境外资本是境内资本转道异化而来。五是资本无序退出。利用各类交易市场和手段,以严重偏离市场公允价值的方式进行交易。值得注意的是,资本无序扩张在大中型民营企业表现突出,但是,也有不少国有企业及金融机构参与其中。

Potential risks of disorderly expansion of capital

资本无序扩张的潜在风险

(1) Increasing the level of institutional leverage leads to financial vulnerability
(一)提高机构杠杆水平,引致财务脆弱性

In order to obtain sufficient funds for capital operations, capital owners may use diversified financing tools, and the large disorderly expansion of capital may increase the leverage level of capital owners. For example, in order to expand capital, some listed companies use a large volume of equity pledge financing to obtain capital operation funds, which increases the leverage ratio of listed companies and exposes companies to liquidity vulnerabilities. This once triggered a major risk to equity pledge financing in China’s capital market. At the same time, excessive capital expansion may deviate from the main business of an enterprise.

为了获得足够资金进行资本操作,资本所有者可能运用多样化融资工具,资本无序扩张较大可能会提高资本所有者的杠杆水平。比如,部分上市公司为了进行资本扩张,大量采用股权质押融资的方式获得资本运作资金,这使上市公司杠杆率提升、流动性面临脆弱性。这一度引发我国资本市场股权质押融资的重大风险。与此同时,过度资本扩张可能使得企业主业偏离。

(2) Deepening related risks and potential issues of systemic importance
(二)深化关联风险,潜藏系统重要性问题

The disorderly expansion of capital involves diverse entities, multiple financial businesses, and longer operational processes, which greatly intertwines different entities, businesses, and processes, leading to systemically significant risks. In particular, the disorderly expansion of capital at home and abroad in different industries and across markets hides complexities and results in an underestimation of risks. In the disorderly expansion of capital, regulators must re-identify systemically significant institutions and strengthen supervision.

资本无序扩张中涉及多样化主体、多种金融业务和更长的操作流程,使得不同主体、业务和流程关联性大大提高,将引发系统重要性风险。特别是境内境外、不同产业、跨越市场的资本无序扩张使得复杂性被隐匿、风险性被低估。资本无序扩张中,监管部门需要对系统重要性机构进行重新认定并加强监管。

(3) Attempting regulatory arbitrage and weakening the effectiveness of regulation
(三)企图监管套利,弱化监管有效性

The disorderly expansion of a large amount of capital connotes regulatory avoidance or even regulatory arbitrage. If more micro-entities are involved, the effectiveness of supervision will be greatly weakened, and supervision may be inefficient or even ineffective. Taking real estate market supervision as an example, despite multiple releases of regulatory policies, housing prices may not stabilize, which can be directly related to the disorderly expansion of capital and the illegal entry of funds into the real estate market.

大量资本无序扩张都是监管规避型甚至是监管套利型。如果较多微观主体参与其中,就使得监管有效性大大弱化,可能出现监管低效甚至监管失效。以房地产市场监管为例,多轮监管政策却难以稳定房价,这与资本无序扩张、资金违规进入房地产市场是直接相关的。

(4) Inducing market monopolies and destroying market ecosystems
(四)诱发市场垄断,破坏市场生态

Capital has a self-reinforcing agglomeration effect. During the process of excessive capital concentration and disorderly expansion, it is easy to form a dominant market entity in a given market which may even grow to become a monopoly. Taking a large internet platform as an example, the process of capital expansion may produce great network effects, extreme economies of scale, and the phenomenon of “winner takes all.” When the disorderly expansion of capital builds an ecosystem that is endogenously beneficial, capital owners will infringe on consumers’ rights and interests by means of differentiated markets, discriminatory pricing, and choice restrictions. Due to the disorderly expansion of capital and an eagerness to exit to benefit, some market players choose the “shortcut” of listing, to the point where financial fraud grows serious, to the point where some Chinese concept stocks have been considered “junk stocks” by foreign investors.

