【访谈】王建军：如何建设以投资者为本的资本市场？

1月24日，证监会副主席王建军接受媒体采访，就资本市场“重融资轻投资”的争论、如何建设以投资者为本的资本市场、如何在监管执法上体现以投资者为本的理念等问题作出回应。

王建军表示，建设以投资者为本的资本市场，证监会将进一步完善上市公司质量评价标准，突出回报要求，大力推进上市公司通过回购注销、加大分红等方式，更好回报投资者。要求保荐机构突出对其保荐公司的质量考核特别是对投资者回报的考核，不能把没有长期回报的公司带到市场上来。全面评估发行定价、询价等机制，支持更多投资者参与，增强投资者获得感。

Q：近期股市出现波动，投资者对于资本市场“重融资轻投资”的争论较多，请问您对此有何看法？

王建军表示，这段时间以来，资本市场震荡走弱、波动加大，不少投资者深感忧虑，提出意见建议，我们认真倾听，感同身受。我们深知，只有广大投资者有实实在在的获得感，资本市场平稳健康发展才能有牢固的根基，从而真正实现稳市场、稳信心。

习近平总书记明确要求中国特色金融发展之路要坚持以人民为中心的价值取向。党中央、国务院高度重视资本市场平稳健康发展。1月22日，国务院常务会议专门听取了资本市场运行情况及工作考虑的汇报，作出一系列部署，证监会正在抓紧落实推进。

保护投资者特别是中小投资者的合法权益是证监会的法定职责，也是我们工作的重中之重，是监管工作政治性、人民性的直接体现。目前，我国股市有2.2亿投资者，基金投资者更多，这是我国资本市场最大的市情，也是我们巨大的优势。从历史看，我国资本市场建立之初，广大中小投资者就是最主要的参与者。可以说，没有亿万中小投资者的积极参与，就没有资本市场30多年的发展，他们是市场的功臣。保护好广大投资者是我们巨大的责任。从现实看，股市已经成为居民配置资产的重要渠道，市场波动直接关系老百姓的“钱袋子”。相比机构投资者，个人投资者尤其是中小投资者，在信息、资金、工具运用等方面存在劣势，更容易受到财务造假、欺诈发行、操纵市场等违法违规行为的侵害。这要求我们牢固树立以投资者为本的理念，始终把保护投资者特别是中小投资者合法权益作为工作的重中之重。这些年，我们一直在努力，但落实中还有不到位的地方，距离大家的期待还有差距。

市场投资和融资是一体两面。我们将更加突出以投资者为本，本就是根，根深才能木茂。只有把投资者保护好了，市场繁荣发展才有根基。我们将把这一理念贯穿到市场制度设计、监管执法各方面全流程，加快完善投资者保护的制度机制，全力营造公开公平公正的市场秩序和法治环境，让投资者切实批企业、助力一个行业，真心实意为民营企业和民营企业家排忧解难。

Q：建设以投资者为本的资本市场，在制度设计上如何体现？

王建军表示，建设以投资者为本的资本市场，要在制度机制设计上更加体现投资者优先，让广大投资者有回报、有获得感。

一是大力提升上市公司质量。上市公司质量突出体现在给投资者的回报上。上市公司要牢固树立回报股东意识，没有合理的回报就不是合格的上市公司。投资者买股票是要回报的，股市的长期回报要能高于存款、债券的收益，才是更加可持续的。我们将进一步完善上市公司质量评价标准，突出回报要求，大力推进上市公司通过回购注销、加大分红等方式，更好回报投资者。支持上市公司注入优质资产、市场化并购重组，激发经营活力。巩固深化常态化退市机制，对重大违法和没有投资价值的公司“应退尽退”，加速优胜劣汰。

二是回报投资者要发挥证券基金机构的作用。我们将健全保荐机构评价机制，突出对其保荐公司的质量考核特别是对投资者回报的考核，不能把没有长期回报的公司带到市场上来。我们将完善基金产品注册、投研能力评价等制度安排，引导投资机构转变“重销售轻服务”的观念，增强专业管理能力，加大产品和服务创新，更好满足投资者财富管理需求。

