金融创新已成为解决社会问题的利器之一，新型交易市场更是各种创新工具发挥作用的所在。中美新型交易市场领域的两位领袖人物，美国非股权交易市场Mission Markets的创始人Michael Van Patten 和北京产权交易所董事长熊焰，从气候变化的应对政策和现状分析，谈到新型资本市场的发展前景，最后回到一个主题的主题，即，探讨当前环境下以社会利益为导向的金融创新。在分享中美两地不同的金融创新实践的同时，他们也在很多方面取得了共识。

Financial innovation has become one of the tool to solve the social problems,New market is all kinds of innovative tools play a role.The two leaders in the field of new market,The United States than equity market Mission Markets chairman Michael Van Patten and founder of the China Beijing equity exchange yan xiong,From the climate change policies and current situation of the analysis,When it comes to new prospects for the development of capital market,Finally back to the theme of a theme,That is,Discussed the current environment oriented to social interests of financial innovation.Share in both China and the United States of different financial innovation practice at the same time,They also achieved consensus in many ways.

　　Michael Van Patten：Mission Markets是一个全新的金融市场，我们做的是可持续的影响力资本投资，主要有三件事：一个符合监管要求的市场环境，为可持续的影响力投资提供良好基础；一个技术解决方案，使得其它地区其它机构能创造他们自己的可持续影响力投资，我们不希望出现市场孤立情况；第三就是通过这样的交流产生各种信息，比如说数据。如何判断一个公司是否可持续呢？那必须要有非常透明的指标，刚才说到我们有三个因素，第一个是市场环境，使得我们的社会企业家还有环境参与者能够获得各种各样的资本，这样他们就能传达可持续发展的观念，让关注这个问题的投资者，不论他们是家族基金还是家族企业还是一些资本投资者以及其它金融市场投资者，能够切实地参与到这个问题当中来。第二个是关于我们的技术，我们这种技术能够让这些公司在他们自己本地创造一个全新的市场机遇，而且还能拓宽市场份额。很多机构能够实现自己的企业目标，但是有的时候他们缺乏相关的融资和技术，这样的话就很难开拓一个新的交流的平台。我们为他们提供全方位的解决方案，使得他们能够进行微观的交流，而且支持本地的企业家参与环保项目。与此同时我们还支持我们所说的这种资本的获得，不论是为非盈利机构捐款还是其它的一些想要获得慈善工作机会的企业，或者是有些企业愿意参与这个可持续增长，可持续发展的活动。总之，只要他们是以可持续发展为宗旨，我们都会支持他们，不论是水污染、碳排放、水的使用权，包括濒危的物种等等这些方面我们都有参与，因为这方面拥有最为激动人心的市场机会，而且在未来几年会有极大的增长。而且使用第三方的标准，投资者可以看到投资给社会和环境带来哪些良性的影响。

Michael Van Patten:Mission Markets is a new financial Markets,We do is the influence of the sustainable capital investment,There are three things:A market in conformity with the requirements of the regulatory environment,Provide a good foundation for sustainable the influence of the investment;A technical solutions,That other parts of other agencies can create their own sustainable influence investment,We don't want to appear market isolated situation;The third is through the communication produce all kinds of information,For example data.How to determine whether a company sustainable?It has to be very transparent,Said just now that we have three factors,The first is the market environment,Makes our social entrepreneurs and environment participants can get all kinds of capital,In this way they can convey the idea of sustainable development,Let investors pay close attention to this problem,Whether they are family fund or a family business or some capital and other financial market investors,Able to participate in the activities of the problem to come.The second is about our technology,This technique we can let the company in their own local create a whole new market opportunities,But also can broaden the market share.Many organizations to achieve their goal of enterprise,But sometimes they are related to the lack of financing and technology,So it is difficult to develop a new communication platform.We provide a comprehensive range of solutions for them,That they can communicate micro,And support the local entrepreneurs to participate in the environmental protection project.At the same time we also support what we call this kind of capital,Whether for nonprofit organizations or other want to donate money for charity work opportunity,Or some enterprises are willing to participate in the sustainable growth,The sustainable development of the activity.In a word,As long as they are for the purpose of sustainable development,We will support them,Both water pollution/Carbon emissions/The use of water,Including endangered species, and so on these aspects we all have to participate in,Because it has the most exciting market opportunities,And there are tremendous growth over the next few years.And by the standards of the third party,Investors can see the influence of the investment which brings to the social and environmental benign.

