资本金融是当今世界现代金融发展的新领域。从中国三十多年走过的改革实践看，它既是股份制改革和发展的延伸，也是从传统货币金融单一的间接融资向资本市场直接融资为主的现代金融发展的方向。

Financial capital in today's world is the new field of modern financial development.From China through more than 30 years of reform and practice to see,It is not only the extension of shareholding system reform and development,Also from the traditional monetary and financial single indirect financing directly to the capital market financing is given priority to modern financial development direction.

　　三十多年前，即1980年4－5月，在中共中央书记处研究室和国家劳动总局召开的劳动工资座谈会上，我提出了在中国实行股份制改革的建议，当时还仅仅是为了扩大就业，特别是为了安置回城知识青年就业，因为在我看来，通过股份集资兴办企业，投资多了，就业人数也会增加。实际上，在我提出股份制改革建议的同时，社会上股份制企业已经出现群众集资组成的，我只不过是理论界较早提出这一改革建议的学者之一而已。

Thirty years ago,In the year 1980 four to five months,The CPC central committee secretariat in laboratory and the national labor administration at the labor wage symposium,I put forward the Chinese share-holding system reform Suggestions,At that time also is only in order to expand employment,Especially in order to return for knowledge youth employment,Because in my opinion,Through the share financing by enterprise,Investment than the,Employment will increase.In fact,In my stock reform Suggestions put forward at the same time,The society joint-stock enterprise has appeared the masses of capital,I just theory earlier proposed the suggestion of reform of scholars just one.

　　1986年春季，针对有些同志当时提出的价格“闯关”，我指出：中国的经济体制改革可能因价格改革的失败而失败，而中国经济体制改革的成功必定取决于所有制改革的成功，也就是取决于企业改革的成功。这里所说的企业改革，就是实行股份制。1988年，在国家体改委组织的“三五八”改革方案中，我又系统地提出以企业改革为主线的中国经济改革思路，将规范的股份制作为所有制改革的目标模式。进入90年代之后，中国正式拉开了推行企业股份制改革的序幕。

Spring 1986,According to some comrades at that time's offer"recruit",I pointed out:China's economic system reform may be price reform failure and failure,And China's economic system reform success will depend on the ownership reform success,Is also depends on the success of the enterprise reform.What say here enterprise reform,Is a share-holding system.In 1988,,In the state commission for restructuring the organization"The 358"Reform in,And I put forward system in enterprise reform as the main line of Chinese economic reform ideas,Will regulate the share-holding system as ownership reform target model.In the 90 s after,China officially opened carrying out the enterprise shareholding system reform of the prelude.

　　与此同时，上海、深圳两家股票交易所也相继成立，这标志着中国资本市场和资本金融正式起航。从20世纪90年代初至今所走过20多年的道路看，资本市场对中国经济和社会发展作出了重要贡献。首先 ，以资本市场为基础的现代金融体系推动了中国经济的高速成长。其次，它对中国的企业改革起了很大的作用，积极地推动了中国国有企业和民营企业的转型，建立了现代公司制度。第三，它改变了中国传统金融体系，四大国有商业银行在2004年启动的股份制改革和上市后，不仅市值在世界名列前茅，而且完成了现代公司制度的构建。第四，它还培育了大批以资产管理为核心的像证券、信托等非商业银行金融机构，中国现代金融体系的架构初步建立。第五，它开辟了资本市场直接融资渠道，扩大了利用民间资金和外资的融资新渠道，使我国的融资体系和融资方式日益完善。

meanwhile,Shanghai/Shenzhen two stock exchange is also established,This marks China's capital market and capital financial formal set sail.From the 1990 s through more than 20 years since the road to see,Capital market for China's economic and social development has made important contributions.First of all ,In the capital market as the foundation of the modern financial system to promote the China's rapid economic growth.secondly,It to China's enterprise reform play a major role,Actively promote the Chinese state-owned enterprises and private enterprises transformation,Building the modern company system.The third,It has changed the traditional Chinese financial system,Four big state-owned commercial Banks begin in 2004 joint-stock reform and after listing,Not only in the top of the world market,And completed the construction of modern company system.The fourth,It also produced a large number of to asset management as the core as securities/Trust and non-commercial banking financial institutions,China's modern financial system framework has been set up preliminarily.The fifth,It opened up the capital market direct financing channels,Expanded use of private capital and foreign capital financing new channels,Make our financing system and perfecting the financing way.