三是梳理完善基础制度安排。全面评估发行定价、询价等机制，支持更多投资者参与，增强投资者获得感。把公平性放在更加突出位置，健全适合国情市情的量化交易监管制度，优化完善减持、融券、转融通等制度规则。

Q：以投资者为本的理念在监管执法上将如何体现？

王建军表示，建设以投资者为本的资本市场，必须依法全面加强监管，特别是加强对上市公司的监管。上市公司是我国经济的骨干力量，目前总体情况是好的。但有的上市公司诚信意识不强，上市目的不纯，缺乏公众公司姓“公”的基本认知，侵害投资者利益的事时有发生，严重影响投资者信心。我们将坚守监管主责主业，落实好金融监管要“长牙带刺”、有棱有角的要求，加快完善更加严格的资本市场监管执法体系，增强监管穿透力。特别是进一步健全资本市场防假打假制度机制，保持“零容忍”高压态势。对于欺诈发行等严重损害投资者利益的违法行为，坚决重拳打击，让其“倾家荡产、牢底坐穿”。对参与造假的中介机构一体追责，让其痛到不敢再为。

坚持以投资者为本，本立而道生。保护好投资者，切实增强投资者的获得感，市场一定会走出短期的困扰，回归到稳定健康发展的道路上来。我们坚定相信，我国经济的前景是光明的，我国股市的前景是光明的。

翻译：

Wang Jianjun: How to build an investor-based capital market?

On January 24, Wang Jianjun, vice chairman of the China Securities Regulatory Commission, took an interview with the media to respond to the debate on the “heavy financing and light investment” in the capital market, how to build an investor-based capital market, and how to reflect the investor-based concept in regulatory law enforcement.

Wang Jianjun said that to build an investor-based capital market, the CSRC will further improve the quality evaluation standards of listed companies, highlight the return requirements, and vigorously promote listed companies to better return investors through buyback cancellation, increasing dividends and other ways. Requiring sponsors to highlight the quality assessment of their sponsored companies, especially the assessment of investor returns, cannot bring companies without long-term returns to the market. Comprehensively evaluate issuance pricing, inquiry and other mechanisms to support more investor participation and enhance investors’ sense of gain.

Q: There have been fluctuations in the stock market recently, and there have been many debates among investors about the capital market’s emphasis on financing over investment. What is your opinion on this?

Wang Jianjun said that since this period of time, the capital market has weakened and increased volatility, many investors are deeply worried and put forward opinions and suggestions, we listen carefully and feel empathy. We are well aware that only the majority of investors have a real sense of gain, the stable and healthy development of the capital market can have a solid foundation, so as to truly stabilize the market and stabilize confidence.

The CPC Central Committee and The State Council attach great importance to the steady and healthy development of the capital market. On January 22, the executive meeting of The State Council specifically listened to the report on the operation of the capital market and work considerations, made a series of deployments, and the CSRC is paying close attention to the implementation and promotion.

Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the statutory duty of the SFC and the top priority of our work, which is a direct reflection of the political and popular nature of regulatory work. At present, there are 220 million investors in China’s stock market, and more fund investors, which is the biggest situation in China’s capital market and our huge advantage. Historically, at the beginning of the establishment of China’s capital market, the majority of small and medium-sized investors are the most important participants. It can be said that without the active participation of hundreds of millions of small and medium-sized investors, there would be no development of the capital market for more than 30 years, and they are the market’s heroes. It is our great responsibility to protect investors. In reality, the stock market has become an important channel for residents to allocate assets, and market fluctuations are directly related to the “money bag” of ordinary people. Compared with institutional investors, individual investors, especially small and medium-sized investors, have disadvantages in information, capital, tool use, etc., and are more vulnerable to illegal acts such as financial fraud, fraudulent issuance, and market manipulation. This requires us to firmly establish an investor-based concept and always take protecting the legitimate rights and interests of investors, especially small and medium-sized investors, as our top priority. Over the years, we have been working hard, but the implementation is still not in place, and there is still a gap between everyone’s expectations.