　　熊焰：北京产权交易所是一个交易所集团，应该说它代表了这样一个业态中国的新型资本市场。去过北交所的朋友都会听到一个比方，说我们这是一个“大超市”，卖一种特殊的商品，企业的产权包括物权、债权、股权和知识产权。股权中的最高端形态就是股票，股票我们不卖，标准化的、面向公众的企业股权我们不卖。我们卖低的、私募的、非标准的这种企业的股权。我们这个平台最初是由出售国有企业的产权起家。原来中国有大量的国有企业，它怎么能够公平的、规范的、阳光的流转，防止被企业领导给私分贱卖了呢？于是就设计了这样一个产权交易所的机制。机制就两点，第一点叫公开，第二点叫竞争。看着非常简单的一个公开的机制，就使得原来可能出现的权钱结合的可能性大大地降低了。这样一套公开市场制度可以说基本保证了国企的保值增值，杜绝了在国企产权交易中的这种腐败和国资流失的可能，也使得一个中国特色的资本市场在中国出现了。然后我们就开始把这套做法拓展到其它有公有属性的资产交易上，矿权、林权、技术等，后来包括非标准权益、无形的权益，包括碳排放权等。我们这里可能跟Michael话题产生对接的会出现比如碳交易、北京环境交易所，比如金融资产交易，我们有面向大量中小企业的投融资解决方案。

Yan xiong:Beijing equity exchange is an exchange group,It should be said that it represents such a format of new capital market in China.Have been to the north of friends can hear a figure of speech,We this is a said"Big supermarket",Selling a special kind of commodity,Enterprise's property rights, including property rights/Creditor's rights/Ownership and intellectual property rights.Equity in the most high-end configuration is stock,We don't sell stock,Standardization of the/The enterprise stock rights we don't sell to the public.We sell low/The private/Non-standard the equity of the enterprise.We this platform was first started by the sale of state-owned enterprise property rights.So there are a large number of state-owned enterprises in China,How can it fair/Specification of the/The circulation of sunshine,Prevent the enterprise leadership to divide up for sale?Then such a property right exchange mechanism is designed.Mechanism is at two o 'clock,The first point is open,The second is competition.Look at the a public mechanism is very simple,Makes it possible the enterprisers and combination of the possibility of greatly reduced.Such a public market system can say basic guarantee the value of the state-owned enterprises,Put an end to the inspected in the corruption of state-owned enterprise property transactions and the possibility of loss,Also makes a Chinese characteristics of the capital market in China.Then we start to develop the approach to other assets transaction on the attributes of the public,Mineral rights/The forest/Technology, etc,Later including non-standard rights and interests/The rights and interests of the invisible,Including carbon emissions.We may produce docking with Michael topic here will appear such as carbon trading/Beijing environment exchange,Such as financial assets transaction,We have a face to a large number of small and medium-sized enterprises financing solutions.

　

　碳交易：我们依赖私有部门 Carbon trading:We rely on the private sector

　　Patten：首先我想问您这样一个问题，产权交易所在中国市场上和其它的环境发展方面是怎样一个发展方向？

Patten:First of all, I would like to ask you this question,Property right exchange in the Chinese market and other environment development is a development direction?

