本报记者 张小平

Our reporter ZhangXiaoPing

　　证监会再次“拒绝”了投资者。

Securities regulatory commission once again“Refused to”investor。

　　“监管部门为什么不停止新股发行”，来自投资者的这一关切，与其说是一个疑问，不如说是一种期待。然而，投资者保护局的答复却让投资者失望了：“停发新股是一种行政管制行为，改革应当尽可能避免采取这类措施。”投资者保护局指出，停发新股也并不能对市场环境有实质性改善。

“Why don't you stop supervision department issued new shares”，The concern from investors，Is not so much a question，Rather than a kind of look forward to。however，Investor protection agency reply but let investors disappointed：“Stop hair of new shares is a kind of administrative control behavior，Reforms shall, as far as possible, avoid to take such measures。”Investor protection agency pointed out，Stop hair new shares also does not have substantial improvement to the market environment。

　　其实，投资者停止新股发行的要求已经不是第一次被驳回了。此前，证监会在介绍新股发行体制改革相关情况时就曾指出：“发行停还是不停，实际上应该是市场自主博弈的结果。新股发行规模和节奏主要还是依靠市场供求机制进行自我调节。”

In fact，Investors stop issuance requirements is not the first time been refused。after，In this paper the CSRC ipo system reform related situation, has pointed out that：“Issue stop or kept，In fact should be market independent the result of the game。Ipo size and pace is still mainly rely on market supply and demand mechanism of self regulation。”

　　投资者的期待事出有因。股市跌跌不休，而新股“抽血”的节奏丝毫未减。据统计，今年上半年A股市场共迎来新股105只，其中深交所IPO数量为88宗，位居全球之首，占全球总数的21.8%。而大洋彼岸的美国，6月则没有发行一只股票，迎来一个名副其实的“零IPO”月。如此鲜明的对比，难怪乎投资者有如此政策期待。

Investors expect there is no smoke without fire。The stock market fell fall endlessly，And new“exsanguinate”Rhythm remained intact。According to the statistics，In the first half of this year A share market in A total of only 105 shares，Shenzhen of IPO quantity for 88 cases，First in the world，Accounted for 21.8% of the global total。And ocean the other shore of the United States，June is not issue a stock，Have a worthy of the name“Zero IPO”month。Such a sharp contrast，No wonder the investors have such policies are looking forward to。

　　争议源于改革还只是“半拉子”工程

The dispute comes from reform is only“uncompleted”engineering

　　证监会以市场化为理由，并没能让投资者心服口服。有投资者撰文指出：“所谓发行体制改革的市场化方向，就目前的A股市场来说不过是一种伪市场化而已。目前A股市场并不具备市场化的土壤，不仅缺少市场化的制度体系，更缺少与之对应的法律体系；不仅投资者不成熟，就是管理层、上市公司以及中介机构都是不成熟的。”

Securities regulatory commission to market changes into the reason，And has not been able to let investors be sincerely convinced。Investors have pointed out that writing：“The so-called issue system reform of marketization direction，As the current a-share market, however is A pseudo market only。At present A share market does not have the marketization of the soil，Not only the lack of market system，The more the lack of the corresponding legal system；Not only investors not mature，Is management、The listed company and intermediary organizations are not mature。”

　　正因如此，“在目前的A股市场上，新股发行完全市场化还不太现实，还需要市场这只无形之手与政府这只有形之手相结合。”

Because of this，“In the current a-share market，Ipo market completely is not too realistic，Still need to market the invisible hand and government this only visible hand of combination。”

　　投资者甚至指责证监会：“所谓市场化，无非就是推卸责任的一个借口而已。”

Investors even accused the CSRC：“The so-called marketization，It is nothing but shirk responsibility of no more than an excuse。”

　　投资者的要求与证监会的理念产生了激烈碰撞。“证监会是想让市场来选择，企业可以选择发行股票，但如果没人购买，企业则可能面临发行失败；如果市场环境不好，发行价格也不会太高，这实际上也是好事。”CCTV证券资讯频道新闻主编、对外经济贸易大学公共政策研究所首席研究员苏培科在接受中国经济导报记者采访时表示：“关键在于我国新股发行制度改革还不到位，很多制度并不完善。实际上，如果新股发行制度改革到位，停不停发其实无所谓。”

The requirements of investors with the concept of the CSRC produced fierce collision。“Securities regulatory commission is to let the market to choose，The enterprise can choose to issue of shares，But if no one to buy，The enterprise may be faced with failure issue；If the market environment is bad，Issue price also will not be too high，This, in fact, is a good thing。”CCTV securities information channel news editor、Foreign economic and trade university public policy institute chief researcher SuPeiKe to accept Chinese economy in gaining a reporter to interview said：“The key lies in ipo system reform in our country still do not reach the designated position，A lot of system is not perfect。In fact，If new shares system reform in place，Stop to do not stop hair actually doesn't matter。”