Market investment and financing are two sides in one. We will be more prominent investor-based, this is the root, deep roots can Mu MAO. Only when investors are well protected can there be a foundation for market prosperity. We will integrate this concept into the whole process of market system design and regulatory law enforcement, accelerate the improvement of institutional mechanisms for investor protection, and strive to create an open, fair and just market order and legal environment, so that investors can effectively approve enterprises and help an industry, and sincerely help private enterprises and entrepreneurs solve their problems.

Q: How is the institutional design of building an investor-based capital market reflected?

Wang Jianjun said that the construction of an investor-based capital market should reflect the priority of investors in the design of the system and mechanism, so that the majority of investors have a return and a sense of gain.

First, we will vigorously improve the quality of listed companies. The quality of listed companies is prominently reflected in the returns to investors. Listed companies should firmly establish a sense of return to shareholders, no reasonable return is not qualified listed companies. Investors buy stocks to be rewarded, and the long-term return of the stock market must be higher than the return of deposits and bonds, which is more sustainable. We will further improve the quality evaluation standards of listed companies, highlight the return requirements, and vigorously promote listed companies to better return investors through buyback cancellation, increasing dividends and other ways. We will support listed companies in injecting quality assets and conducting market-based mergers, acquisitions and reorganizations to stimulate their business vitality. Consolidate and deepen the normal delisting mechanism, “should be withdrawn” for major illegal and no investment value of the company, and accelerate the survival of the fittest.

Second, return investors should play the role of securities fund institutions. We will improve the evaluation mechanism of sponsor institutions, highlight the quality assessment of the companies they sponsor, especially the assessment of investor returns, and cannot bring companies without long-term returns to the market. We will improve institutional arrangements such as fund product registration and investment research capability evaluation, guide investment institutions to change the concept of “emphasizing sales over service”, enhance professional management capabilities, increase product and service innovation, and better meet investors’ wealth management needs.

Third, we will review and improve the basic institutional arrangements. Comprehensively evaluate issuance pricing, inquiry and other mechanisms to support more investor participation and enhance investors’ sense of gain. We will put fairness in a more prominent position, improve the quantitative trading supervision system that is suitable for the national conditions of the market, and optimize and improve the institutional rules for reducing holdings, securities lending, and refinancing.

Q: How will the investor-based approach be reflected in regulatory enforcement?

Wang Jianjun said that to build an investor-based capital market, it is necessary to comprehensively strengthen supervision in accordance with the law, especially to strengthen supervision of listed companies. Listed companies are the backbone of our economy and the overall situation is good at present. However, some listed companies do not have a strong sense of integrity, the purpose of listing is not pure, the lack of the basic cognition of the public company name “public”, and the infringement of investors’ interests occur from time to time, seriously affecting investor confidence. We will adhere to the main responsibility of regulation, implement the requirements of “long teeth” and “sharp edges” in financial regulation, accelerate the improvement of a stricter capital market supervision and law enforcement system, and increase the regulatory penetration. In particular, we will further improve the anti-counterfeiting system and mechanism in the capital market and maintain a high-pressure situation of “zero tolerance”. For fraudulent issuance and other illegal acts that seriously damage the interests of investors, we will resolutely crack down on them, so that they can “lose everything and sit in prison.” The intermediary agencies involved in the fraud are held accountable, so that they are afraid to do it again.

Adhere to the investor-based, the establishment and Dao Sheng. Protect investors well, effectively enhance investors’ sense of gain, the market will certainly come out of short-term troubles, return to the road of stable and healthy development. We firmly believe that the future of our economy is bright and the future of our stock market is bright.

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