本报记者 张莉

Our reporter ZhangLi

　　深圳证券交易所总经理宋丽萍近日在出席清华五道口金融EMBA首届金融家论坛时表示，资本市场重构与创新方面，需重视发展基础市场、完善市场机制、培育市场主体、转变监管理念、加强法制建设等五个方面。

The general manager of shenzhen stock exchange SongLiPing recently attended tsinghua wudaokou financial EMBA first financiers BBS said,Capital market reconstruction and innovation,Need to pay attention to the development of basic market/Perfecting the market mechanism/Cultivate the market main body/Transformation supervision idea/Strengthening the construction of legal system in five aspects such as.

　　宋丽萍指出，现阶段要重视发展私募市场，拓展资本市场服务实体经济的手段和渠道。在行政管制淡出方面，要淡化行政审批的价值判断、实质判断，把更多的决策权交还给市场。宋丽萍认为，在私募性质的市场和创新中，已经具备率先放松管制的条件，应先行一步。

SongLiPing pointed out that,Now pay attention to the development of private equity market,Develop capital market service entity economic means and channels.In the administrative control in fade out,To ignore the value judgment of the administrative examination and approval/Substantial judgment,The more decision-making power back to the market.SongLiPing think,In the private nature of the market and innovation,Has the condition of deregulation,Should be one step ahead.

发展基础市场 完善市场机制 Development foundation market perfecting the market mechanism

　　去年以来，中国证监会加快建设新三板、区域性股权交易市场、证券公司柜台交易等私募性质市场，积极引导私募、创投股权基金，发展债券市场，试点中小企业私募债等等，拓展资本市场服务实体经济的手段和渠道。宋丽萍认为，需要重视发展这些基础市场和产品，从现在有条件的做起，实际上具有补课的性质，恢复资本市场的基础性功能，具有非常长远的意义。

Since last year,The China securities regulatory commission to speed up the construction of new SanBan/Regional equity market/A securities company counter trade and private property market,Actively guide private/Venture equity funds,Development of the bond market,Small and medium-sized enterprise SiMuZhai pilot, etc,Develop capital market service entity economic means and channels.SongLiPing think,Need to pay attention to the development of these basic market and product,Start from now there are conditions,Actually has the nature of the remedial work,Restore the basis of capital market function,Have a very long-term significance.

　　“没有一定规模的债券现货市场，金融产品的定价就缺乏基石，衍生产品的发展空间会受到限制，风险也相应增大。”宋丽萍强调，在市场重构的过程中，不能忽视市场基础功能的培育，再次跨越市场发展的必经阶段。债券特别是普通债券是资本市场的基础产品，债券对于融资方的硬约束以及培育投资方风险意识的作用，也是难以替代的。

"No certain scale bonds, the spot market,Financial products pricing is lack of foundation,The derivative product development space will be limited,Risk also increases accordingly."SongLiPing emphasize,In the process of reconstruction in the market,Can't ignore the cultivation of market basis function,Once again across the market development inevitable stage.Bonds especially common bond is the capital market based products,Bonds for RongZiFang hard constraints and cultivate the investor risk awareness of the role,Is irreplaceable.

　　与此同时，私募市场是资本市场发展过程中不可逾越的阶段，私募市场由于范围严格限定在具有风险识别和承担能力的合格投资者之内，不再需要审核，监管部门不对价值判断进行背书，投资者必须依据“买者自负”的原则独立判断，有助于培育形成市场化的风险约束机制。私募市场投融资双方的筛选、发行时机等完全由券商自主决定，是证券公司告别通道回归真正资本中介的良好契机。

meanwhile,Private equity market is in the process of the development of capital market insurmountable stage,Private equity market due to the strictly limited scope with risk identification and bear ability within qualified investors,No longer need to review,Regulators wrong value judgment for endorsement,Investors must be based on"Buyers conceit"The principle of independent judgment,Help cultivate form market risk constraint mechanism.Private equity market investment and financing the screening/Such as issuing time entirely by brokers independent decision,A securities company is farewell channel regression real capital intermediary good opportunity.

　　在完善市场机制方面，宋丽萍表示，资本市场通过价格信号引导资金配置，价格形成机制至关重要。去年以来，中国证监会采取了一系列措施，加快新股发行制度改革，突出以信息披露为核心，加大遏制炒新力度。同时，推出更为严格的新退市制度，改变市场对绩差公司的预期，打掉炒差的心理基础。从市场进入和退出的两端入手，优化价格形成机制。

To improve the market mechanism,SongLiPing said,The capital market through the price signal guide capital allocation,The price formation mechanism is very important.Since last year,The China securities regulatory commission adopted a series of measures,To speed up the reform of the system for issuing new shares,Focusing on information disclosure as the core,More efforts to curb speculation new strength.At the same time,Launch more strict new delisted system,Change the market for poor performance of the company is expected,Fry out poor psychological basis.From the market entry and exit at both ends of the,Optimization of price formation mechanism.