　　改革如何才叫到位？深圳市铭远投资顾问有限公司投资总监韩跃峰告诉中国经济导报记者：“如果有一天你看到有一些股票发行不出去了，你就会知道，我们的证券市场已经到了均衡的位置了。这个时候，不用证监会去说了，而是市场说了算。”

How to reform is in place？Shenzhen Ming far investment consulting co., LTD., investment HanYueFeng director told China economy gaining reporter：“If one day you see some stock issue not go out，You will know，Our securities market has come to a balanced position。This time，Don't go to the CSRC said，But the market have the final say。”

　　不过，不可否认的是，始于2009年的新股发行体制的改革还是取得了一定的成绩。正如投资者保护局所言，“去年以来，相继出现了八菱科技(002592,股吧)、朗玛信息(300288,股吧)、海达股份(300320,股吧)发行中止的案例。不少企业在发审委会议审核通过后推迟发行和上市，根据市场情况缩减发行规模，选择更好的发行时间窗口，有一些甚至撤回了申请，这说明市场约束正在对发行上市的企业数量和规模进行自主调节。”

but，There is no denying that，In 2009 the new shares system reform or has obtained some achievements。As investor protection bureau said，“Since last year，Successive appeared eight current science and technology(002592,guba)、Lang and information(300288,guba)、Haida shares(300320,guba)Issue to suspend the case。Many enterprises in the FaShenWei after passing the review meeting delayed issuing and listing，According to the market situation issue size reduction，Choose better issue time window，Some even withdraw the application，This shows that the market is bound to issue the number of companies traded on scale and independent regulation。”

　　暂停新股发行不一定对中小投资者有利

Suspend new shares to small and medium-sized investors not favorable

　　韩跃峰指出，现在因为市场跌得厉害，投资者特别希望有外部力量来干预，但股市低迷时要求暂停新股发行与房价下跌时要求退房一样不合理。

HanYueFeng pointed out that，Now because the market fell badly，Investors special hope to have external forces to intervention，But the market downturn when asked to stop new issues and house prices fall as ask to return a house is not reasonable。

　　韩跃峰指出，如果停止新股发行，股指在短期来说肯定能维护得住，跌的幅度会减缓。但是新股停发之后，市场供应自然减少。当新股重新发行时，将会出现新股供不应求的现象，长期来看，股价将会炒得更高。而如果较长时间内停止新股发行呢？可以想象一下，如果5年之内停止发行新股，那些垃圾股会被炒得一塌糊涂，因为新股停发了，只有一个办法进行上市融资，就是借壳重组，ST股就会被炒得一塌糊涂。

HanYueFeng pointed out that，If the cease of new shares issued，In the short-term stock index for sure can maintain live，The range of the fall will slow。But new shares after the hair，Market supply natural decrease。When the new shares issued again when，There will be new shares tight phenomenon，In the long term，Share price will fry even higher。And if a long time? Stop new shares？Can imagine，If five years to stop issuing new shares，The trash stock will be Fried in a big mess，Because of new shares stopped，There is only one way for listed financing，Is borrowed shell restructuring，ST shares will be Fried in a big mess。

　　停止新股发行能否保护中小股东利益？对此，韩跃峰也表示怀疑，停止新股发行，实际上保护的是PE以及大小非，因为他们减持的价格将会有保证。但对于广大的中小投资者来说，短期内会跌得慢一点，但长期来讲，不见得能维护中小股东的利益。

Stop the new shares issued can to protect minority Stockholders profits？this，HanYueFeng also expressed doubt，Stop ipo，In fact protection is not PE and size，Because they reduce the price will be guaranteed。But for the vast number of small and medium-sized investors，In the short term will fall slowly，But in the long run，Not really can maintain the interests of small and medium shareholders。

　　这也不利于新股发行体制的改革。苏培科指出，我国的新股发行体制改革持续了这么多年，一直都是停下来之后再小修小改，多头力量蓄积到一定程度之后又放开。但是暂停发行本质上来说对发行体制改革起不到什么作用。

It also was disadvantageous to the issuance of new shares system reform。SuPeiKe pointed out that，China's new shares system reform continued for so many years，Have been to stop again after major or minor repairs，Bull power accumulation to a certain extent then let go。But pause issue in essence on the issuance of system reform up less than function。

　　事实上，今年上半年整体的新股发行速度还是比较慢的。我国今年以来新发104家募集资金725.96亿元，同比下降58%。韩跃峰指出，政府在无形之中还是有控制的。

In fact，In the first half of this year the whole new shares speed or slower。Our country since this year the new hair 104 to raise capital of 72.596 billion yuan，58% year-on-year drop。HanYueFeng pointed out that，The government in aeriform in still have control。

