中国证券市场走过了20多年，已成长为总市值仅次于美国的全球第二大市场，但是这条道路并不平坦，尤其是金融危机后五年，中国股票市场的表现几乎成为全球表现最差。

China's securities market through more than 20 years,Has grown for the total market value after the United States the world's second largest market,But the road is not flat,Especially after the financial crisis for five years,China's stock market performance almost become the worst performance.

　　在近期举行的国际金融论坛2012全球年会上，与会学者和业内人士将问题矛头指向现行的股票发行审批制度、政府与市场界限不清甚至过度监管等体制顽疾和障碍。

In a recent international financial BBS 2012 global annual meeting,The scholars and the personage inside course of study will be pointing at the current problem of stock issuance examination and approval system/The government and the market limit is not clear or even excessive supervision system symptom and obstacles.

　　北京市金融局书记霍学文认为，目前股票市场低迷的时期，也是进行股票市场制度创新的最佳时期，改革对市场的波动性应该是影响最小的，而制度创新的中心应该是保护投资者、约束好募资人、规范中介者、公正的交易所四方面，保护投资者和加大投资者教育都是政府应付的责任。

Beijing financial bureau secretary HuoXueWen think,At present the stock market downturn period,In the stock market is the best period of system innovation,Reform on market volatility should be the least influence,And the system innovation center should be to protect investors/Constraint good need to recapitalise people/Standard intermediary between/Fair exchange four aspects,To protect investors and increasing investor education are the responsibility of the government to cope with.

　缘何五年最差 What is the worst in five years

　　11月20日，中国证监会公布新政，允许保险销售基金，并对进一步防控内幕交易制定了新的指导意见。无论是基金、券商、信托，在一系列新政下正向着市场化混业经营方向进一步迈进。而郭树清上任证监会主席后这一年多的时间内，更是从上市公司分红、内幕交易零容忍、IPO制度改革等多个方面入手出台了70多项新政。但是在这“每周一政”的改革下，中国股票市场依旧低迷不前。

On November 20th,The China securities regulatory commission announced the New Deal,Allow insurance sales fund,And to further prevention and control insider trading has formulated the new guidance.Whether the fund/brokers/trust,In a series of New Deal next is marching toward marketization mixes industry the management direction towards further.And GuoShuQing CSRC office after President this more than a year's time,Is more from listed companies share out bonus/Insider trading zero tolerance/IPO system reform and so on many aspects introduced more than 70 New Deal.But in this"Weekly political"Under the reform of,China's stock market is still low back.

　　资本市场是中国经济改革的一个产物，虽然20多年的历史相对于发达国家百年发展历程很短，去年年末整个上海A股、深圳A、B股和内地企业在香港的红筹国企总市值规模是35万亿美元，位居全球第二位，仅次于美国。但是另一个事实是，过去五年，金融危机爆发以后，中国股市是全球表现最差的股市之一。如果和主要的发达国家、新兴市场国家的股市进行比较，A股表现仅仅好于欧洲的银行股、西班牙及意大利股市。

Capital market in China is a product of economic reform,Though more than 20 years of history relative to developed countries one hundred years development course is very short,Late last year the whole Shanghai A share/Shenzhen A/B shares and the mainland enterprises in Hong Kong the red-chip state-owned enterprises total market value scale is $35 trillion,The second in the world,Second only to the United States.But another is the fact that,Over the past five years,After the outbreak of the financial crisis,China's stock market is one of the worst of the global performance of the stock market.If and main developed country/Emerging market countries compare stock market,A shares only good performance in European bank shares/Spain and Italy stock market.

　　经纶国际经济研究院研究总监肖耿提出，为什么中国的GDP增长这么快，但是股票市场回报率那么低？2010年，中国GDP比美国高出约七八个百分点，但是股票指数的投资回报率却低于美国约8个百分点。他认为，人民币持续升值和银行负利率都有一定影响，但最主要的问题是，从实体经济来看，中国上市的企业不是中国最好的企业，也不是中国最好的项目。这直指中国的股票发行审批和资源配置等制度性问题。

Learning international economic research institute director XiaoGeng put forward,Why are China's GDP growth so fast,But stock market returns so low?In 2010,,China's GDP higher than the United States about seven percentage points,But stock index return on investment is less than the United States about 8%.He thinks,RMB appreciation and supportive for bank has certain influence,But the main problem is,From the real economy to see,Chinese listed enterprise is not the best Chinese enterprise,Is not the best Chinese project.This directed at China's stock issuance examination and approval and the allocation of resources and institutional problems.