　　熊焰：我来说说中国环境权益的交易，中国目前是全球碳排放第一大国，大约占全球碳排放总量的25%左右，而且按目前的发展趋势超过三分之一也就是十年的事，中国在排放峰值上甚至有可能接近全球排放的一半。如果中国不有效减排，全球的减排努力就没有意义。降低碳排放，中国实际上有三大手段，除了行政手段，比如拉闸限电和大规模砍掉小火电、小水泥、小钢厂，以及经济手段，比如价格工具和税收工具，第三个就是碳市场，美国在应对气候变化方面是最主要，也是最艰难的国家，请 Michael 讲讲美国如何应对气候变化的做法。

Yan xiong:Me say China's environmental rights and interests of the transaction,China is the world's carbon emissions first great nation,Around 25% of global carbon emissions,And according to the current trend of the development of more than a third also it is a matter of ten years,China on the emission peak may even close to half of the global emissions.If China does not effective emission reduction,The global emission reduction efforts, there is no significance.To reduce carbon emissions,China, in fact, there are three means,In addition to administrative means,Such as a switch power brownouts cut small-scale and large scale/Small cement/Small steel plant,As well as economic means,Such as price and tax tools,The third is the carbon market,The United States in dealing with climate change is the most important,Is also the most difficult of the country,Michael, please tell me about the practice of the United States how to deal with climate change.

　　Patten：《京都议定书》美国的确没签，但美国已经开放了碳交易市场，比如加利福尼亚。加州对世界经济来说都是一个很大的经济体，它对美国的影响力可想而知。但的确，在政治方面我们没有获得很多支持，所以碳减排是有很多艰难的，的确碳的总量排放和管制交易影响了美国的碳交易市场。我觉得可能其它的州在未来也会效仿加州的做法，并且和加州一样采取开放碳市场的政策。但是美国的确这方面不是很积极，但我觉得现在我们是向这个方向发展的。有些行业对于碳市场影响比较大，而且我们有很多设施，他们有很多钱，但他们不太愿意进入碳交易市场。我看不到现在整个联邦政府对碳交易有什么支持，每个州的情况是不一样的。

Patten:[The Kyoto protocol]The United States did not sign,But the United States has open the carbon trading market,Such as California.California, for the world economy is a big economy,Its influence on the United States.But it does,We didn't get a lot of support in politics,So carbon emission reductions is there are a lot of difficult,Is the amount of carbon emissions trading and control effect of carbon trading market in the United States.I think may be the other states in the future will also follow the practice of California,And California as to open the market of carbon policy.But in America it is not very positive,But I think now we are to the direction of development.Some industry effect on carbon markets,And we have a lot of facilities,They have a lot of money,But they don't want to enter the carbon trading market.I can't see the current federal government support for what is carbon trading,Each state is not the same.

　　熊焰：气候是公共品，应由政府提供，因此如果政府不下决心，自由市场实际上是没法把碳排放作为商品来交易的。这也是为什么中国的碳排放市场建设者和推动者们，诸如我们这些人，认为中国碳市场很有可能快速建立起来的一个原因，中国的政府对这个事非常支持。到2020年中国比当时的碳排放强度，单位GDP所产生的二氧化碳，要降低40%到45%，中国的国际承诺一般都会超额完成，要降到一半左右，那么平均下来每年大约要降4%，这是个非常艰苦的行动，非常深刻、全面、艰苦的社会系统工程，因此，碳交易的市场化手段对达成这个目标是最可行、最经济的。北京环境交易所认为中国的碳市场应该有一个非常大的发展空间。

Yan xiong:Climate is public goods,Shall be provided by the government,So if the government is not determined,The free market is actually not the carbon emissions as a commodity to trading.This is why China's carbon emissions market the builders and the facilitator,Such as we the people,Think that China's carbon markets are likely to quickly set up one of the reasons,The Chinese government support in this matter very much.In 2020 China than the carbon intensity of at that time,Carbon dioxide per unit of GDP,To reduce 40% to 45%,China's international commitments will generally overfulfilled,Want to half,So on average about 4% every year,This is a very tough action,Very deep/In an all-round way/Tough social system engineering,so,Carbon trading market means to achieve this goal is the most feasible/The most economical.Beijing environment exchange that the carbon market in China should have a very big development space.

