2009年国务院发布《关于推进上海加快发展现代服务业和先进制造业建设国际金融中心和国际航运中心的意见》，这标志着上海国际金融中心建设已经成为一项重要的国家战略。上海国际金融中心建设是一项巨大的系统工程，不仅需要方方面面的考量，更需要高屋建瓴的顶层设计。本文基于金融生态与金融发展之间关系，分析当前上海国际金融中心建设面临的问题，并提出相应对策建议。

Promulgated by the state council in 2009[About promoting Shanghai to speed up the development of modern service industry and advanced manufacturing construction international financial center and international shipping center opinion],This marks the Shanghai international financial center construction has become an important national strategy.Shanghai international financial center construction is a huge system engineering,Not only all aspects need consideration,More need to be strategically situated the top design.This paper, based on the financial ecology and financial development relationship between,The analysis of the current Shanghai international financial center construction are faced with the problem,And put forward the corresponding countermeasures.

　　金融生态与金融发展水平的关系 Financial ecology and the relationship between the financial development level

　　中国的金融发展面临重大机遇，对于国际金融中心建设而言，落在实处尤其重要。我们从金融集聚与辐射、金融深化、金融风险水平、金融机构多样性和金融产品多样性五个方面对全国36个重点城市的金融发展水平进行评估，以此考察国际金融中心的候选城市；然后从经济环境、贸易环境、基础设施环境、人才环境、法治和诚信环境五个方面考察金融生态环境，并分析其与金融发展之间的关系，从而为促进国际金融中心建设找到好的抓手。

China's financial development is facing a great opportunity,For international financial center for construction,Fall in the effect is especially important.We from the financial agglomeration and radiation/Financial deepening/Financial risk level/The diversity of financial institutions and financial product diversity five aspects of 36 major cities throughout the country the financial development level evaluation,Investigating the international financial center the candidate cities;Then from the economic environment/Trade environment/Infrastructure and environment/Talent environment/The rule of law and of the environment of honesty and credibility five aspects financial ecological environment,And analyzes its and the relationship between the financial development,So as to promote the international financial center construction find good gripper.

　　我们记金融发展水平为Finance_index，记经济环境为X1、外贸环境为X2、城市基础设施为X3、人力资源环境为X4、法治及监管环境为X5。经过主成分提取，从而排除共线性的影响后，我们得出影响金融发展水平的方程：

We remember the level of financial development for Finance_index,Remember the economic environment for X1/Foreign trade environment for X2/Urban infrastructure for the X3/Human resources environment for X4/The rule of law and the regulatory environment for X5.Through principal component extraction,So as to eliminate the influence of collinearity after,We concluded that affect financial development level of equation:

　　Finance_index=-0.172+0.1996*X1+0.1846*X2+0.1898*X3+0.1423*X4+0.1328*X5

Finance_index = 0.172 + 0.1996 + 0.1846 * * X1 X2 + 0.1898 * X3 + 0.1423 * X4 + 0.1328 * X5

　　上述方程的含义是：经济环境对金融发展水平的影响最大，我们又计算了经济环境和金融发展水平的相关系数，为90.69%，是五个环境变量中最高的；对金融发展水平影响其次的是基础设施，方程的回归系数为0.1898，其与金融发展水平的相关系数为87.45%，相应的也处于第二的位置；对金融发展影响第三的生态因素是贸易环境，方程回归系数为0.1846，其与金融发展水平的相关系数为86.14%。

The above equation means:Economic environment on the level of financial development impact,We have calculated the economic environment and the financial development level of correlation coefficient,Is 90.69%,Is five environment variable in the highest;On the financial development level influence next is infrastructure,Equation of regression coefficient is 0.1898,With the financial development level of correlation coefficient is 87.45%,The corresponding also in second place;On the financial development effect of the ecological factor is the third trade environment,Equation regression coefficient is 0.1846,With the financial development level of correlation coefficient is 86.14%.

　　整体而言，从系数弹性和相关性上看，以上三个因素是对金融发展水平起绝对作用的变量，它们都反映了经济发展（无论是从总量的角度，还是从开放程度和投资环境的角度）对金融服务的需求。人才环境以及法治和监管环境对金融发展水平的影响相对较小，但这些因素可能是影响金融发展的长期因素。

overall,From the elasticity and correlation coefficient of watch,Above three factor is the financial development level up absolute effect of variables,They all reflect the economic development(Whether from the point of view of the total amount,Or from the open degree and investment environment Angle)Demand for financial services.Talent environment and the rule of law and regulatory environment on financial development level influence is relatively minor,But these factors may influence is financial development long-term factors.

　　以法治和监管环境为例，尽管它与金融发展水平各个方面的相关性都不算高，但其与金融风险控制水平的相关性达到58.48%，而地区金融风险水平决定资金撤离的关键因素。就人才环境而言，在当前经济发展水平和产业结构模式下，人才和金融发展之间互为因果的关系中，人才更多的是作为“果”的因素，但放眼未来，一座城市成为提供交易和复杂衍生产品的金融中心时，人才将成为重要的供给因素。

With the rule of law and regulatory environment as an example,Although it and financial development level all aspects of the correlation is not high,But its and financial risk control level of correlation reached 58.48%,And regional financial risk level decided to leave money the key factors.It talents for the environment,In the current economic development level and industry structure mode,Talents and financial development relationship between cause and effect of each other,Talent is more of as"fruit"factors,But look to the future,A city become provide trading and complex derivatives financial center,The talented person will become important supply factors.

　　从对策角度讲，我们除了要抓住上述主要矛盾，还需要分析具体的指标与金融发展水平各个子项之间的关系，从而在改善环境的时候落到实处。表1是金融生态三个子环境（经济环境、贸易环境和人才环境）各指标与金融发展水平的相关性分析结果。

Countermeasures from the point of view,We in addition to seize the main contradiction,Still need to analyze specific index and financial development level of the relationship between the various items,In order to improve the environment into effect.Table 1 is financial ecological environment three children(Economic environment/Trade environment and human environment)Each index and the level of financial development correlation analysis results.

