《21世纪》：中国的资本市场暴涨暴跌，牛短熊长的原因是什么？中国资本市场有哪些问题亟待解决？

《The 21 st century》：China's capital market rises and falls，Cattle short bear long and for what reason？China's capital market what problems need to be solved urgently？

　　曹凤岐：中国的资本市场暴涨暴跌、牛短熊长，除了国内外形势影响之外，主要是中国资本市场的制度缺陷所致。

CaoFengQi：China's capital market rises and falls、Cow short bear long，In addition to the influence of situation home and abroad，Main is China's capital market system caused by defects。

　　首先，中国资本市场定位有问题。资本市场是一个长期投资市场，但是我们却把它定位成了一个融资市场。学过金融学的人都知道，短期融资市场（一年以下的短期融资）是货币市场融资，一年以上的融资和投资市场是资本市场，资本市场所筹资金都是用于长期投资的。公司是资金需求者、融资者，股民是资金供给者、投资者。公司使用投资者的资金应当给投资者投资回报（分红），但不少上市公司多年不给投资者分红或象征性分红。出现这种情况的原因在于发展资本市场的指导思想有问题。最初国有企业在进行体制改革时出现了资金不足问题，就考虑将企业改造成上市公司，从市场上筹集资金。企业以为股票融资也像借国家银行的钱一样可以不还本付息的。即所谓“吃了财政吃银行，吃了银行吃股民”。

first，China's capital market orientation。Capital market is a long-term investment market，But we have put it positioning became a financing market。Studied finance people know，Short-term financing market（Short-term financing for less than a year）Is money market financing，More than a year of financing and investment market is the capital market，The capital market is the money for long-term investment。The company is capital demanders、issuer，People are funds supplier、investors。The company shall use of investors' money to investors return on investment（Share out bonus），But a lot of the listed company for many years not to give investors the dividends or symbolic dividends。Appear this kind of circumstance of the reasons for the development of the capital market guiding thought has a problem。First in system reform of state-owned enterprise appeared when fund shortage problem，Consider the enterprise transformed into the listed company，Raising money from the market。Enterprise thought share financing also borrow the money of the bank as countries can not repay captital with interest。called“Eat financial eat bank，Eat the bank to eat people”。

　　其次，股票发行制度存在非常大的问题。最初是计划发行，额度发行，谁能拿到额度谁就可以发行股票。现在进行了改革，发行市场化了，发行价格放开了，但出现了高市盈率、高发行价和超募发行问题，在创业板市场上表现得尤为突出。创业板发行和上市的企业，发行市盈率有超过一百倍的。出现这些问题的原因在于只放开了发行价格，而企业能否发行和上市还需严格审批（虽是审核，但仍是实质审批），这样使得股票仍是稀缺资源，谁拿到发行资格谁就可以发大财。上市公司希望多筹钱因此想高价发行，券商希望拿高佣金，也把发行价定得很高。向询价机构也给出高价格。

second，Stock issuance system has very big problem。Originally planned offering，Quotas issued，Who can get limit who can share issue。Now reform，Issued the marketization，Release the issuing price，But appeared high p/e ratio、The high price and the issue raised questions，In the growth enterprise market was particularly outstanding。Gem issuance and listing of the enterprise，There are more than one hundred times p/e ratio is issued。These problems arise because of the issue price only let go，And enterprise whether issuance and listing also must strictly for examination and approval（Is the audit，But is still substantial for examination and approval），This makes the stock is still scarce resources，Who get who can issue qualification of making a fortune。Listed companies hope to raise money so high issuance，Brokers hope get high commission，The also were priced too high。To the inquiry agencies also give high price。

　　再次，公司制度存在很大问题，如法人治理结构不健全，缺乏规范的分红制度。2010年，2175家上市公司中，亏损的仅117家，但既不分红也不送股的“铁公鸡”有798家，上市5年不分红的有414家，其中盈利公司136家。

again，The company has a lot of problems，Such as corporate governance structure is not sound，Lack of standardized share out bonus system。2010 years，2175 listed companies，The loss of the only 117，But neither dividends not give the shares“admit”There are 798 home，5 years of share out bonus listed by 414，One company earnings in 136。

