和讯网消息，9月25日，“第三届中国西部金融论坛”在四川成都举行。广发证券股份有限公司党委书记、董事长孙树明在论坛上表示，西部地区的中小企业融资在很大程度上还依赖于银行贷款。西部地区中小企业规模小，势力弱，信用程度不高，受地域经济发展水平的制约，不仅间接融资成本过高，而且获得银行贷款的规模也比较有限。要充分发挥资本市场的融资功能，一可以加快企业改制，二可以借助债券市场拓宽西部中小企业的融资渠道，三是通过场外市场的发展将有效缓解西部中小企业融资难问题。

HeXunWang news,September 25,,"The third session of Chinese western financial BBS"Held in chengdu in sichuan province.Wide hair negotiable securities co., LTD. Secretary of the party committee/Director ChangSunShuMing in BBS on Wednesday,The western region of small and medium-sized enterprise financing to a great extent, but also relies on bank loans.Small scale of small and medium businesses in western China,Forces weak,Credit degree is not high,Subject to regional economic development level of restriction,Not only the indirect financing cost is too high,And a bank loan scale is also quite limited.To give full play to the capital market financing function,One can speed up the restructuring of enterprise,Two can use the bond market in western broaden the financing channels of small and medium-sized enterprises,The third is through the otc market development will effectively ease the western small and medium-sized enterprise financing difficult problem.

　　孙树民强调，西部中小企业融资难是限制企业发展的重要问题，成长中的科技企业的融资方式还可以借助在准入门槛的场外市场挂牌，通过交易增加资本的流动性，让企业股份的流动，吸引更多的专业机构参与进来，吸引更多的投资者进入市场交易，形成主板，中小板，创业板有效补充和良性循环，缓解中小企业的融资难问题。

SunShuMin emphasize,The western small and medium-sized enterprise financing difficult is a limitation in the enterprise development important problem,The growing science and technology enterprise financing ways also can use in the admittance threshold of the otc market listing,Through the transaction to increase the capital liquidity,Let the flow of the enterprise shares,Attract more professional institutions involved,Attract more investors into the market transaction,Formation motherboard,Small and medium-sized plate,Gem effective supplementary and benign circulation,Small and middle-sized enterprise financing difficult problem.

广发证券党委书记、董事长孙树明 Wide hair negotiable securities secretary of the party committee/Director ChangSunShuMing

　　以下是孙树明发言实录：

The following is SunShuMing speech memoir:

　　尊敬的各位领导，各位嘉宾大家下午好。非常高兴在金秋时节来到成都参加第三届中国西部金融论坛，非常感谢论坛主办方给我们提供这个机会，共同交流资本市场如何服务支持西部中小企业的发展。下面我将多层次资本市场如何支持西部中小企业的发展，从证券行业谈三个看法。西部中小企业的离不开资本市场的支持，利用多层次资本市场支持西部中小企业破解融资困局。以西部经济的腾飞离不开中小企业的发展。大家都知道西部大开发在实施的12年里，在党中央、国务院的正确领导下，西部各省市区认真贯彻中央的战略决策部署，积极鼓励支持西部各方力量广泛参与西部大开发，战胜了汶川、玉树特大地震等自然灾害和国际金融危机的冲击，创造了西部大开发生机勃勃的良好局面，取得了巨大的成就。

Dear every leader,Guests all afternoon.Very happy in the golden autumn came to chengdu attend the third China western financial BBS,Thank you very much for BBS organizers provide us with this opportunity,Common exchange capital market how to service support the development of small and medium-sized enterprises in western.Below I will multi-level capital market to support the development of small and medium-sized enterprises in western,From three views about the securities industry.The west of small and medium-sized enterprises without the support of the capital market,Use of multi-level capital market in western support small and medium-sized enterprise financing predicament crack.With the take off of western economy cannot leave the small and medium-sized enterprise development.Everyone knows that the development of the western region in the implementation of 12 years,The central committee of the/Under the correct leadership of the state council,The western provinces city seriously implement the central deployment of strategic decision,Actively encourage and support the western parties power widely participate in the development of the western region,Victory over the wenchuan/Yushu earthquake and other natural disasters and international financial crisis impact,Created the great western development spirited good situation,To achieve great success.

　　统计数据显示，西部地区经济增长速度明显加快，2007年以来西部地区的增长速度已经连续五年超过了东部地区。各项经济指标增速高于全国平均水平。2010年全省31个省自治区直辖市GDP增速的前10位其中有7位是西部地区，可以看到新一轮的西部大开发的背景下，国家正在不断加大支持西部地区发展的政策力度，西部大开发已经站在新的历史起点上，进入了新的发展阶段。我们对西部经济的快速发展始终保持着坚定不移的信心。

Statistics show,The economic growth in west China speeding up the speed,Since 2007, has been growing faster in the western area of the five consecutive years more than the eastern region.The growth of economic index is higher than the national average.In 2010 the province 31 provinces autonomous regions municipalities directly under the GDP growth before 10 there are seven is the western region,Can see a new round of the background of the west China development,Countries are increasing support the development of the western region policy efforts,The development of the western region has been standing at a new historical starting point,Entered the new stage of development.We to the rapid development of western economy maintained a firm faith.