　　就经济子环境而言：GDP、总部经济指数、零售商品总额这三个指标与金融发展水平的相关性较高，非农产业产值占比和居民可支配收入与其相关性并不高，前三者主要影响的是资金集聚及辐射，其相关性水平都达到85%以上。这说明一座城市的金融集聚和辐射能力取决于这座城市的经济总量、大企业数目、活跃程度，与产业结构和居民富裕程度的相关程度不高。

Will the son in the economic environment:GDP/Headquarters economic index/The total retail goods the three index and financial development level of high correlation,Non-agricultural industries output value accounts for ratio and residents' disposable income and its correlation is not high,Former three main influencing capital concentration and radiation,Its relevance level is above 85%.This shows a city financial agglomeration and radiation ability depends on the city's economy/Large number of enterprises/Active degree,And the industrial structure and residents wealthy degree of correlation degree is not high.

　　这一现象反映了中国城市金融集聚的三个特征：第一，金融服务于经济，实体经济的体量和活跃程度意味着金融产业的体量；第二，金融作为具有明显集聚特征的产业，其与实体经济中大企业数目高度相关（它的相关性略高于GDP，低于零售商品总额，但在主成分分析确定的客观权重中，总部经济的权重为25%，GDP和零售商品总额的权重分别为18%和16%），因为它们需要追求规模、降低成本；第三，我国的经济发展还处于工业化中后期阶段，在金融层面也是以服务于大企业为主（这一点可以从金融机构多样性与这三个指标之间的相关性看出），因此金融发展与消费者金融的关联程度不高，也不以服务性小企业为主要融资对象。

This phenomenon reflects China's urban financial agglomeration three characteristics:The first,Financial services in the economy,The real economy of the mass and active degree means that the financial industry's mass;The second,Financial as has obvious characteristics of the industry agglomeration,The entity economy and large number of enterprises high correlation(The correlation of it slightly higher than GDP,Less than the total retail goods,But in the principal component analysis to determine the weight of the objective,The weight of headquarters economy is 25%,GDP and retail goods weight of the total amount of 18% and 16% respectively),Because they need the pursuit of scale/Reduce cost;The third,The economic development of our country is still in a middle stage of industrialization,In the financial level is to service in the enterprise is given priority to(It can from financial institutions diversity and the three indexes of the relationship between the see),Therefore the financial development and consumer financial connection degree is not high,Nor in small business service as the main financing object.

　　从贸易环境各指标与金融发展水平的关系来看，至少存在两个有意思的现象。

From the trade environment each index and the relationship between financial development level to see,There are at least two interesting phenomenon.

　　第一，航空港年旅客吞吐量与金融发展各子项之间的相关性都明显高于进出口总额与金融发展的相关性（金融风险管理水平除外），我们认为航空港年旅客吞吐量这一指标看似与金融发展没有关系，但它背后代表了高端商务人士的活跃程度，而这恰恰与总部经济的强弱相关，这也再一次证实了总部经济比经济总量（这里是进出口总额）对金融的促进作用更大。

The first,In airport passenger throughput and financial development of the relationship between the various items are obviously higher than the total import and export volume and the correlation of financial development(Financial risk management level exception),We think in airport passenger throughput of this one index seem to have no relation to the financial development,But behind it represents high-end business people activity,This is in the strength of the headquarters economy related,It also once again confirmed the headquarters economy than the economy(Here is the total value of import and export)On the financial role more big.

　　第二，FDI与金融发展水平以及其中的资金集聚、风险管理水平、金融产品多样性的相关性都不高，但与金融机构多样性最高。我们又进行了深入分析，发现FDI投资额与外资银行比率的相关性最高，达到66.8%，这说明跨国企业在进入一国投资后，相应的母国银行也跟随进入，跨国银行的进入一方面带来新的业务模式，另一方面也促进当地银行业的竞争。

The second,FDI and financial development level and the capital agglomeration/Risk management level/The diversity of financial products have high correlation,But the highest diversity and financial institutions.We have to carry on the thorough analysis,Discovered FDI investment and foreign bank ratio of the highest correlation,Up to 66.8%,This shows that the multinational enterprise in the country after the investment,The corresponding motherland bank followed into,Multinational Banks into hand bring new business model,On the other hand also improve the local banking competition.

　　就人才环境和金融发展水平的关系而言，存在如下特征。

Is talent environment and financial development level in terms of the relationship between,Exist the following characters.

　　第一，高等教育机构数和在校生人数与金融发展水平的关系不大，这说明高等教育与金融之间的关系并非直接关联，背后的间接关系可能是经济发达的地区教育相应发达，而金融与经济之间存在着密切联系。此外，高校在校生人数比高等教育机构数的相关性更低，这是因为一座城市的储备人才并不一定成为这座城市的未来的常住人口，一方面发达地区高昂的生活成本可能产生挤出效应，另一方面特大城市的户籍制度是更大的限制。

The first,Higher education institutions number and the number of students with financial development level of concern is not big,This shows that the higher education and the relationship between finance is not directly related,Behind the indirect relationship may be economically developed area of education developed accordingly,And financial and economic exists between the close contact.In addition,College students of higher education institutions than the number of more low correlation,This is because a city reserve talented person does not necessarily become the city's future permanent population,On the one hand developed areas of the high cost of living may produce extrusion effect,On the other hand megapolis domiciliary system is more limited.

　　第二，金融业从业人员数与金融发展水平密切相关。其中相关性最高的两个金融发展子项是资金集聚及辐射和金融产品多样。就前者而言，金融人才的集聚可能是金融产业集聚的结果；就后者而言，金融人才的集聚恰恰创造了产品的多样性。在当今信息化时代，金融业的业务流程已经大为简化，过去许多产品的认购都以实现网络化（如转账、股票申购等），金融业的许多人才大都服务于经济行业研究、风险控制、产品设计、市场交易、合规管理等方面，因此当一座城市集聚的金融人才越多，其在金融产品的创新能力越强。

The second,The financial industry practitioners number and level of financial development is closely related.The correlation between the two highest financial development subitem is capital concentration and radiation and various financial products.The former is concerned,Financial talented person's concentration may be the result of financial industrial cluster;In terms of the latter is,Financial talented person's concentration on the created the diversity of products.In today's information age,The financial industry business process has been greatly simplified,In the past the subscribe of many products are in order to realize network(Such as transfer/Stock purchase, etc),Many of the financial industry talents mostly to serve economic industry research/Risk control/Product design/Market transaction/Compliance management, etc,So when a city the agglomeration of the more financial talents,The financial product innovation ability is stronger.