　　第四，中国资本市场内幕交易、操纵市场、证券欺诈现象十分严重。投资者尤其是中小投资者受到很大损害。

The fourth，China's capital market insider trading、Market manipulation、Securities fraud phenomena are very serious。Investors, especially small and medium investors is much damage。

　　第五，中国证券市场仍然是一个投机市场。由于很多上市公司不给投资者内部回报或只是象征性回报，因此股民很难长期持有一家公司股票，价值投资失灵。因此大多数股民都是投机者，短期炒作，股市大起大落的情况很难避免。中国股市换手率极高，世界第一。据统计，中国股市流通股年换手率接近8倍，按全年260个交易日计算，平均持股期限为32.7天。而美国0.97倍，日本1.4倍，韩国1.05倍，香港0.97倍，台湾1.27倍。有人说中国的股民在给国家打工，在给券商打工，每交易一次收一次印花税，给券商缴纳佣金。股民在交易中很难赚到钱，而国家和券商稳赚不赔。

The fifth，China's securities market is still a speculative market。Because many listed companies don't give investors internal returns or symbolic returns，So people it is difficult to hold a company stock，Value investment failure。So most people are speculators，Short-term hype，Falling stock market situation hard to avoid。China's stock market change hands high rates，The world first。According to the statistics，China's stock market in shares changing hands rate close to eight times，The year 260 trading day calculation，An average of 32.7 days for holding period。And the United States 0.97 times，Japan 1.4 times，South Korea 1.05 times，Hong Kong 0.97 times，Taiwan 1.27 times。Some say China's people to work in the country，In working to brokers，Each transaction a charge a stamp duty，Brokers to pay commission。People in trade is hard to earn money，But the national stability and brokers earn not to compensate。

　　林采宜：中国资本市场的改革与创新面临不少阻力。

Lin is in：China's capital market reform and innovation of the face a lot of resistance。

　　一个是分业监管和跨业竞争之间的矛盾。资本市场的改革和创新必然涉及到金融业务的交叉及不同金融市场边界的模糊化、不同金融企业在业务上的互相融合与竞争。在目前“一行三会”的监管体系下，金融监管协调机制效率低下，任何一方都缺乏协调的主动权，降低了决策效率。

One is supervised the contradiction between the combination and competition。The reform and innovation of capital market will inevitably involve to financial business cross and various financial markets blur the boundaries、Different financial enterprise in business fusion and competition。In the present“A line of three will”Under the supervision of the system，Financial supervision coordination mechanism low efficiency，No one is a lack of coordination of the initiative，Reduce the decision-making efficiency。

　　再一个是过度行政干预已经成为阻碍资本市场化改革的重要阻碍。自A股设立至今的21年间，除了因吸收合并以及分立等特殊原因而退市的上市公司外，真正因监管规则而退市的公司只有42家，仅占上市公司总数的1.82%；2008-2011四年中，上市公司净资产为负的股票分别为52、57、49和41家，这些事实上已资不抵债、理应破产的公司依然驻留在股市里，其中不少通过各种“重组”，最后“死而复生”，这些与地方政府行政干预、利益输送有着很大的关系。债市也同样如此，至今尚无真正意义上的债券违约事件，今年市场关注的海龙短融券也同样在地方政府的“协调”下由银行承担了兑付责任。在资本市场改革与创新的进程中，来自政府行政干预、保护、博弈仍将是主要阻碍之一。

Another is excessive administrative intervention has become the important capital market reform that block。Since A shares since set up the 21 years，Except for merger by absorption and division, special reasons and out of the city of the listed company，Because of regulatory rules and out of the real city company only 42，Only accounts for 1.82% of the total number of listed companies；2008-2011 in four years，The listed company for negative net worth of stock is 52 respectively、57、49 and 41 house，These in fact already insolvency、The bankruptcy of the company should stay still in the stock market，Many of the through the various“restructuring”，finally“Back from the dead”，These and local government administrative intervention、Interest has the very big relations conveying。Bond market as such，So far, there is no real sense of bonds default events，This year the market focus dragon short securities and also in local government“coordination”By the bank for payment under the responsibility。In the capital market reform and innovation process，Administrative interference from the government、protection、The game will still is one of the main obstacles。

