专家建议，监管部门还需再推系列稳定股市之举，如推进养老金、住房公积金、保险资金等入市 Experts suggest，Regulators also need to push series for the stock market stability，Such as promoting the pension、Housing accumulation fund、Insurance funds market

　　⊙记者 孙霖 郭玉志 ○编辑 龚维松

Reporter SunLin GuoYuZhi ○ ⊙ GongWeiSong editor

　　股票市场持续低迷，除经济基本面因素外，市场各方也对证券监管部门的改革措施寄予厚望。

The stock market continues to slump，In addition to economic fundamentals outside factors，The market for securities regulators and the parties of the reform measures expected to do that。

　　近期以来，证监会在坚持市场化改革思路的同时，也愈发重视与市场的良性互动，吸纳各方意见，为资本市场制度改革提供更多的便利条件。

Since the recent，Securities market reform ideas on at the same time，Also increasingly attention and market the benign interaction，Absorbing all opinions，For capital market system reform offer more convenient conditions。

　　今年年初，证监会主席郭树清明确了推进证券期货领域改革开放，强化资本约束、市场约束和诚信约束，推动资本市场结构调整和服务能力提升，以公开透明为核心加强市场制度建设等工作思路。

Earlier this year，Securities regulatory commission chairman guo clear to promote reform and opening to the field of securities and futures，Strengthen capital constraints、Market discipline and integrity constraints，Promote capital market structure adjustment and services to enhance the ability，To open and transparent as the core to strengthen the market system construction work ideas。

　　从监管部门后续实践看来，诸多工作思路在随后出台的政策中，正在逐一得到落实，并将继续得到贯彻和发展。

From regulators seem follow-up practice，Many working ideas in subsequent policy，One is implemented，And will continue to get implemented and development。

　　“一进一出”更市场化 “A into a”More market

　　在市场“一进一出”的发行与退市制度环节，证监会近年来一直保持着市场化的改革方向。

In the market“A into a”The issuing and retreat city system link，Securities regulatory commission in recent years has maintained the reform direction of the market。

　　在长期机制体制改革方面，例如，发行制度改革中，允许发行人择机发行、扩大询价范围、取消网下配售锁定期等措施均体现了这一思路，随后的数月中，新股发行“三高”现象有所缓解。

In the long-term mechanism system reform，For example，In the reform of the system for issuing，Allow the issuer issue、Expand the scope of inquiry、Cancel the off-line allotment lock measures are regularly reflect this train of thought，The months，New shares“Three tenors”Phenomenon to ease。

　　此后，证监会有关部门负责人曾公开表示，正在研究关于老股转让的办法措施，待成熟后将按计划向社会征求意见并发布实施；同时，还将针对一些特殊商业模式及特定行业的发行人出台专项披露指引。

Since then，Securities regulatory commission in charge of relevant departments has publicly said，Is to study the old shares transfer way measures，Stay after the mature will go on as planned to for advice and issued by the society；At the same time，Will also for some special business model and the publisher of the particular industry issued special disclosure guidelines。

　　而在退市方面，随着沪深交易所相继发布退市制度，“不死鸟”的股票有望退市。

And in the back，Shenzhen exchange with have issued to withdraw from the market system，“Not dead bird”The stock is expected to retreat city。

　　海通证券(600837,股吧)副总裁、首席经济学家李迅雷告诉记者，在发行方面，虽然一些公司股价还有“偏高”，但是改革取得的效果还是有目共睹。在二级市场方面，有些上市公司发行过程中还存在“诱使”投资者认购行为，未来应该在此方面加强监管。

Haitong securities(600837,Shares it)Vice President、Chief economist LiXunLei told reporters，In the issue of，Although some of the company's share price and“Is on the high side”，But reforming the results or to see。In the secondary market，Some listed companies issuing process also exist“To lure”Investors subscribed behavior，In the future should strengthen the supervision。

　　对此，武汉科技大学金融证券研究所所长董登新同样认为，从新股发行体制改革到退市制度改革，这已是制度变革的两大跨越。以垃圾债为标志的市场化公司债市场及场外市场建设，则是多层次资本市场建设的重要任务，“今年将是退市制度改革年，中国股市正式步入"劣者必汰"的全新阶段。”董登新建议，要强化上市公司及证券中介的诚信意识与法治意识，严查重处欺诈上市、信息造假、内幕交易、股价操纵等证券犯罪行为。

this，Wuhan university of science and technology, director of financial securities DongDengXin also believe that，From the ipo system reform to retreat city system reform，This is the two big system change across。To junk debt for signs of the marketing of the company and the over-the-counter market debt market construction，Multi-level capital market construction is the important task，“This year will be back in the system reform，China entered the stock market"LieZhe curve will"New stage。”DongDengXin Suggestions，To strengthen the listed company and the integrity of the securities intermediary consciousness and consciousness of the rule of law，Heavy place fraud attracted listed、False information、Insider trading、Stock manipulation securities crime。