资本具有自我强化的集聚效应,资本过度集中且无序扩张过程中,容易形成在市场上占据主导的市场主体,甚至引发垄断。以大型互联网平台为例,资本扩张过程中可能产生极大网络效应、极端规模经济和“赢者通吃”现象,部分平台主体随后出现垄断行为或市场支配地位滥用。当资本无序扩张构建起一个于己有利的生态后,资本所有者将会通过区分市场、歧视性定价、选择限制等手段侵害消费者权益。由于资本无序扩张急于退出获益,部分市场主体选择上市“捷径”,财务造假较为严重,部分中概股被境外投资者认为是“垃圾股”。

(5) Weakening the function of capital elements and impacting the efficiency of resource allocation
(五)弱化资本要素功能,冲击资源配置效率

First, the function of capital elements in serving the development of the real economy becomes alienated. The scale of financial capital for short-term arbitrage continues to expand, idling arbitrage becomes more and more serious, and the function of capital elements to serve the real economy weakens. In the past decade, China’s incremental capital-to-output ratio has risen rapidly from around 3.5 to nearly 7, that is, only 1 unit of output is produced for 7 units of capital input; capital efficiency is extremely low. Secondly, the strategic orientation of capital factors to serve the country’s development is not sufficiently clear. The problems of capital “grouping,” “gathering,” and “taking over the baton” have grown more serious, making it difficult to effectively allocate capital in key areas and major projects in the national development strategy. Finally, the disorderly expansion of capital will hinder the development of innovation. Capital expansion substantially raises the entry barriers for potential market competitors, and innovative or disruptive technologies may be “hidden.”

首先,资本在服务实体经济发展中的要素功能有所异化。以短期套利的金融资本规模持续扩大,空转套利日益严重,资本服务实体经济的要素功能被弱化。过去近10年,我国增量资本产出比从3.5左右快速攀升至接近7,即7个单位资本投入才有1个单位产出,资本效率极其低下。其次,资本要素服务国家发展战略导向不够清晰。资本“组团”“扎堆”“接棒”等问题较为严重,使得资本难以有效配置在国家发展战略中的重点领域和重大项目之中。最后,资本无序扩张将阻碍创新发展。资本扩张使得未来潜在市场竞争者的准入门槛实质性抬升,同时具有创新性或颠覆性的技术可能被“雪藏”。

An Analysis of the Root Cause of the Disorderly Expansion of Capital in China

我国资本无序扩张的根源分析

As a production factor, the internal driving force of the disorderly expansion of capital mainly comes from the following aspects: The first is the inherent profit-seeking nature of capital operation. Capital raising, utilization, and exit operations are mainly measured by returns on capital, which makes capital operations inherently profit-seeking. This is especially true when profit is the only measure, such that capital operations and capital expansions will more likely fall into disorder. The second is that capital expansion enhances competitiveness. Weakening potential competition threats through capital operations is an important market behavior in the development of domestic and foreign market economies. In particular, industrial capital can establish an integrated product chain through vertical capital operations and expand market share through horizontal capital expansion. The third is to expand the “inventory” of interests through capital expansion. In the expansion of financial capital or monopoly capital, large capital owners or financial intermediaries mainly aim to expand their own permits, operations, and business scope so as to build an ecosystem that integrates diversified products and services and has self-circulating functions. The fourth is an attempt to circumvent regulation. Taking a bank’s on-balance sheet funds as an example, funds are constrained by the diversification of deposit reserves, capital adequacy ratios, and macroeconomic policies. However, turning such funds into off-balance sheet operations and capital operations in specific areas may present the bank with relatively low regulatory requirements, giving financial institutions greater incentives to participate in various “nested” and “roundabout” capital operations. Regulation-avoidant capital expansion is a major disruption to fair competition, orderly markets, and the regulatory system.

作为一种生产要素,资本无序扩张的内在驱动力主要来自以下几个方面:一是资本运作内在逐利性。资本募集、使用和退出操作主要以资本回报率作为衡量,这使得资本运行具有内在逐利性。特别是将盈利作为唯一衡量标准时,资本运作和资本扩张就更容易陷入无序状况。二是通过资本扩张提升竞争能力。通过资本运作弱化潜在竞争威胁是国内外市场经济发展中的重要市场行为。特别是产业资本通过纵向资本运作可以建立一体化的产业链体系,通过横向资本扩张可以扩大市场占有率。三是通过资本扩张扩大利益“地盘”。在金融资本扩张或垄断资本扩张中,大资本所有方或金融中介主要是为了扩大自身牌照、经营和业务范畴,构建一个融合多样化产品服务、具有自我循环功能的生态体系。四是企图进行监管规避。以银行表内资金为例,需要受到存款准备金、资本充足率以及宏观经济政策等多样化约束,但是,将此类资金转为表外业务并在特定领域进行资本操作,其面临的监管要求可能相对较低,这使得金融机构具有更大动力参与各类“嵌套式”“迂回式”资本操作。监管规避型资本扩张是对公平竞争、有序市场和监管体系的重大破坏。

