中国资本市场是一个非常年轻的市场，如果从1990年两家证券交易所起算，还不到30年时间。但基于中国庞大的经济体量，已经发展成为全球第二大的市场。虽然体量巨大，但从发展阶段看，中国资本市场还处在比较初级的时期，无论是发行的定价、上市公司的行为、金融工具多样化，还是投资者成熟度、交易行为、监管政策等方面都显示出其新兴市场的特点。近几年中国资本市场所发生的诸多事件，这些不断出现的新问题一直挑动着监管者的神经，也是监管者从未碰到过的复杂问题。这些问题之中，也包括资本市场开放可以更好帮助中国经济的发展还是带来灾难的争论。中国资本市场的监管者目前至少碰到下列棘手的问题：

China’s capital market, with a short history of less than 30 years counting from the establishment of the two stock exchanges in 1990, is extremely young. Benefiting from China’s huge economic volume, this young market has become the second largest in the world. However, from the perspective of development phases, China’s capital market is still at an early stage despite of its huge volume. Every characteristics, whether the issuing price, the behavior of listed companies, diversification of financial instruments, or investors' maturity, trading behavior, regulatory policies, has indicated China being an emerging market. In recent years, the emergence of several incidences in China’s capital markets, many of which are complex issues that have never been met before, has been provoking regulators’ nerves. Among all the issues indicated above, the question of whether the opening-up of capital market can benefit or destroy China’s economy, has aroused broad controversy. The authority has at least encountered with thorny problems as follow.

一、如何掌握市场中出现的高杠杆等可能产生系统性风险的状况并及时有效进行应对。2015年股票市场的崩盘和2016年底债券市场的波动很大程度上是高杠杆引起的系统性风险。监管者在股灾中所采取的熔断等应对措施被证明是失败的，而政府的救市资金所买入的股票至今还没有确定的处置方案，而被市场交易者看做博弈的对手。

1. How to acknowledge the situations in the market that may cause systematic risks such as high leverages and make effectual countermeasures in response.

The stock market crash in 2015 and the volatility of the bond market at the end of 2016 were basically systematic risks caused by high leverage. Countermeasures taken by the regulators in the market crash, such as Circuit Breaker, has been proved failed, while the stocks purchased by government’s bailout funds has been regarded as the game opponent due to the lack of disposal scheme.

二、如何安全地推出金融衍生品种并进行有效监管。2015年股票市场的崩盘，股指期货这一推出不久的衍生品被视为为市场的下跌推波助澜,而一些境外机构被认为采取了逃避监管的手段利用股指期货对中国股市进行做空而获利，迫使监管机构几乎停止了股指期货的交易。

2、How to launch financial derivatives and take effective supervision.

During the stock crash in 2015, the stock index futures, as a newly launched product, was regarded as a booster of the market falling. Meanwhile, a few foreign institutions were believed to escape regulation illegally and to take advantage of stock index futures for short-selling, forcing the regulators almost stopped the trading of this specific products.

三、如何监管资产管理行业的问题。过去几年资产管理行业的混乱状况积累了很大的风险隐患，报价式理财产品、理财型万能险、不规范的各类私募基金、信托产品等等发展成为一个巨大的影子银行体系，如果不能迅速消除，非常可能引起金融市场的瀑布效应。银行、证券、保险行业的监管机构已经采取了比较严厉的措施限制和清理影子银行的资管产品，以防止资金在金融系统内空转和出现系统性金融风险。但从长期来看，不同的政府部门对如何对资产管理行业进行统一监管还在协调之中。

3、How to supervise the asset management industry.

Over the past few years, the chaos in the asset management industry has accumulated many hidden risks. A huge shadow banking system has been built by certain financial products, universal insurance, irregular private equity funds, trust products, etc. If the risks cannot be eliminated soon, a waterfall effect in financial markets may follow. Regulators in the banking, securities, and insurance sectors have taken relatively stringent measures to limit and clean up asset management products of shadow banking, to prevent idle funds and systematic financial risks. However, in the long term, different authorities seem not to have reached consensus on how to conduct unified supervision of the asset management industry.

