消息人士透露，纽交所驻北京首代杨戈早在半年前就已经离职。

Sources said,The nyse in Beijing, the first generation of Yang Ge have left as early as six months ago.

　　取而代之的也是一位圈内人士，但似乎名气远不及已经在中国市场摸爬滚打多年的杨戈。

Instead, also an insider,But it seems that fame far less has been lurching Yang Ge for many years in the Chinese market.

　　与此同时，纽交所和杨戈本人选择的“低调”也让市场猜测不已。

At the same time,Nyse and Yang Ge I choose"A low profile"Also let the market speculation.

　　在资本市场萎靡的时刻，交易所的“丑相”也在人员的来来往往中渐渐显露。

In the capital market,Exchange of"clown"Also gradually revealed in the personnel's comings and goings.

　　很不合乎常理和国际化大公司规范化操作流程的是，无论是纽交所、公关公司抑或是杨戈本人都

Is not very logical and internationalization is big company standard operating procedures,Whether the nyse/Public relations firm or Yang Ge himself

　　没有就此事发表过任何的声明或是“只言片语”。

Or don't have any statement on the matter"Words and phrases".

　　消息人士称，如此诡异，的确不像是跨国公司所为，更何况是一个以倡导透明交易的资本市场的参与主体的行为。

The source said,So weird,Really don't like a multinational company,Let alone is a capital market to promote transparent trade participation main body's behavior.

　　杨戈属于“交易所混战”年代的一个优秀代表，头顶着纽交所首代的“帽子”，为人又低调、和蔼，加上当时纽交所在华业务蒸蒸日上，还有和纳斯达克争夺“老大”的江湖恩怨，杨戈的受欢迎程度可想而知。但资本市场不认人，只认钱。业内人士认为，杨戈离职当与业绩有关，对于交易所这种“不养人”的地方，业绩一旦滑坡，走人就是“家常便饭”。

Yang Ge belongs to"Exchange infighting"S a good representative,Above the first generation of the nyse"hat",Be quietly/kindly,Coupled with the nyse's China business progresses day by day,And the nasdaq"The boss"The river's lake grievances,Yang Ge's popularity.But don't believe in the capital market,Only know money.The personage inside course of study thinks,Yang Ge departure when related to the performance,This for exchange"No job"Of the place,Performance once the landslide,Leave is"The norm".

　　最近一段时间以来，中国公司赴美上市“门庭冷落”，昔日“车水马龙”的上市潮中，纽交所本就不受国内那些快速增长公司的“待见”，而“中国故事”对于很多美国投资者而言，就是中国的消费行业和互联网行业。虽然中国是纽交所除了美国以外的第二大上市的来源国，但这个第二名更多是依靠“规模效益”——中国大型国企为纽交所支撑起了一片“红太阳”。

Since recently for a period of time,U.s.-listed Chinese firms"The crowds",The former"traffic"In the market for,The nyse is not affected by the rapid growth of domestic companies"on",while"The China story"For many investors in the United States,Is the consumption industry and Internet industry of China.Although China is a nyse listed second, except the United States the country of origin,But the second is more dependent on"Economies of scale"-- China's large state-owned enterprises for the nyse to prop up a piece of"Red sun".

　　作为全球最大的证券交易所，纽交所为了迎合一些财务标准相对较低的中小企业上市的要求，在2006年就推出了纽交所高增长板市场(NYSE Arca)。然而，收效甚微。

As the world's largest stock exchange,The nyse to cater to a relatively low standard of some financial listed on small and medium-sized enterprises,In 2006 launched the nyse growth plate market(NYSE Arca).however,With little success.

　　此外，纽交所一直在努力扩大其上市科技公司的阵容，其目标是从以科技公司为主的劲敌纳斯达克那里夺取市场份额。从最近一批备受瞩目的科技公司上市案来看，这一战略取得了一些成功。去年纽交所成功争取到了LinkedIn、Pandora Media和Yelp等科技公司，但在争夺证交所霸主地位的永无止境的战斗中，Facebook选择在纳斯达克(Nasdaq)上市，对纽交所而言是一个巨大的损失。

In addition,The nyse has been trying to expand its public technology companies,The goal from the mainly technology companies rival nasdaq to wrest market share.From a number of high-profile technology company recently flotation,This strategy has achieved some success.The nyse to LinkedIn success last year/Such as Yelp and Pandora Media technology company,But in the never-ending battle for stock exchange supremacy,Facebook selection on the nasdaq(The Nasdaq)The listed,For the nyse was a great loss.