The disorderly expansion of capital has specific institutional and mechanism roots. First, there is an institutional mismatch between separate supervision and mixed operations, which enables capital owners and financial intermediaries to take advantage of the lack of supervision or the ambiguity of supervision by separate supervisors to conduct regulatory evasion and regulatory arbitrage. Secondly, there is a functional trade-off between financial development and financial supervision, which makes some financial supervisors place financial development above financial supervision. The level of investment in financial supervision resources is relatively insufficient, and the effectiveness of financial supervision must be further improved. Some regulators have adopted an attitude of “ignoring” the disorderly expansion of capital or even becoming a “catalyst” thereof. Thirdly, there are distorted interests of high financial inhibition and high returns on capital patterns. Important achievements have been made in the market-oriented reform of the financial system in the past, but the domestic financial system as a whole is still under severe financial repression. Various types of capital compete to enter the financial system to obtain financial permits and business licenses, and the disorderly expansion of financial capital has an inherent institutional driving force. Finally, capital supervision lacks a long-term mechanism. “As soon as it is released, it will be chaotic, and if it is managed, it will die” is a major problem in the supervision of China’s economic and financial sectors. Taking the recent regulatory policies against monopolies and unfair competition and preventing the disorderly expansion of capital as an example, before the fourth quarter of 2020, the regulatory authorities rarely took targeted regulatory measures. Afterward, many authorities intensively introduced many policies or measures, exhibiting “temporary” and “emergency” regulatory characteristics.

资本无序扩张存在特定的体制机制根源。首先,分业监管与混业经营存在制度性错配,使得资本所有者和金融中介能利用分业监管者的监管不足或监管模糊地带,进行监管规避和监管套利。其次,金融发展与金融监管存在职能性权衡,使部分金融监管部门将金融发展职能放置于金融监管职能之上,金融监管资源投入水平相对不足,金融监管有效性有待进一步提高,部分监管者对资本无序扩张采取“忽视”态度甚至成为“催化者”.再次,存在金融高抑制与资本高收益的扭曲化利益格局。过去金融体系市场化改革取得了重要成就,但是国内金融体系整体仍然处在较为严重的金融抑制之中,金融业务专营性和要素定价市场化偏低使金融业务回报率较高,各类资本竞相追逐进入金融系统以获得金融牌照和业务资格,金融资本无序扩张具有内在的制度驱动力。最后,资本监管缺乏长效机制。“一放就乱、一管就死”是我国经济金融领域监管的重大难题。以近期反对垄断和不正当竞争行为、防止资本无序扩张等监管政策为例,2020年四季度前,监管部门鲜有针对性监管举措,而其后多个部门集中密集出台了诸多政策或举措,呈现出“临时性”“应急性”等监管特征。

Policy Suggestions on Improving the Supervision of Capital Operations

完善资本运作监管的政策建议

The disorderly expansion of capital contains major risks, and it is necessary to re-understand the function and status of capital from the perspectives of the state, regulatory authorities, and capital system in order to better serve the real economy. In the new stage of development, China needs a capital market and its regulatory system with prominent elementary functions, compliant operations, reasonable costs and benefits, effective regulatory constraints, and strong protections for rights and interests.

资本无序扩张潜藏重大风险,需要从国家、监管部门和资本体系等层面重新认识资本的功能与地位,以更好地服务实体经济。新发展阶段中,我国需要一个要素功能凸显、经营运作合规、成本收益合理、监管约束有效、权益保障有力的资本要素市场及其监管体系。

(1) Adhere to the functional orientation of capital elements and optimize the economic functions of capital elements
(一)坚持资本要素功能定位,优化资本要素的经济功能

First, continue to give full play to the function of capital as a factor that serves economic growth and further strengthen the decisive role of the market in resource allocation. Second, give full play to the characteristics of internal agglomeration and external drainage of capital in an orderly manner and attract more resources to be allocated to key areas and key links of economic and social development. Third, make full use of the resource allocation functions of capital and the correlation network of financial markets and further exert the link that capital plays in product chain repair, value chain reconstruction, and internal and external economic interaction. Fourth, give full play to the advantages of capital and technology integration and build a new paradigm of technology-driven inclusive finance, rural revitalization, and common prosperity.

