文/申屹 姜婧一

Article/ShenYi JiangJing a

　　编者提示：金融兴则百业兴。资本市场作为现代金融的重要组成部分，其发展与我国经济社会的改革和发展密不可分。当前，我国资本市场的投融资功能不断增强，已经成为社会经济资源市场化配置的重要平台。

Editor hint：Financial xing xing is all。The capital market as an important part of modern finance，Its development and China's economic and social reform and development are inseparable。The current，China's capital market financing function to enhance the，Economic and social resources has become an important platform of marketization。

　　伴随着中国资本市场的发展壮大，证券行业从无序到规范，不断夯实发展基础、拓宽券商业务范围、积极开拓创新，与此同时，经济社会对直接融资的需求不断增强，证券行业作为金融中介，在支持实体经济发展过程中发挥了不可替代的重要作用。这不仅为证券行业迈入创新发展的新阶段提供了重要机遇，也对其更好地支持、服务国民经济提出了更高的要求。

With the development of China's capital market growth，The securities industry from disorder to specification，Continuously tamp development foundation、Broaden the scope of securities business、Positive innovation，meanwhile，Economic society to direct financing needs to enhance the，The securities industry as a financial intermediary，In support of the real economy development process play an irreplaceable role。This is not only for the securities industry entering a new period of the development of innovation provides an important opportunity，Also the better support、Service the national economy put forward higher request。

　　资本市场是社会经济资源市场化配置的 Capital market is the social economic resources of market allocation

　　重要平台 Important platform

　　近年来，中国资本市场层次和结构的逐步完善，运行机制逐步健全，成功抵御了国际金融危机的冲击，对国民经济的推动作用日渐凸显，为证券行业在新的起点加快发展奠定了良好基础。

In recent years，China's capital market level and structure of the improved step by step，Gradually improve the operational mechanism，Success against the impact of the international financial crisis，To the national economy becomes increasingly salient role，For the securities industry in the new starting point to speed up the development has laid a good foundation。

　　截至2011年底，中国资本市场共有上市公司2342家，证券公司109家，投资者有效账户数1.4亿户，沪深两市总市值21.48万亿元。全年境内A股市场融资总额5073.07亿元，上市公司债券融资1707.40亿元。市场的发展变化和行业数据表明，中国资本市场的投融资功能不断增强，已经成为中国社会经济资源市场化配置的重要平台，服务国民经济的能力也在大幅提升。

By the end of 2011，China's capital market mutual listed company 2342，A securities company 109，Investors effective account number 140 million households，Shanghai and shenzhen two city total market value 21.48 trillion yuan。The domestic a-share market financing total 507.307 billion yuan，Bond financing of listed company 170.74 billion yuan。The development of the market and industry data shows，China's capital market financing function of increasing，China's social and economic resources has become an important platform of marketization，Service of the national economy in the ability to improve。

　　充分发挥证券行业金融中介作用 Give full play to the securities industry financial intermediary role

　　近年来，证券行业在经济社会中发挥着融通资金供需、促进产业升级、优化资源配置、满足客户财富管理需求等重要功能，对我国经济体制转型和资本市场发展发挥了积极作用。今后，应从以下几点充分发挥证券行业的功能作用，服务经济社会投融资需求。

In recent years，The securities industry in the economic society plays a financing supply and demand、Promote industrial upgrading、Optimize allocation of resources、Meet customer wealth management requirements and other important function，To our country economic system transformation and capital market development play a positive role。In the future，The following points should give full play to the functions of the securities industry，Service economy social investment and financing needs。

　　第一，强化证券行业提供融资服务的力度，促进并购重组、引领经济发展。证券公司作为证券行业中最主要且最具代表性的一类机构，通过投资银行业务在服务实体经济方面发挥了重要作用。2011年，资本市场境内筹资共计6780.47亿元，其中，A股融资总额、首次公开发行（IPO)融资规模均居世界前列。

The first，Strengthen the securities industry to provide financing service strength，Promote merger and reorganization、Leading economic development。A securities company as the securities industry in the main and the most representative kind of institution，Through the investment bank business in service entity economy has played an important role。In 2011,，The capital market financing within the territory of a total of 678.047 billion yuan，the，A-share financing amount、Initial public offering（IPO)Financing scale are highest in the world。

　　第二，完善证券行业对中小企业的服务体系建设，推动中小企业成长，引导民间投资健康发展。中小企业作为促进国民经济可持续发展的重要力量和生力军，其融资难问题一直备受社会关注。近年来，中小企业板、创业板的平稳运行，证券公司作为金融中介，为那些成长性好、发展潜力大的中小企业提供了融资渠道，对促进中小企业、民营经济快速发展，刺激民间投资、缓解中小企业融资“瓶颈”发挥了重要作用。

