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<script>window._bd_share_config={"common":{"bdSnsKey":{},"bdText":"","bdMini":"2","bdMiniList":false,"bdPic":"","bdStyle":"0","bdSize":"16"},"share":{"tag":"share_1","bdSize":32,"bdCustomStyle":"http://ats.taiwan.cn/homepage2021/css/bgBdShare2021.css"}};with(document)0[(getElementsByTagName('head')[0]||body).appendChild(createElement('script')).src='http://103.249.53.35/gate/big5/bdimg.share.baidu.com/static/api/js/share.js?v=89860593.js?cdnversion='+~(-new Date()/36e5)];</script>  </div> </div> <div id="bdShareBtn"></div> </div>  </div> <div class="contentArea"> <div class=TRS_Editor><p align="justify">　　近期，A股市場出現了短期波動。應當看到，隨著一系列政策的落地，我國宏觀經濟企穩回升的預期正在進一步增強，企業盈利正在改善，A股的宏觀基本面正在改善。當前，迫切需要進一步深化改革，特別是做好設立科創板並試點註冊制的工作，通過基本制度的完善持續增強資本市場抵禦風險的韌性。</p> <p align="justify">　　從一季度各項數據來看，中國經濟企穩回升的跡象正在進一步顯現，中國經濟所具有的韌性也正在為各方所認識到。無論外部環境出現什麼樣的變化，中國經濟具有的廣度和深度，都使得我們有足夠的底氣來應對，這正是資本市場中長期健康發展的底氣所在。只要我們能夠堅持深化改革擴大開放，推進經濟高品質發展，資本市場健康發展就具有堅實的基礎。</p> <p align="justify">　　實際上，當前在全球範圍內，A股市場正在成為投資者追逐的對象。從國際比較看，A股的估值吸引力依舊明顯。A股市場仍然是全球權益投資的洼地，儘管短期的外資流入流出數據有所變化，但全球市場長期加大對A股市場配置的大趨勢沒有發生改變。</p> <p align="justify">　　從上述背景來看，A股市場具備了長期向好的堅實基礎。從短期來看，A股市場的波動，對防範化解金融風險提出了挑戰，當前，迫切需要進一步深化各項改革，進一步夯實資本市場健康穩定發展的基礎。</p> <p align="justify">　　一方面，要建設一個規範、透明、開放、有活力、有韌性的資本市場，完善資本市場基礎性制度，把好市場入口和市場出口兩道關，加強對交易的全程監管。去年的中央經濟工作會議也指出，資本市場在金融運作中具有牽一髮而動全身的作用。一直以來，A股市場的估值水準波動率明顯高於其他成熟市場股指。一般認為，這與A股投資者結構密切相關，最主要的是A股的投資者還有較大一部分是散戶投資者，風險偏好高。目前，需要進一步優化資本市場的投資者結構，引入更多的長期資金，進一步優化市場交易監管，充分發揮市場自身的調節作用，同時要加強市場監測，加強監管協調，及時消除隱患，實現A股市場的長期健康穩定發展。</p> <p align="justify">　　另一方面，從中長期來看，要解決資本市場健康發展的問題，根本上還是要靠深化各項改革。當前，資本市場最重要的改革是設立科創板並試點註冊制，科創板是中國資本市場增量改革的試驗田，要以此為契機，進一步推進中國資本市場的市場化、法治化改革，完善包括交易制度在內的各項市場基本制度，完善資本市場逆週期應對機制，完善風險監測、預警和處置機制，增強資本市場自身抵禦各種風險和衝擊的韌性。（吳黎華）</p></div> <div class="editor f14">[責任編輯：李奕均]</div> </div>  <div class="page-number"> <script type="text/javascript"> createPageHTML(1, 0, "t20190508_12162750", "htm"); </script> </div>  </div>   <div class="content-plus"> <div 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