本报评论员

Our commentator

　　“人民对美好生活的向往，就是我们的奋斗目标。” 中共中央总书记习近平的执政誓言，如春风般鼓舞全国人民。全国广大投资者特别是中小投资者也有理由向往，从资本市场分享到中国经济快速增长的成果，增加财产性收入。

"People's yearning for a better life,Is our goal." The central committee of the communist party of China party secretary xi jinping ruling oath,Such as the spring breeze like inspire people all over the country.The general investors, especially small and medium-sized investors also have reason to look forward to,From the capital market share to China's rapid economic growth,Increasing property income.

　　在过去的20年里，证券市场从可有可无的试验田，发展成为中国金融市场的重要组成部分；从早期为能容纳一家航母级公司宝钢上市就足以欢庆鼓舞，到今天沪深股市总市值达20多万亿，成为世界第三大证券市场，中国股市的广度和深度都得到空前发展。在浓缩的20年中，中国证券市场走完了西方成熟市场百余年历程，成绩可谓辉煌。其中，广大投资者特别是中小投资者，为市场的超常规发展做出了巨大贡献。

In the past 20 years,Test-bed for securities market from the dispensable,Become an important part of China's financial market development;From the early for can accommodate aircraft carrier class company baosteel listed is enough to celebrate,To the total market value of more than one trillion shenzhen stock market today,As the world's third largest securities market,The breadth and depth of China's stock market has got unprecedented development.In the concentration of 20 years,China's securities market walked western mature market more than hundred years history,Performance is brilliant.Among them,The general investors, especially small and medium-sized investors,For the supernormal made great contribution to the development of the market.

　　而与证券市场辉煌发展形成鲜明对比的是，能获得与之相应回报的投资者却微乎其微。2001年6月14日，上证综指2245点。11年已逝，上证综指历经大起大落，近日终得重返2245点之上。对于追逐股价涨跌的投资者而言，十年间总体投资收益率为零，如果考虑到交易费用以及A股多年来的高换手率，实际上大多数投资者严重亏损。

And in striking contrast to the brilliance of the securities market development is,Can get the corresponding return investors is negligible.On June 14, 2001,The index 2245 points.11 years has passed,The index has fluctuated wildly,Recently will have to return to 2245 points.To pursue the stock go up drop investors,Ten years overall return on investment is zero,If considering the transaction costs and the high rate of changing hands in the A shares for many years,In fact most of the investors of heavy losses.

　　然而，过去的十余年，恰恰是中国经济快速增长时期，中国GDP每年以超过8%的速度增长，人均收入也在逐年增加，但作为经济发展“晴雨表”的股市却失灵了。

However,,Over the past ten years,It is China's rapid economic growth period,China's GDP growth at a speed of more than 8% a year,Per capita income increased year by year,But as the economic development"barometer"The stock market has failed.

　　“改革是最大的红利”、“以更大政治勇气和智慧推动改革”……新一届中央领导集体的改革决心让投资者看到了把向往变为现实的希望。

"Reform is one of the biggest bonus"/"To promote the reform with greater political courage and wisdom"......The reform of the new central collective leadership to make investors see the hope to aspire to become a reality.

　　股市闻声而涨。上证综指在去年12月4日探底1949点后，迎来了一波久违的强劲上升，仅22个交易日，上证综指上涨300多点，涨幅达17%。

Heard and stock market.The index in December last year after 4-1949 points,Ushered in a wave of unseen strong rise,Only 22 trading day,The index rose more than 300 points,Increase 17%.

　　增加投资者的财产性收入首先要给投资者稳定的回报。

To increase investors' property income stability of the return to investors in the first place.

　　上市公司现金分红是投资者获得回报的重要途径，是增强股票市场长期投资吸引力的必要条件，也是资本市场平稳运行的重要基石。

The listed company cash dividend is an important way of return to investors,Is to enhance the stock market investment attraction of the necessary conditions for a long time,Is the basis of the stable operation of the capital market.

　　证监会最新披露的数据显示， 2009年至2011年实施现金分红的上市公司分别为1006家、1321家、1613家，占当期上市公司总数的比例分别为54.76%、60.74%、67.12%。现金分红金额分别为3890.42亿元、5005.56亿元、6067.64亿元。

CSRC latest disclosure of data display, From 2009 to 2011 the implementation of the cash dividends of listed companies 1006 respectively/1321/1613,Accounting for 54.76% of the total number of listed company of the current period/60.74%/67.12%.Cash dividend amount is 389.042 billion yuan respectively/500.556 billion yuan/606.764 billion yuan.