　　西部经济发展对我国GDP增长的贡献日益加大，西部地区的经济发展水平已经直接关系到中国国民经济的协调发展以及小康社会的建设。而西部中小企业的发展水平和速度直接决定了西部地区经济发展水平和速度。国内外的企业发展表明中小企业有着极强的生命力，是支撑国民经济发展的一个重要力量。同时还是整个社会创新的重要源泉，在西部地区经济跨越式发展进程中，西部中小企业迅速发展发挥了极其重要的作用，不仅成为推动西部经济持续发展的重要力量，而且对于促进经济结构调整，缓解就业压力，改善收入分配状况都起到了重要的作用。以四川省为例，十一五末期四川省中小企业增加值对四川省的贡献度达到了50%，十一五末期四川省中小企业从业人员达到了400万人。从四川的例子可以看出，中小企业的发展对整个经济社会发展有着非常重要的意义。西部中小企业的发展离不开资本市场的支持。虽然中小企业在西部经济的腾飞中发挥了越来越重要的作用。

The western economic development to our country the contribution of GDP growth more and more,The western region's economic development level has direct relation to China the coordination development of the nation economy and the construction of a well-off society.While the western small and medium-sized enterprise development level and speed directly determines the level of economic development in the western region and speed.The enterprise development at home and abroad show that small and medium-sized enterprise has strong vitality,Supporting national economic development is an important force.At the same time or the whole society important source of innovation,In the western region's economic great-leap-forward development process,The rapid development of western small and medium enterprises have played a very important role,Not only as to promote the sustained economic development important force,And to promote economic structural adjustment,Alleviate employment pressure,Improve income distribution status have played an important role.In sichuan province as an example,The end of the eleventh five-year plan in sichuan province, the added value of small and medium-sized enterprises in sichuan province, contribution of reached 50%,The end of the eleventh five-year plan of sichuan province small and medium-sized enterprise employees to reach 4 million people.From sichuan examples can be seen,The development of small and medium-sized enterprises of the whole economic and social development has a very important significance.The western small and medium-sized enterprise's development is inseparable from the support of the capital market.Although the small and medium-sized enterprise in the take off of western economy has played a more and more important role.

　　但是近年来西部中小企业融资难的问题依然是困扰其发展和壮大的问题，并且在一定程度上制约着西部经济的发展。特别是进入到2012年以来美国等西方经济体尚未从经济危机中走出来。我国GDP年增速三年来首次跌破8%，增幅连续6个季度下滑，资金短缺的中小企业更是带来了金融上的压力。

But in recent years the western small and medium-sized enterprise financing difficult problem is still troubled the development and growth of the problem,And in a certain extent restricts the development of the economy of the western region.Especially into since 2012 the United States and other western economies has not yet from the economic crisis go out.Our country in GDP growth fell below 8% for the first time in three years,Growth continuous six quarter decline,Shortage of capital of small and medium-sized enterprise is brought the financial pressure.

　　目前我国中小企业尤其是西部地区的中小企业融资在很大程度上还依赖于银行贷款。西部地区中小企业规模小，势力弱，信用程度不高，并且受地域经济发展水平的制约，不仅间接融资成本过高，而且获得银行贷款的规模也比较有限。因此如何在支持中小企业发展的过程当中，充分发挥资本市场的融资功能，是值得我们高度重视，深入思考，并努力践行的重大课题。作为代表，我们认为多层次资本市场体系的建设对于解决西部中小企业发展中存在的融资难问题。

At present our country small and medium-sized enterprise, especially in the western area of the small and medium-sized enterprise financing to a great extent, but also relies on bank loans.Small scale of small and medium businesses in western China,Forces weak,Credit degree is not high,And subject to regional economic development level of restriction,Not only the indirect financing cost is too high,And a bank loan scale is also quite limited.So how to support the small and medium-sized enterprise development process,Give full play to the capital market financing function,Is worth we attach great importance to,Deeply thinking about,And try to practice the important topic.As a representative,We think that the construction of the multi-level capital market system to solve the western small and medium-sized enterprise existing in the development of financing difficult problem.

