文/蒋健蓉

Text/JiangJianRong

　　编者提示：由于中国的证券市场在历史上主要为国企改制和脱困等服务，导致这个市场是一个以融资为核心的卖方市场，自然就会放松对上市公司的监管，这也是中国证券市场发展基础偏弱的历史原因。当市场化改革步伐不断加快的时候，这些问题就会显现出来，并撼动市场的信心。

Editor hint：Because of China's securities market in the history mainly for the state-owned enterprise reform and difficulty relief and other services，Lead to this market is a finance is the core of the seller's market，Nature will relax supervision of the listed companies，This is also the Chinese securities market development foundation weak historical reasons。When the market reform unceasingly speeds up the pace of time，These problems will be revealed，And shake the market confidence。

　　每当中国股市处于一个持续低迷的阶段时，市场就开始归因于证券市场制度或是政策层面的问题。客观地讲，我国的证券市场的确存在许多深层次的问题，但是，导致当前股市长期低迷的根本原因还是市场对国内外经济前景预期悲观等基本面造成的。制度层面存在的问题可能会引发市场的过度反应，但一定不会是主因。然而，无论从提升市场配置效率服务实体经济层面，还是从提升市场吸引力层面，证券市场的制度建设都是不可回避的问题。当前，中国证券市场的确存在诸多制度性因素，突出表现为以下五大制度性问题。

Whenever China stock market is in a continuous downturn stage，The market began to securities market system or policy aspects of the problem。Objectively speaking，China's securities market really do exist many problems in depth，but，Led to the current stock market downturn for a long time the root cause of the market at home and abroad or to the economic outlook is expected to pessimistic etc caused by the fundamentals。System level problems may cause excessive market reaction，But it won't be primary。however，No matter from promoting the market allocation efficiency service entity economic level，Or from promoting the market attraction level，The stock market system construction are inevitable problems。The current，China's securities market really do exist many institutional factors，Outstanding performance for the following five big institutional problems。

　　上市公司结构与经济转型的方向不一致 The listed company structure and economic transformation of the different directions

　　目前，我国上市公司结构不合理，不能有效反映我国经济增长和转型的方向，主要表现在以下三个方面：

At present，The listed companies in China structure is not reasonable，Can't effectively reflect China's economic growth and the direction of the transformation，Mainly in the following three aspects：

　　首先，上市公司利润主要来自于垄断行业。目前，上市公司中盈利能力最强的主要是垄断行业，而这些行业却是未来受市场化经济体制改革影响最大的行业，因而会影响投资者对其盈利能力的预期。以2011年中报数据为基准，金融服务、采掘与化工是盈利规模占前三位的行业，其盈利水平依次为9500亿元、2630亿元和1290亿元，占整体上市公司盈利的比例依次为46%、13%和6%。从整体的利润分布结构来看，上市公司中50%以上的利润都来自垄断行业利润，而市场化程度较高的纺织服装、餐饮旅游行业的利润占总利润的比重不足1%。

First of all，The listed company profits mainly comes from the monopoly industry。At present，The listed company in the strongest profitability is the main monopoly industry，But these industries is the future market economic system reform by the biggest impact on industry，Thus will affect investors to profitability is expected。In 2011 NianZhongBao data for reference，Financial services、Mining and chemical is earnings scale of former three industry，The profit level in turn for 950 billion yuan、263 billion yuan and 129 billion yuan，The whole of the listed company profits in the proportion of 46%、13% and 6%。From the whole profit distribution structure to see，In the listed companies more than 50% of the profit comes from monopoly industry profits，And the degree of marketization of higher textile and clothing、Catering tourism industry profits accounted for the proportion of total profits less than 1%。