　　尽管进行分红的上市公司比例在上升，但是上市公司现金分红总额占当年所有上市公司实现的净利润总额的比例却呈逐年下降趋势。数据显示，2008年到2010年，该项占比分别为41.69％、35.85％和30.09％。

Although the proportion of listed companies to share out bonus on the rise,But the listed company cash dividend total in the realization of all listed companies in the proportion of the total net profit decline year by year.Data showed that,From 2008 to 2010,This accounts for more than 41.69%/35.85% and 30.09%.

　　不过，与看似不低的分红总额相比，股息率指标也许更能说明问题。2012年底沪市整体股息率为2.49％。这意味着即使不计算红利税，投资者从上市公司获得的现金回报水平也远低于银行定期存款。 (下转封二)

but,And seems to be not low compared to the total amount of share out bonus,Dividend yield index may be more that problem.At the end of 2012 Shanghai whole dividend yield is 2.49%.This means that even if no red profits,Investors from the listed company cash rewards level also is far lower than the bank deposit. (Turn the inside front cover)

  

    让投资者的向往变为现实   Let investors aspire to become a reality

　　为进一步提高上市公司分红意识，证监会多次出台措施引导上市公司现金分红回报投资者； 交易所也推出政策，鼓励上市公司分红。如上交所日前发布了《上市公司现金分红指引》，特别要求上市公司在确定2012年年度利润分配方案前，应通过各种方式听取投资者尤其是中小投资者关于现金分红方案的意见。

In order to improve the listed company dividend consciousness,Securities times on measures to guide the listed company cash dividend return for investors; Exchange also rolls out policy,Encourage dividends of listed companies.Such as 上交所 has released[The listed company cash dividend],Special requirements for the listed company before the 2012 annual profit distribution plan is determined,Should be through a variety of ways to investors, especially small and medium-sized investors about cash share out bonus scheme.

　　尽管监管层正以拳拳之意引导上市公司树立良好的回报意识，但不容忽视的是，如何真正让中小投资者能在分红决策之时拥有充分的意见表达权利，以及如何实现分红的可持续性、稳定性，给投资者以相对明确的预期，还有待改革措施的进一步推动。

Although regulators are in all of the guides listed company set up the consciousness of good returns,But is that nots allow to ignore,How to make small and medium-sized investors can at the time of share out bonus decisions have sufficient opinion expression of rights,And how to realize the share out bonus of sustainability/The stability of,Give investors a relatively clear expectations,It remains to be further measures for reform.

　　增加投资者的财产性收入要营造透明、公正的市场坏境。正是由于长期分红机制的缺乏， 投资者追逐短期刺激股价的信息成为这个市场中长期存在的陋习。证券市场本身就是一个信息不对称的市场，而在内幕交易盛行的时期，个人投资者的弱势地位显得尤为明显。

To increase investors' property income to create transparent/About the fair market.It is because of the lack of long-term mechanism of share out bonus, Investors chasing short-term stimulus shares information become long existing abuse, the immaturity of the market.The stock market itself is a information asymmetry of the market,In the period of insider trading in,Individual investors vulnerable status is very obvious.

　　新股高溢价发行，圈钱无度；上市公司分红太少，内幕交易泛滥；做价值投资的机构投资人太少，散户投机过度；上市公司包装上市……种种现象无一不危害股市的生态环境。

New high premium,Encircling money tend to;The listed company dividend too little,Insider trading a flood;Do the value investment institutional investors too little,Speculative excess retail;The listed company listed on the packing...A variety of phenomena all harm to the ecological environment of the stock market.

　　2012年以来，证监会初步调查案件135起，正式立案103起，移送公安27起，分别比上年同期增长26%、27%、68%。审结行政处罚案件66件，处罚对象涉及16家机构，118个人。与此同时，在日常监管中还依法对各类监管对象采取监管措施232起，涉及201个机构，173个人。证监会的数据也显示，市场违规违法现象屡屡发生。

Since 2012,CSRC preliminary investigation 135 cases,Formal file 103,Transferred to public security and the,An increase of 26% over the previous year, respectively/27%/68%.Conclude administrative punishment cases 66 pieces,Punishment object involves the 16 agencies,118 people.At the same time,In daily supervision is in accordance with the law of supervision object regulatory measures 232,Involving 201 institutions,173 people.CSRC's data also showed,Market illegal illegal phenomena often happen.