　　Patten：在美国，每个州会建立自己的法律来监管碳排放。直到碳排放在加州取得成功，并有其它州跟进之前，我认为联邦政府不会建立这样一个市场。在碳交易市场方面，美国需要一个领袖，或者说一个领导的州站出来，这是现在美国的一个政治现实。但不管是否有碳交易存在，我们不能依赖于美国公共市场，我们要依赖于私有部门，我们有这样的一些组织来支持碳交易、支持减排、支持防治污染。在美国虽说碳交易受到一些环保机制的约束，或者说监管，但我们会有双边的一些协议，人们之

Patten:In the United States,Each state will set up their own laws to control carbon emissions.Until the carbon emissions success in California,And have other states follow up before,I don't think the federal government to establish such a market.In carbon trading market,The United States need a leader,Or a state under the leadership of the stand,This is now a political reality of the United States.But no matter whether there is a carbon trading,We can't depend on public markets in the United States,We have to rely on private sector,We have some of the organization to support the carbon trading/Support and emission reduction/To support the prevention and control of pollution.Although carbon trading in the United States by some environmental protection mechanism,Or regulation,But we will have some of the bilateral agreement,Of the people

　　间会建立一些双边协议，来进行非常透明的交易，或者说具有成本有效性的交易。所以我们的公司在环境交易方面其实是一个领袖，我们创建这样一个机制鼓励这种类型的交易，我们是鼓励在一个集中地区进行交易。

Will be set up between some bilateral agreement,To be very transparent,Or has the cost effectiveness of the transaction.So our company is a leader in trading in the environment,We create such a mechanism to encourage this type of transaction,We are encouraged to trade in a centralized area.

　　熊：中国碳排放市场按照国家统一规划，2013年1月1日正式启动七个省级单位的碳排放交易市场试点，包括京津沪深以及河南、广东、湖北。中国碳市场的试点与国际上的架构差不多，也是设定总量然后分配成配额，强制要求减排，把多余的减排量作为一个交易。所以我们预期中国未来的碳市场在若干年有很大发展，而且我一直认为中国碳市场应该以我为主，以中国国内交易来启动，类似于人民币的市场。先把国内的市场建设好了，然后再去跟国际的市场对接。否则，中国的减排没有太大的支持作用。

The bear:China's carbon emissions market in accordance with the unified state plan,On January 1, 2013 officially launched seven provincial units of carbon emissions trading market,Including the beijing-tianjin shenzhen and henan/guangdong/hubei.In the history of Chinese pilot with the international carbon market structure,Is set amount and then assigned to quota,Mandatory for emission reduction,The surplus reduction as a deal.So we expect China's future carbon market has a great development in several years,And I've always thought Chinese carbon markets should give priority to with me,With China's domestic trade to start,Similar to the market.Construction of the domestic market first,And then to dock with the international market.otherwise,China's emissions without too much support.

　　

社会企业家精神：影响力投资回报丰厚 Social entrepreneurship:Influence investment returns

　　Patten：我们或许可以换一个话题，在贵交易所你们是怎么看待去支持社会企业家精神的发展，中国的企业家们对社会创新非常关注。

Patten:Maybe we can change a topic,What do you think in your exchange to support the development of social entrepreneurship,Chinese entrepreneurs is very attention to social innovation.

　　熊焰：本来企业社会责任就是中国相当一批企业家感兴趣，并热衷致力的一个方向。在过去中国的社会管理、社会发展是由政府为主导的，逐渐的中国一批有责任、有热情的企业家介入到这样一个领域中来，他们开始用这种企业化管理的办法来运营这种有关社会责任的项目。因此我觉得中国企业社会责任的运作会有非常大的发展，但是在这方面美国已经有非常好的成功的做法。

Yan xiong:Original corporate social responsibility is quite a number of entrepreneurs interested in China,And dedicated to one of the direction.China's social management in the past/Social development is dominated by the government,Gradually the China a number of responsibilities/Have enthusiasm of entrepreneurs in to such a field,They started to use this way of enterprise management to operation of the relevant social responsibility of the project.So I think the operation of corporate social responsibility in China will be a very big development,But in this respect the United States have very good success.