　　杨戈的问题或许就在于此。

Perhaps this is Yang Ge problems.

　　在需要“大鱼”的时候，中国被寄予厚望，然而现实却是现在的交易所“无事可做”，这种局面早在2011年就已经开始了。2011年下半年美国市场仅有土豆网一家中国企业登陆纳斯达克。受美欧债务危机、“做空中概股”风波影响，2012年中国企业赴美上市更加惨淡。

The need to"A big fish"The time of,China might be expected,However reality is now exchanges"Nothing to do",This kind of situation as early as 2011 had already started.In the second half of 2011 the U.S. markets tudou only a Chinese company in nasdaq.By the us and Europe's debt crisis/"Do the air almost shares"Storm impact,In 2012 Chinese companies going public is more bleak.

　　来去很正常，离职却神秘，为何？

Come and go very normal,Departure is mysterious,why?

　　“夹心饼干”

"Sandwich biscuit"

　　实际上，在华跨国交易所的“战争”更像是童话里的玩偶，自娱自乐却也冷暖自知，个中甘苦，非参与者无从体会。

In fact,International exchange in China"The war"More like a fairy tale of the doll,Entertaining affair,It you;,The participants don't understand.

　　对于中国的资本大佬和国内交易所高层来说，在华外资交易所早已经没有了昔日“睥睨”群雄的底气了。

For China's capital bosses and domestic exchanges of high-level,In the foreign exchange have already not the past"arrogance"The pack style.

　　随着中国政府政策的转变和国内经济大环境的改变，许多国内企业对海外上市已然没有了当初的美好憧憬，大型国企几乎“足不出户”，民营企业稍微有点儿规模的也不愿意趟国外的“浑水”。

With the transformation of Chinese government policy and the domestic economic environment change,Many domestic enterprises to overseas listing is not at the beginning of a good vision,Large state-owned enterprises almost"Never leave home",Private enterprise is slightly the size of the also don't want to trip abroad"Muddy water".

　　对海外上市有兴趣的中国企业大多规模较小或是所处行业的确有融资需求，比如遭遇宏观调控多年的房地产行业，但这些企业要么“实力不济”，要么受“政策”限制，要么就是“心术不正”。

Most of the overseas listed Chinese companies interested in smaller or industry do have funding needs,Such as a macroeconomic regulation and control real estate industry for many years,But these companies either"weak",Either by"policy"limit,Or is it this"useful".

　　总之海外市场的由热转冷有点儿让曾经“信誓旦旦”、“信心满满”的在华外资交易所首代们“措手不及”。

In the overseas market by heat transfer was getting a bit cold"swear"/"With confidence"The first generation of foreign exchange in China"Caught off guard".

　　与此同时，中国也正在完善资本市场的结构，以往可以凭借“资本市场结构性差异”获得青睐的外资交易所“卖点”全无。即使是在外资比较看重的中小企业融资领域，据消息称，有关部门萌发了主要针对小型科技公司设立新型交易所的想法，政府正考虑设立一家纳斯达克式的新型交易所，以帮助解决国内小企业融资难的问题，

At the same time,China is also perfect the structure of the capital market,The past can"Structural differences between the capital market"-- the foreign exchange"The selling point"All have no.Even in the foreign comparative value of the small and medium-sized enterprise financing,According to the news,Relevant departments of the germination of the main ideas for small technology companies to set up the new exchange,The government is considering to set up a new nasdaq-style exchange,To help solve the problem of domestic small business financing difficulties,

　　事实上，中国证监会多次承诺建立多层次的资本市场，以满足不同类型企业的融资需求。在全球经济持续低迷之际，政府一直在想方设法支持经济增长，并向抗风险能力较弱的中小微企业提供扶持，资本市场首当其冲。

In fact,,The China securities regulatory commission has repeatedly promised to establish multi-level capital market,In order to meet the financing needs of enterprises of different types.Sustained downturn in the global economy,The government have been trying to support economic growth,And weak anti-risk ability of micro, small and medium enterprises to provide support,Bear the brunt of the capital markets.