　　其次，投资品行业占比过高，与我国经济增长方式转型方向不匹配。由于我国经济增长模式主要靠投资拉动，因此,在上市公司结构中投资品行业也占据主体地位。目前，我国资本市场中与投资相关的采掘、化工、机械设备等行业市值占总市值的比重超过70%。随着我国经济增长方式的转型，“十二五”期间我国投资增速将逐渐放缓，这将直接影响市场对我国绝大多数上市公司的盈利预期。

secondly，Investment industries accounted for more than too much，And China's economic growth mode transformation direction does not match。Because our country economic growth mode depend mainly on investment pull，therefore,In the listed companies in the structure of the investment industry also occupy the main body status。At present，China's capital market and investment related mining、chemical、Machinery and equipment industries market capitalisation accounted for the proportion of total market value more than 70%。Along with our country economic growth mode transformation，“1025”In China during investment growth is slowing，This will directly affect the market to our country most of the listed company's earnings expectations。

　　最后，被市场所看好的代表产业结构调整方向的新兴产业占比过低。由于基础产业和公用事业类企业经营同时兼具市场属性和社会属性，市场化程度难以从根本上得到有效提升，此类企业原本就不适宜上市。而市场化程度能够不断深化的新兴产业、消费型产业和新兴服务业占比却明显偏低,以商业贸易为例，其市值和利润占比仅分别为2%和1%。

finally，Be optimistic about the market on behalf of the adjustment of industrial structure in the direction of emerging industry accounts for more than low。Due to the basic industry, and utility class enterprise management at the same time both market attribute and social attribute，The degree of marketization is difficult to fundamentally improve effectively，This kind of enterprise was not suitable for listing。And the degree of marketization can deepen the emerging industry、Consumer industries and emerging service industry accounts for more than was obviously on the low side,Commercial trade as an example，Its market value and profit only accounts for more than 2% and 1% respectively。

　　这些上市公司的结构性问题使得市场更倾向于对新兴产业给予高估值，甚至存在局部泡沫、过分炒作的问题；而对绝大部分的投资品行业、基础性行业不看好，给予较低估值。这种局部高估值与整体低估值的局面更加凸显了上市公司的结构性问题。

The listed company's structural problems that makes the market more tend to emerging industry to give high valuations，There is even local foam、The problem of too much hype；But to most of the investment industry、Do not expect basic industry，Give relatively low valuation。This kind of local high valuation and the overall low valuation of the situation more highlights the structural problems of the listed company。

　　市场没有培育出真正进行长期投资的机构投资者 The market did not cultivate true long-term investment institution investors

　　成熟资本市场的发展经验启示我们：资本市场的健康稳定发展必须要有一支实力强、多元化的机构投资者队伍，尤其要有一批注重长期投资的机构投资者队伍。尽管近年来我国机构投资者得到了快速发展，机构投资者比重有所提高，但并没有培育出一批真正进行长期投资的机构投资者。

Mature capital market development experience teaches us：The healthy and stable development of the capital market must have a strength、Diversified institutional investors team，Especially must have a group of institutional investors pay attention to long-term investment team。Although in recent years the Chinese investors got rapid development，Institutional investors increased proportion，But did not foster a batch of real long-term investment institution investors。

　　首先，从整体规模来看，机构投资者的市值占比仍然偏低。尽管我国机构投资者在绝对量上快速增长，但相对于海内外资本市场的快速发展而言，我国机构投资者规模发展相对缓慢，这种相对缓慢性一方面表现为与海外成熟资本市场相比，其机构投资者市值占比接近70%，而我国机构投资者市值占比仅为20%，低市值占比使其对应的市场影响力较低。

First of all，See from the whole scale，The market value of the institutional investors of ratio is still low。Although China's institutional investors in absolute quantity on rapid growth，But relative sea inside and outside in the rapid development of capital markets，China's institutional investors scale development is relatively slow，The relative HuanManXing hand for the performance of the mature capital markets and overseas compared，The institutional investors of value than close to 70%，And China's institutional investors than market value accounted for only 20%，Low value than that of the corresponding market influence is relatively low。