　　Patten：我们公司认为社会企业家精神，或者说社会创新，是一个全球宏观的转变，因为很多公司正在把和环境的责任融入到他们日常的商业运作中。我们看到在一些城市或者州有越来越多的企业家会推出新的产品或者服务来支持环保方面的努力，或者说加强社会责任。不仅仅是从社会责任的角度，同时也是从经济或者是商业运作的角度来做这件事情。我们认为这些公司投入影响力投资，会获得非常丰厚的财务回报。这是我们把影响力投资和非营利行业区别开来的一个主要因素。我们会提供一个资本市场的框架或者基础设施来支持这些企业，给他们这样一个场所来推动业务的开展。他们可以发布自己的财务信息，然后让投资者们了解这样的一些投资机会，看看是否能符合企业和投资者他们共同的财务或者社会方面的利益。除非我们有这样的一个透明环境，或者有这样公开的价格定价、有这样公开的市场，否则我们是没有办法建立这样一个市场的。

Patten:Our company think that social entrepreneurship,Or social innovation,Change is a global macro,Because many companies are the responsibility of the environment and into their daily business operations.We see in some cities or states, more and more entrepreneurs will launch a new product or service to support the efforts of environmental protection,Or to strengthen the social responsibility.Not only from the point of view of social responsibility,At the same time from the perspective of economic or commercial operation to do it.We think that these companies into influence the investment,Will be a very lucrative financial returns.This is our the influence differentiate between investment and non-profit industry one of the main factors.We will provide a framework of the capital market or infrastructure to support these enterprises,Such a place for them to promote the development of business.They can release their financial information,Then let investors understand that some of the investment opportunities,See if you can conform to the enterprise and investors financial or social aspects of their common interests.Unless we have such a transparent environment,Or is the price of such public pricing/There is open market,Otherwise there is no way we can set up such a market.

　　

要素资源：货币金融市场最不公平 Elements resources:Monetary and financial market the most unfair

　　熊焰：这是一个更大的话题，金融资本市场的话题，这是中国目前改革发展最重要的一个领域。中国现在正面临转型升级，经济的转型升级实际是靠两大因素来驱动的，一个是企业的技术进步，一个是金融体系的改革。企业技术进步是企业的微观行为，相比而言，金融改革显得更具系统性的支撑作用。中国的金融系统跟美国相比差距非常大。中国也许在十年、二十年之后在GDP上将成为NO.1。NO.1最起码应该有一流的金融资本市场体系支撑，但中国在这方面差距太远。目前中国的金融系统还是所有的要素供给系统中计划色彩、管制色彩最浓的一个领域，价格官定、规模官定、产品也是官定的。这个领域应该说到了变革的时候了，这种金融领域的市场化变革将对中国经济发展注入巨大的活力，它远远不是微观企业的技术进步所能比拟的。

Yan xiong:This is a bigger issue,Financial capital market,This is China's current reform and development in one of the most important fields.Transformation and upgrading of China is facing now,Economic transformation and upgrading of the actual is driven by two factors,One is the enterprise of technological progress,One is the reform of the financial system.Technological progress is the microscopic behavior of the enterprise,compared,The support of financial reform is more systematic.China's financial system is compared with the gap is very big.China may be in ten years/After twenty years in GDP will become NO. 1.NO. 1 at least should have the first-class financial capital market system,But China in this gap is too far away.At present, China's financial system or all the elements of supply plan in the system/Control color is one of the most concentrated areas,Price of the judges/The scale of the judges/The product is also the judges.This field should be said that the time for a change,The marketization reform in the field of finance will be injected great vitality to China's economic development,It is far from the micro enterprise of technological progress can match.