　　大力发展资本金融对中国具有现实意义。中国现代化应重视两个问题：一是城镇化的推进，二是自主创新和产业升级。这都需要资金支持。资金从哪儿来？土地财政模式已走到尽头，地方融资平台也步履维艰，这恰恰是资本市场和资本金融大显身手的时机。通过发行股票和债券筹集民间资金，可以加速中国城镇化的进程。新经济(310358,基金吧)就是‘技术进步+证券市场’。大力发展创投行业，给创业者注入资金，使其依靠资本市场做大做强，这是促进新兴产业发展的助推器，使中国成为创新型社会的关键所在。

To vigorously develop the capital finance has realistic meaning to China.China's modernization should pay attention to two questions:One is the propulsion of urbanization,The second is independent innovation and industrial upgrading.All these need financial support.Capital where you come from?Land financial model has come to an end,Local financing platform also walk with difficulty,This is precisely the capital market and the capital financial strut your stuff time.Through the issuance of stocks and bonds to raise the folk capital,Can accelerate the process of China's urbanization.New economic(310358,Fund it)is‘Technical progress + securities market’.Vigorously develops the vc industry,To infuse capital entrepreneurs,Make it rely on the capital market bigger and stronger,This is promotes the emerging industry development of the booster,Make China become the key to innovative society.

　　我认识刘纪鹏已二十多年了。他是我的老朋友蒋一苇先生的学生，蒋先生是对中国企业改革作出突出贡献的一位学者，他不仅在理论上有很深的造诣，尤其注重实践。那时我们经常在一起就股份制改革进行交流。1986年夏季，张劲夫同志看到我有关股份制改革的建议后，推荐给当时的国务院领导。1986年秋季，我随胡启立同志到四川考察，准备在那里进行股份制改革。这时，蒋一苇也陪同张劲夫同志在四川帮助嘉陵集团进行股份制改革试点。刘纪鹏和我的一些学生都参加了。

I know LiuJiPeng already for more than twenty years.He is my old friend Mr. JiangYiWei students,Mr. Jiang on China's enterprise reform is to make outstanding contributions to a scholar,He not only in theory has a very deep attainments,Especially pay attention to practice.Then we often together to communicate stock reform.In the summer of 1986,ZhangJinFu comrades see me about shareholding system reform proposal,To recommend to the under the leadership of the state council.In the fall of 1986,I HuQiLi with comrade to sichuan investigation,Prepare there into share-holding system reform.At this time,JiangYiWei also accompanied ZhangJinFu comrades in sichuan to help jialing group carries on the shareholding system reform pilot.LiuJiPeng and some of my students attended the.

　　1989年后，中国的经济理论界有过一段时间的沉寂，却有一批年轻人，坚持从事中国的证券市场和股份制的设计，这批年轻人就是王波明、刘纪鹏、李青原、高西庆、章知方等人。他们当时成立了一个机构，称做全国证券市场研究设计联合办公室（简称“联办”）。他们不仅设计上海深圳两地的股票交易所方案，而且也参加了国家体改委的《股份公司规范意见》起草，并把定向募集股份公司法人股在STAQ系统挂牌交易，探索中国证券市场发展之路。

1989 years later,China's economic theorists have had a period of silence,Has a group of young people,Adhere to the engaged in China's securities market and shareholding system design,This batch of young people are WangBoMing/LiuJiPeng/LiQingYuan/GaoXiQing/Chapter, know party.They had established a mechanism,Called the national securities market research design joint office(Referred to as"joint").They not only design Shanghai shenzhen stock exchange scheme,But also took part in the state commission for restructuring[Stock company opinions on regulating]drafting,The orientation and shares in the company legal person share STAQ listed for trading system,Exploring China's securities market development way.

　　1996年2月，我到广西玉林的玉柴公司考察股份制企业的发展情况。玉柴公司正是刘纪鹏、王波明等人帮助股改、并先后融资2.4亿人民币和5000万美元并在北京STAQ系统和美国上市的。短短几年时间内，这家企业通过资本市场焕发了青春。我看到玉柴通过股票融资获得显著成功，非常高兴，即席给玉柴人写下了这样两句话：玉雕精美多谢名师造就；柴火焰高全靠众人拾来。

In February 1996,I to yulin city of guangxi province of yuchai company on the development of the joint-stock enterprises.Yuchai company it is LiuJiPeng/WangBoMing and other people to help/And successively financing 240 million RMB and us $50 million and in Beijing STAQ system and the United States listed.Just a few years time,The enterprise through the capital market to glow the youth.I see yuchai through the stock financing gain significant success,Very happy,Impromptu to yuchai people write such words:Jade carving fine thank you teacher make;Firewood high flame all by all gathered.