　　如果说来自上交所、深交所的竞争是“无可奈何”，那么“同门之争”就是“自相残杀”了。比如新加坡交易所就基本“淡出”了对国内企业的争夺，因为这些国内企业更倾向于香港市场而非新加坡，尽管新交所曾经非常卖力的推销过自己。

If from Shanghai/Competition is the shenzhen stock exchange"Have no alternative",then"The same fight"Is the"Kill each other"the.Such as the Singapore exchange is basic"Fade out"The competition for domestic businesses,Because the domestic enterprises tend to be Hong Kong instead of Singapore,Although Singapore has been very hard to sell yourself.

　　“资本民工”

"Capital of migrant workers"

　　对于个体而言，在华外资交易所是“资本民工”。交易所的工作“看起来很美”，其实和“售楼小姐”区别不大。

To individuals,Foreign exchange is in China"Capital of migrant workers".Exchange of work"Looks very beautiful",In fact, and"Miss sales"The difference is not big.

　　在华外资交易所其实都是“唯数字”、“唯数量”、“唯规模”的粗放经营模式。对于交易所的首代而言，考核你的标准不外乎是“今年有多少家上市公司选择了我们”或是“今年最重头、规模最大的IPO是不是属于我们”，最次也得是“今年最受瞩目的公司是不是在我们这里上市的？”如果这些答案都是否定的，那么这个首代和他所领导的办公室的日子估计也就不怎么好过了。

Are in the foreign market"Only Numbers"/"Only the number"/"Only the size"Extensive management pattern.For the exchange of the first generation,The inspection standard is nothing more than you"This year how many listed companies choose us"or"This year the most efforts/The largest IPO is belong to us",The most time is also"This year's most high-profile companies are listed here?"If the answer is negative,The first generation and the day of his office is better than the estimate is not.

　　于是乎，一到年底，各大海外交易所的在华办公室几乎就成了“文字游戏工作间”，你说你的数量第一，我说世界第一大IPO属于我，他说今年最值得期待的民营企业在他那里获得了多少倍的热捧，什么超额认购的倍数、后市表现的成绩、融资规模、融资性价比、后续服务费等等都成为了标榜自己成绩的“神器”。

As a result,One at the end of this year,In overseas exchange office almost becomes a in China"Word games workshop",You said your number first,I said the world's largest IPO belongs to me,He said this year's most anticipated of private enterprises in how many times he received,What is oversubscribed multiples/Performance results/Financing scale/Financing cost performance/Follow-up service and so on have become flaunt their grades"artifact".

　　总之就是有的说就要“大张旗鼓”，乏善可陈的要“管中窥豹”造出亮点，什么都没有的也要在“一无所有”中“生搬硬造”出一幅太平盛世图景来，否则“乌纱帽”难保。

Anyway is some say should"high-profile",Poor to"A glimpse"Create a bright spot,What don't also want to be in"Nothing at all"In the"Live move hard to build"A picture of the new millennium,otherwise"Their jobs"because.

　　这几年伴随着国际资本市场的剧烈波动和国内经济受到宏观调控、资本管制等诸多因素的影响，海外上市无论从规模还是数量抑或是公司的知名度等各个方面都呈现出下降的趋势，因而在这种情况下，各大在华海外交易所的首代们的压力和痛苦正在呈几何级的增长。

In recent years along with the international capital market volatility and macroeconomic regulation and control in domestic economy/Capital controls, and many other factors,Overseas listing no matter the size or number or company profile all aspects such as showing a downward trend,So in this case,Each big foreign exchange in China's first generation of pressure and pain is geometric growth.