　　表1

Table 1

　　金融生态主要指标与金融发展子项之间的相关性分析

Financial ecological main index and financial development between subitem correlation analysis

　　相关性 金融发展水平 资金聚集及辐射 金融风险管理 金融深化程度 金融机构多样性 金融产品多样性

Correlation between the level of financial development funds gathered and radiation financial risk management the extent of the financial deepening financial institutions diversity financial product diversity

　　GDP 86.50% 86.52% 57.88% 72.70% 84.82% 76.02%

GDP 86.50%, 86.52%, 57.88%, 72.70%, 84.82%, 76.02%

　　总部经济 88.55% 86.92% 67.28% 72.52% 84.08% 77.05%

Headquarters economy 72.52%, 84.08%, 77.05%, 88.55%, 86.92%, 67.28%

　　非农产业产值占比 44.55% 40.89% 36.57% 33.06% 46.93% 39.48%

Non-agricultural industries output value accounts for more than 44.55%, 40.89%, 36.57%, 33.06%, 46.93%, 39.48%

　　零售商品总额 90.68% 88.35% 68.85% 77.86% 83.13% 79.05%

The total retail goods 90.68%, 88.35%, 68.85%, 77.86%, 83.13%, 79.05%

　　居民可支配收入 63.07% 62.40% 40.51% 53.37% 69.90% 48.60%

Residents' disposable income in 53.37%, 69.90%, 48.60%, 63.07%, 62.40%, 40.51%

　　进出口总额 82.04% 79.11% 57.61% 69.80% 71.54% 83.52%

The total import and export 82.04%, 79.11%, 57.61%, 69.80%, 71.54%, 83.52%

　　航空港年吞吐量 92.90% 92.57% 53.46% 86.42% 84.76% 89.26%

Air port throughput of 86.42%, 84.76%, 89.26%, 92.90%, 92.57%, 53.46%

　　FDI 61.86% 61.57% 48.17% 47.35% 63.87% 49.15%

FDI 61.86%, 61.57%, 48.17%, 47.35%, 63.87%, 49.15%

　　金融从业人员数 97.16% 96.57% 57.53% 91.73% 85.88% 93.42%

Financial employees number, 97.16%, 96.57%, 57.53%, 91.73%, 85.88%, 93.42%

　　高等学校在校人数 34.94% 36.93% 29.70% 27.26% 40.35% 15.43%

Higher school number in 34.94%, 36.93%, 29.70%, 27.26%, 40.35%, 15.43%

　　高等教育机构数 58.29% 62.26% 29.88% 56.83% 55.71% 46.65%

Higher education institutions number, 58.29%, 62.26%, 29.88%, 56.83%, 55.71%, 46.65%

　　上海的金融发展水平和金融生态分析 Shanghai financial development level and financial ecological analysis

　　在考察了金融生态与金融发展水平的关系后，我们重点对上海的金融发展水平和金融生态环境分析。从综合评价的结果来看，上海的金融生态在全国排名第一，但金融发展水平稍微落后北京，对于这一现象我们需要从决定金融发展的各个生态子环境考察。

In examining the financial ecology and financial development level of the relationship,We focus on Shanghai's financial development level and financial ecological environment analysis.From the comprehensive evaluation results to see,Shanghai financial ecology in the national ranking first,But financial development level slightly behind Beijing,For this phenomenon we need financial development from the decision of each ecological environment investigation son.

　　图1是北京和上海在金融发展水平上的对比情况：北京在资金集聚与辐射、金融深化两个方面具有明显优势，上海在风险管理水平和金融机构多样性方面具有明显优势，在金融产品多样性方面两者差距较小。

Figure 1 is Beijing and Shanghai in the financial development level of contrast:Beijing in the capital concentration and radiation/Financial deepening two has obvious advantages,Shanghai in the risk management level and financial institutions diversity has obvious advantages,In the financial product diversity both in the difference is smaller.

　　图2是北京和上海金融生态五个子环境的雷达图，上海在经济环境得分上略高于北京，在贸易环境明显优于北京；在人才环境方面上海与北京存在较大差距，在基础设施以及法治和监管环境方面差距不大。

Figure 2 is Beijing and Shanghai financial ecological five is environmental radar map,Shanghai in the economic environment score in slightly higher than Beijing,In the trade environment was better than Beijing;In talents environment in Shanghai and Beijing has a large gap,In the infrastructure and the rule of law and regulatory environment aspects gaps.

　　影响金融发展最重要的三个环境因素是经济环境、基础设施环境和贸易环境，它们主要影响的是资金集聚及辐射和金融深化的程度。就经济总量而言，上海在GDP、居民可支配收入方面都超过北京；贸易环境中总量指标进出口总额和FDI远超北京；基础设施略微逊色。但是金融中心集聚与否除了与总量指标有关外，还与大企业的集聚程度有关，具体指标的相关性表明，与总部经济有关的两个关键性指标——总部经济指数和航空港年吞吐量——上海都没有超过北京，前者上海与北京标准化得分的差距是0.03，后者差距是0.08。

Influence of financial development three of the most important environmental factor is economic environment/Infrastructure environment and trade environment,They mainly affect is the capital concentration and radiation and the extent of the financial deepening.Just in total economic output,Shanghai in the GDP/Disposable income of residents are more than Beijing;Trade environment for gross index total import and export volume and FDI far above Beijing;Infrastructure slightly inferior.But financial center concentration or not in addition to total index of outer,Also with the big enterprise cluster of relevant,Specific index correlation shows that,With the headquarters economy of the two key indicators, headquarters economic index and air port throughput of Shanghai - no more than Beijing,The former Shanghai and Beijing standardization scoring gap is 0.03,The latter gap is 0.08.