　　Patten：非常棒的话题，其实现在在美国，在过去六个月，我们看到金融监管机构建立了一个新的监管机制，他们希望能把现在华尔街一家独大的情况有所扭转，支持其它地区一些金融技术的发展，并且支持小企业金融技术的发展，这其实是一个破冰行动。他们运用一些方式，例如向群体融资，或者在电视上、广播上给他们一些投资的机会。美国其实也是一个受监管很严重的市场，特别是资本市场。现在看中国的监管框架和过去几年相比，已经逐渐成熟了，但是在美国过去若干年并没有取得相应进步，所以我们都需要一些耐心。我们在中国需要设定这样一些法治建设来支持小企业，或者说小企业家，让他们脱离对传统的银行融资的依赖性，使他们能够有机会接受直接的投资。

Patten:Very good topic,In fact now in the United States,In the past six months,We see financial regulator established a new regulatory mechanism,They hope can now turn on Wall Street, a large of alone,Support the development of other regional financial technology,And support the development of small business financial technology,It is an ice action.They use some way,For example to group financing,Or on television/Radio on to give them some investment opportunities.The United States actually is also a regulated market seriously,Especially the capital market.Now look at China's regulatory framework and than in the past few years,Have been gradually mature,But in the United States over the past several years and there is no corresponding progress,So we all need some patience.We need to set such legal construction in China to support small businesses,Or small entrepreneurs,Let them out of the dependence of the traditional bank financing,So they can have a chance to accept direct investment.

　　熊：中国现在最大的问题还是过多依靠传统银行的间接融资，而我们的传统银行由于目标、结构、管理等一系列问题，实际已不能很好支撑实体经济的发展，而变成了严重挤占实体经济稀缺的资源，以及实体经济本应分得的那块利润。今年上半年的统计，16家上市银行的利润总额是2500多家中国上市公司利润总额的51%，中国前十大企业中银行占了四席，这4个银行的利润占了前10家最大公司利润的63%。而美国的数据，前10家公司只有2家是银行类的，他们的利润占前10家的利润总额只占了16%左右。这个差别太大了。中国的金融系统过多考虑自身的收益与安全，而没有更多地去支持中国整个经济体系的利益最大化，而且现在中国银行(601988,股吧)业对自身安全的关切超过了全球最高水平，巴塞尔三协议，全世界没几个国家实行的，主要经济体都没有实行，中国率先实行巴三，安全程度是提高了，但是对国民经济、实体经济的支撑能力实际是下降的。我一打一个不太好听的比方，当一个有肌体内有一个组织它能够自循环，吸收别的肌体的养料做大，这是什么？这是肿瘤。这个情况必须变了。另外一个，中国金融体系内结构的扭曲，中国经营低风险信贷的机构收益偏高，经营高风险的非信贷产品机构收益明显偏低，而导致银行独大。现在银行在整个金融体系中的资产规模会占到80%左右，而这80%的银行中80%是国有控股的。这显然不正常，这样一种情形使得银行不论经营什么样的客户，什么风险的客户它都会有一个稳定的、固定利差收入，就使得它趋利避害，把钱放到了那些并不急需钱的政府项目、国有企业身上去。而那些大量急缺钱的中小企业得不到，就嗷嗷待哺。实际这个是对中国经济最致命的一个伤害，十八大提出的各种市场主体公平使用要素资源，要素资源使用最不公平的就是中国的货币金融市场，这个必须变了。

