日前，北京大学金融与证券研究中心主任曹凤岐在“中国经济转型期的战略机遇与政策选择学术研讨会”上针对当前资本市场信心不足，股市大幅下跌表示，当务之急是增强投资者信心，加强制度建设，并建议从四方面入手加强资本市场制度建设。

a，Beijing university finance and securities research center director in CaoFengQi“China's economic transition period of strategic opportunities and policy choice academic seminar”On the current capital market confidence，The stock market fell sharply said，The urgent task is to enhance investor confidence，To strengthen the system，From the four aspects of advice and strengthen capital market system construction。

　　曹凤岐表示，中国资本市场存在问题的根本原因在于本身的制度缺陷。因此，加强资本市场各项制度建设尤为重要。当前应当从以下四个方面入手。

CaoFengQi said，China's capital market problems of basic reason is that the system defect itself。so，Strengthening the system construction of capital market is particularly important。The current from the following four aspects should start。

　　首先，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，是对投资者的欺骗，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。

first，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，The investor is cheating，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。

　　其次，继续改革股票发行制度，实施逐步市场化的原则。股票发行市场化是改革的方向和目标，在市场定价机制不能完全发挥作用的情况下，对高市盈率发行有所限制是完全必要的。逐步淡化股票发行行政审批，把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”。

second，Continue to reform the stock issue system，Implement the principle of market gradually。The stock market is issued the direction of the reform and goals，In the market pricing mechanism can't play a role，High p/e is limited to issue is necessary。Gradually fade the stock issue administrative examination and approval，The supervision and examination and approval issued separate stock market。“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”。

　　第三，建立公平合理的、透明的分红制度。这里的“强制分红”制度不是指用行政手段强迫上市公司分红，而是指应当建立起上市公司透明、公平、合理的投资者回报制度。在上市公司不自觉分红和投资者在市场上得不到回报的情况下，“建立强制分红制度是对上市公司行为的规范，是保护投资者的制度”。上市公司在发行股票的招股说明书上就应当承诺如何分红和分红比例等。

The third，Establish fair and reasonable、Transparent share out bonus system。here“Forced dividends”System is not to use administrative means to force the listed company dividends，But to build a listed company shall be transparent、fair、Reasonable investors return system。In the listed company not consciously dividends and investors get rewarded in the market，“Establishing force share out bonus of the listed company, system is the behavior of the standard，The system is to protect investors”。The listed company shares in the prospectus on how to share out bonus shall be committed and ratio of share out bonus。

　　第四，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。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。“如果资产重组则应当在退市后再进行，与原上市公司毫无关系。这样就会增加上市公司的压力”。

The fourth，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。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。“If the assets reorganization should be in retreat city again，With the listed company no relationship。This will increase the pressure of the listed company”。

　　针对有人提出现在股市资金供求失衡，建议停发新股，缓解股市资金供求矛盾，曹凤岐认为这是治标不治本的办法。“中国资本市场从来不缺资金，缺乏的是信心。只要股市好了，投资者信心增强了，资金就进场了”。

For now the stock market was put forward capital supply and demand imbalances，Suggest new hair，Stock market funds ease contradictions between the supply and demand，CaoFengQi think this is take temporary solution not effect a permanent solution。“China's capital market has never had a lack of funds，Lack of confidence is。As long as the stock market，Investor confidence，Capital onto the field”。

　　尼尔森：二季度中国消费者信心指数回落

nelson：In the second quarter of China's consumer confidence index fell back

　　近日，全球著名咨询公司尼尔森在京发布了“2012年二季度中国消费者信心指数”。调查显示，二季度消费者信心指数有所回落，为105，较一季度下滑5点，但仍超过全球平均水平(全球消费者信心指数为91点)。从不同城市级别来看，农村地区的消费者最为乐观，消费者信心指数高达113，比全国平均值高8个点，同比增长2.7%，农村地区的消费者信心指数也连续4个季度排名第一，高于其它区域。

recently，Global famous consulting company in Beijing nelson released“In the second quarter of 2012, China's consumer confidence index”。survey，In the second quarter of the consumer confidence index easing，For 105，A quarter down five，But still more than the global average(The global consumer confidence index for 91 points)。From different city level and see，The most optimistic consumers in rural areas，The consumer confidence index as high as 113，More than the national average high eight points，Year-on-year growth of 2.7%，The rural areas of the consumer confidence index for four consecutive quarters also ranked first，Higher than other areas。

　　“在过去的几个季度，消费者信心指数持续攀升，并在上个季度达到了最高点，所以适当的回落是合理的，”尼尔森大中华区总裁严旋表示。“虽然消费者信心指数相较先前有所降低，但相较于其他国家和地区的消费者，中国消费者仍然是最乐观的。因欧债危机，经济放缓，和外销市场影响的缘故，消费者信心受到影响是不可避免的。中国政府对推进经济结构向消费主导型经济结构发展的努力，对于中国未来经济可持续性的发展意义重大。”

“In the past few quarters，The consumer confidence index continue to rise，And in the last quarter was the culmination，So the appropriate fall is reasonable，”Nelson greater China region YanXuan President said。“Although the consumer confidence index compared to previous reduced，But compared with other countries and regions of the consumers，Chinese consumer is still the most optimistic。Because the debt crisis，Economic slowdown，And export market because of influence，Consumer confidence affected is inevitable。The Chinese government to promote the economic structure to the consumption of the development of the economic structure of the leading efforts，For China's future economic sustainable development is of great significance。”

　　尼尔森大中华区高级副总裁戴乐表示，农村地区的消费者信心指数持续上升，预计零售、家电、家具、汽车等行业将大为受益。“随着中国城镇化进程的不断推进，目前一二线城市最需要的产品，未来在农村消费市场的销量也将很大。” (金参)

Nelson, senior vice President of the greater China region DaiLe said，Rural consumer confidence index continued to rise，Retail sales are expected to、Home appliance、furniture、Automotive industries will greatly benefit。“Along with the development of the China's urbanization process，At present a second city need most products，In the future the rural consumption market sales have would be great。” (JinCan)