　　此外，在决定大企业选址的基础设施环境这一因素中，北京也略胜一筹。我们认为在两座城市的基础设施都相当完善的条件下，大企业选址可能更多地考虑政策因素，而这一点上北京更有优势。根据中国企业联合会、中国企业家协会评选的2011中国企业500强的结果，总部位于北京的有100家，而位于上海的仅有30家；此外，根据《南方周末》2006年推出的“世界500强在华最佳投资企业排行榜”公布的数据，世界500强在华总部中33家在北京、31家在上海，而排名前8位中只有一家在华总部在上海。

In addition,In determining the location of the big enterprise infrastructure environment this factors,Beijing also slightly better.We believe that in the two cities infrastructure are quite perfect conditions,Big enterprise location may be more policy factors to consider,And this point Beijing has more advantages.According to the China enterprise confederation/Chinese entrepreneurs association ranked 2011 Chinese enterprise 500 strong results,Headquarters is located in Beijing with 100,And is located in Shanghai's only 30;In addition,According to[Southern weekend]The introduced in 2006"The world's top 500 best investment enterprises in China list"figures,The world's top 500 in China headquarters in 33 home in Beijing/31 enterprises in Shanghai,And the top eight, only one in China headquarters in Shanghai.

　　另外，支付清算体系在北京集中也是导致上海资金集聚能力不强的原因：一方面，根据《大额支付系统业务处理办法（试行）》有关规定，央票以及国债的发行都要通过大额支付体系清算，而清算的公开市场操作系统、债券发行系统和中央债券簿记系统的物理接口都在北京。另一方面，各商业银行可利用行内系统与人民银行大额支付系统的省会（首府）城市的处理中心连接，也可由其总行与所在地的处理中心连接。各商业银行作为市场化的法人主体，出于资金运用的统筹考虑，往往选择通过行内系统支付，然后再与人民银行的大额支付系统连接。大部分商业银行的总部位于北京，这也是造成北京大额系统收支遥遥领先上海的重要原因。

In addition,Payment and settlement system in Beijing focus is also lead to Shanghai capital agglomeration ability is not strong reasons:On the one hand,According to[The large amount of payment system business processing method(trial)]Relevant provisions,Central ticket and the issue of bonds to pay system through the large amount of liquidation,And liquidation of the open market operation system/Bond issue system and central bond bookkeeping system of physical interface in Beijing.On the other hand,All commercial Banks can use inline system and the people's bank of the capital of large payment system(capital)City processing center connection,Can also be made by its head office and local processing center connection.The commercial Banks as the main body of market legal person,Out of funds utilization of overall consideration,Often choose to pay by row system,Then the people's bank of and large payment system connection.Most of the commercial bank's headquarters is located in Beijing,This is also causes the Beijing big system balance ahead of the important reasons for Shanghai.

　　就影响金融机构多样性的因素而言，除了GDP、零售商品总额、进出口总额这些总量指标外，另一个重要因素就是FDI。我们深入地分析表明，FDI投资额与外资银行比率的相关系数达到66.8%，比其他机构多样性指标的相关性都高，其背后反映的逻辑是吸引外商直接投资就能吸引为之提供服务的跨国银行。上海和北京2011年的FDI分别为1.11万亿美元和0.64万亿美元；相应的上海在外资银行的标准化得分上领先北京0.56。从金融生态的角度看，既有群落引入新的有益物种对于提高整个生态的竞争力和活力很有帮助。此外上海在与金融市场相关的券商机构数和期货机构数上也超过北京，因此从生态多样性的角度看，上海的金融发展更具潜力。

Will affect financial institutions for the diversity of factors,In addition to GDP/Total retail goods/The total volume of import and export of gross index outside,Another important factor is FDI.We further analysis shows that,FDI investment and foreign bank rate of correlation coefficient reaches 66.8%,More than any other institution diversity index correlation are high,Behind the reflects the logic is to attract foreign direct investment can attract provide the service of multinational Banks.Shanghai and Beijing 2011 years of FDI $1.11 trillion and $0.64 trillion, respectively;The corresponding Shanghai foreign Banks in the standardization of the scoring lead Beijing 0.56.From the financial ecological point of view,Both the community into the new beneficial to improve the whole ecological species of competitiveness and vitality to have the help very much.In addition Shanghai in and financial market related to the number of institutions securities and futures on the number of institutions more than Beijing,Therefore, from the perspective of ecological diversity,Shanghai financial development to have the potential.

　　就影响金融产品多样性最显著的人才环境而言，北京在各个指标上都超过了上海，因此北京在金融产品多样性的得分上超过上海。在金融业从业人员数上，北京超过上海3.6万人，是上海的1.15倍，由于金融结构依然以银行主导，北京在银行理财产品上的创新明显超过上海，根据港澳资讯提供数据的推算结果，北京在2011年的银行理财产品发行数量为4750只，而上海只有2800只。

Will affect financial products the most significant diversity of talents for the environment,Beijing in each index all over Shanghai,So Beijing in the financial product diversity scoring more than Shanghai.In the financial industry practitioners in number,Shanghai Beijing more than 36000 people,Shanghai is 1.15 times,Because of financial structure is still leading to the bank,Beijing in the bank financing products innovation obviously more than Shanghai,According to Hong Kong and Macao information data results of calculation,Beijing in 2011 years of bank financing products issue a total of 4750 only,And Shanghai only 2800 only.

　　当然上海在与市场相关的金融产品创新方面更具优势， 2011年上海在运行基金产品和券商集合理财产品的发行数量分别为527只和30只；北京分别为130只和17只。前者上海是北京的四倍，后者上海约是北京的两倍。造成这一现象的原因是：券商和基金产品的投资标的大部分是债券和股票，为了获取这两类产品的最新信息，机构必须与市场紧密结合。

Of course in Shanghai and the market related financial products innovation more advantages, 2011 Shanghai in the operation fund products and brokers set the number of issued financial products respectively for 527 only and only 30;Beijing, for 130 only and only 17.The former Shanghai is Beijing's four times,The latter Shanghai is about Beijing's two times.The reasons of this phenomenon by is:Brokers and fund product investment target is mostly bonds and stocks,In order to obtain the two kind of product of the latest information,Organizations must be closely integrated with the market.