　　证监会主席郭树清同志说促进中小企业加快发展，多层次资本市场体系分为场外市场和场内市场可以为中小企业提供多元化的融资渠道，促进资本与中小企业的融合，推动科技创新和高新技术产业化。从发达国家的经验来看，中小企业除了通过上市融资外，大部分的中小企业尤其是成长中的科技企业的融资方式还可以借助在准入门槛的场外市场挂牌，通过交易增加资本的流动性，吸引更多的投资者进入市场交易，形成良性循环。同时多层次资本市场体系还为资本提供了便利的退出通道，从而提高资本对中小企业更大规模，更高效率的融合，进而促进中小企业迅速发展。

Securities regulatory commission chairman comrade GuoShuQing said to promote small and medium enterprises to speed up the development,Multi-level capital market system is divided into otc market and floor market for small and medium-sized enterprises to provide diversified financing channels,To promote the integration of capital and small and medium-sized enterprises,To promote scientific and technological innovation and new and high technology industrialization.From the experiences of developed countries to see,In addition to small and medium-sized enterprises listed outside financing,Most of the small and medium-sized enterprise especially growing science and technology enterprise financing ways also can use in the admittance threshold of the otc market listing,Through the transaction to increase the capital liquidity,Attract more investors into the market transaction,Benign cycle.At the same time of a multi-level system for capital markets for capital also provide convenient exit channel,So as to improve the capital to small and medium-sized enterprises to be more large-scale,The fusion of higher efficiency,And promote the rapid development of small and medium-sized enterprises.

　　三运用多层次资本市场为西部中小企业解决融资困境。今年也是资本市场的改革年，各项改革政策陆续出台，以及中小企业私募债的试点极大的推动多层次资本市场体系的建立。未来监管层还将进一步放开行业的限制，这些措施都为破解中小企业融资困境走出了具有重大意义的探索步伐。同时为了深入贯彻国家西部大开发的战略，支持西部地区经济社会发展，证监会已经明确表示，优先审核西部地区的企业。设立了西部专项基金，推动了西部企业的发展。作为券商我们一定要从国家战略和大局出发，深刻认识，深入实施西部大开发战略的重要性，通过借助多层次资本市场建设的契机，积极帮助西部中小企业解决融资难的问题。推动西部经济再上一个新台阶。

Using three multi-level capital market for western small and medium enterprises to solve the financing problem.This year is the year of reform of the capital market,The reform policy comes on stage in succession,And small and medium-sized enterprise SiMuZhai of pilot greatly promote the establishment of a multi-level system for capital markets.The future regulatory layer also will further open trade restrictions,All these measures for solving the financing of small and medium enterprises out of the dilemma is of great significance to explore the pace.At the same time, in order to further implement the strategy of national development of western regions,Support the western region's economic and social development,Securities regulatory commission has made clear,Priority audit in the western area of the enterprise.Set up the western special fund,To promote the development of enterprise.As the securities trader we must from the national strategy and the general situation,Profound understanding,Further carrying out the strategy for western development importance,Through the help of the construction of the multi-level capital market opportunity,Actively help the western small and medium enterprises to solve the problems of financing difficulties of the.To promote the economy to a new stage.

　　具体来讲，我们可以通过三个方面来运用资本市场为西部中小企业发展提供支持。第一个方面加快推进西部中小企业改制的步伐。从上市公司的数量来看，在中国全部上市公司的比重不到15%，上市融资的比重仍有待提高。广发证券从成立至今一直支持西部地区的经济发展，通过IPO，增发，配比，融资总额达到157亿元，目前广发证券与西部20家企业签订了财务顾问协议。未来在国家政策对西部地区给予优惠和照顾的背景下，我们将会调整自身的发展战略，推进符合上市条件的西部中小企业改制上市，加快对西部中小企业的培育，通过上市帮助西部中小企业完善公司治理，理清发展战略以及落地资金，为西部中小企业的改制上市提供全方位的优质服务。

specifically,We can through three aspects to use capital market for western small and medium-sized enterprise development to provide support.The first aspect accelerate the pace of restructuring the western small and medium enterprises.From the number of listed companies to see,All listed companies in China, the proportion of less than 15%,The proportion of financing by listing on the stock market there is a need to further improve.Wide hair negotiable securities from since its establishment has been support the economic development of the western region,Through the IPO,shares,ratio,Financing amounted to 15.7 billion yuan,At present wide hair negotiable securities and the west 20 enterprises signed financial consultant agreement.In the future national policy in the western areas to give preferential treatment and care of background,We will adjust their development strategy,Propulsion meet the conditions for western small and medium-sized enterprise restructuring listed,To speed up the cultivation of small and medium-sized enterprises in the west,Through the listing of small and medium-sized enterprises in western help perfect the corporate governance,Clear development strategy and French capital,For western small and medium-sized enterprise restructuring of listed provide a comprehensive range of quality services.