　　两句第一字就是玉柴，称赞股份制给玉柴带来了新生。这里所说的“名师”就是刘纪鹏、王波明等人。应该说，当时他们这批青年人在20世纪90年代股份制和证券市场的发展中是做了贡献的。这里所说的“众人”，不仅指玉柴公司的全体职工，而且也包括了所有为中国的资本金融改革贡献了智慧和力量的同志。

Two other first word is yuchai,Praise shareholding to yuchai has brought new.What say here"masters"Is LiuJiPeng/WangBoMing, etc.Should say,When they this batch of young people in the 1990 s shareholding system and the securities market development is made contribution.What say here"all",Not only refers to yuchai company all staff,And it also included all for China's capital financial reform the contribution to the wisdom and strength of the comrades.

　　刘纪鹏这部著作，在探讨现代金融发展理论和实践基础上，提出了资本金融的概念和学科体系框架，这与他二十年来从事我国资本市场建设以及相关理论研究的经历是分不开的。我感到此书以下三个观点尤其值得关注。

LiuJiPeng this work,In this paper the development of modern financial theory and practice basis,Put forward the concept of financial capital and discipline system framework,And his twenty years engaged in China's capital market construction and related theoretical study experience are inseparable.I feel this book three views especially worth attention.

　　第一，股票市场是不是赌场？投资人行为是不是零和游戏？长期以来，这个问题困惑着中国股市的投资人和监管者，使得股民得不到尊重，投资行为得不到保护。本书则首次提出了建立股市新文化(300336,股吧)，指出了股市不是赌场的理由，并开创性地阐述了股市基本功能，论证了股市不是零和游戏、股市具有增值功能以及股市增值从何而来。这对中国资本市场正本清源，保护股民权利意义重大。

The first,The stock market is a casino?Investors behavior is a zero-sum game?For a long time,The problem puzzling of China stock market investors and regulators,Makes people get respect,Investment behavior can not get protection.This book is put forward for the first time set up the stock market new culture(300336,guba),Points out that the stock market is not a casino reason,And pioneering article expounds the basic function of the stock market,Proves the stock market is not a zero-sum game/The stock market has the value function and the stock market value come from.The Chinese capital market radically reform,Protect people right is of great significance.

　　第二，本书在理论上把现代金融分为了以商业银行间接融资为主的货币金融和以资本市场直接融资为主的资本金融两个体系，指出以投行金融为主导，以资本市场为基础，以流动性和交易为主要特征的资本金融是现代金融的发展方向，应予高度重视。此外，本书还系统阐述了发展资本金融对于中国的现实意义，指出最近两次金融危机对中国不是灾难而是机遇，而中国要在未来新的国际经济秩序与分工中占据有利态势，就必须大力发展以资本金融为主的现代金融体系，在未来的国际金融竞争中掌握主动权，这也是是中国经济崛起、实现强国战略的必由之路。

The second,Book in the modern financial theory into commercial Banks indirect financing as the main form of financing monetary and financial and capital market direct financing as the main form of financing capital financial two system,Points out that the investment banking financial as the leading factor,Based on the capital market,To liquidity and trade as the main characteristics of the capital finance is the development direction of modern finance,Shall attach great importance to.In addition,This book also introduced the development of financial capital to China's reality significance,Points out that the last two times the financial crisis on China's not disaster but opportunity,And China will in the future new international economic order and division of labor has favorable situation,We must vigorously develop the capital financial give priority to modern financial system,In the future international financial competition grasp the initiative,This is is China's economic rise/The only way to realize power strategy.

　　第三，本书客观地分析了资本金融，分析了过度虚拟和无节制衍生带来的风险。金融创新和金融泡沫常常相伴而生。2008年美国次贷危机的爆发和目前愈演愈烈的欧洲主权债务危机，正是金融衍生风险失控的恶果。因此，如何监管好资本金融这个“调皮的孩子”同样重要，把这个问题说清楚了对于中国今后的金融创新和监管工作，意义重大。

The third,Book objectively analyzes the financial capital,Analysis of the excessive virtual and excess risk of derivatives.Financial innovation and financial bubble often be accompanied by.In 2008 the United States subprime mortgage crisis and intensified at present the European sovereign debt crisis,It is the financial derivative risk the consequences of out of control.therefore,How to regulate good capital financial this"Naughty children"Equally important,This made it clear for China's future financial innovation and supervision work,Is of great significance.