秋风吹渭水，落叶满长安。对于许多中国人来说，西安总有一种让人挥之不去的情愫。 八百里秦川大地，函谷关万夫莫开，大雁塔俯览古今。而今，秦王扫六合，虎视何雄哉的豪气渐行渐远。长安不见使人愁，又有多少大国情怀能延续至今？

Autumn wind blowing WeiShui,Deciduous full changan.For many Chinese people,Xian there is a kind of let a person lingering feelings. Qinchuan the earth,Letter valley GuanWanFu mo open,Wild goose pagoda FuLan ancient and modern.now,Qin2 wang2 sweep liuhe,Eye HeXiong zai of heroism tapering off.Changan see makes people worry,How many powers feelings can continue today?

　　回到中国的资本市场，自1990年上交所成立以来，我们22年走过了其他国家也许需要30年、50年、甚至100年走过的道路。目前，我国已建立起一个市值排名世界前3的股票市场，一个余额居世界前4的债券市场，还有一个交易量名列前茅的期货市场。

Back to China's capital market,Since 1990 since the establishment of ShangJiaoSuo,We 22 years past the other countries may need to 30 years/50 years/Even 100 years pass through the road.At present,Our country has set up a market value ranked in the top 3 of the stock market,A balance in the world's top 4 bond market,There is a top volume of futures market.

　　截至2012年9月底，我国已拥有2489家上市公司，总市值达到21.39万亿元，大量企业通过上市改制筹资迈向现代化企业的道路。但是，我们看到，在那些追逐梦想和卓越的公司诸如万科、招行存在的同时，不少上市公司沉沦到只顾短期利益、快速变现的格局中去，上市公司“一年绩优、两年绩平、三年亏损”的现象时有发生，甚至上市一年即业绩变脸也并不乏见。如何建立优秀的创新文化(300336,股吧)？如何建立完善的法人治理结构？如何保持对专业、对市场、对股东敬畏尊重的品质？在快速扩容的A股市场，这些问题需要所有上市公司深思。

By the end of 2012 the end of September,Our country has 2489 listed companies,The total market value reached 21.39 trillion yuan,A large number of enterprise through the restructuring of listed financing to modernization enterprise road.but,We see,In those chasing the dream and excellent company such as vanke/China merchants bank exist at the same time,Many listed companies only destruction to short-term interests/The pattern of the fast cash in,Listed companies"A performance in optimal/Two years performance flat/Three years loss"The frequently occurred,Even listed a year namely performance also face and have not seen.How to establish good innovation culture(300336,guba)?How to establish and improve the legal person governance structure?How to maintain the professional/On the market/To shareholders fear respect quality?In the rapid expansion of the A share market,These questions require all the listed company thinking.

　　从1997年到2011年的14年期间，我国债券市场余额从4781亿元增加到22.1万亿元，增加近45倍，年均增长达到31.5%，占同期GDP的比重从6%上升到47%。但是，我们必须注意到，相较其他发达国家，我国债券市场起码存在两个明显的问题：一是债券结构不完善，中高级信用评级的债券占9成以上，而中低信用评级债占比较低，导致大量资源集中于国有大型企业，而对于高速发展的中小企业，利用债券市场融资的机会非常小。另外，我国信用类债券至今没有硬违约，这很难用常理去解释，也并不科学。在地方政府纷纷介入债务处理避免违约的同时，我们应该看到，这实际干预了正常经济制度的运行，经济活动中的风险既没有化解，也没有消失，既没有分散，也没有转移。相反，金融体系的风险在日益积聚。

From 1997 to 2011 during the 14 years,China's bond market balance to increase 478.1 billion yuan from 22.1 trillion yuan,Increase of about 45 times,The average annual growth of 31.5%,The same period accounted for the proportion of GDP increased from 6% to 47%.but,We must pay attention to,Compared with other developed countries,China's bond market there at least two obvious problems:A bond structure is not perfect,Senior credit rating of bonds accounted for more than of 9,And low credit rating of debt is low,, resulting in a large number of resources focus on large state-owned enterprise,For the rapid development of small and medium-sized enterprises,Use the bond market financing opportunity is very small.In addition,Our country's credit bonds has not been hard breach of contract,It is difficult to use common sense to explain,Is not scientific.In the local government debt have intervention treatment to avoid default at the same time,We should see,The actual intervention the normal operation of the economic system,Economic activities of the risk is neither resolve,Also did not disappear,Neither dispersion,Also not transfer.instead,The risk of financial system in the increasingly accumulation.

　　从无到有，我国已建立起一定规模的证券机构群体，截至2011年底，我国109家证券公司总资产为1.57万亿元，净资产为6302.55亿元，净资本为4634.02亿元。同时，我国69家基金公司共管理基金915只，基金持股市值约1.29万亿元。

From scratch,Our country has set up certain scale securities institutions group,By the end of 2011,Our country 109 securities company's total assets of 1.57 trillion yuan,Net assets for 630.255 billion yuan,Net capital for 463.402 billion yuan.At the same time,Our country 69 fund company common management fund 915 only,Fund holding market value of about 1.29 trillion yuan.