　　第二个方面借助债券市场拓宽西部中小企业的融资渠道。去年以来随着大力发展债券市场相关政策的相继出台，以及企业融资需求的不断增强，债券市场同步发展，债券资金融资的规模和占比在持续不断的加大。今年上半年企业债和公司债发行加速和融资规模都比去年同期有较大幅度的增长。在5月份推出的中小企业私募债更是强化了证券企业融资，为非上市中小企业提供了新的融资渠道。可以预见随着政治层面大力鼓励债券市场的良好政策环境下，债券市场未来的空间仍然非常巨大。因此除了股权融资渠道外，我们还可以借助债券市场不断拓宽西部企业的融资渠道。

The second aspect with the aid of the bond market in western broaden the financing channels of small and medium-sized enterprises.Since last year as vigorously develop the bond market related policy releasing,And enterprise financing demand unceasing enhancement,Synchronous development of the bond market,Bond financing of the scale and than in continuous increase.In the first half of this year QiYeZhai and corporate debt issuance acceleration and financing scale than the same period last year have a substantial growth.In may SiMuZhai launch of small and medium-sized enterprises is to strengthen the enterprise financing securities,For private small and medium-sized enterprises to provide the new financing channels.Can be predicted with the political level of the bond market to encourage good policy environment,The bond market future space is still very large.So in addition to equity financing channel outside,We also can use the bond market expanding the western enterprise financing channels.

　　第三个方面场外市场的发展将有效缓解西部中小企业融资难问题。随着新三板的扩容，符合上市标准或者难以提供发展担保的新资产科技型企业，可以考虑在较低准入门槛的场外市场挂牌，通过让企业股份的流动，吸引更多的专业机构参与进来，形成主板，中小板，创业板有效补充，缓解中小企业的融资难问题。相比场内市场在场外市场融资不仅时间短，而且融资的成本相对低廉，这将为中小企业融资提供一个便利的渠道。我们相信随着国家各项政策向西部倾斜，新三板势必惠及西部地区的中小企业。到目前广发证券已经推荐新三板挂牌企业8家，完成2家企业的挂牌，在西部地区广发证券已经与甘肃白银坚定了合作协议，并且与西部15家企业签订了新三版的协议，此外也是西部地区股权交易中心的会员。我们将继续加大西部地区场外的开拓，在场外的企业，助推西部中小企业的自身成长。

The third aspect otc market development will effectively ease the western small and medium-sized enterprise financing difficult problem.With the new SanBan of flash,Meet the standards or provide guarantee to the development of new technology-based enterprise assets,Can consider in lower admittance threshold of the otc market listing,Through the let enterprise stock flow,Attract more professional institutions involved,Formation motherboard,Small and medium-sized plate,Gem effective supplement,Small and middle-sized enterprise financing difficult problem.Compared with the field market in otc market financing is not only a short time,The cost of financing and relatively cheap,This will be for the financing of small and medium enterprises to provide a convenient channel.We believe that with the national policy to the west tilt,The new SanBan certainly will benefit the western region of small and medium-sized enterprises.Up to now has wide hair negotiable securities recommended new SanBan listed enterprise 8,Complete two enterprise listed,In the western region has wide hair negotiable securities and gansu silver strengthened cooperation agreement,And with the western 15 companies signed a new edition of the agreement,In addition is also the western region equity trading center member.We will continue to increase outside the western region development,In the enterprise,Boosting the western small and medium-sized enterprise's growth.

　　各位领导，各位嘉宾，“十二五”时期是不断深化改革开放，全面建设小康社会的关键时期。随着新一轮西部大开发战略的深入实施，我国西部地区将继续保持较快的发展速度，我国资本市场正发生根本性的变化，不断完善的多层次资本市场有利于尽快提高资金融资的比例，分散金融风险，从不同层面，不同角度更有效的发挥资本市场资源配置的功能。促使更多具有自主创新能力的优质中小企业尽快与资本市场对接，相信在市场各方的共同努力下，我们一定能够抓住机遇，进一步凭借自身融资和信息优势，不断完善资本市场服务实体经济，努力推动西部中小企业做大做强。让我们携手合作，共同努力，为西部经济的腾飞作出新的更大的贡献，谢谢。

All the leaders,guests,"1025"Period is continuously deepen reform and opening up,The comprehensive construction affluent society's key period.With a new round of the great western development strategy of in-depth implementation,In western region of China, will continue to maintain rapid development speed,China's capital market is undergoing fundamental changes,Constantly perfect multi-level capital market as soon as possible to increase the proportion of financing,Dispersion financial risks,From different aspects,Different point of view more effective play capital market resource allocation function.Make more has the ability of independent innovation of small and medium-sized enterprise quality as soon as possible and capital market butt,Believe in the market under the joint efforts of all parties,We will definitely be able to seize the opportunity,Further depending on financing and information advantages,Constantly improve the capital market service entity economy,Efforts to promote the small and medium-sized enterprise bigger and stronger.Let us work together,Joint efforts,For the take off of western economy and to make new greater contributions,thank you.