蒋飞

JiangFei

　　投资性收入是财产性收入的重要组成部分，对于绝大多数国内居民而言，金融市场是最主要的投资性收入来源。今年9月发布的《金融业发展和改革“十二五”规划》明确提出着力发挥金融市场的投融资功能，完善投资者回报机制，进而增加居民财产性收入。

Investment income is an important part of the property income,For most domestic for residents,Financial market is the main investment source of income.Released in September[The financial industry development and reform"1025"planning]Clearly put forward emphatically exert the financial market financing function,Perfect investors reward system,And then increase the residents property income.

　　具体而言，规划提出要优化投融资结构，实现社会资本资源的优化配置；丰富货币市场和资本市场金融投资工具，推动发展金融衍生产品市场，疏通投资渠道，提高金融投资的安全性、流动性和盈利性等。

In particular,Plans to put forward to optimize investment structure,The realization of social capital resources optimization allocation;Rich money market and capital market financial investment tool,To promote the development of the financial derivatives market,Dredge investment channels,To improve the security of the financial investment/Liquidity and profitability, etc.

　　近十年来，我国金融市场取得了长足的发展。国有商业银行相继上市，金融稳定性提高，资本市场债券融资和股票融资的规模都大大增加。然而金融市场对投资者的回报仍有很大的提升空间。

Nearly 10 years,Our country's financial market has made great strides in development.State-owned commercial Banks listed one after another,To improve the financial stability,Capital market bond financing and stock financing scale are greatly increased.But financial markets the return to investors still has a lot of will to rise.

　　影响投资者回报的因素是多方面的，但归根结底与市场自身发展的成熟度紧密相关。间接融资为主的市场格局决定了大多数居民的投资回报是以储蓄利息形成的，回报率偏低；股市和债市发展不匹配，缺乏风险适中的投资产品；市场深度不够，金融衍生品严重滞后，也限制了资产管理服务的保值增值功能。

Influence factors of investor returns are various,But in the final analysis and market their own development is closely related to the degree of maturity.Indirect financing as the main form of financing market pattern determines the most residents savings interest return on investment is formed,Low rate of return on;The stock market and bond market development is not matching,The lack of risk moderate investment products;Market depth is not enough,Financial derivatives serious lag,Also limits the asset management service value of the function.

　　这些问题已经引起了金融监管部门的重视，密集推出的金融改革都旨在破除金融压抑、纠正市场失衡、提高市场效率，这些制度性的建设将为下一个十年内增加金融市场的回报水平打下基础。

The issue has caused the attention of financial supervision department,Intensive launch of the financial reform are designed to break financial repression/Correct market imbalance/Improve market efficiency,These institutional construction will be for the next ten years increase financial market level of rate of return to lay the foundation.

　　纠正金融失衡 Correct financial imbalances

　　金融市场的失衡，首先是间接融资与直接融资比例的失衡。2011年全国各类金融机构的贷款占社会融资规模的比例高达75%。由于银行享受制度性的息差保护，如此巨大的贷款占比，一方面给商业银行输送了超额利润，另一方面也影响了居民财产性收入的增加。

The imbalance of financial markets,The first is the indirect financing and the proportion of direct financing imbalance.In 2011 the various financial institution loans accounted for social financing scale ratio as high as 75%.As Banks enjoy systematic carry protection,Such a great loans accounted for more than,On the one hand to commercial bank transfer the excess profit,On the other hand also influence the residents of the property income increase.

　　银行业已经无法避免地将迎来利率市场化的一天。这意味着利率将真正由市场资金供求决定，相对于当下的情形，未来利率市场的均衡将显著有利于提供了数十万亿元储蓄（截至2011年底是35.2万亿元）的城乡居民。

Banking is unavoidable will have interest rate marketization day.This means that interest rates will be the real capital supply and demand by the market decision,Compared with the current situation,The future interest rate market equilibrium will provide significant to the hundreds of thousands of one hundred million yuan savings(By the end of 2011 is 35.2 trillion yuan)Of urban and rural residents.

　　随着居民收入的增加，储蓄存款在所有投资方式中的地位早已显著下降。当储户把存款拿出来准备投资其他金融市场的时候，可供选择的投资工具较之十年前已经大大丰富。除了股票投资，银行、信托、基金公司和证券公司都能提供投资于股市、债市和货币市场的各类理财产品。

With the increase of residents' income,Savings in all investment in the position had significantly.When depositors take out the savings to investment other financial market,Alternative investment tools than ten years ago has been greatly rich.In addition to the stock investment,The bank/trust/Fund companies and securities company can offer the investment in the stock market/Bond market and money market of all kinds of financial products.