　　在一个充满陷阱、欺诈、弱肉强食的市场里，弱小的参与者唯一的活路就只有——逃离。大量散户销户离开这个市场，就是一种无声抗议。

In a full of traps/fraud/The law of the jungle in the market,Weak participants only requited only -- to escape.A large number of retail sales and leave the market,Is a kind of silent protest.

　　因此，监管层最核心的职责就是保证市场运行规则的公正和透明，必须严打内幕交易、查处老鼠仓、打击财务造假欺诈上市、处罚业绩变脸、建立顺畅的退市制度。

so,Supervision of the core layer of responsibilities is to ensure that the rules of market operation fair and transparent,Must strike hard insider trading/And mice storehouse/Against financial fraud fraud listed/Punishment performance face/Establish smooth retreat city system.

　　营造良好市场坏境的行动没有止境。去年12月，证监会主席郭树清在第三届“上证法治论坛”上表示，要特别注重惩戒失信，用制度机制引导和保障诚信。切实加大对违法违规行为的执法打击力度。资本市场违法违规严重破坏市场公平，投资者深恶痛绝，必须毫不留情地给予打击。

Create a favorable market bad border no end of action.In December last year,China securities regulatory commission chairman guo in the third"The Shanghai law BBS"In the said,Want special attention breaks his punishment,With system mechanism to guide and ensure integrity.To strengthen the law enforcement blow to the illegal behavior.Capital market illegal severely disrupted market fair,Investors anathema,We must relentlessly to blow.

　　监管层的行动和决心，让人期待。

Regulatory actions and determination,Let a person look forward to.

　　而增加投资者的财产性收入，仍需要进一步开拓投资者的投资渠道。

To increase investors' property income,Still need to further explore the investors investment channels.

　　发展多层次资本市场是中国证券市场集约化发展的必由之路。这既能起到分流交易所市场IPO“堰塞湖”压力作用，为实体经济发展注入强劲动力，同时也能对不同风险偏好的投资者进行分类管理，以满足不同性质的投资者的差异化金融需求。

Development of multi-level capital market is the only way for the development of China's securities market intensification.This can not only play a shunt exchange market IPO"The lake"pressure,For the entity economy development into a strong power,At the same time also can to different risk preference investors classification management,In order to meet the different properties of the different financial needs of the investors.

　　多层次资本市场需要多层次投资者参与。监管层应鼓励社保、年金、险资等机构投资者增加对资本市场的投资比重，积极推动养老金、公积金等长期资金入市，稳定市场，稳定投资者预期。同时，逐步实行投资者适当性制度，保护中小投资者利益。

Multi-level capital market needs multi-level investors to participate.Supervision of social security should be encouraged/An annuity/Risk capital, such as institutional investors to increase the investment proportion of the capital market,Actively promote pension/Accumulation fund of funds entering the market for a long time,Stable market,Stable investors expected.At the same time,Gradually implement appropriate institutional investors,Protect the interests of small and medium-sized investors.

　　目前，中国的资本化率还不足60%，而美欧日等发达国家普遍都在100%以上。按照国内生产总值到2020年翻一番的发展目标，按照届时资本化率100%的计算，证券市场仍有巨大的发展空间。但是，我们决不能再走重融资轻投资的老路，保护投资者利益、让中小股民享受改革和发展的红利，是市场的期望，也是资本市场建设的本质要求。

At present,,The capitalization rate is still less than 60%,While the us and Europe, and other developed countries are generally over 100%.According to the gross domestic product (GDP) in 2020 to double the development goals,In accordance with the then the calculation of the capitalization rate by 100%,The development of securities market still has great space.but,We must not go weighs financing investment approach,Protect the interests of investors/Let small and medium-sized investors enjoy the reform and development of dividends,Is the market's expectations,Is also essential requirements of the construction of the capital market.

　　我们的投资者热爱生活，期盼有更好的回报，更稳定的预期，更可靠的信息披露，更公平、透明的市场运行环境，期盼中国股市能成长得更好、发展得更好、建设得更好。

Our investors love life,Looking forward to have a better return,More stable,More reliable information disclosure,More fair/Transparent market operation environment,Looking forward to China's stock market could grow better/The development of better/The construction of better.

　　投资者对资本市场的美好向往，理应成为监管者和市场的共同目标。

Investors in the capital market of beautiful yearning,Should become the common goal of regulators and market.