　　其次，从相对增速来看，机构投资者的话语权在下降。自2006年以来，我国流通股市值年均增长为46%，而机构投资者持股市值的年均增速仅为28%，其中，公募基金持股市值的年均增速仅为20%。相对于我国资本市场的快速发展，我国机构投资者发展相对缓慢，其相应的市场话语权也有所降低。

secondly，From the relative growth to see，Institutional investors in the discourse right down。Since 2006，Our country current market value grew at an average annual rate of 46%，And institutional investors holding market value with an annual growth is only 28%，the，Public offering fund holding market value with an annual growth is only 20%。Relative to the rapid development of China's capital market，China's institutional investors develop relatively slowly，Its corresponding market discourse right also reduced。

　　最后，真正从事长期投资的机构投资者过少。目前，除社保基金和部分保险基金之外，可以被称作是长期投资者的机构是少之又少。原本应该从事长期投资的公募基金由于受到考核制度和社会环境的压力，投资行为越来越“短视”，其市场影响力也被大大削弱。从公募基金中派生出来的私募基金又具有相当的投机性，强化了市场中机构投资者行为的风险偏好性和短期性。由于缺乏真正的长期投资者，在某种程度上会加剧股市的波动。

finally，Really engaged in long-term investment institution investors too little。At present，In addition to social security funds and part of the insurance fund besides，Can be called is long-term investors agency is rare。Originally should be engaged in long-term investment of public offering fund due to the assessment system and social environment pressure，Investment behavior more and more“myopia”，Its market influence was also greatly weakened。From the public offering funds derived out and private equity fund is rather speculative，To strengthen the market risk of institutional investors behavior to unrael the and short-term sexual。Due to the lack of real long-term investors，In some extent aggravate the stock market fluctuation。

　　多层次资本市场的发展与初衷有很大差距 Multi-level capital market development and the original intention has the very big disparity

　　发展多层次资本市场的初衷是为了满足不同类别企业的融资需求，为投资者提供不同层次的投资产品。然而，在目前多层次资本市场的建设过程中，出于风险控制等因素，市场存在趋同的问题，影响了供求关系。

The original intention of multi-level capital market in order to meet different category enterprise financing demand，For investors to provide different levels of investment products。however，In the present multi-level capital market in the process of construction，Out of risk control, and other factors，Market exists the problem of convergence，Affect the supply and demand relation。

　　首先，中小板和创业板等门槛都较高，与主板趋同。目前虽然市场已形成多个层次，但从发行、上市、交易、监控到退市制度等方面的差异性并不太大，没有有效满足市场多层次和差异化的资本需求，使得多层次资本市场建设演变为简单的扩容。

First of all，Small and medium-sized plate and gem such as the threshold is higher，And motherboard convergence。At present although market has formed multiple levels，But from the issue、listed、trading、Monitoring to delisted system difference is not too big，No effective meet the market multi-level and differentiation capital demand，Make multi-level capital market construction evolution for simple flash。

　　其次，沪深交易所没有明显的层次性，相互的竞争反而加速了发行的速度。上海虽然定位为主板，但在上交所上市的企业规模却越来越小，规模较大企业的上市比较少。深圳虽然定位为创业板和中小企业板，但通过竞争，到深交所上市的企业规模却越来越大，这使得两个交易所趋同的情况更加严重。

secondly，Shanghai and shenzhen exchange no obvious hierarchy，Mutual competition actually accelerated the speed of the issue。Shanghai although location for the motherboard，But in ShangJiaoSuo listed enterprise scale is smaller and smaller，Large scale enterprise listed less。Shenzhen although positioning for gem and small and medium-sized enterprise board，But through the competition，Shenzhen to listed enterprise scale is more and more big，This led two exchange convergence situation is more serious。

　　最后，目前不同层次市场之间并没有完整地衔接。我国多层次资本市场之间的转板机制和衔接问题一直没有得到有效的落实，在多层次资本市场的主体责任和层次性还没有得到清晰的界定之前，后续要推进国际板和场外市场容易被市场简单理解为扩容提速。

finally，At present different levels between market and not fully cohesion。Multi-level capital market in our country between the rotating plate mechanism and cohesion problem has not been effective implementation，In the multi-level capital market main body responsibility and level has not been clearly defined before，Subsequent to promote international board and otc market easy to market simple understanding for flash speed。