　　对于近期启动IPO在审企业财务报告专项检查，宋丽萍认为，启动该措施实际上是以信息披露为核心的新股发行制度改革，向在审阶段的延伸，目的就是做实拟上市公司信息披露质量，让发行人说真话，让真实的信息来决定价格。在遏制炒差、炒新、炒小之风取得初步效果的关键阶段，果断启动这一措施非常及时，抓住了新股发行的关键环节，将为理顺二级市场价格体系奠定坚实基础。

For the recent IPO start in the examination of enterprise financial report special inspection,SongLiPing think,Start the measures in fact based on the information disclosure is the core of the reform of the system for issuing new shares,To review the extension of stage,Purpose is to do real quasi listed company information disclosure quality,Let the issuer to speak the truth,Let the true information to decide the price.In the containment Fried difference/Fried new/Fried small wind achieved initial results of key stage,To launch a decisive measures very timely,Caught the key link of ipo,Will to straighten out the secondary market price system lay a solid foundation.

　　转变监管理念 加强法制建设 Change regulation concept to strengthen legal construction

　　宋丽萍认为,证券市场一年多改革其中一个突出特点就是让证券公司在整个市场的运转中扮演越来越重要的角色。“无论是企业、产品的上市挂牌，还是发行、定价、交易，都需要证券公司出具专业意见。特别是一些私募性质的产品，如中小企业私募债发行、新三板挂牌等，几乎完全由证券公司决定，使得证券公司重视培育自己的客户，真正成为买卖双方的中介，"一手托两家"，在投资者和企业的需求中找到自身的盈利空间。”宋丽萍指出，证券公司必须从培育核心竞争力的角度出发，抓住这一历史机遇，力戒短视守成的思想，对短期内没有明显收益，但关系长远发展的市场和产品，加大投入力度。

SongLiPing think,More than a year of the securities market reform one of the outstanding characteristic is to make the securities company in the whole market operation plays more and more important role."Whether enterprise/Products listed listed,Or issue/pricing/trading,All need securities issued by the professional advice.Especially some private nature of the product,Such as small and medium-sized enterprise SiMuZhai issue/The new SanBan listing, etc,Almost completely by a securities company decision,Make a securities company attaches great importance to the cultivation of their clients,Become a real buyers and sellers of the intermediary,"On hand to two",In the investors and the needs of the enterprises to find their own profit space."SongLiPing pointed out that,A securities company must from the perspective of cultivating core competence,Seize this historic opportunity,Strictly avoid myopia it thought,To had no apparent short-term gains,But the long-term development of the relationship between market and product,Put more efforts.

　　在监管理念方面，宋丽萍认为，按照资本市场创新发展的方向，监管机构判断企业经营和产品投资风险，难度会越来越大，行政审批如果继续承担价值判断和背书的功能，结果或者是市场风险不断向政府集聚，或者是这些企业和产品倒在行政审批的门槛上。“这就要求监管机构"放松管制、加强监管"，淡化行政审批的价值判断、实质判断，把更多的决策权交还给市场，将工作重点逐渐从事前审批转向事后监管，加大执法力度，保护公众投资者防范商业欺诈和权益侵害。”宋丽萍表示。

In the regulation in concept,SongLiPing think,According to the capital market innovation and development direction,Regulators judgment enterprise management and product investment risk,The difficulty will be more and more big,Administrative examination and approval if continue to bear value judgment and the function of the endorsement,The results or market risk the government has been gathering,Or is the enterprise and products fall in administrative examination and approval on the threshold."This requires the regulators"deregulation/Strengthening the supervision of",Desalination administrative examination and approval of the value judgment/Substantial judgment,The more decision-making power back to the market,Will focus gradually before approval to supervision afterwards,Intensify law enforcement,To protect public investors to prevent commercial fraud and rights violations."SongLiPing said.

　　在宋丽萍看来，行政管制的淡出，要与市场主体、机制和法制的成熟健全相协调，尤其是涉及到公众投资者的市场和产品。但是，在私募性质的市场和创新中，已经具备率先放松管制的条件，应先行一步。这不仅有利于减少行政对创新的干预，而且让参与私募市场和产品的高端投资者，从一开始就清楚没有行政审批，没有政府信用担保，要依靠自己的经纪人，自己判断和承担风险，促使市场参与各方归位尽责。

In SongLiPing seems,Administrative control of the fade out,With the market main body/Mechanism and legal system of mature perfect coordination,Especially related to public investors market and product.but,In the private nature of the market and innovation,Has the condition of deregulation,Should be one step ahead.This is not only beneficial to reduce the administrative intervention to the innovation,And to participate in private equity market and product high-end investors,From the beginning that is no administrative examination and approval,No government credit guarantee,To rely on their own agents,His judgment and take risks,Market participants to responsible position.

　　此外，资本市场的发展也离不开法制建设的加强。宋丽萍表示，资本市场的制度变革与业务变革紧密相连，实践的发展在倒逼法制的完善，要抓住业务变革、产品创新的时机，加快法制建设，注重统筹规划，降低改革成本，避免改革反复“试错”，更有效地防范和化解系统性风险，为市场提供最可靠、最稳定的制度机制支撑。

In addition,The development of capital market can also strengthen legal construction.SongLiPing said,Capital market system change and business transformation are closely linked,The development of practice of the legal system in DaoBi perfect,To seize the business change/The timing of the product innovation,To speed up the construction of legal system,Pay attention to overall planning,To reduce the cost of reform,To avoid repeated reform"Trial and error",More effectively guard against and dissolve the systemic risk,For the market to provide the most reliable/The most stable system mechanism support.