　　

资本市场改革与创新的动力 Capital market reform and innovation power

　　《21世纪》：中国资本市场改革与创新的动力有哪些？对国内外金融市场有何影响？

《The 21 st century》：China's capital market reform and innovation power what？Domestic and foreign financial market to have any effect？

　　林采宜：首先，发展多层次资本市场对优化社会资本配置起到重要作用。长期以来，我国企业融资严重依赖间接融资，造成了以下几个突出的问题：一是间接融资比重过大容易将系统性风险凝集在银行体系中埋下金融隐患。二是商业银行出于自身风险防范、管理成本多方面的原因更乐于将信贷资金投放于国企背景的大企业，而对小企业信贷则缺乏主动性。中小微企业是中国经济的毛细血管，而银行信贷在大国企大量堰塞的结果客观造成了微循环不畅，经济亚健康，货币政策实施效果大打折扣。三是近年来民间信贷的乱象与社会资金结构性短缺矛盾突出，居民储蓄投融资渠道匮乏有着直接关系。要解决以上这些问题，就需要从市场结构、投融资工具、融资中介等多个维度发展多层次的资本市场。使社会资源配置最优化，提升金融为实体经济的服务能力，引导社会资本在统一的监管体系下合理流动，最终满足不同规模、不同类型、不同成长阶段企业个性化的融资需求。

Lin is in：first，Multi-level capital market to optimize social capital allocation has played an important role。long，Our country enterprise financing depends heavily on indirect financing，Cause the following a few outstanding problems：One is the indirect financing excessive proportion to systematic risk aggregation in the bank will be buried in the system of financial hidden trouble。2 it is commercial bank out of their own risks、The management cost many reasons to put more credit funds in the background of the state-owned enterprises enterprise，And for small businesses is the lack of credit initiative。Small and medium-sized small enterprise is that China's economy has the capillaries，And the bank credit in the big state-owned enterprises of the results of the plug weir objective caused the microcirculation impeded，Economic and health，Monetary policy implementation effect to sell at a discount greatly。Three is in recent years of folk credit mess and social capital shortage of structural contradiction，Residents have a direct financing channel savings lack relationship。To solve these problems，It needs from market structure、Investment tools、Financing intermediary multiple dimensions of multi-level capital market。Make social resources configuration optimization，Ascension for the real economy financial service ability，Guide social capital in the unified supervision system reasonable flow，Finally meet different scale、Different types、Different growth stages the financing needs of enterprise personalized。

　　其次，资本市场改革与创新符合国民财富管理的迫切需要。中国财富管理市场规模已经排名世界第三，拥有10万美元以上可投资资产的人口规模已经达到1700万以上。国民高达30万亿的个人储蓄对财富管理存在迫切需求，社会养老、社保、公积金也长期以来受制于资本市场结构单一、投资品种缺乏、避险保值功能差等诸多原因也面临运营的问题，这都需要通过大力发展资本市场、进行金融创新给居民财富创造更多的投资渠道。

second，Capital market reform and innovation accord with national wealth management of urgent need。China's wealth management market scale has ranked third in the world，To hold more than 100000 dollars in investable assets of the population scale has reached more than 17 million。National as high as 30 trillion personal savings wealth management exist to demand，Social endowment、Social security、Accumulation fund also has long subject to capital market structure and single、Investment products lack of、Hedge value function of many reasons such as the operation of the face，This had to develop capital market、Financial innovation to create more wealth residents investment channels。

