为什么取消刚性兑付？

中文

近年来，中国金融市场发生了一个重要的变革，那就是取消了刚性兑付。刚性兑付是指金融机构在发行理财产品时，承诺无论市场情况如何，都会按照约定的收益率和本金安全兑付给投资者。然而，随着金融市场的不断发展和风险的逐步暴露，刚性兑付制度逐渐显露出其不合理性和风险性，因此被取消。

首先，刚性兑付制度扭曲了金融市场的价格发现机制。在刚性兑付的庇护下，投资者往往忽视风险，盲目追求高收益，导致资金配置效率低下。同时，金融机构也缺乏风险定价的动力，无法真实反映市场风险，不利于金融市场的健康发展。

其次，刚性兑付制度容易引发道德风险。由于金融机构在刚性兑付下几乎不承担风险，容易产生过度扩张和冒险行为，增加了整个金融系统的风险。一旦市场出现波动，刚性兑付的承诺可能无法兑现，导致投资者和金融机构均面临巨大损失。

因此，取消刚性兑付是金融市场健康发展的必然选择。通过取消刚性兑付，可以恢复金融市场的价格发现机制，提高资金配置效率，增强金融机构的风险定价能力。同时，也可以引导投资者树立风险意识，理性投资，降低道德风险。当然，取消刚性兑付后，金融机构和投资者都需要适应新的市场环境，加强风险管理和风险控制，确保金融市场的稳定和健康发展。

英文

Why the Elimination of Rigid Payment?

In recent years, a significant change has occurred in China's financial market, that is, the elimination of rigid payment. Rigid payment refers to the commitment made by financial institutions when issuing wealth management products, promising investors that regardless of market conditions, they will redeem the agreed-upon returns and principal safely. However, with the continuous development of financial markets and the gradual exposure of risks, the rigidity of the payment system has gradually revealed its irrationality and riskiness, leading to its cancellation.

Firstly, the rigid payment system distorted the price discovery mechanism of financial markets. Protected by rigid payment, investors often neglect risks and blindly pursue high returns, leading to inefficient capital allocation. At the same time, financial institutions also lack the incentive for risk pricing, unable to truly reflect market risks, which is not conducive to the healthy development of financial markets.

Secondly, the rigid payment system easily leads to moral hazard. As financial institutions bear almost no risk under rigid payment, they are prone to excessive expansion and risky behavior, increasing the risk of the entire financial system. Once the market experiences fluctuations, the commitment of rigid payment may not be fulfilled, leading to significant losses for both investors and financial institutions.

Therefore, the elimination of rigid payment is an inevitable choice for the healthy development of financial markets. By eliminating rigid payment, the price discovery mechanism of financial markets can be restored, improving capital allocation efficiency and enhancing financial institutions' risk pricing capabilities. At the same time, it can also guide investors to establish risk awareness, invest rationally, and reduce moral hazard. Of course, after the elimination of rigid payment, financial institutions and investors need to adapt to the new market environment, strengthen risk management and control, and ensure the stability and healthy development of financial markets.