徐明徽

XuMingHui

　　产权市场在整个资本市场体系中正发挥越来越重要的作用。2012年经济一片萧瑟之中，上海产权市场的交易宗数及金额仍然同比大幅增长。经济环境更加严峻的2013年，将加速市场的资源优化重新配置，促成产权市场的活跃交易。而产权交易市场也将为市场的资源流动、加速生产要素改革提供正能量。2013年，是危机，亦是契机。

Property market in the capital market system CKS play a more and more important role.In 2012, the economy of a disconsolate,Shanghai property market trading of number and amount still year-on-year growth.The economic environment is more severe in 2013,Will speed up market resources optimization reconfiguration,To property rights market active trading.And the property rights trading market will also be market resources flow/To speed up production of the elements to provide positive energy reform.In 2013,,Is crisis,Is also an opportunity.

　2012：“五把火”炒热产权交易 2012:"Five fire"Fried hot property transactions

　　“在2012年全球经济萎靡的情况下，却有"五把火"催生产权的活跃交易。”上海联合产权交易所总裁蔡敏勇向《第一财经日报》记者介绍，2012年上海产权市场完成的交易宗数、交易标的金额、覆盖省市等均较2011年有不小的提升和扩大。

"In 2012 the global economy under the condition of the sag,has"Five fire"Has the property right trading active."Shanghai united assets and equity exchange to CaiMinYong President[The first financial daily]Reporter is introduced,2012 Shanghai property market completed transaction of number/Trade mark amount/Cover all provinces and cities of more than 2011 years have a lot of ascension and expand.

　　近年来，上海产权市场积极配合中央企业行业收缩，以同类业务整合为主线，为不同中央企业、中央和地方企业之间、国有企业和民营企业牵线搭桥。企业国有产权的公开挂牌交易，带动了外资、民资等非国有产权进场交易,特别是非公企业高度关注市场、主动参与市场，无论是通过市场出让和受让，都表现出较大增长。

In recent years,Shanghai property market actively cooperate with the central enterprise industry contraction,In the same business integration as the main line,For different central enterprise/Between the central and local enterprises/State-owned enterprises and private enterprises as bypass.The state-owned property right of enterprises publicly listed for trading,Contributed to the foreign/And what was the non-state-owned property rights approach trading,Especially non-state-owned enterprise highly concerned about the market/Actively participate in market,Whether through the market to sell and transfer,Have shown great growth.

　　“第一把火，就是非公企业转让的项目数量大幅提高”，蔡敏勇透露，“2012年此类项目的转让比例同比增长超过52%，这一数据较2011年增长了百分之十有余。”蔡敏勇介绍，改革开放后，我国的非公经济开始兴起，到如今二三十年的时间非公经济的权力交替基本刚过一代，其内在产权变动的需求、动力并不强烈。然而由于整个经济环境动荡，经济危机持续加深，中小企业一方面面临市场需求减弱，另一方面承受国外贸易保护主义的压力，再有银行资金供应空间进一步挤压，非公企业开始寻求突围，通过产权市场交易，以求资源优化配置，换取企业发展资本动力。

"The first fire,Which is the transfer of enterprise project quantity increase",CaiMinYong revealed,"In 2012 the transfer of such projects proportion year-on-year growth of more than 52%,This data is growing ten percent in 2011 to spare."CaiMinYong introduced,After reform and opening up,China's non-public ownership economy began to rise,Up to now two hundred and thirty years non-state-owned economy power alternating basic just a generation,The intrinsic property of the demand changes/Power is not strong.However, due to the whole economic environment turbulence,The economic crisis continued to deepen,Small and medium-sized enterprise, on the one hand, face the market demand weakened,On the other hand, under the pressure of foreign trade protectionism,Another bank capital supply space further squeeze,Non-state-owned enterprises began to seek for Sally,Through the property rights trading market,In order to optimize resources allocation,For enterprise development capital power.

　　除了交易数量上升，非公企业的产权交易标的范围也迅速扩大。蔡敏勇告诉记者，2012年上海产权市场非公企业的产权交易标的已经覆盖到28个省市，除了沿海东部地区，不少中西部的中小企业也在加入进来。

In addition to a growing number of transactions,Non-state-owned enterprise property right transaction target range has expanded quickly.CaiMinYong told reporters,2012 Shanghai property market non-state-owned enterprise property right trade mark has covered and provinces and cities,In addition to the eastern coastal areas,Many of the small and medium-sized enterprise also to join in.