　　最后，只有通过改革、创新资本市场才有可能在国际市场上获得金融产品的定价权，为国际金融中心的形成创造必要条件。中国资本市场目前堪与国外资本市场相比的，只有股票和债券市场的交易规模，资本市场的国际化、金融产品种类、市场层次深度与国外成熟市场差距明显。随着中国经济影响力的日益增强，中国需要一个与经济影响力相匹配的国际金融中心，而资本市场的定价权是国际金融中心形成的必要条件。

finally，Only through the reform、Innovation capital market can be in the international market for financial determine the price of a product，As an international financial centre create necessary conditions。China's capital market at present with foreign capital market can compare，Only the stock and bond market scale，The international capital market、Financial product category、Market level depth and foreign disparity between mature markets。As China's growing economic influence，China needs a match with economic influence international financial centre，And capital market is to determine the price of international financial center of the formation of the necessary condition。

　

　未来改革与创新的突破点 The future of the reform and innovation of the breaking point

　　《21世纪》：未来可以通过哪些途径振兴资本市场？

《The 21 st century》：The future by what means can the capital market？

　　曹凤岐：中国资本市场出现诸多问题的根本原因就是缺乏保护投资者，尤其是保护中小投资者的制度和机制。因此，加强资本市场和上市公司制度建设是振兴资本市场的根本途径。

CaoFengQi：China's capital market appear many root cause of the problem is the absence of protect investors，Especially protecting minority investors' system and mechanism。so，Strengthen capital markets and listed companies the system construction is the basic way of the capital market。

　　首先，明确中国资本市场的市场定位，变融资市场为长期投资市场。有人把炒股炒成股东看成笑话，实际这是件好事，长期持有一个公司的股票，参与公司分红，能得到稳定的投资回报，就不必在市场上投机炒股。股票投资有两种收益，一是内部收益（分红），另一种是市场收益（差价收益）。内部收益是长期收益、稳定收益。而市场差价收益，可获得高收益，但伴随着高风险。任何二级市场上都是少数人赚钱，多数人赔钱，因为在资金量不变的情况下，一些人的高收益是建立在另一些人亏损之上的。如果上市公司能给投资者投资额的分红比例5%以上，即投资收益在5%以上，超过储蓄存款利率，这样就能使投资者长期持股，从股市的投机者变成长期投资者。相应的，应当建立起上市公司透明、公平合理的投资者回报制度，这是对上市公司行为的规范，也是保护投资者的制度。

first，Clear of China's capital market market orientation，Change for long-term investment market financing market。Someone took the fry until become shareholders as a joke，Actually that's a good thing，Hold on for the long-term stock in a company，Participation in the company dividends，Can get stable investment returns，You don't have to fry speculation in the market。There are two kinds of stock investment income，One is the internal revenue（Share out bonus），The other is the market returns（Price difference earnings）。Internal revenue is long-term gains、Steady benefits。And the market price difference earnings，Obtain high returns，But with high risk。Any secondary market are a few people to make money，Most people lose money，Because in financing volume under the condition of invariable，Some people's high yield is based on some other people on losses。If the listed company can give investors investment proportion of share out bonus of more than 5%，That is more than 5% returns on investment，More than savings deposit interest rate，So that investors long-term shareholding，The speculators from the stock market into a long-term investors。corresponding，A listed company shall establish a transparent、Fair and reasonable investors return system，This is on the listed company's standard behavior，The system is also protect investors。

　　其次，加强信息披露制度建设。如何保护投资者，最重要的是加强信息披露制度建设。上市公司要给投资者一个明确、详细、正确的信息，让投资者来判断是否投资。有些上市公司披露给投资者的信息往往是似是而非的信息，或者是提前披露一些不该披露的信息，或者是干脆披露虚假信息，这是对投资者的误导、欺骗，是对投资者权益的侵害。因此，必须把上市公司所有可以公开的信息，如法人治理结构、市盈率、资产负债、重要财务指标和其他重大事项全部公开披露，给投资者一个明确的信息，这是对投资者最大的保护。

second，To strengthen the information disclosure system construction。How to protect investors，The most important is to strengthen the information disclosure system construction。Listed companies should give investors a clear、detailed、Correct information，Let investors to judge whether the investment。Some listed companies to disclose the information to investors is often paradoxical information，Or is some early information disclosure of information shouldn't，Or is simply false information disclosure，This is misleading to investors、deceive，Is the rights and interests of investors to violation。so，Must put the listed company all the information available to the public，Such as corporate governance structure、P/e ratio、Assets and liabilities、Important financial index and other significant issues all public disclosure，Give investors a clear message，This is the most protection to investors。