　　但是，债市与股市同样是失衡的。2011年我国股票融资达5073亿元，上市公司债券融资仅1707.4亿元。即使算上企业债融资，债市的规模与股市相比仍然是短板。上证所原总经理张育军就提出，我国发展多层次资本市场，最大的潜力是在债市。

but,Bond market and the stock market is also unbalanced.In 2011, the stock financing reached 507.3 billion yuan,Bond financing of listed companies is only 170.74 billion yuan.Even if is QiYeZhai financing,The size of the bond market and the stock market is still short board compared.Sse infonet former general manager ZhangYuJun is put forward,Multi-level capital market development in our country,The biggest potential is in debt.

　　股市连续的低迷促进了今年债市的大发展。投资者开始对稳定回报的债务融资更感兴趣，正好契合了监管层的意图，相关金融机构顺势而为，各类固定收益产品层出不穷。银行柜台就可以买到收益高于一年前存款、主要投资债市的理财产品，而基金公司和证券公司也利用自己的专业优势，不断推出收益相对更高的债券基金和集合计划，甚至包括一些收益分级的产品。

The stock market continuous downturn promoted the development of the bond market this year.Investors began to stable returns more interested in debt financing,Just agree with the supervision of the intention of the layer,Related financial institutions to take advantage of an opportunity and,All kinds of fixed income products emerge in endlessly.The bank counter can buy income is higher than a year ago deposit/The main investment of the debt financial products,And fund companies and securities company also use their own professional advantage,Continuously introduce income relative higher bond fund and pool plan,Even some revenue classification of the products.

　　站在长期的角度，发展债券市场需要解决的首要问题是债市的互联互通。如果银行间市场和交易所市场能形成一个统一的信用债市场，那么将大大促进市场效率的提升，降低企业融资成本，并最终有利于投资者回报水平的提高。

Standing in the long term,Development of the bond market need to solve the first problem is the bond market of interconnection and interflow.If interbank market and exchange market can form a unified credit debt market,So will greatly promote the market efficiency of ascension,Reduce the enterprise financing cost,And finally returns to investors to raise the level of.

　　提升股市效率 Improve the efficiency of stock market

　　就市值和融资规模而言，A股已经排在全球主要证券市场前列，但A股的效率却远远落后于成熟市场。

Is market value and financing in terms of scale,A shares have row in the global main forefront of the securities market,But the efficiency of the A shares far behind the mature markets.

　　在本质上，A股投资者回报水平低是其效率低下的体现，并且这种低效贯穿了从上市到退市的各个环节。

In essence,A stock investor returns is the low efficiency of the low level of the embodiment of the,And the inefficient throughout the city from listed back to each link.

　　首先，严格的上市审批机制并没有完全杜绝造假上市；其次，新股的长期增长不是在一级市场发行过程中，就是在上市首日被透支；第三，上市公司的市场约束机制不足，管理层缺乏提升股东回报的压力；最后，则是退市机制不畅，市场资源并非总是配置给那些最好的上市公司。

First of all,Strict listed examination and approval mechanism and not completely eliminate false listed;secondly,Shares in the long-term growth is not in the primary market release process,Is the first listed by overdraft;The third,Listed companies lack of market restraint mechanism,Lack of management enhance shareholder return pressure;finally,It is not free to withdraw from the market mechanism,Market resources are not always configuration to the best of the listed company.

　　中国证监会已经在新股发行体制改革中做了很大的努力。审批制虽然短时间内不会取消，但是信息披露的质量正在成为发审过程中最主要的考量因素。但是市场形成成熟的价值判断能力和习惯却仍然需要时间——散户化的市场格局造成机构的行为往往被散户裹挟，它们并未很好地发挥专业优势，在股票定价过程中发挥决定性的作用。

The China securities regulatory commission has been in new shares system reform has made a great effort.ShenPiZhi although short time would not be canceled,But the quality of information disclosure is becoming a hair in the process of trial the main considerations.But the market form mature value judgment ability and habit but still need time - retail change of the market structure cause institutions tend to be retail neo-enlightenment movement,They did not good use professional advantage,In the stock pricing process play a decisive role.

　　与中国许多领域的改革一样，A股的改革也是系统性的。为了提高新股定价效率，必须有一个庞大的机构投资者队伍。证监会一方面放松QFII机制的管制，加大了引进境外长期投资者的力度；另一方面也在为国内的保险资金、社保资金和公积金提供更多的入市便利。

And China's many areas of reform,A share reform is systematic.In order to improve the efficiency of the new pricing,Must have a large institutional investors team.Securities regulatory commission on the one hand to relax QFII mechanism of control,Increased the strength of introducing foreign long-term investors;On the other hand also in for domestic insurance funds/Social security funds and accumulation fund market to provide more convenient.