　　国务院发展研究中心金融研究所所长张承惠表示，中国证监会已经进行了多项制度改革，但股市反而更加不景气。他不无担忧，“现在中国证券市场有点恶性循环的状况，政府与市场界限不清，导致市场扭曲，各种问题出现。然后又使得监管部门用行政手段治理这些问题，结果使得这个市场更加扭曲，问题更加突出，界限更加不清。”

The state council development research center director of the financial research institute ZhangChengHui said,The China securities regulatory commission has conducted a number of system reform,But the market is all the more depression.He worries about not,"Now China's securities market is a bit vicious cycle condition,The government and the market limit is not clear,Lead to market distortion,All sorts of problems.Then make supervision department with administrative means management of these problems,The results make the market more distortion,More prominent problems,Limit more is not clear."

　　改革开放以来有四个动力拉动了中国经济的增长：由重化工业带动的工业化，由大规模基础设施投资所带动的城镇化，由吸引外资所拉动的现代化，以及在2001年中国入世以后，出口导向所带来的全球化。也正是这些驱动导致了政府一定会倾力扶持大企业、大项目，一定会靠压抑消费来促进投资，必然结果表现在证券市场上，政府的价值取向一定是保护发行人、保护融资者，而不是保护投资人。张承惠认为，现在传统模式难以为继，经济增长模式正在发生改变，政府发展证券市场的理念或者目标也值得重新思考，而制度变革的核心是要重塑投资者的信心。

Since the reform and opening up has four power to boosting the growth of China's economy:The heavy chemical industry drive industrialization,The large-scale infrastructure investment promote urbanization,To attract foreign investment by the modernization of the pull,And in 2001 after China's entry into wto,Export-oriented brought about by globalization.It is also the drive led to the government will pour force support big enterprise/Large project,Will depend on depressive consumption to promote investment,The inevitable result displays in securities market,The value orientation of the government is to protect the issuer must/Protection issuer,Rather than protect investors.ZhangChengHui think,Now the traditional mode unsustainable,Economic growth mode is changed,The government securities market development concept or target is worth rethinking,And the core of the system reform is to reshape the investor confidence.

最大制度障碍 Maximum system obstacles

　　金融稳定是监管的首要目标，但是现行的行政监管模式下中国股市却是世界上波动性最高的股市之一，五年来表现最差。春华资本集团主席胡祖六直言，阻碍我国资本市场未来发展的最重要制度障碍是监管过度。

Financial stability is the primary goal of supervision,But the current administrative supervision mode is China's stock market volatility of the stock market in the world one of the highest,Worst performance in five years.Spring capital group chairman HuZuLiu the truth,China's capital market in the future development of the most important system obstacle is excessive supervision.

　　在他看来，至今为止，我国资本市场还存在着间接融资比重过重，中小企业融资难，高科技创新不足，内幕交易与市场操纵现象严重，股市价格波动系数太高，金融产品单一，债券市场发育不良，上市公司治理结构不健全，投资者保护不足等现象。为了克服这些挑战，把握资本市场发展的良好机遇，中国需要全方位地加速改革，如果协同性的制度建设不到位，而只是局部推进，就像过去几年资本市场也做了一些尝试，但无论是上海国际版，或者H股的全流通，或者是QFII等等，都是局部的“头痛医头、脚痛医脚”，这种改革的模式将是事倍功半，效果不佳，改变市场监管的理念与制度，应该成为中国未来五年到十年资本市场改革的重头戏。

In his view,So far,China's capital market still exist indirect financing proportion is overweight,Small and medium-sized enterprise financing difficult,High-tech innovation deficiency,Insider trading and market manipulation is serious,The stock market price fluctuation coefficient is too high,Financial products single,The bond market dysplasia,A listed company's corporate governance structure is not sound,The phenomenon such as insufficient protection of investors.In order to overcome these challenges,Grasp the good opportunity of the development of capital market,China needs to accelerate the reform in all,If synergy sexual system construction does not reach the designated position,But local propulsion,Just like in the past few years the capital market also did some attempt,But whether Shanghai international edition,H shares or full circulation,Or QFII, etc,Are local"Instant gratification/JiaoTongYiJiao",This reform mode will be wasted effort,The effect not beautiful,Change the concept of market regulation and system,Should be the next five to 10 years capital market reform of the grand opera.