四、公司法和公司治理的问题。2016年中国资本市场上发生的以“宝能和万科”事件为代表保险公司收购上市公司行为，产生了巨大的影响和争议。监管部门容忍了比较长的时间以及事件以戏剧化的方式解决，说明中国资本市场在公司法等资本市场法律和规则方面不但缺少理论的支持，而且没有可以参考的实践经验。例如在涉及到股东、董事、经理层的权利义务等公司治理的一系列问题无法在现有的法律上寻找答案。而在对这一事件的关注中，一些法律学者发现美国的特拉华州公司法及其司法案例似乎对解决这些问题很有启发。

4、The problems on corporate law and corporate governance.

Represented by BAONENG and VANKE case, the issue that the insurance company acquires the listed company aroused a huge impact and controversy. This case ended in a dramatic way after a long time silence of regulators, which indicated that the China’s capital market is lack of not only theoretical support in legal schemes, but also practical experience and pedants thereof.  For example, a series of questions regarding the rights and obligations of shareholders, directors and managements may not be able to find corresponding solutions in existing laws.  However, during the discussion of this case, some scholars found that the Delaware corporate law and its judicial cases seems to be enlightening in regard.

五、如何培育成熟的长期投资者问题。中国股票市场非理性行为比较突出，无论是个人还是机构，普遍偏好短期的资本利得，散户化的投机行为严重，造成市场的波动剧烈。如何改善市场生态，让长期资本进入市场，改变投资者的行为方式，也是监管者非常关注的问题。而在如何鼓励养老金等长期资金进入市场方面，美国有着很好的经验。

5、How to cultivate long-term investors.

The irrational behavior of Chinese stock market seems prominent. The preference of short-term capital gains and retail speculation may bring out serious market volatility. Thus, how to improve the market ecology and how to change the investors’ behavior, are questions concerned by Chinese regulators. As a contrast, the United States’s experience in encouraging long-term capital such as pensions to enter into the market may provide some insights to Chinese authorities.

六、如何发展直接融资，解决融资风险集中于政府财政和银行体系的问题。近几年中国货币及信贷增长速度使依靠国有银行信贷和更大财政投入的投资模式不可长期持续，投资风险集中于国有银行体系和地方政府财政赤字压力越来越大。如何通过资本市场缓解这些压力，更多利用资本市场直接融资功能解决资金困局，转移和分散风险，也是中国政府十分关注和需要的。有关部门正在探索在资本市场发展资产支持证券（ABS）、不动产基金（Reits）等金融工具帮助解决这些问题。在美国资本市场，这些金融工具已经发展了几十年，也有比较成熟的法律制度和规则，美国的经验也可能是教训可以帮助中国的监管者有效的发展这一市场。

6. How to develop direct financing, and to solve the problem of the concentration of financing risks laying on the fiscal and banking system.

In recent years, the rapid increasing of China’s monetary supply and credit issues discontinued the investment models that relying on state-owned banks’ credit loans and fiscal investments in long-terms, leading to heavier pressures and more risks on state-owned banking system and local governments’ fiscal deficit. The problem of how to utilize the direct financing functions of capital markets to relieve the pressures thereofand to transfer and disperse the financing risks, requires highly attentions from Chinese government. Therefore, ministries and commissions are actively exploring possible financial instruments, such as asset-backed securities (ABS) and REITs, to solve these problems. As these financial instruments has developed decades in United States’ capital markets and has developed a mature legal systems, these experiences may give the Chinese regulators some insights in regard.

此外，还有不少的技术层面的法律和监管问题也是中国监管者十分关心的，例如庞大的货币基金的监管、信托计划作为上市公司的股东及权利行使的问题。

Furthermore, many specific legal and regulatory issues as well are concerned by the Chinese regulators in practice, such as the severe monetary fund supervision, problems of trust plans acting as shareholders of listed companies and executing rights.

中国资本市场的开放之路并不平坦，会受到内部和外部的各种因素影响，而中国的政策制定者更希望了解资本市场的开放能够给国内市场带来什么，资金的需求已经不是最重要的了，而是制度、管理和技术。本世纪初中国银行业引入海外战略投资者给中国的银行带来更国际化的管理，QFII的开放使中国的投资者特别是机构投资者更重视基本面的研究和价值投资，合资基金管理公司的设立使基金行业的产品和运作和国际更加接轨。开放的时机也很重要，中国QDII的推出并不顺利，境内的投资者没有看到海外市场的收益，而是碰到了金融危机的飓风。而近两年，对外汇流失的担心又使QDII等资本流出的额度被收紧。