　　更不幸的是，一个企业可以选择一家或是几家投资银行为其服务，所以很多投资银行“吹嘘”业绩的伎俩是只要参与的项目，不管自己在其中扮演什么角色抑或是拿没拿到承销费用，只要招股说明书上有自己的“一席之地”就敢于在年底承销的业绩单上把全部的融资归为己功。这就是为什么一些小投资银行总是自称自己的业绩在华名列前茅，可事实上他们在华的业务几乎是“入不敷出”的原因了。

More unfortunately,An enterprise can choose one or several investment Banks for their services,So a lot of investment Banks"Bragging about"Performance tactic is as long as you participate in the project,No matter what role do they play in underwriting fees or haven't receive,As long as the prospectus on their own"A place"He dares to underwriting results list at the end of the financing of all work.This is why some investment Banks are always claiming to own performance among the best in China,But in fact their business in China is almost"To make ends meet"The cause of.

　　交易所就没有这么幸运了，毕竟一家公司只能“一夫一妻”，选择一个交易所。在经济不景气的今天，决定到哪家交易所上市时，企业往往会比较上市成本以及交易所提供的有助于提高企业知名度的推广活动，例如纽交所和纳斯达克在开盘和收盘时举行的敲钟仪式等。交易所还会提供各种其它服务以满足上市公司的种种需求，比如投资者关系等，有时候，监管环境等等都可以成为“借口”，交易所只有等着被选择的份儿。

Exchange was not so lucky,After all, a company can only"A husband and a wife",Select a exchange.In today's economy,Deciding which to exchange,Listed companies tend to compare cost and exchanges to provide help to improve the awareness of promotional activities,Such as nyse and nasdaq in opening and closing bell ceremony, etc.Exchanges will offer various other services to meet the various requirements of listed companies,Such as investor relations, etc,sometimes,The regulatory environment, and so on can be"excuse",Exchange the sheepare waiting to be selected.

　　“钓鱼”和“猎杀”

"To go fishing"and"hunt"

　　中资概念股让交易所又成了“炮灰”。

Chinese stocks is to exchange"Cannon fodder".

　　众所周知，美国资本市场分为交易所和场外交易市场，前者包括纽交所、纳斯达克等市场；后者主要指的是OTCBB市场，它只是一个会员报价系统，在其挂牌的企业也叫公众公司，但严格来讲企业只是挂牌而不是上市，其股票只能在联网的做市商之间交易。

As is known to all,Us capital markets divided into exchanges and otc markets,The former includes the nyse/The nasdaq market;The latter mainly refers to the OTCBB market,It's just a member price system,In the listed companies is also called the public company,But strictly speaking rather than just listing listed enterprises,Its shares can only be connected to the trading between marketmakers.

　　此外，美国还有一个粉单(PinkSheet)市场，是指企业股权的广告报价系统。如果企业在OTCBB市场上通过买壳挂牌，只需由作为美国金融业监管协会(FINRA)会员的券商给美国证监会（SEC）填报相关表格，不收上市费。

In addition,The United States there is a pink sheets(PinkSheet)The market,Refers to the advertising enterprise equity system quotation.If the enterprise through the back-door listed on the OTCBB market,Just as the financial industry regulatory association(FINRA)Members of securities to the securities and exchange commission(The SEC)Provided relevant form,Don't accept listing fee.

　　从OTCBB转板上主板也不需要经过严苛的审计流程，但IPO则仍然需要。因此很多中国中小企业特别是民营企业往往选择通过RTO（Reverse TakeOver，反向收购）来买壳上市。

From OTCBB board motherboard does not need to pass stringent audit process,But still need to IPO.So many Chinese small and medium-sized enterprises, especially private enterprises often choose by RTO(Reverse TakeOver,A reverse takeover)To the back-door listing.

　　许多中国的民营企业家对资本市场，尤其是对美国等境外资本市场是非常不了解的。或许，正是这样的原因导致了他们“被上市”。而上市前也不得不配合那些无名的小投行们或者所谓的“骗子们”一块搞虚假数据、夸大营业利润以及过场式的审计。而这些“谎言”，正是可以钻RTO相对宽松的规则空子。

Many of China's private entrepreneurs to capital markets,Especially for the United States and other overseas capital markets is very don't understand.perhaps,It is the reason caused them"Be listed".And listed before also have to cooperate with those nameless small investment Banks or so-called"liars"A false data/Exaggerate the operating profit and cut type of audit.And these"A lie",It is to drill loophole RTO is relatively looser rules.

