备受市场关注的《金融业发展和改革“十二五”规划》终于在9月17日正式亮相。从18日A股的走势来看，股市并没有对金融业“十二五”规划报以掌声。实际上，就金融业“十二五”规划中有关股市的内容来看，其突出的还是为融资服务。

The market attention[The financial industry development and reform"1025"planning]Finally on September 17, officially unveiled.From 18 a-share trend to see,The stock market is not to the financial industry"1025"Planning with applause.In fact,Will the financial industry"1025"Planning on the content of the stock market to see,Its outstanding or for financing services.

　　“十二五”规划明确规定，要显著提高直接融资比例，非金融企业直接融资比重拟提高至15%以上，而这一比例在“十五”时期年平均为5.03%，“十一五”时期年平均为11.08%。为此，“十二五”规划明确表示，加强市场制度和基础设施建设，完善市场运行机制。促进资金在各市场之间有序流动，提高市场联动性和效率。逐步形成层次合理、功能互补的金融市场体系，更好地为实体经济发展服务。至于保护投资者权益，“十二五”规划丝毫没有涉及。

"1025"Planning specified,To significantly improve the proportion of direct financing,Non-financial enterprises to increase the proportion of direct financing intends to more than 15%,And this one in proportion"15"Period years an average of 5.03%,"11th five-year plan"Period years an average of 11.08%.therefore,"1025"Planning made it clear that,Strengthen market system and infrastructure construction,Perfect market operating mechanism.To promote capital market in the orderly flow between,Improve the market LianDongXing and efficiency.Gradually formed a reasonable level/Complementary functions of financial market system,Better for the real economy development services.As for to protect investors rights,"1025"There is absolutely no planning involved.

　　不仅如此，国际板又再一次被金融业“十二五”规划拿来说事，表示要“探索建立国际板市场”。其实，“十二五”也就只剩下2013年、2014年、2015年三年时间。不论是从世界经济的发展情况来看，还是从中国经济的发展情况来看，或者从中国股市自身的发展情况来看，未来三年的发展情况都不是太乐观。就股市自身的情况来看，目前等待上会的公司就多达760余家，即便不考虑那些还在准备上报材料的企业，这760家企业也足够A股市场发行3年了。又如何能接纳国际板呢？

Not only that,International board again by the financial industry"1025"Planning the primaries,Said to"Explore establish international plate market".In fact,"1025"Also is only 2013 years/In 2014,/In 2015, three years time.No matter from the world economic development situation,Or from the development of China's economy situation,China's stock market or from its own development situation,The next three years of development situation is not so optimistic.Will the stock market their own situation,At present the company will wait for as many as more than 760,Even if not consider those who are preparing reports the material enterprise,This 760 enterprises also enough issued a-share market for three years.How can accept international board?

　　皮海洲（湖北 财经评论人）

Skin HaiZhou(Hubei financial review people)