The second，To perfect securities industry for small and medium-sized enterprise service system construction，Promote the growth of small and medium-sized enterprises，Guide the healthy development of private investment。Small and medium-sized enterprises as promote the national economy sustainable development important force and force，Its financing difficult problem has been praised by the society to pay more attention to。In recent years，Small and medium-sized enterprise board、The smooth running of gem，A securities company as a financial intermediary，For those good growth、Development potential of small and medium-sized enterprises to provide the financing channels，To promote the small and medium-sized enterprise、The rapid development of private economy，Stimulate private investment、Alleviate the financing of small and medium enterprises“bottleneck”Played an important role。

　　深交所统计数据显示，截至2011年底，中小企业（包括深圳中小板和创业板公司）共927家，年内累计筹资2275.53亿元。2012年5月，中小企业私募债的推出，拓宽了资本市场服务实体经济的广度，为民间资本与非上市中小企业之间提供了直接对接的平台，能够有效缓解包括“三农”企业、新兴业态、新商业模式的中小微企业融资难状况。

Shenzhen statistics data show，By the end of 2011，Small and medium-sized enterprise（Including shenzhen small and medium-sized plate and the gem companies）A total of 927，Years accumulated raise 227.553 billion yuan。In May 2012，Small and medium-sized enterprise SiMuZhai launch，Broaden the capital market service entity economic span，For folk capital and private small and medium-sized enterprises to provide the between direct docking platform，Can effectively relieve including“Agriculture, countryside and farmers”enterprise、Emerging formats、The new business model of small and medium-sized micro enterprise financing difficult situation。

　　第三，加强证券行业业务创新，使企业顺利对接资本市场，促进产融结合。围绕实体经济发展的需要，证券行业开展直投业务等创新业务，提高社会资金的配置及运作效率。据证券业协会专项调查分析，证券公司直投业务自2007年开展以来，累计已达355个项目，进行了规模达170亿元的投资，其中相当一部分被投企业为中小企业。随着2011年7月《证券公司直接投资业务监管指引》的颁布，券商直投公司被允许设立直投基金，筹集并管理客户资金进行股权投资。这将凝聚更多、更大规模的社会资金，通过证券公司直投业务支持支柱企业和民营企业的发展。

The third，Strengthen the securities industry business innovation，Make the enterprise smooth butt joint capital market，Promoting harmony with production。Around the needs of the development of the real economy，The securities industry to carry out straight investment business innovation business，Improve the social capital of configuration and operating efficiency。According to the special investigation and analysis of the securities industry association，A securities company straight investment business since 2007 since carried out，Accumulated has amounted to 355 items，The size of 17 billion yuan investment，Among them were some for the enterprise to small and medium-sized enterprise。As in July 2011《A securities company direct investment business regulatory guidelines》The promulgation of the，Brokers direct investment company should be allowed to set up straight investment fund，Raise and manage customer money for equity investment。This will together more、More large-scale social capital，Through the securities company straight investment business support pillar enterprises and the development of the private sector。

　　但是，中国证券行业发展时间短，产品和市场体系结构还有待进一步完善，证券公司在服务实体经济、促进产业结构调整和经济转型、满足企业和居民多元化的投融资需求等方面的专业服务能力还有待提高，行业不可替代的核心竞争力尚未形成。为此，需要大力发展资本市场和证券行业，使其与人民群众日益增长的物质文化需求相匹配，与中国的国际地位和综合实力相匹配。

but，The Chinese securities industry development time is short，Products and market system structure still needs further perfection，Securities companies in the service entity economy、Promote the adjustment of industry structure and economic transformation、Meet the enterprises and residents diversified investment and financing needs professional service capacity needs to be improved，Industry irreplaceable core competence has not been formed。therefore，Need to vigorously develop the capital market and the securities industry，Make it and the people's growing material and cultural needs of the match，And China's international status and comprehensive strength phase matching。

　　实现证券行业与实体经济协调发展 To realize the securities industry and entity economy coordinated development

　　目前，我国经济已进入深化改革开放、加快转变经济发展方式的攻坚时期。“十二五”规划纲要、2012年全国证券期货监管工作会议对“显著提高直接融资比重，充分发挥资本市场的资源动员能力和创新能力，促进我国经济持续健康发展”提出了新的要求。这就迫切需要证券行业进一步发挥市场主体的作用，充分利用证券公司在资本市场的独特优势，为企业保荐上市、并购重组、债券发行、财务顾问等提供专业化投融资服务和综合性金融服务；为居民家庭和个人提供多层次、更丰富的投资理财产品和投资顾问服务。为此，主要应从以下几方面入手：

At present，China's economy has entered the deepening reform and opening、To speed up the transformation of the mode of economic development of the crucial period。“1025”Plan for、In 2012, the national securities and futures supervision work for the meeting“Improve the proportion of direct financing，Give full play to the capital market resources mobilization ability and innovation ability，To promote China's economic sustainable development”Put forward the new request。It is urgent need to the securities industry to further play the role of market main body，Make full use of securities companies in the capital market unique advantages，For enterprise sponsor listed、Merger and reorganization、Bond issue、Financial advisers, such as the provision of professional investment and financing service and comprehensive financial services；For households and individual provide mutiple level、The more abundant investment financial products and investment advisory services。therefore，Mainly from the following several aspects：