　　发行制度存在市场化改革和合理性的矛盾 Issue system exist the contradiction of marketization reform and rationality

　　虽然我国在股票公开发行审核制度方面进行了不懈的探索和改革，但仍然存在一些突出问题，主要体现在以下几点：

Although China's stock public audit system on the unremitting exploration and reform，But there are still some outstanding problems，Mainly embodied in the following：

　　首先，发行节奏缺乏市场自我调节。对于一个市场程度比较高的发行市场来说，当市场处于低迷的时候，由于企业可能会面临发行不出去或发行价偏低的状况，因此，企业往往会选择推迟发行，从而实现市场对发行节奏的自我调节。例如，2011年美国股市的低迷使我国许多企业赴美发行的计划暂停。反观国内市场，在市场屡创新低的情况下，企业却仍然要纷纷争取上市，市场扩容的步伐仍然很快。这其中的根本原因还在于我国股市的发行制度市场化程度偏低。例如，美国实行注册制，企业只要符合上市条件到交易所备个案就能发行，企业成本低，因此，企业更愿意选择一个合适的发行时机；而国内发行需要经过实质性审核且历时很长，对企业来说发行上市的成本非常高，因此，只要能被审核通过，无论市场环境好坏都一定要发行。这种制度下，往往就演变成需要由监管部门来代为履行发行节奏调节的功能，但在发行市场化改革的过程中，再由监管部门采取行政化手段来调节发行节奏就不太合适。这是市场化改革和合理性之间矛盾的体现之一。

First of all，Issue rhythm lack of market self-regulation。For a high degree of market issue for the market，When the market in a slump time，Due to the enterprise may be faced with issue not go out or the condition of low price，therefore，Enterprise tend to choose delayed release，So as to realize the market on the issuance of rhythm self regulation。For example，In 2011, the us stock market downturn in many enterprises to issue plan pause。In the domestic market，In the market fundamentals of innovation under the condition of low，Enterprise still want to have for listing，The pace of market expansion still soon。The fundamental reason lies in Chinese stock market the system regarding the issue of low degree of marketization。For example，The United States a registration system，Enterprise as long as meet the conditions to the stock exchange for case can issue，Enterprise cost low，therefore，Enterprise more willing to choose a suitable publish timing；And the domestic issue need to pass substantial audit and lasted a long，For enterprises listed cost is very high，therefore，As long as can be approved，No matter good or bad market environment is bound to issue。This system，Often turned into a need by the regulatory authorities to issue to perform the function of rhythm control，But in the issue in the process of marketization reform，Again by supervision departments to take the administrative means to adjust the release rhythm is not very suitable。This is the marketization reform and rationality of the contradiction between the one reflected。

　　其次，定价的市场化改革并没有改变“三高”现象。目前，首次公开发行（IPO）已采用比较市场化的机构询价制度，但在实际发行过程中，询价机构出于自身利益哄抬价格、拟上市公司因地位强势造成价格攀比、证券公司因缺乏市场化的利益约束机制，造成了发行价、发行市盈率、融资额“三高”现象的循环往复。在发达国家市场上，通常由证券公司负责配售，绝大部分由机构认购，这对机构报价的约束力是比较强的，因为其自己定的价格其必须掏足够的真金白银来认购；对证券公司的约束力也很强，因为如果其定价能力低让客户亏钱的话，其在承销业务上就完全没有竞争力了。但是，目前的情况是证券公司没有配售，做一单是一单，没有约束力；而小投资者参与的程度和意愿强烈，要把80%的股份分配给小投资者，所以定价的约束力不太充分。这在客观上有推高新股价格的倾向，或者说有这样的土壤和结构。因此，虽然2011年股市不断创新低，但沪、深A股IPO的首发市盈率整体仍然呈现先降后升的走势。这是市场化改革和合理性之间矛盾的体现之二。