　　企业一旦在美国上市，投行们得利，中国企业也感觉有利。只是天下没有不散的筵席，出来混的迟早是要还的，于是始于2010年的对中资概念股的“猎杀”让很多中国企业“血流成河”。

Once companies listed in the United States,Investment Banks gain,Chinese companies are also feeling good.But all good things must come to an end,Sooner or later, will also come out to mix,Then began in 2010 in Chinese stocks"hunt"For many Chinese companies"The blood become river".

　　一些在海外上市的中资公司正面临对其会计实务的审查以及诈骗指控，一些在美国、多伦多和香港上市的中资公司最近遭停牌，美国证券交易委员会(SEC)已成立了调查组来调查多家在美上市中资公司的问题。

Some overseas-listed Chinese companies are facing scrutiny for its accounting practices and allegations of fraud,Some in the United States/Toronto, and Hong Kong listed Chinese companies have recently been suspended,The U.S. securities and exchange commission(The SEC)Has set up a panel to investigate u.s.-listed Chinese companies and a number of problems.

　　中国的公司也颇感委屈，除了指责在上市链条上的骗子们以外，对交易所的指责也颇为“难听”，甚至有人认为交易所就是“钓鱼”，所谓的规则在利益面前毫无“还手之力”。无事则好，有事必乱是在华外资交易所的不可逆的“病毒”。

Chinese companies also injustice,In addition to the accused outside the crooks are listed on the chain,Blame is to exchange"ugly",Even some people think that exchange is"To go fishing",The so-called rule is in front of the interests"The strength to".No matter is good,Something will mess is irreversible in foreign exchange"The virus".

　　“有心无力”和“窝里斗”

"Struggling to"and"throats"

　　在资本市场的食物链条里，交易所有时候还不如公关公司，毕竟这是一个“被选择”的地方。而且，交易所除了交易平台以外，唯一值钱的就是“声誉”这么一个“软资产”。

In the capital markets in the food chain,Exchange sometimes return not equal to public relations company,After all, this is a"The selected"Of the place.and,Exchange except trading platform,The only is worth"reputation"It is a"Soft assets".

　　因而交易所和那些动辄“千金”的投资银行和“捡钱”的律师事务所、会计师事务所等第三方机构相比根本不在一个量级，对于公司的“渗透”和“诱导”方面，交易所都不如公关公司来的直接。

And those who hold and exchange"daughter"And the investment Banks"Pick up the money"The law firm/Certified public accountants compared with the third party not in an order of magnitude,For the company"penetration"and"induced"In terms of,To direct exchange than public relations company.

　　在“靠天吃饭”的交易所中，争取到一家上市公司就是解决了很多人的吃饭问题，但在中国市场的竞争中，“僧多粥少”更凸显。因此，交易所一般给予员工的不是丰厚的薪酬，而是无尽的任务。

In the"weather"In the exchange of,For a listed company is the problem solved a lot of people eat,But in the Chinese market competition,"Not enough"The more.so,Exchange generally offer not lucrative compensation to employees,But endless task.

　　通常，一个交易所工作人员的年薪甚至不及投资银行的最低职级员工。因此，交易所很难吸引到优秀的人才加盟其中，即使有个别优秀人员参与，也大都会在几年后获得了“人脉”和“财源”后选择另栖高枝。

usually,An exchange of staff salary even as investment Banks have the lowest rank of employee.so,Exchange is difficult to attract the best talent to join them,Even if a few outstanding personnel,Also met in a few years later"contacts"and"Financial resources"Choose another after them.

　　然而对于绝大多数的交易所员工来说，高不成低不就是他们的职业现状，投行、律所看不上他们，公司、企业或是其他机构，他们又看不上，这样“晃晃悠悠”下去。很多在交易所的工作人员很快就陷入了“有心无力”和“窝里斗”的“职业陷阱”中而无法自拔了。

But for the vast majority of exchange for employees,High inadequate low not is their professional status,Investment Banks/Firms are sniffy about them,The company/Companies and other institutions,They scoffed at,such"longly"Go down.Many in the exchange of personnel into soon"Struggling to"and"throats"the"Career traps"And unable to extricate themselves.

　　说不尽的资本故事里，交易所的故事只是更酸楚一些罢了。

Untold stories of capital,Exchange's story is a bit sour.