　　再次，完善退市制度。在《证券法》中已经明确规定了上市公司终止交易（退市）的制度和条件，但一直没有很好地执行，而且要退市的公司利用“壳资源”进行“重组”摇身一变变成“好公司”，因此垃圾股鸡犬升天的情况比比皆是。中国没有几家真正退市的公司。必须完善退市制度，该退市的一定退市，杜绝退市公司利用壳资源进行重组的可能性。这样就会增加上市公司的压力，同时对投资者进行警示。

again，Perfect retreat city system。in《Securities law》Have specific provision in the listed company trade termination（Retreat city）The system and conditions，But there has been no good enforcement，And to check out the city of company“Shell resources”for“restructuring”Suddenly become“Good company”，So JiQuanShengTian trash stock of the situation can be found everywhere。China's few real retreat city company。Must be perfect to withdraw from the market system，The retreat city of certain delisting，Put an end to retreat city companies use shell resources restructuring the possibility。This will increase the pressure of the listed company，At the same time for investors for warning。

　　最后，完善和改进资本市场监管制度。应当将监管市场和审批股票发行分开。如果完全市场化发行，证监会就不要实质性审批，而把发行权下放到交易所。证监会专门审查发行是否规范，是否有违规违法行为，是否有虚假陈述等，如果发现问题可以叫停发行。也就是证监会从一票决定权转变为一票否决权。而发行由交易所、券商和上市公司自己决定。这就是所谓监审分开。证监会把监管的重点转到如何引导资本市场健康发展上来，重点转到如何维护资本市场的公平、公正、公开，如何维护市场秩序，打击违法违规，保护投资者合法权益上来。中国必须进一步发展多层次资本市场。中国在经济转型过程中，城镇化的过程中，在经济国际化的过程中，都需要资本市场的大力支持。我们完全相信，只要进一步加强资本市场制度建设，完善资本市场体系，中国资本市场一定能够得到健康发展，发挥其在中国经济发展和改革中应有的功能和作用。

finally，Perfect and improve the capital market supervision system。Supervision and examination and approval shall be market share issue separate。If fully market-oriented distribution，CSRC don't substantial for examination and approval，And the issue down to exchange。Securities regulatory commission issued special review be standard，Whether irregularities，Whether there is a false statement，If found that the problem can be issued to stop。Also is a change from the CSRC tickets for exercise a veto with only one vote。And the issue by the exchange、Brokers and listed company and you decide。This is called the separate prison。CSRC transfer the emphasis of supervision turned to how to guide the healthy development of capital market up，Key turned to how to maintain the equity of the capital markets、justice、public，How to maintain the market order，Against illegal，To protect the legal rights of investors to come up。China must further multi-level capital market。In China's economic transformation of，The course of urbanization，In the process of economic internationalization，All need the support of capital market。We fully believe that，As long as further strengthen capital market system construction，Improving capital market system，China's capital market can get healthy development，Play it in the Chinese economy development and reform of the function and role should be。

　　此外，还可以在资本市场文化、资本市场服务体系和资本市场法律体系等方面下功夫。

In addition，Still can be in capital market culture、Capital market service system and capital market law system aspect。

　　《21世纪》：中国资本市场的改革与创新有可能在近期取得哪些突破与进展？

《The 21 st century》：China's capital market reform and innovation in the near future likely what breakthrough and progress made？

　　林采宜：中国资本市场改革在近期有以下突破点。

Lin is in：China's capital market reform in recent to have the following the breaking point。