一是继续充分发挥资本作为要素服务经济增长的功能,进一步强化市场在资源配置中的决定性作用。二是要有序发挥资本具有内在集聚和外部引流的特征,吸引更多资源配置于经济社会发展重点领域和关键环节。三是充分利用资本及其金融市场的资源配置功能和资本关联网络,进一步发挥资本在产业链修复、价值链重构和内外经济互动中的链接功能。四是充分发挥资本与技术融合的优势,构建基于技术驱动的普惠金融、乡村振兴和共同富裕新范式。

(2) The “underlying logic” of the economic system has not changed which is to fully protect the legal rights of capital owners
(二)经济体制“底层逻辑”没有改变,充分保障资本所有者合法权利

The “underlying logic” of China’s socialist market economy has not changed: The institutional framework of China’s full respect for capital and its owners’ rights and interests has not changed, and the guarantee of capital and its legitimate rights and interests will not change. In terms of guiding market expectations, enhancing market confidence, and stimulating the vitality of the economy, the state must clearly strengthen capital supervision and prevent the disorderly expansion of capital in order to better exert the function of capital elements and effectively protect the legitimate rights and interests of capital owners and compliant capital operations in order to mobilize the enthusiasm of market players.

我国社会主义市场经济的“底层逻辑”没变,我国充分尊重资本及其所有者权益的制度框架没变,资本及其合法权益的保障也不会变。从引导市场预期、增强市场信心和激发主体活力上,国家需要明确强化资本监管、防止资本无序扩张是为了更好发挥资本要素功能,资本所有者合法权益和合规资本运作都将得到有效保护,以调动市场主体积极性。

(3) Deepen the supervision of capital factors and build a long-term capital supervision mechanism
(三)深化资本要素监管,构建资本监管长效机制

First, it is necessary to strengthen the supervision of capital expansion. Incorporate capital operations and capital expansion into the scope of supervision, avoid insufficient supervision, gaps, and even loopholes, and support institutional supervision. Focus on functional supervision and deepen supervision, emphasizing the supervision of commercial banks, non-bank institutions, and capital markets, the supervision of equity operations, and the supervision of debt operations. Substantially improve the compliance and robustness of the system of capital operations. Second, the supervision of disorderly expansion of capital must clarify the established standards for the orderly expansion of capital. By clarifying the established compliance procedures, investment scope, and policy orientation for capital expansion, capital operations can be referenced, and capital expansion then can have a “red line” of awareness and a bottom-line for discussion. Thirdly, the regulation of capital expansion should be based on the rule of law. By improving the legal system, fully defining the responsibilities, rights, and interests of capital owners, capital intermediaries, and capital regulators, and giving fair, just, and open “consistent treatment” to all market entities such as state-owned enterprises, private enterprises, and foreign-funded enterprises. At the same time, the boundaries of regulators should be effectively defined, and supervision should be adhered to in accordance with the law. Fourth, strengthen the coordination of capital supervision policies, avoid “fluid” supervision, and at the same time fully evaluate the potential side effects or risks of supervision policies, and improve the coordination and suitability of supervision policies. Fifth, focus on vigilance against the disorderly expansion of large capital and overseas capital and be alert to threats to financial security, data security, and national security.

一是强化资本扩张的监管必要性。将资本运作和资本扩张纳入监管范畴,避免监管不足、空白甚至漏洞,以机构监管为支撑,注重功能监管和穿透监管,强调对商业银行、非银机构和资本市场监管,股权运作监管和债权运作监管双管齐下,实质改善资本运作体系的合规性和稳健性。二是资本无序扩张监管需要明确既定资本扩张有序性标准。通过明确资本扩张既定的合规程序、投资范畴以及政策导向,使得资本运作具有参照,让资本扩张具有“红线”意识和底线思维。三是资本扩张监管要以法治化作为基本原则。通过完善法律制度,充分界定资本所有者、资本中介和资本监管者等责、权、利事项,给予国有企业、民营企业、外资企业等所有市场主体公平、公正和公开的“一致性待遇”。同时,有效界定监管者边界,坚持依法监管。四是加强资本监管政策统筹,避免“运动式”监管,同时充分评估监管政策潜在的副作用或风险,提高监管政策统筹性和适宜度。五是重点警惕大型资本和境外资本联合的无序扩张,警惕金融安全、数据安全和国家安全威胁。

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Cite This Page

蒋照辉 (Jiang Zhaohui), 郑联盛 (Zheng Liansheng). "Disorderly Expansion of Capital: Performance, Risks, Root Causes, and Responses [资本无序扩张:表现、风险、根源与应对]". CSIS Interpret: China, original work published in China Development Observation [中国发展观察], March 25, 2022

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