The bear:China is now the biggest problem is too much depend on the traditional bank of indirect financing,And our traditional bank due to the target/The structure/Management and so on a series of problems,Reality can not well support the development of the real economy,And becomes a serious occupy entity economic scarcity of resources,And the real economy should share of the profits.In the first half of this year's statistics,16 listed bank's total profit is more than 2500 Chinese listed companies 51% of the total amount of profit,The top ten enterprises in bank of China account for four seats,These four bank profits accounted for 10 biggest 63% of the profits of the company.And the data of the United States,Top 10 companies only 2 is a bank,Their profits of 10 before profit total accounts for only about 16%.The difference is too big.China's financial system is too much to consider their own benefits and security,And no more to support China's whole economic system of benefit maximization,And now the bank of China(601988,Shares!)Possession for its own security concerns over the highest global level,Three Basel agreement,A few countries around the world,Major economies are not carried out,China takes the lead in implementation and three,Safety degree is improved,But to the national economy/Support ability of the entity economy is actually declining.I don't make a good analogy,When a body with an organization it can from circulation,Absorption of other nutrients do the size of the body,What is this?This is the tumor.This situation must be changed.another,China's financial system in the distortion of the structure,China business low risk of credit institutions income is on the high side,High risk management of credit products agency lower income,Due to the bank alone.Now Banks in the financial system of the assets will account for 80%,And that 80% 80% of the Banks are state-owned.This obviously is not normal,Such a situation makes the bank no matter in what kind of customers,What the risk it will have a stable customer/Fixed interest income,Makes it,Put the money in the those who are not in need of money the government project/To state-owned enterprises.And those of small and medium-sized enterprises can not get a nasty lack of money,Is starving.Actually this is one of the most fatal damage to the Chinese economy,Eighteen big market main body factor of fair use of resources,Elements resources use the most unfair is the monetary and financial market in China,This must be changed.

　　

资本市场：多层次构架五年现雏形 The capital market:Multi-level structure for five years now

　　Patten：我觉得您谈到了另外一个非常重要的问题，关于风险的问题，特别关于中国投资者在美国投资获得资本这方面是很重要的问题。在美国有天使投资人，他们能够为这些高风险的新行业投资，但是在中国似乎这个活动并不是很有组织。所以有些时候可能这种资源会外流，而且的确有些美国投资者他们应该能够支持这种天使投资人的活动，但是却没有一个很好的组织，所以我觉得是不是中国的富人应该建立这样一种良好的私人投资的基础知识。那在未来比如说能够使他们在中国以外的地方进行投资。

Patten:I think you talked about another very important issue,Questions about risk,Particularly for Chinese investors to invest in the United States get capital this aspect is very important problem.An angel investors in the United States,They can for the high risk of investment in the new industry,But seems to be in China this activity and is not very organized.So some time the outflow of resources will be,And indeed some American investors they should be able to support this kind of angel investor,But not a very good organization,So I think it is China's rich people should set up such a good basic knowledge of private investment.In the future, for example can make they invest in outside of China.

　　熊焰：中国多层次的资本市场或者叫投资市场的建立，确实是当前很迫切的任务，因为中国的国民财富形成和流转机制跟美国差距很大，因此中国的天使投资、风险投资，主要是由这些富有的个人来进行的。中国的富有个人才第一代，而且中国人有一个不大好的习惯，不大信专家理财，都愿意自己投资。我用了一定的精力参加了中国的PE圈的一些组织，我现在还是北京PE协会的秘书长，中国的那些LP们，特别是民营企业家们，普遍不信任那些所谓的专业投资人士，因此他投了钱给你，他不能放手，他必须参加投资决策，他认为经验比你还要丰富。中国的风险资本市场，VC、PE这个领域有非常大的发展空间，在这个领域上中美之间的交流和协同有很大空间。

Yan xiong:China's multi-level capital market or the establishment of the investment market,It is very urgent task at present,Because of China's national wealth formation and circulation mechanism with America gap is very big,So the angel investment in China/Risk investment,Is mainly caused by these wealthy individuals.China's rich people first generation,And the Chinese have a not good habits,Don't believe finance experts,Are willing to their investment.I used a certain energy in the circle of PE some organization in China,I now or PE association secretary general of Beijing,The LP in China,Especially the private entrepreneurs,Common don't trust those so-called investment professionals,So he threw the money to you,He can't let go,He must to participate in the investment decision,He thinks that experience more rich than you.The venture capital market of China,VC/PE this field has a very big development space,In the field of communication and coordination between China and the us have very big space.

　　Patten：您觉得在未来几十年中国资本市场会发生什么样的变化？比如说私营企业，低端的小企业也包括高端的，会有什么样的变化？

Patten:Do you think will happen in the coming decades China's capital market what kind of change?For example the private enterprise,Low end of the small business also includes high-end,There will be what kind of change?