　　新股发行并不是造成当前市场颓势的主要原因。首先，当前资金并不成问题，正如投资者保护局所言：“2011年，我国国内生产总值47万亿元，储蓄率高达52%，总的资金供给应该说是比较充裕的，新股发行并不会对资金供求产生大的影响。”

New shares issued and not the cause of the current market the main reason for the declining。First of all，The money is not a problem，As investor protection bureau said：“In 2011,，China's gross domestic product is 47 trillion yuan，Savings rate is as high as 52%，It should be said that the money supply is abundant，New shares issued will not to produce large capital supply and demand the influence。”

　　平安证券首席策略分析师王韧告诉中国经济导报记者，市场低迷的主要原因还在于对经济的担忧。我国经济要转型，而市场积存了太多代表过去10年的公司，而代表未来10年的公司太少。

Peace securities chief strategy analyst told reporters WangRen China's economic newsletter，The main reason for the market downturn still is the economic concerns。Our country economy to transformation，And the market has accumulated much on behalf of the past 10 years of the company，And on behalf of the next 10 years the company too little。

　　对新股发行进行结构性调整

To issue new shares to make structural adjustments

　　在武汉科技大学金融证券研究所所长董登新看来，当前不但不应该暂停新股发行，目前创业板和中小板反倒应该加快扩容速度。“创业板现在只有300多只股票，中小板也才600多只，我们要培育新兴市场，必须加快中小板、创业板的新股供应。而主板现在数量已经够多，所以主板新股也发得少了。”董登新表示，2009年新股发行体制市场化改革以来，监管层已经由过去“灭火”、“救市”的角色转换为“治市”、“监管”的角色，这是历史的跨越和进步，现在监管层不可能再回头，用行政手段来干预市场行为。

In the wuhan university of science and technology financial securities institute director DongDengXin looks，The current not only should not stop issuing new shares，At present gem and small and medium-sized plate but should speed up the expansion speed。“Gem now only more than 300 stock，Small and medium-sized plate also only then more than 600 only，We should cultivate emerging market，We must speed up small and medium-sized plate、Gem new supply。And main board now number has enough，So motherboard new hair also less。”DongDengXin said，2009 ipo system since the marketization reform，The supervisor has in the past“extinguishing”、“Save city”For the role transformation“To city”、“supervision”role，This is the historical leap and progress，Now supervision layer could not back，By administrative means to intervention market behavior。

　　董登新反驳称，不能因为美国的IPO速度因市场力量放缓了，就要求国内用行政手段来干预IPO发行，让它慢下来。

DongDengXin counter that，Cannot because America IPO speed for market forces is slowing，Requires the domestic use administrative means to intervention IPO issuance，Let it slow down。

　　考虑到我国新股发行体制改革不到位，苏培科建议，对上交所的大盘股应该减少发行，对深交所的创业板和中小板市场以及新三板应该鼓励发展。中国经济结构在转型升级，资本市场要发挥支持实体经济发展的功能，就不能一味地为“夕阳红”企业提供资金，导致本来需要钱的企业拿不到钱，不需要钱的企业却拼命地给钱，这不利于对资源的有效配置。所以，为了发挥资本市场的资源配置功能，就要减少大盘股发行，防止其到市场上一味地圈钱，而应该多发一些中小板和创业板股票。苏培科指出，这种结构性的调整还是有必要的。

Considering our country new shares system reform does not reach the designated position，SuPeiKe Suggestions，ShangJiaoSuo to the bulk lots stock should reduce issue，Shenzhen to the gem and small and medium-sized plate market and new SanBan should encourage development。China's economic structure transformation and upgrade，The capital market to play to support the real economy development function，Can't for blindly“Sunset glow”Enterprise funds，Originally need money to the enterprise can't get the money，Don't need the money enterprise still desperately to money，This does not favor the efficient allocation of resources。so，In order to play a capital market resource allocation function，Will reduce the bulk lots stock issue，To prevent its market encircling money blindly，And some small and medium-sized plate should be multiple and gem stocks。SuPeiKe pointed out that，This kind of structural adjustment is necessary。

　　王韧认为，应该多上那些新兴行业的新兴的公司，以及有成长性的公司。但现在的问题是，监管层往往对大盘股“开绿灯”，形成另外一种行政干预的因素。最理想的应该是完全市场化，好的东西得到高估值，差的公司得到低估值甚至低于净资产，有的差公司自然就不愿意上市了，这样，才能让市场结构慢慢合理化。

WangRen think，Should the emerging industry of emerging companies，And the growth of the company。But the question now is，Supervision layer are the bulk lots stock“Give the green light”，Form another administrative intervention factor。The most ideal should be fully market-oriented，Good things get high valuations，Bad company get low valuations even lower than net assets，Some bad company natural did not want to on the market，this，To let the market structure slowly rationalization。