　　第一，健全多层次股票市场体系，增强服务实体经济的能力。目前，中国资本市场已形成主板、中小板、创业板、代办股份转让系统协同发展的多层次资本市场体系，为我国经济平稳较快发展提供了重要支撑。但是，资本市场对中小微企业、“三农”、文化创意、基础设施等国民经济薄弱环节的服务还有待加强，需要持续深化发行体制改革，继续发展壮大主板市场，加大中小企业板、创业板对战略性新兴产业企业、小微型企业的支持力度，加快建设统一监管下的全国性场外市场，并探索建立区域性场外市场。同时，不断建立健全层次丰富、结构合理、功能完善的股票市场体系，充分发挥市场优化资源配置的功能，使各类资源能够合理顺畅地流入急需金融支持的领域。

The first，Perfect multi-level stock market system，Enhance service entity economic ability。At present，China's capital market has formed motherboard、Small and medium-sized plate、gem、Agent share transfer system of the coordinated development of a multi-level system for capital markets，For the smooth and quick development of our country economy provides an important support。but，Capital market for small and medium-sized micro enterprise、“Agriculture, countryside and farmers”、Culture creativity、The infrastructure of the national economy such as weak link service remains to be strengthen，Need to continue to deepen the issue system reform，Continue to develop main board market，Increase the small and medium-sized enterprise board、Gem to strategic emerging industry enterprises、Small miniature enterprise support，Speed up the construction of the unified supervision of the national otc market，To explore and establish regional otc market。At the same time，Establish perfect rich administrative levels、Reasonable structure、The function is perfect stock market system，Give full play to the function of the market and optimizing the allocation of resources，Make all kinds of resources to rational smoothly into need financial support field。

　　第二，大力发展公司债券市场，促进股票市场和债券市场均衡发展。2011年，上市公司债券融资1707.40亿元，同比增长29.3%，是公司债发行连续第二年突破千亿元规模。但与银行间市场中期票据、短期融资券等信用债品种的发行总量相比，公司债的发行规模仍有相当大的差距。要逐步改变资本市场“股权融资比例偏大、债权融资比例偏小”的发展格局，优化上市公司债券发行核准制度，促进债券产品创新，探索研究高收益企业债、市政债、机构债等债券新品种，吸引商业银行、保险机构积极参与交易所债券市场。另外，目前我国债券市场管理不统一，容易蕴藏较大的风险，需要逐步形成统一互联的债券市场，实现与股票市场的均衡发展。

The second，Vigorously develop the bond market，Promote the stock market and bond market balanced development。In 2011,，Bond financing of listed company 170.74 billion yuan，Year-on-year growth of 29.3%，Is the company's debt issue for the second consecutive year exceeded one hundred billion yuan scale。But with the interbank market medium-term notes、Short-term financing bonds or other credit debt issuance of varieties than the total amount，The issue of corporate debt scale there are still quite a big gap。To gradually change the capital market“Equity financing big proportion、The creditor's rights financing small proportion”Development pattern，Optimization of the listed company bonds issue approval system，Promote bond product innovation，To explore the high yield QiYeZhai、Municipal bonds、Institutions such as new varieties of bonds debt，Attract commercial Banks、Insurance institutions actively involved in exchange the bond market。In addition，At present our country bond market management is not unified，Easy to contain greater risk，Need to gradually form a unified interconnected bond market，Realization and the balanced development of the stock market。

　　第三，推动市场化并购重组，加快行业整合和产业升级。拓宽并购融资渠道，创新并购重组支付手段，以融资促并购。同时，支持民间资本通过资本市场进行并购重组，鼓励上市公司以产业整合为目的开展跨境并购，促进产业结构调整和升级。

The third，To promote marketization merger and reorganization，To speed up the industry integration and industrial upgrading。Broaden the m&a financing channels，Innovation, acquisition and reorganization of means of payment，To promote m&a financing。At the same time，Support folk capital through the capital market merger and reorganization，Encourage listed companies for the purpose of industrial integration in cross-border mergers and acquisitions，Promote the adjustment and upgrading of industry structure。

　　第四，满足居民财富管理需求，提高居民财产性收入，拉动消费。随着经济增长，居民财富不断积累，银行储蓄的利息收入已不能满足人民群众对投资回报的期望，利用资本市场进行投资理财日益成为居民增加财产性收入的重要渠道。为此，应根据投资者的不同投资偏好、财务状况开发适当的、多元化的理财产品，以满足居民不断增大的财富管理需求。

The fourth，Meet the residents wealth management requirements，Strengthening the residents' property income，consumption。Along with the economic growth，Residents to accumulate wealth，Bank deposits interest income already cannot satisfy the people to the expectations of the return on investment，Use of capital market for investment finance is increasingly becoming the residents increasing property income important channel。therefore，Investors should be based on the different investment preferences、Financial situation developing appropriate、Diversified financial products，In order to meet the residents increasing wealth management requirements。

　　（作者单位为中国证券业协会）

（The author unit for the Chinese securities industry association）