　　法治和监管环境对金融发展中的金融风险控制水平的相关性最高，北京在这一生态子环境的评分上略高于上海，但金融风险控制水平前者却落后于后者。这主要是因为：第一，法治和监管环境对金融风险的影响是长期的，它并不如其他生态子环境相关性那么高；第二，金融发展水平的指标选取相对单薄，仅仅包含两个指标，并且用以反映政府对地区金融干预的“融资平台贷款/财政收入”这一指标并不是很稳定，由于财政信息的不透明，政府通过平台融资这种方式就难以形成有效的债务约束机制，在保增长的压力下，地方政府有很强动力做大分子。

The rule of law and supervision on the financial environment in the development of the financial risk control level of the highest correlation,Beijing in the ecological environment on the son score slightly higher than Shanghai,But the financial risk control level the former is behind the latter.This is mainly because:The first,The rule of law and regulatory environment on the financial risk's influence is long,It is not like other ecological environment correlation son so high;The second,Financial development level index selection of relatively thin,Only contains two index,And to reflect the government to regional financial intervention"Financing platform loan/financial income"This index is not very stable,Due to the financial information opaque,The government through the platform financing this way it will be difficult to form effective debt constraint mechanism,In the growth of the pressure,The local government has the very strong power to do macromolecules.

　　建设国际金融中心上海面临的问题 The construction of Shanghai international financial center are faced with the problem

　　关于金融生态与金融发展水平的关系研究表明，形成国际金融中心的首要条件包括强大的经济基础以及优越的地理位置和国际贸易的发展，上海在经济环境、贸易环境的评分都超过北京，基础设施环境差距甚微，但却在金融发展水平总评分以及资金集聚和金融深化两个子项评分中落后于北京。其背后凸显的问题是上海在总部经济的集聚能力上落后于北京，这从总部经济的评分和航空港吞吐量两个指标中得到反映。

About the financial ecology and financial development, the relationship between the level of study,Form the international financial center primary conditions include strong economic base and superior geographic position and international trade development,Shanghai in the economic environment/Trade environment and the score is more than Beijing,Infrastructure environment little gap,But in the financial development level total score and capital accumulation and financial deepening two subitem score after throughout Beijing.Behind the highlights problem is in Shanghai of headquarters economy concentration ability behind Beijing,The headquarter economy from the score and air port throughput two index reflected.

　　上文中关于中国500强和外资企业的选址数据已经说明了这一情况，此外关于民营大企业的选址也佐证了这一事实。根据2011年胡润富豪榜的统计，富豪前500名中其企业总部在北京的有111家，尽管并非排名第一，但也超过上海的82家。企业家的居住地一方面反映了一座城市的宜居环境，另一方面也反映了这座城市的商务环境以及与此密切相关的政策环境。在这一点上，500强富豪首选的居住地是北京，有111名企业家定居在北京，定居上海的有80名，排名第三。

In this paper about China's top 500 and foreign capital enterprise's location data has been illustrated with the situation,In addition on private enterprises location provided a fact.According to the 2011 hu run networth statistics,Rich in the top 500 of its enterprise headquarters in Beijing with 111,Although not ranked first,But also more than Shanghai 82.Entrepreneur's residence in part a reflection of a city's livable environment,On the other hand also reflects the city's business environment and the closely related policy environment.At this point,500 strong rich preferred residence is Beijing,There are 111 entrepreneurs settled in Beijing,Settled in Shanghai 80,Ranked third.

　　总部经济的落后由此引致金融机构集聚能力不强。在当前银行主导的金融结构下，银行机构的集中度决定了资金聚集和辐射的能力。从目前情况看，在上海注册的银行业机构中，仅有交通银行(601328,股吧)、浦发银行(600000,股吧)的规模较大，能排在全国前十家银行的范围；而国有四大银行、三大政策性银行，股份制中的民生银行(600016,股吧)和光大银行(601818,股吧)，总部都在北京，其资产份额占银行体系至少60%以上。机构的集聚自然引致人才的集聚，这相应的造成上海的人才竞争难以超过北京；从供给层面看，人才作为影响金融创新和金融产品多样性的最重要因素，上海在银行理财产品的竞争上也弱于北京。

The headquarters economy behind the cause financial institutions concentration ability is not strong.In the current bank leading financial structure,The concentration degree of the banking institutions to capital aggregation and radiation ability.From the current situation to see,Registered in Shanghai banking institutions,Only bank of communications(601328,guba)/Shanghai pudong development bank(600000,guba)Large scale of,Can row in the national top 10 Banks range;And the state-owned big four/Three policy Banks,The stock of bank of the people's livelihood(600016,guba)And everbright bank(601818,guba),Headquarters in Beijing,Its assets share account for at least 60% above the bank system.Mechanism of cluster natural cause talents converging,The corresponding cause Shanghai talent competition is difficult to more than Beijing;From the perspectives of supply,Talent as the influence of financial innovation and financial product diversity of the most important factors,Shanghai in the bank financing products competition also weak in Beijing.