　　增加市场深度 Increase market depth

　　2010年，股指期货正式推出并开始交易，结束了A股单边市的历史。一些敏锐的投资者很快开始尝试简单的套利交易。短短两年时间，券商、基金乃至一些私募投资机构，都建立了自己的量化投资部门，并且对金融工程相关的人力物力投入明显高于其他传统业务部门。

In 2010,,Stock index futures officially launched and start trading,Over A shares the history of unilateral city.Some sharp investors soon began to try to simple arbitrage trading.Within two years,brokers/Fund and even some private investment institutions,Have set up their own quantitative investment department,And the financial engineering related human resource input is obviously higher than that of the other traditional business department.

　　ETF这种量化交易的基础标的也取得长足发展。沪深300ETF之后，今年又出现了跨境双向ETF。在信用交易方面，转融通已经于今年9月推出，第二批券商的试点也已启动。融资融券的交易规模稳步提升，在低迷的实况下成为券商经纪业务的新亮点。

ETF this quantitative transaction basis underlying also achieved rapid development.After the Shanghai and shenzhen 300 etf,This year again appeared cross-border two-way ETF.In trade credit aspects,Turn accommodation has been launched in September this year,The second batch of pilot securities also has been launched.Margin trading scale steadily improved,In the weak become live securities brokerage business to the new luminescent spot.

　　此外，国债期货已经重新提上日程，各类商品期货不断推陈出新，原油期货即将推出。这些新的风险管理机构将为投资者配置各类资产时提供更多的策略组合，或者是锁定收益，或者是博取更高的回报水平。

In addition,Treasury futures has already been put on the agenda,All kinds of commodity futures constantly,Crude oil futures coming soon.These new risk management mechanism for investors configuration all kinds of assets to provide more strategy combinations,Or lock income,Or try to gain higher returns level.

　　从市场宏观层面看，我国发展衍生品的策略仍然是十分审慎的。这些基础性的衍生品客观上将有利于熨平资本市场的波动，从而增加投资者整体回报的稳定性。

From the market macroscopic perspectives,China's development strategy of derivatives are still very prudent.These basic derivatives objective will be to ironing capital market fluctuation,Thus increasing the stability of the overall return investors.

　　防控系统风险 Risk prevention and control system

　　在金融市场投资工具以几何级速度快速增长的同时，系统性风险也正在引起市场各方的高度关注。对于个人、机构和市场而言，控制好系统性风险都直接关乎整体回报水平。

In the financial market investment tools to geometric level speed fast growth at the same time,Systemic risk is also caused concern about the market parties.For individual/Institutions and the markets,Good control of systemic risk are directly for overall return level.

　　一些金融业的高层人士已经直言不讳地指出部分银行理财产品背后埋藏着潜在危险——如果这些产品背后挂钩的资产质量存在问题，或者仅仅是借新还旧的游戏的话。

Some of the financial industry's top people have call a spade a spade to point out part of the bank financing products buried behind the potential danger, if these products link behind assets quality problems,Or just borrow new also old game words.

　　蓬勃发展的集合资金信托同样饱受诟病——一方面大量的集合资金信托事实上为房地产商提供急需的融资支持，个体的道德风险和宏观的系统风险都很大；另一方面即使项目本身没问题，但是回报期过长，很可能产生短融长投的匹配问题。

Vigorous development of capital trust the same set much-maligned - on the one hand a lot of assembled funds for the real estate business trust in fact provide much-needed financing support,Individual moral risk and macro system are of great risk;On the other hand, even if the project itself no problem,But return period is too long,Is likely to produce short melt long throw matching problem.

　　面对新的挑战，多数市场参与者的共识是，监管者不应退回到管制时代，而是应改变监管方式，从金融市场的功能和金融机构的行为出发，重新定义监管职能。同时，不同监管部门之间的协作也变得更加重要。

In the face of new challenges,Most market participants is the consensus,Regulators should not return to control time,But should change the way of supervision and regulation,From the function of the financial market and financial institutions based on behavior,Redefine regulatory functions.At the same time,Different collaboration between the supervision department has become more important.

　　一个健康的金融市场将在金融创新与监管之间取得平衡，前者是金融市场价值创造的源泉，而金融监管则能保证金融创新发展在正确的轨道上。只有如此，投资者才能从金融市场获取合理和稳定的回报。

A healthy financial market will be in the financial innovation and regulation balance between,The former is the source of financial market value creation,And the financial supervision to ensure the development of financial innovation in the right orbit.There is only so,Investors from financial markets to obtain reasonable and stable returns.