　　市场人士预计，从监管部门的动作来看，监管层对于证券期货的改革，强化资本约束、市场约束的市场化改革思路仍将继续。

Market participants are expected to，From regulators to see action，Regulatory reform for the securities and futures，Strengthen capital constraints、Market discipline of market reform ideas will continue。

　　投资者保护势在必行 Investor protection is imperative

　　从短期提振市场信心的措施来看，证监会也在积极开展工作。今年以来，经手费等交易费用已经第三次下调，同时《员工持股计划管理办法》也于近期出台，为上市公司进行股份回购提供了相应指引。

From short-term boost confidence measures taken，Securities regulatory commission are actively work。Since this year，Such trading brokerage costs have been cut for the third time，At the same time《Employee shareholding plan management measures》Also, in the near future to come，For listed companies share repurchase with a corresponding guidelines。

　　董登新表示，职工持股及现金分红，既是法人治理结构的一种完善，同时也是价值投资与长期投资理念的重要导向，下半年应该在这个方面向纵深推进。

DongDengXin said，Employee stock ownership and cash dividends，The corporate governance structure is a perfect，At the same time is also the value investment and long-term investment idea of important guidance，In the second half to should be carried forward。

　　李迅雷表示，应该继续降低交易成本，包括印花税等成本，对个人投资者降低甚至免除红利税。

LiXunLei said，Should continue to reduce transaction costs，Including the stamp tax cost，For individual investors reduce even red profit tax exempt。

　　“对于公司"变脸"的行为，应该加强对投资者的保护，加大对这类公司的惩戒力度。”李迅雷说。

“For the company"set"behavior，Should strengthen the protection of investors，To increase the companies disciplinary strength。”LiXunLei said。

　　在坚持长期改革思路的同时，证监会也开始愈发重视与市场的良性互动。强调新三板扩容有助分流IPO压力、给予B股退市公司重新上市安排等热点问题回应，明确体现了证监会呵护市场的态度。

In insisted that the long-term reform thinking at the same time，CSRC also began increasingly attention and market the benign interaction。New SanBan expansion shunt help emphasize IPO pressure、Give back to the city company B shares listed arrangement hot issue response，Clearly reflected the CSRC care the attitude of the market。

　　除了内部的改变，监管部门之间也在积极协调长期资金入市，为证券期货市场带来长期稳定的“优质活水”。证监会已多次表示与有关部门协调扩大QFII额度，并积极协调养老基金、住房公积金、保险机构等扩大投资范围。人保部、保监会等也都对相关事宜作出了一定的正面回应。

In addition to internal change，Regulators are actively coordinate between long-term capital market，For securities and futures market with a long-term stable“High quality living water”。Securities regulatory commission has repeatedly said and relevant departments coordination expand QFII quotas，And actively coordinate endowment funds、Housing accumulation fund、Insurance institution, expand the scope of investment。The insurer、Circ etc of relevant matters has made certain positive response。

　　在众多可能产生的增量资金来源中，转融通带来的增量融资确定性最强。证金公司近日已通过增资扩股将资本金扩至120亿元，同时将通过发债等手段筹措1000亿元资金用于出借给融资者。按杠杆率计算，证金公司可提供的转融资规模将达到1200亿元。

In many possible incremental capital source，Refinancing incremental financing certainty brings the strongest。The company has already through gold card increases endowment spread will capital expansion to 12 billion yuan，At the same time by means of the translated to raise 100 billion yuan funds for lend the issuer。According to leverage ratio，Gold card company can provide financing scale to will achieve 120 billion yuan。

　　此外，推出新的债券品种、提高债券融资比重、建设场外市场等措施，虽不能对刺激市场起到立竿见影的效果，但却有益于从长期角度丰富市场融资手段、改善A股市场供求状况。

In addition，Launching the new bonds varieties、Increase the proportion of bond financing、Construction measures such as the over-the-counter market，Though not to stimulate the market plays the immediate effect，But for long-term perspective from the rich market financing method、Improve a-share market supply and demand。

　　北京大学金融与证券研究中心主任曹凤岐认为，要提振市场信心，监管部门还需推出一系列稳定股市之举。比如要推动长期资金入市，加快推进养老金、住房公积金、保险资金等资金入市步伐。

Beijing university finance and securities research center director CaoFengQi think，To boost confidence，Regulators also need to put out a series of stability for the stock market。For example to promote long-term capital market，Accelerate pension、Housing accumulation fund、Insurance funds, capital listed pace。