secondly，Pricing marketization reform has not changed“Three tenors”phenomenon。At present，Initial public offering（IPO）Already by the comparative market mechanism inquiry system，But in actual release process，Inquiry agencies out of their own interests bull campaign、Quasi listed company for status caused by strong price bandwagon、A securities company for lack of market-oriented interest restraint mechanism，Caused the price、Ipo p/e ratio、Or junk-rated“Three tenors”The phenomenon of reciprocating cycle。In the developed countries in the market，Usually by a securities company responsible for placement，Most from the institutional subscription，The agencies offer binding force is stronger，Because of its own price of its must take enough gold silver to subscribe；The securities company's binding also very strong，Because if its pricing power low let customers lost money words，The underwriting business is no competition。but，The current situation is no allotment of securities companies，Do a single is a single，No binding；And small investors level of participation and intend to strong，The distribution of 80% of the shares to small investors，So pricing binding not too full。This objectively have pushed up the price of new shares tendency，Or have so of soil and structure。therefore，Although the 2011 stock market innovation low，But Shanghai、Deep A share IPO p/e ratio of starting the whole still present after first drop rise trend。This is the marketization reform and rationality of the embodiment of the contradiction between the second。

　　最后，发行市场诚信不足，而投资者又缺乏有效的投资渠道。一方面，发行市场化改革的一个重要举措是实施保荐人制度，然而发行市场诚信不足的问题仍然突出，表现在三个方面：一是上市公司粉饰财务以获得上市资格，这不仅影响公司自身的形象和长期利益，更主要的是损害了广大投资者、特别是中小投资者的利益，影响了市场的健康持续发展；二是保荐机构诚信缺失严重，如果不切断保荐机构与发行人之间的利益关系、让保荐机构的利益与投资者保持一致，保荐项目涉及虚假陈述等事件仍然会频发；三是本应起监督作用的中间机构往往也成为了违规企业的帮凶，部分会计师事务所内部管理不规范，执业质量有待进一步提高。另一方面，在市场低迷的情况下，投资者尤其是中小投资者缺乏有效的投资渠道，打新股仍然是投资者热衷的一种投资方式，从而形成“一个愿打，一个愿挨”的局面。这是市场化改革和合理性之间矛盾的体现之三。

finally，Circulation market lack of good faith，And investors and the lack of effective investment channels。On the one hand，Issue market reform is a important measure is to carry out the recommender system，But the problem of insufficient issue market integrity are still outstanding，Shown in three aspects：One is the listed companies to cover up thief finacial to get listed qualification，This not only affect the company own image and long-term interests，More important, it damages the majority of investors、Especially the interests of small and medium shareholders，The influence of the market healthy and sustained development；The second is the sponsor honesty shortage，If you don't cut off the sponsor and benefit relationship between the issuer、Let the sponsor's interests and investors remain consistent，Sponsor project involves false statement will still be events such as frequent；3 it is should be watch-dog intermediate institutions often have become illegal enterprise as an accomplice，Part of the accounting firm internal management is not standard，To further improve the quality of practice。On the other hand，Under the condition of the market downturn，Investors, especially small and medium investors lack of effective investment channels，New investors keen to play is still a kind of investment，So as to form“A wish to play，A wish to”situation。This is the marketization reform and rationality of the contradiction between the third reflect。

　　市场监管仍显薄弱 Market supervision is still show weak

　　由于中国的证券市场在历史上主要为国企改制和脱困等服务，导致这个市场是一个以融资为核心的卖方市场，自然就会放松对上市公司的监管。这也是中国证券市场发展基础偏弱的历史原因。当市场化改革步伐不断加快的时候，这些问题就会显现出来，并撼动市场的信心。