　　在上述金融生态环境中还有一项未论及的因素，即金融监管环境，它对当前上海金融市场的发展也形成了重要障碍。具体有如下表现：

In the above financial ecological environment and a not deals with factors,Namely the financial regulatory environment,It to the current Shanghai financial market development also formed the important obstacle.Concrete has the following performance:

　　第一，多头监管和审批制度，直接造成了监管效率低下，影响金融市场发展。以企业债券的发行为例，一支企业债面临着国务院的额度审批、发改委的项目审批、发改委的发行审批、人民银行的利率审批、证监会的承销资格审批、证监会和交易所（或中央国债登记公司）的上市审批，从申请发行到上市这一过程短则一年，长则三到五年。漫长的发债周期自然不能充分发挥资本市场的资源配置功能。

The first,Bull supervision and examination and approval system,Direct caused the low efficiency of supervision,Affect financial market development.To enterprise issue of bonds, for example,A QiYeZhai faced with the state council for examination and approval of the line/The development and reform commission (NDRC) project examination and approval/The issue of development and reform commission (NDRC) for examination and approval/The examination and approval of the people's bank of interest rates/Securities regulatory commission underwriting qualification examination and approval/The securities and exchange(Or the central Treasury company registration)Listed for examination and approval,To apply for the issuance of from the listed this process short is one year,Long is three to five years.Long FaZhai cycle natural cannot give full play to the capital market resource allocation function.

　　第二，驻沪监管机构权力有限，导致监管决策远离市场。目前，一些本属于上海金融监管部门一线监管的职能还没有从上级金融监管部门中分离出来，使得上海金融监管部门没有足够的市场监管和发展的权限。

The second,Based in Shanghai regulators power limited,Lead to regulatory decision away from the market.At present,Some of the belongs to Shanghai financial supervision department a line the role of regulation is not from the superior financial supervision department of separation,Make Shanghai financial regulators do not have enough market supervision and the development of authority.

　　第三，金融市场自律监管未得到充分实现。缺乏市场纪律是中国金融监管体制的一大弊端。这一弊端在上海——中国的金融市场中心的主要表现就是各个交易所没有自律监管的权限：制定上市政策、负责上市审核以及实施上市公司监管的重要职能由位于北京的证监会包揽。与英美国家相比，尽管美国证券交易委员会的总部也位于华盛顿，但美国上市公司在上市前只需要向美国证券交易委员会申报即可，不必获得核准，掌握公司上市最终决定权的是作为行业自律组织的纽约证券交易所（NYSE）和全美证券交易商协会（NASD）。

The third,Financial markets self-discipline supervision have not been fully realized.The lack of market discipline is China's financial supervision system of a malpractice.The disadvantages in Shanghai, China's financial market center is the main performance of the various exchange without self-discipline supervision authority:Make public policy/Responsible for public audit regulation of listed companies and the implementation of the important function in Beijing by the CSRC scored.Compared with British and American countries,Although the United States securities and exchange commission headquarters is located in Washington,But the United States listed companies listed in the former need only to the United States securities and exchange commission can be declared,Do not have to get approval,Master listed company reserve the right of final decision is as a self-regulatory organization of the industry of the New York stock exchange(NYSE)And America's national association of securities dealers(NASD).

　　促进上海国际金融中心的对策建议 Promote the Shanghai international financial center countermeasures and Suggestions

　　1.加快经济转型和利率市场化的国家战略 1. Speed up economic restructuring and interest rate marketization national strategy

　　上海的总部经济不强，导致金融集聚和辐射能力较弱。从改善生态的角度来看，上海难以通过自身努力改变总部经济相对较弱的现状，因为这很大程度上是当前经济体制框架下的自然选择结果。行政管控和审批制度的加强是导致国有和民营总部向北京集中的重要因素。从当前经济形势看，加强经济转型不仅是国家战略，而且有利于规避总部向行政中心集中的制度扭曲，从而更好地促进上海总部经济的发展。

Shanghai headquarters economy is not strong,Lead to financial agglomeration and radiation ability is weak.From the improvement of the ecological point of view,Shanghai is difficult to through their own efforts to change the headquarters economy is relatively weaker status,Because this is to a great extent the current economic system under the framework of natural selection results.The administrative control and examination and approval system is to strengthen the state-owned and private headquarters to Beijing concentration of important factors.From the current economic situation to see,Strengthen economic transformation is not only a national strategy,And to avoid headquarters to administrative center centralized system distorted,So as to better promote the economic development of Shanghai headquarters.

　　就实体层面而言，经济体制改革的目标是建立社会主义市场经济体制。因此从理论上讲，企业的总部要么是接近于产品上游的要素市场，要么是接近于产品下游的消费市场，无论如何不应是接近于政策拍板的行政中心。当前造成企业总部向行政中心集中的经济大背景是，过去十多年经济增长以工业投资拉动，以外部需求消化国内经济过剩。然而经济大拐点已经到来：原有的“投资——出口”联动机制显著放缓，人口红利窗口逐渐关闭，资源环境代价逐步上升。经济转型已经到了“倒逼”的关口，必须改变过去“集中资金办大事”的粗放模式，未来的改革大思路是：弱化产业政策和区域政策的作用，强化货币金融政策的调控地位。

Is the entity level,The economic system reform goal is to establish the socialist market economic system.So in theory,Enterprise headquarters or is close to the product in the upper reaches of the factor market,Or is close to the downstream products of the consumer market,No matter how to should not be close to policy decider "administrative center.The current enterprise headquarters caused to the administrative center economic background is,Over the past ten years of economic growth to industrial investment pull,In external demand digestion domestic economic surplus.However the great inflection point has come:original"Investment - export"A significant slowdown in linkage system,Demographic dividend window close gradually,Resources and environment price to rise gradually.Economic restructuring has arrived"DaoBi"The gates of,Must change the past"Concentration of funds to do great things"Of extensive pattern,The future reform thinking is:Weakening industrial policy and the role of regional policy,Strengthen monetary and financial policy control status.