　　但是，我们也同时看到问题所在：从规模看，我国109家证券公司资产总量不到高盛的1/3；从运营模式看，我国券商仍严重依赖经纪业务，尚未摆脱靠天吃饭的格局，新股发行业务同样具有高波动风险；从社会影响力看，券商在金融机构中被边缘化，没有主流话语权；从经营范围看，离国际通行的投资银行范畴相距遥远。

but,We also see the problem:See from the scale,Our country 109 securities company assets less than 1/3 of the total amount of Goldman sachs;From the operation mode to see,Our country still relies heavily on securities brokerage business,Has not yet get rid of rely on the pattern,New shares the same business with high fluctuation risk;See from the social influence,Brokers in the financial institutions of being marginalized,No mainstream discourse right;From the scope of business to see,From the prevailing international investment Banks far category.

　　再看我国的基金行业，从2007年～2011年，我国基金业资产规模是萎缩的，从2007年的3.28万亿元下降到2.18万亿元，下降近1/3。而基金经理的投资水平屡屡被市场质疑，基金经理流动率居高不下。而在生存状态上，基金公司受制于银行通道，替银行打工的现象日趋明显。

To see China's fund industry,From 2007 ~ 2011,Our country funds asset scale is shrinking,From 2007 yuan ($2.18 trillion) to yuan,Drop nearly a third.And the fund manager's investment level by market repeatedly questioned,Fund managers high turnover.And in the state of survival,Fund company subject to bank channel,For bank part-time job phenomenon has become increasingly evident.

　　所谓大国气度，不在于疆域之广，国库之富，而在于优秀的制度使得人才脱颖而出，人民安居乐业，军队勇猛善战。对于资本市场来说，重要的同样不是规模、排名和速度，而在于有内涵的增长，可持续的创新，资源得到优化配置，促进实体经济、创新企业的增长，与投资者形成良性互动。

The so-called country bearing,Is not the vast territory,Treasury of the rich,But in excellent system makes talents to stand out,People live and work in peace and contentment,Military prowess fit.For the capital for the market,Important is not the same size/Rankings and speed,But in the growth of the connotation,Sustainable innovation,Resources optimized configuration,Promote the real economy/Innovative business growth,And investors benign interaction.

　　指出种种问题的同时，我们仍然有理由对未来表示充分乐观。短短10年间，中国股票市场的规模从几万亿元扩展到21多万亿元，市盈率从平均的50倍～60倍变成目前的11.25倍，整个市场已经发生根本性变化，个人投资者逐渐成熟，机构投资者初具规模，这种市场结构的改善，为进一步创新提供了基础。另外，近年来，我国债券市场扩容迅速，银行间市场、交易所市场信用债券发行屡创新高。国外经验表明，对于资本市场来讲，将来成长潜力最大、收入最多的可能就是固定收益产品。而在各方推动下，企业资产证券化、中小企业私募债、场外市场等创新近期层出不穷，这意味着证券中介服务的增长潜力必将得到进一步释放。

Points out that the problems at the same time,We still have a good reason for future said fully optimistic.A short 10 years,The scale of China's stock market from the trillions of dollars expanded to 21 more than one trillion yuan,P/e ratio from an average of 50 times ~ 60 times into the current 11.25 times,The market is change radically,Individual investors gradually mature,Institutional investors begun to take shape,This market structure improvement,Provide the basis for the further innovation.In addition,In recent years,China's bond market expands rapidly,Interbank market/Exchange market credit bond issue new high repeatedly.Foreign experience shows that,Will tell to the capital market,The biggest growth potential in the future/Most income may be fixed income products.And in the parties under the push,Enterprise asset securitization/Small and medium-sized enterprise SiMuZhai/Otc market innovation such as the recent emerge in endlessly,This means that the securities intermediary services growth potential will be further release.

　　再从基本制度建设来看，管理层的努力卓有成效。特别是今年以来，我国新股发行制度改革不断深化，多层次、多产品的资本市场体系逐步建立，对上市公司治理结构、分红的监管日益完善，对机构投资者的培育不遗余力，证券公司的创新风起云涌。

Again from basic system construction to see,The efforts of the management effectiveness.Especially since this year,China has deepened the reform of the system for issuing new shares,multi-level/Many products of capital market system gradually established,The governance structure of listed companies/The supervision of the share out bonus is increasingly perfect,Institutional investors to the cultivation of the spare no effort,The innovation of the securities company blustery.

　　岂有豪情似旧时，相信已不是花开花落两由之。

Is there's like old times,Believe is not flower by the two.