Because of China's securities market in the history mainly for the state-owned enterprise reform and difficulty relief and other services，Lead to this market is a finance is the core of the seller's market，Nature will relax supervision of the listed companies。This is also the Chinese securities market development foundation weak historical reasons。When the market reform unceasingly speeds up the pace of time，These problems will be revealed，And shake the market confidence。

　　一方面，在打击内幕交易和市场操纵方面还缺乏有效的震慑力。由于我国的并购重组链条比较长，参与部门多，内幕信息知悉人员广，因此，相对其他国家和地区而言，容易发生内幕信息泄露的情况。而且随着发行市盈率的高企，内幕交易的阵地正逐渐从二级市场转入一级市场。一些不诚信的公司高管、政府官员、创投机构、律师事务所、会计师事务所已经将一级市场变为内幕交易的“重灾区”，监管部门这两年来在二级市场对于价格操纵、内幕交易已有明确的打击措施，但对一级发行市场中内幕交易的处罚还需要加强。另外，目前披露的案例基本都是多年前的案例，从立案、查处到结案的时间都太过冗长，对于大部分利用内幕信息赚取短期收益的违规行为缺乏有效的惩戒手段。

On the one hand，To combat insider trading and market manipulation is lack of effective ZhenSheLi。Because of our country's merger and reorganization chain is longer，Participate in many departments，Inside information widely known personnel，therefore，In terms of relative to other countries and regions，Prone to insider information leakage situation。And as ipo p/e ratio high，Insider trading positions are gradually from the secondary market into the primary market。Some dishonest company executives、Government officials、Vc institutions、Law firm、Certified public accountants has become the primary market of insider trading“Worst-hit areas”，Regulators in the last two years in the secondary market for price control、Insider trading have definite blow measures，But for level 1 issue of insider trading in the market of punishment still need to strengthen。In addition，At present the case of disclosure of basic it is case of many years ago，From the case、To investigate the case of the time is too long，For most use inside information earn short-term earnings violations of the lack of effective disciplinary means。

　　另一方面，退市制度并不能真正起到优胜劣汰的作用。自2001年初主板退市标准实施以来，直至今天，A股退市公司总计仅有40余家，占目前A股挂牌家数（2300多家）的1.7%，这差不多可以算作一种“零淘汰”的退市制度，没有真正起到优胜劣汰的作用。究其原因，主要在于目前的退市标准单一，易于人为操纵。主板退市制度唯一可以量化的标准，就是“连续三年亏损”，这一退市标准所采用的净利润指标只是一个短期流量指标，很容易借助人为操纵的“报表重组”来规避，垃圾股“死不退市”也成为了市场潜规则。正因如此，近年来，尽管新股扩容不断加速，但垃圾股退市的案例却是越来越少。相反，暴炒垃圾股，以及炒壳重组游戏变得越来越猖獗，A股市场的定价功能及价格信号被严重扭曲。

On the other hand，To withdraw from the market system and can't really play the role of the survival of the fittest。Since early 2001 motherboards delisted since the implementation of the standard，Until today，A shares delisted company total only 40，Now account for a-share listed number（More than 2300 home）1.7% of，This almost can count as a“Zero out”To withdraw from the market system of，Not really play the role of the survival of the fittest。Investigate its reason，Mainly lies in the present delisted standard single，Easy manipulation。Motherboard delisted system can only quantitative standard，is“Three years in a row losses”，This delisted standard the net profit index is only a short-term flow index，Easily with the aid of manipulation“Statements restructuring”To circumvent，Trash stock“Death delisted”Has become the market latent rules。Because of this，In recent years，Although new shares has been accelerating expansion，But trash stock delisted case is less and less。instead，Storm Fried trash stock，And Fried shell restructuring game becomes more and more rampant，A-share market pricing function and price signal was seriously distorted。

　　（作者为上海申银万国证券研究有限公司首席研究员、发展研究部联席总监）

（The author for Shanghai ShenYin universal securities research co., LTD., chief researcher、The development of joint research department director）