　　20年来，中国资本市场在推动国企重组、银行改革和私人企业成长方面发挥了显著作用，监管体系在形式上也与西方发达国家越来越相似，但我国资本市场，自上海、深圳股票交易所伊始，就是由政府自上而下建立起来的，政府在资本市场的规划、启动、准入、运作与监管的过程中，实行了全程的参与和控制。胡祖六认为，其实质、内涵和理念上实际上继承了计划经济体制中政府行政主导的传统，政府所扮演的强势主导角色在证券市场的早期还是发挥了不可或缺的作用，但这与中国整体经济结构的变化,与资本市场未来发展的要求越来越不相适应。

20 years,In China's capital market to promote state-owned enterprise restructuring/The bank reform and private enterprise growth has played a significant role,Supervision system in form and with the western developed countries more and more similar to each other,But China's capital market,From Shanghai/At the beginning of the shenzhen stock exchange,Is set up by the government from top to bottom,The government in capital market planning/start/access/In the process of operation and supervision,To implement the full participation and control.HuZuLiu think,The essence of/The connotation and concept actually inherited the planned economic system in the government of the tradition of executive dominance,The government plays the leading role in the strong stock market early or play an indispensable role,But this and China's overall economic structure changes,And the requirements of the development of the capital market in the future more and more does not adapt.

　　目前，无论是从所有权、市场的准入、股东的支持、高管人士的任免到具体金融产品与业务许可等等，政府监管部门对于资本市场的每一个微观层面，一直进行着直接、广泛、深入和具体的干预。在胡祖六看来，中国还没有能够从直接的行政监管角色转变为一个真正超脱中立与专业的审慎监管者。

At present,Whether from ownership/Market access/Shareholder support/The appointment or removal of the executives personage to specific financial products and business license, etc,The government supervision department for capital market each microscopic level,Has been a direct/widely/In-depth and specific intervention.In HuZuLiu seems,China has not can directly from the administrative supervision role into a real being neutral and professional prudent regulators.

　　他举例，行政监管模式的弊端可以从中国实行的股票发行审批制度略见一斑。虽然经过数番的改革但我国股票发行制度在本质上仍然是行政审批制，企业能不能够具备发行条件，什么时候可以发，发行地点在上海、深圳还是香港，发行规模，以及发行价格区间，事无巨细皆由监管机构说了算，真正的决策和责任主体只扮演了一个被动、成熟的角色。而行政审批以及衍生而来的政出多门，也是导致中国债券市场发育不良的主要原因，现行证券发行制度审批不透明，过程的繁琐、耗时，具有很大的不可预见性，增加了企业的融资成本。“总体而言，因为中央经济计划的历史背景和政府长期在经济中的主导作用，中国的金融监管不是过少、过松，而是过多、过严。金融体系的国有、全资、控股、参股的比例也不是太低，而是太高。一个运作良好的金融体系，显然需要政府的审慎监管。行政监管妨碍了资本市场的正常运作与市场基本功能的充分发挥，扭曲了市场参与者的行为与动机，压抑了金融创新，对于资本配置的效率产生了负面的影响。而且，在权力过大，又缺乏透明的行政监管体系中，往往滋生寻租与腐败，损害了监管机构与政府的声誉、权威和公信力。因此，未来改革的一个重点是，怎样重定政府与市场的边界。”胡祖六称。

He cites,The disadvantages of administrative supervision mode from China implements stock issuance examination and approval system LveJianYiBan.Although after several and reform but Chinese stock issuance system in essence is still administrative ShenPiZhi,Enterprise can't have terms of issuance,When can you hair,Issue site in Shanghai/Shenzhen and Hong Kong,Issue size,And the issue price range,Share all by regulators have the final say,The real decision making and the main body of responsibility for play only a passive/Mature role.But the administrative examination and approval and derived from the government out of many,Also resulted in China's bond market development the main reason for the poor,The current securities issue system examination and approval opaque,Process trival/time-consuming,With a lot of unpredictability,Increase the enterprise financing cost."In general,Because the central economic planning history background and long-term government in the economy in the leading role,China's financial supervision is not too little/Too loose,But too much/A strict.The financial system of the state/Wholly owned/holding/The proportion of equity participation is not too low,But is too high.A good operation of the financial system,Obviously need the government's prudential supervision.Administrative supervision interfere with the normal operation of the capital market and the market the basic function of the full play,Distort the market participants' behavior and motivation,Suppress the financial innovation,For the capital allocation efficiency has a negative influence.and,Too much power in the,And the lack of a transparent administrative supervision system,Often breed rent-seeking and corruption,Damage the regulators and the reputation of the government/Authority and credibility of the.therefore,The future reform is a key point,How to reset the government and the market boundary."HuZuLiu says.