　　从实体层面讲，至少存在两个理由：第一，工业部门的升级创新不仅仅需要产业政策的规划，更需要市场的认可，因为创新是高风险高收益的活动。过去一年来太阳能行业身陷困境充分说明了“产业规划+资金支持”这种模式的问题，从金融功能角度看，创新活动要么通过合格投资者的高风险耐受进行承担，要么通过金融市场的高流动性进行风险分散。第二，工业化中后期必然伴随着城市化进程，各地公共设施的投资如果完全由中央政策决定显然不现实，各地城市规划必须因地制宜，区域政策相应淡出。在当前以收定支的财政体制下，各地公共设施的投资必然出现期限错配的现象，这就需要债券市场的支持。

From the view on the entity,There are at least two reasons:The first,Departments of industry upgrading innovation not only need to industrial policy planning,Need more market recognition,Because innovation are the high risk high yield activities.Over the past year the solar energy industry in a difficult situation to explain adequately"Industry planning + financial support"This kind of pattern,From the perspective of financial function,Innovation activities or through the qualified investors to take risk tolerance,Either through the financial market high liquidity risk dispersion.The second,Industrialization is accompanied by the middle of urbanization,Public facilities around the investment if completely by the central policy decision was obviously not reality,All over town planning must adjust measures to local conditions,Regional policy corresponding fade out.In the current to accept set branch of the financial system,Public facilities all over the investment period will appear the phenomenon of mismatch,This needs the support of the bond market.

　　就金融层面而言，配合经济转型的重要方面是加快利率市场化步伐。在实体层面市场化改革逐步推进的过程中，资金价格体系也须相应推进，具体来讲应重点推进以下两个方面的建设。

The financial level,Cooperate with the economic transformation of the important aspect is to accelerate the pace of market-oriented interest rate.At the physical level marketization reform in the process of gradually,Capital price system has to be corresponding propulsion,Specifically should focus on promoting the construction of the following two aspects.

　　第一，加强债券市场建设，尤其是推动信用债券的发展。它的发展至少存在以下两点益处：其一，信用债券的发展有利于利率期限结构的完善，为货币政策由数量调控转向价格调控做好充分准备；其二，地方政府债券的发展不仅有利于解决当前城市化进程中的资金期限错配问题，也对当前地方财政的公开透明起到促进作用。

The first,To strengthen the bond market construction,Especially to promote the development of credit bonds.It's development has at least the following two benefits:one,The development of credit bonds is beneficial to the improvement of the term structure of interest rate,For monetary policy by the quantity control to control prices fully prepared;The second,The development of local government bonds not only is helpful to solve the current urbanization process of fund maturity mismatch problem,Also on the current local fiscal transparency of plays a promoting role.

　　第二，进一步扩大存贷款利率浮动空间。存贷款利率的放开必然导致银行息差收窄，这将促使银行加强风险甄别能力和进一步提高服务效率，改变银行过去“傍大户”的粗放发展模式。必须意识到银行的主要服务对象是小企业（无论银行大小），因为银行是特有信息的甄别者，不同于金融市场在标准化信息的基础上提供流动性机制。存款利率放开是利率市场化完成的标志，当前应抓住存款理财化的大趋势，抓紧进行存贷款利率放开后的压力测试，因为理财收益率实际上提供了存款利率放开后的一个参照。

The second,Further interest rate floating space.Let go of the interest rate will lead to bank spreads narrow,This will enable the bank to strengthen risk discrimination ability and further improve service efficiency,Change bank has in the past"Alongside a large"The extensive development pattern.Must be aware that the bank is the main service object of the small business(No matter the size of bank),Because the bank is special information screening person,Different financial market in the standardization information on the basis of the mechanism to provide liquidity.Deposit interest rate let go is interest rate marketization completed mark,The current should seize the deposit financial change big trend,Push forward the loan interest rates after let go of the pressure test,Because financial return actually provides the deposit interest rates after let go of a reference.

　　2.大力推进债券市场发展 2. To vigorously push forward the development of the bond market

　　推动证券市场发展的意义，除了上文所论及的对利率市场化的促进作用，对城市化进程的资金支持以及对银行主导的金融结构的效率改善之外，其深远意义还在于它是国际金融中心建设和人民币国际化的关键。从人民币国际化的最终目标看，人民币不仅要成为国际贸易中的结算货币、计价货币，更重要的是成为各国居民和政府愿意持有的投资货币和储备货币。因此人民币不仅要走出去，而且还要为其回流建立一个大的金融市场。纵观当前国际金融中心，都具备相当深度的金融市场，且债券市场的规模远远超过股票市场，因为债券的本金相对有保障，风险较小。

The significance of promoting development of securities market,In addition to the above mention to the promoting function of interest rate marketization,The urbanization process of the financial support as well as to the bank leading financial structure to improve the efficiency of the outside,Its far-reaching significance is that it is an international financial center construction and the key to RMB internationalization.RMB internationalization from the ultimate goal to see,RMB should not only be in international trade settlement currency/Pricing currency,More important is became the various countries' people and governments are willing to hold investment money and reserve currency.Therefore RMB should not only go out,But also for its return to build a big financial market.In the current international financial centre,All have quite a depth of financial markets,And the size of the bond market is far more than the stock market,Because the bond principal has safeguard relatively,Smaller risk.

　　在上海推动金融市场建设因其故有的金融中心历史以及深厚的金融文化积淀。19世纪50年代后，中国的贸易中心即由广州逐渐转向上海，到20世纪30年代上海的贸易额已超过全国的50%以上。伴随着对外贸易和外商投资的增加，外资银行在上海集聚，金融市场也异常活跃。以上海的华商证券交易所为例，其在抗战前有大量的公债交易，在1946年恢复为上海证券交易所后设立了股票、债券两个分市场，所吸收的社会资金达1500亿元至2000亿元。当时上海黄金市场的交易量仅低于伦敦、纽约，而凌驾于法国巴黎、印度孟买、日本的东京与大阪黄金市场之上。上海是当时名副其实的远东国际金融中心。

In Shanghai to promote the construction of financial markets because of its inhere financial center history and profound financial cultural heritage.After the 1850 s,China's trade center is gradually from guangzhou to Shanghai,By the 1930 s Shanghai trade has more than 50% of the whole country.With the foreign trade and foreign investment increase,Foreign Banks in Shanghai concentration,Financial markets are also very active.Chinese businessman in Shanghai stock exchange as an example,The war before a large number of bond trading,In 1946 to recover after the Shanghai stock exchange has set up the stock/Bond paper generalizes two,The absorption of the social capital of 150 billion yuan to 200 billion yuan.When Shanghai gold market turnover is only less than London/New York,And above in Paris/Mumbai, India/Japan's Tokyo and Osaka on the gold market.Shanghai is worthy of the name was far east international financial centre.