　　首先，场外柜台交易市场的建立。经过10年的运作，美国场外柜台交易系统（OTCBB）为核心的柜台交易市场已经确立了在美国非主板市场的霸主地位，最多时有超过3600家公司、交易的证券超过6667种、近400家做市商活跃于该市场，为中小企业股权流通、资本定价、筹集资金起到了较为重要的作用，是美国资本市场的重要组成部分。随着中国非上市公众公司监管管理办法、主办券商业务试点办法的出台，中国场外柜台交易市场将取得实质性的进展，中小企业融资渠道有望进一步拓宽。

first，Outside of the establishment of the trading market。After 10 years of operation，Outside the United States for the trading system（OTCBB）As the core of the trading market has established in the United States market dominance of the motherboard，Most have more than 3600 companies、Trading securities more than 6667 kinds、Nearly 400 home market maker active in the market，For small and medium-sized enterprise equity circulation、Capital pricing、Raise money played an important role，The United States is an important part of capital market。With China's private public company regulatory management approach、The pilot of the measures for the business brokers to come，Outside China for the trading market will be made substantial progress，Small and medium-sized enterprises is expected to further broaden the financing channels。

　　其次，证券市场做空机制的进一步完善。针对融资融券业务的转融通试点已经完成了最后一轮全网测试，年内有望正式推出。转融通机制真正解决了融资融券业务的券源和中介机构的资金来源问题，对建立证券市场双边交易机制具有重要意义。从单边市场走向双边市场将促使中国的资本市场进一步提高市场价格发现功能，对推动股票市场成熟具有重要的意义。

second，The securities market for further improving the mechanism for empty。According to margin business to refinance the pilot has completed the last round over the test，Years is expected to officially launched。Refinancing mechanism solve the real margin business voucher source and intermediary agencies sources of funding problems，To establish bilateral trade securities market has important meaning mechanism。From the single market to bilateral market will makes China's capital market to further improve the market price discovery function，To promote the stock market mature is of great significance。

　　再次，金融衍生品市场品种增加与规模扩大。在国外成熟市场，金融衍生品市场的交易规模远远大于股票、债券等基础证券。以美国投资银行为例，来自于衍生品交易获得的收入占比要达到全部交易收入的55%-60%以上。在风险控制的前提下，丰富的金融衍生品种和交易流动性对于企业套期保值、熨平周期波动、对冲投资风险等有着积极意义。现有的股指期货运行平稳基础上，国债期货及股票期权将逐步推出，银行间市场的信贷资产证券化也已开始试点，从证券业创新的基调来看，不久的将来可望在信用衍生品、汇率衍生品、信贷资产相关衍生品等方面取得突破。

again，Financial derivatives market varieties increase and scale。In mature markets abroad，Financial derivatives market scale is far greater than the stock、Bonds and other basic securities。In the United States, investment Banks, for example，From derivatives trading revenues from than to achieve all transactions accounted for 55% of revenue-more than 60%。On the premise of risk control，Rich derivatives and trading liquidity to enterprise hedging、Pressed periodic fluctuations、Hedge investment risks, and so has positive significance。The existing stock index futures based on stable operation，Treasury futures and stock options will gradually introduced，Interbank market of the securitization of credit assets has also started pilot，From the tone of the securities industry innovation to see，The future will be in credit derivatives、Exchange rate derivatives、The credit assets related derivatives breakthrough。

　　最后，资本市场长期机构投资者结构优化。资本市场的成熟与投资者结构优化是相辅相成的，随着市场容量的扩大和交易机制的不断完善，机构投资者的比重将会大幅度增加，预计未来会有更多外国机构投资者获得准入资格、进入中国资本市场，养老金与商业保险入市的比例也会有所提高，私募基金的规模将进一步扩大。

finally，Capital market long-term institutional investors structure optimization。Capital markets mature and investors structure optimization complement each other，With the expansion of the market size and the continuous improvement of the trading system，The proportion of institutional investors will multiply，The expected future there will be more foreign institutional investors gain entry qualifications、To enter the Chinese capital market，Pension and commercial insurance the share of entry will be improved，The size of the private equity fund will be further expanded。