　　催生产权交易活跃的第三、第四把火则是纵向并购与横向并购。蔡敏勇介绍，2012年企业纵向并购同比增长32%。企业打通产业链、降低经营成本、提供营运效率的需求使得上下游的纵向并购愈加活跃。

Property transactions active gave the third/The fourth fire is vertical mergers and acquisitions and merges.CaiMinYong introduced,2012 enterprise vertical merger year-on-year growth of 32%.Enterprise through industrial chain/Reduced operating costs/Provide operational efficiency of the downstream demand for the vertical merger increasingly active.

　　2012年企业横向并购同比增长27%。产能过剩是导致横向并购活跃的主要原因。“目前市场一大乱象就是产能过剩，解决产能过剩的问题有三把钥匙。一是国家严把投资审批关；二是银行对产能过剩行业控制资金供应；这两点已经在实施。但是最有效的调节机制就是企业间的横向并购。这就是第三把钥匙，如此既可以解决就业问题，又能解决债务债权问题，再则可以优化企业供应链管理。”蔡敏勇表示。

2012 enterprise merges year-on-year growth of 27%.Overcapacity in horizontal mergers and acquisitions active main reason."At present the market is in a like overcapacity,To solve the problem of surplus production there are three keys.One is the national strict investment approval shut;The second is bank of overcapacity industry control money supply;The two have been in implementation.But the most effective regulation mechanism between enterprises is horizontal mergers and acquisitions.This is the third key,So not only can solve the problem of employment,And can solve problem of debt creditor's rights,Moreover can optimize enterprise supply chain management."CaiMinYong said.

　　“第五把火就是异地并购。2012年发生在上海产权交易平台上的异地并购同比增长了39%，”蔡敏勇说，“异地并购的活跃说明在经济危机中，企业都在寻求生产要素优化配置，力求在更大的范围、更广的领域、更深的层次寻找，这是好现象，未来相信企业标的的覆盖范围还将进一步持续扩大。”

"The fire is the fifth foreign mergers and acquisitions.In 2012, took place in Shanghai property rights trading platform "m&a year-on-year growth of 39%,"CaiMinYong said,"Different merger that active in the economic crisis,Enterprise are looking for factors of production optimization configuration,Strive to in the larger range/A much wider area/Deeper levels of looking for,This is a good phenomenon,The future believe that enterprise target coverage will further increase."

　2013：产权市场改革的契机 2013:The reform of property rights market opportunity

　　“改革已经到了关键时刻，中央经济工作会议上提出改革是发展的最大红利。现在已经到了生产要素商品化提速的关键时刻”，蔡敏勇认为生产要素商品化进程对于资源市场化配置起着关键作用，正是因为这些生产要素在改革开放过程中，逐渐从行政化配置转变为市场化配置，从而加速了产权市场的快速发展。

"Reform has come to a critical point,The central economic working conference on development put forward reform is the biggest bonus.Have now reached the factor of production speed commercialization of the critical moment",CaiMinYong think production factors market resources allocation for commercialization process plays a key role,It is precisely because these factors of production in the process of reform and opening,Gradually from the administrative configuration into marketization,So as to accelerate the rapid development of the property market.

　　蔡敏勇表示，中国经济转型的关键是产业转型，产业转型的基础是市场转型，产权市场是各类生产要素优化配置的市场平台，更是基础性、权益性资本市场。在中央“改革”的指导之下，产权交易势必会迎来更大的发展。

CaiMinYong said,China's economic transformation is the key industry transformation,Industry transformation is the basis of market transition,Property market is all kinds of optimizing allocation of production factors market platform,Is basic/Equity capital markets.In the central"reform"Under the guidance of the,Property transactions will have greater development.

　　蔡敏勇预计，2013年上海的产权交易宗数和标的金额还会继续攀升，总体增长预计会在30%~50%的幅度之间。在2013年不确定的经济形势下，全国企业或将面临行业洗牌、重新布局，优胜劣汰的市场法则将促使企业间的并购也将加剧。

CaiMinYong is expected to,In 2013, Shanghai property transactions of number and amount of mark will continue to rise,Overall growth is expected to be in the range of 30% ~ 50% between.In 2013 the uncertain economic situation,The national enterprise or will be faced with industry reshuffle/To layout,Survival of the fittest market law will enable the enterprise merger and acquisition between will aggravate.

　　蔡敏勇认为，2013年中小企业的融资需求量将会呈现几何级增长，中小企业通过产权交易融资的可能性越来越大。上海联交所拟进一步创新交易品种，与各类投资机构加强沟通，搭建金融机构支持中小企业发展的平台。

CaiMinYong think,2013 years of small business financing demand will present geometric level growth,Small and medium-sized enterprises through the property rights trading the possibility of financing is more and more big.Shanghai stock exchange quasi further innovation trading products,And all kinds of investment institutions to strengthen the communication,Set up financial institutions to support small and medium-sized enterprise development platform.