　　新中国成立后，股票和债券一度停止发行，因此也不存在二级市场的交易。1984年，当代中国第一只真正意义的股票“飞乐音响(600651,股吧)”在上海发行。1987年，中国工商银行(601398,股吧)信托公司编制了中国第一个股价指数——静安指数。1988年国务院批准国债转让交易后，上海人杨怀定凭借自己的吃苦精神在全国收购国库券赚取了自己人生的第一桶金，成为远近闻名的“杨百万”。作为机构投资者代表的阚治东也通过相同的方式使得静安营业部成为全国最大的国库券交易市场，1990年的日均交易额达到1000万。上海人不仅创造了金融市场的多个第一，市场意识也深深地在上海人的基因中扎根，“打桩模子”就是对掮客的形象描述。

After the founding of,Stocks and bonds issued once stop,So also does not exist secondary market transactions.In 1984,,Contemporary China's first only the real meaning of the stock"FeiLe sound(600651,guba)"Issued in Shanghai.In 1987,,The industrial and commercial bank of China(601398,guba)Trust company developed China's first stock index - jing an index.The state council in 1988 approved national debt transfer after the deal,From Shanghai YangHuaiDing on their own hardship spirit in the national Treasury acquisition earned oneself life the first bucket of gold,Become a famous far and near"YangBaiWan".As a representative of the institutional investors KanZhiDong also through the same way makes jing an sales department become the country's largest Treasury bond market,1990 years of average daily turnover reached 10 million.From Shanghai not only created a financial markets more than the first,Market consciousness also deeply in Shanghai in the genes of roots,"Pile driving mold"Is the broker image description.

　　然而，当前的监管环境对债券市场的发展形成了较大障碍，须从以下几个方面改革：第一，废弃审批制，实施债券发行注册制度，强化信息披露监管。第二，在废弃审批制度的基础上建立统一的集中型债券监管体制。第三，充分发挥市场自律的作用。自律监管的优势是，由于债券市场的监管机构身处债券市场之中，对市场反应，尤其是市场竞争参与者的反应比较敏感，因此采用自律监管的债券市场金融创新的发展较快。

however,The current regulatory environment for the development of the bond market to form the great obstacles,Must from the following several aspects of reform:The first,Abandoned ShenPiZhi,Implementation of the bond issue registration system,Strengthen the information disclosure regulation.The second,In the abandoned examination and approval system established on the basis of unified centralized bond supervision system.The third,Give full play to the role of market discipline.Self-discipline is the advantage of supervision,Because the bond market regulators in the bond market in,On the market reaction,Especially in the market competition of the participants is more sensitive reaction,Therefore the self-discipline supervision of bond market financial innovation development faster.

　　3.大力推动理财市场发展 3. Vigorously promote financial market development

　　自2007年以来，理财市场经历了爆炸式的增长。根据中国社科院金融所金融产品中心的不完全统计，2011年仅银行理财产品的募集金额就超过8万亿，约占当年储蓄存款的23%。理财产品的大发展反映了金融领域的深刻变化，即在经济发展到一定阶段后居民对金融服务的需求越来越多样化和细分化。

Since 2007,Financial market has experienced the explosive growth.According to the Chinese academy of finance has a financial product center incomplete statistics,In 2011 only bank financing products raise amount is more than 8 trillion,Accounts for about 23% of the savings deposit.Financial products development reflects the profound changes in the field of finance,Namely in economic development to a certain stage of financial service after residents demand more and more diversified and differentiation.

　　对于上海来讲，大力发展理财产品市场有特别的意义。从需求角度看，上海的人均居民可支配收入自1992年有统计以来每年都是31个省份中最高的，此外上海居民有很强的理财意识，这些是在上海发展理财市场的先天优势。从供给层面看，理财产品是金融机构实施业务转型和调整收入结构的重要工具，上海努力拓展理财市场的发展，有利于与有资金优势的北京形成差异化竞争，从而更好地促进国际金融中心建设。

Will tell to Shanghai,Vigorously develop financial products market has special significance.From the perspective of demand,Shanghai residents per capita disposable income since 1992 since the statistics every year is 31 provinces of the highest,In addition Shanghai residents have very strong financing consciousness,These are in Shanghai development finance the congenital advantage of the market.From the perspectives of supply,Financial products are financial institutions carrying out business transformation and adjustment of income structure of the important tool,Shanghai strive to expand the development of financial market,To have money and the advantages of Beijing formation differentiated competition,So as to better promote the international financial center construction.

　　对于当前如此火爆的理财市场，风险状况伴随着火爆程度亦步亦趋，而当前造成问题的最主要原因是制度缺陷。对此我们认为应该在以下三个方面改进：第一，统一理财的法律关系、明确信托关系的基础地位。第二，建立独立的评级评价制度。随着理财产品规模的增长和品种的日益复杂，随着理财产品的发行制度由审批制转向备案制，市场急需能够填补监管真空的市场纪律。评级/评价制度就是市场纪律的最重要组成部分。第三，建立信息披露机制。理财产品正在变得日益复杂。为做出正确的投资选择，投资者需要得到关于理财产品充分和真实的信息。为保护投资者的利益，信息披露是理财产品销售监管的一个首当问题。

For the current so hot financial market,Risk condition with hot degree pipe,And the current problems caused by the institutional defects is the main reason.So we think it should be in the following three aspects to improve:The first,Unified financial legal relationship/Clear the basis position of trust relationship.The second,An independent rating evaluation system.Along with the financial product scale growth and varieties of increasingly complex,With the system regarding the issue of financial products by ShenPiZhi steering records,The market urgently needed to fill the regulatory vacuum market discipline.Rating/evaluation system is the most important market discipline part.The third,Set up the information disclosure mechanism.Financial products are becoming increasingly complex.To make the right investment choices,Investors need to get about financial products full and true information.To protect the interests of investors,Information disclosure is financing product sales supervisor of a first when problems.

　　(本文系原报告节录)

(This article is the original report excerpt)