　　熊焰：我刚才讲过一个判断，中国由于国民财富的形成与流转机制，与发达市场经济国家很不一样，因此中国的资本市场的形态也会与一般发达的资本市场的路径不一样，我个人感觉中国现在实际这个路径设计基本已经出来了，就是多层次。所谓以股票市场为代表的，主要解决那些高端的大企业的规模化融资问题，这主要是A股市场的责任。接下来的中小板、创业板现在所说的新三板，什么新四板，实际应该从不同的梯次上解决不同规模的中小企业投融资问题，在这一方面我们已经看到中国出现了这种顶层设计，有各地方的积极性互动的一个很好局面。我们预判中国多层次资本市场的构架在未来五年左右时间会出现一个初步的框架，或者叫雏形。

Yan xiong:I have said before a judge,China due to the formation and circulation mechanism of national wealth,With the developed market economy country is very different,Thus, China's capital market will also be developed with the general form of the capital market of the path is not the same,I personally feel China is now the actual path design basic have gone out,Is mutiple level.The so-called represented by stock market,Mainly solve the high-end of the large scale of enterprise financing problems,This is primarily the responsibility of a-share market.The small and medium-sized plate/New SanBan gem now say,What new four board,Actual should from the different phase of solving financing problems of small and medium-sized enterprises of different sizes,In this respect we have seen China appeared the top-level design,Has the enthusiasm of the local interaction of a very good situation.Our anticipation of China's multi-level capital market structure in the next five years or so there will be a preliminary framework,Or prototype.

　　Patten：金融融资结构一定要更灵活，特别是对于中小企业来说这一点尤为重要。在美国一个私营企业如果不上市的话，那如何融资，或者是你没有被其它机构收购你怎么融资。你能够如何盈利，比如说我们现在有一些法律的机制，法律的框架能够为我们创造一些基本的金融框架，比如说这些小的新企业，如果你增长速度比较快，然后你现在不想上市，但是你可以创造这样一个结构，这样一个构架，投资者能够从你未来几年的收入有一定的收成，有一定的分红。这样的话你在未来可以从投资者那边回购你的这些股权。另外我们所说股票的二级市场，这些其实也是没有上市的，都是一些私营的交易，私营的二级市场交易这也是我们Mission Markets参与的一些投资领域。另外可再生能源融资方面的项目，比如说这些投资者他们直接投入风能、太阳能等等可再生能源，这样的话他们能够从现金流里面获得一些收益，而且对经济发展也很有好处。那我们现在已经有一个比较成熟的基础设施，包括不同级别的资产等等，其实我觉得这个资产分类是很重要的，因为其实并不是所有公司他们的需求都是一样的，他们的需求也不同，所以说对于不同的公司结构对于现金流，包括投资者会意的方式也不同，所以不需要灵活。

Patten:Financial financing structure must be more flexible,This is especially important, especially for small and medium-sized enterprises.If it's not listed in the United States a private enterprise,Then how to finance,Or you don't be bought by other institutions how do you finance.How you can profit,For example we now have some legal mechanism,Legal framework for we create some basic financial framework,Such as the small new enterprises,If you increase speed is faster,Then you don't want to now,But you can create such a structure,Such a framework,Investors can from your future years of income have a certain amount of harvest,Have certain dividends.So you can be in the future you the equity from investors buy over there.In addition we say stock in the secondary market,These it is not listed,Are some private transactions,Private this is also our Mission of secondary market trading Markets in some of the investment field.Other renewable energy project financing,For example the investors, they directly into the wind/Solar energy and renewable energy,So they can get some benefits from cash flow inside,But also is good for economic development.That we now have a more mature infrastructure,Including the different levels of assets, and so on,Actually I think this asset classification is very important,Because not all the needs of the company they are the same,Their needs are different,So for different company structures for cash flow,Including investors understand the way is different also,So don't need to be flexible.