The process of opening-up is tortuous, and may affected by various internal and external factors. China’s policy maker is eager to understand what the openness of capital markets could bring to the Chinese economy, brightness or catastrophe. Schemes, regulations, managements and techniques are of more importance comparing with capital needs. At the beginning of the 21-century, China’s banking industry introduced overseas strategic investors to embrace the international management techniques, the induction of QFII encouraged Chinese investors, especially institutional investors to appreciate fundamental researches and the value investment, and the establishment of joint mutual funds prompt the asset management products and operations to meet international standards. Certainly, the timing of leading forward openness is quite critical. Comparing with QFII， the launch of the QDII system was not smooth. Not only were domestic investors unable to see the profits of overseas market, but also crushed into financial crisis. Recently, the concerns for the loss of foreign currencies let the government lifted QDII’s capital outflow limits.

目前的状况，中国政府对外资进入国内资本市场是十分欢迎的，而外资主要基于对人民币贬值以及经济增速的担心，仍处于观望状态。中国外汇管理部门放开了对QFII、RQFII的很多限制，但是QFII、RQFII的额度仍然剩余很多，与QDII额度难求的情况如同冰火。按照投资界“贪婪与恐惧”的准则，这是一个进入中国市场的好时机。

At current, foreign capital, though welcomed by Chinese regulators, remains concerns about the devaluation of RMB and the uncertainty of China’s economic growth. China’s foreign exchange administrations has revoked many restrictions on QFII and RQFII, yet the quote is far from fulfilling. Thus, it may be the time to enter the Chinese market due to the "greed and fear" criteria circulating in the investment community.

从长期来看，如果要求中国资本市场的更大开放，最需要的是对中国金融监管改革的帮助。中国资本市场是典型的监管驱动市场，在市场创新与开放方面，监管机构有着最大的决定权，监管机构不仅仅是市场的监管者，还是市场的建设者。中国的金融监管体系近几年碰到很大的挑战，最高决策层正在考虑对金融监管做出重大的改革，具体方案尚不知晓。但无论如何，中国监管者需要在资本市场的法律制度、市场规则、监管行为等方面的帮助，以使国内市场更加成熟和有序。在这方面，共同基金行业的发展是一个好的例子。共同基金是上个世纪90年代后期，中国监管者为培育机构投资者而发起和推动的，一开始就得到了很多国际上的帮助，监管机构曾经派出监管人员在海外接受培训，并研究了多个成熟市场国家的共同基金立法和监管，而后制定的《证券投资基金法》及监管规则遵循了国际的标准，信托责任、托管制度、信息披露、关联交易管制以及投资者权益的保护使这个行业产生19年来没有出现大的风险，而成为一个9万亿人民币规模的产业。海外金融机构通过合资基金公司以及投资顾问方面的合作，也获取了很好的收益。未来，基金互认以及外资全资资产管理公司也有非常大的市场想象空间。

To seek for further opening-up of China’s capital market, most of all, is to provide extra assistance to the financial regulatory reforms in the long term. China is a typical regulatory-driven market, thus the authority is the decision-maker in regard of innovation and opening-up. The authorities are not only regulators, but also designers and builders. China’s financial regulatory system has encountered great challenges in recent years, and significant reforms of financial regulation has been considered though the plan is not yet known. But in any case, China’s regulators may require extra assistance in every aspect, including legal systems, market regulations and supervision actions, to construct a mature and orderly market. In this regard, the development of mutual funds serves as a good example. To nurture institutional investors, Chinese regulators initiated and promoted mutual funds in the late 90s with assistance from abroad since beginning. CSRC has sent highly capable personnel overseas for training and researching law and regulation, and the Securities Investment Fund Law and all the regulations thereafter have been complying with the international standards. The fiduciary duties, trusteeship system, information disclosure, control of affiliated transactions and the protection of investors’ rights and interests set up in the regulations the above have protected mutual funds from significant risks’ occurrence in the past 19 years, and become an industry with a scale of RMB 9 trillion. Many overseas financial institutions have get good benefits through their JVs and investment advice business. In future, mutual fund Multi-recognition and foreign owned Asset Management Co also has a very large market imagination.

总的来说，如果海外资本和机构是一个“套利者”或者“掠夺者”的形象，利用中国市场和监管者的不成熟进行“打劫”，留下“一地鸡毛”后让监管者来收拾残局，那紧张和恐惧一定会让开放的门越来越小。监管者希望能够得到帮助来解决碰到的难题，建立起让其放心的市场法律体系和监管规则，使他们更有信心预期到更加开放的结果是一个稳定有序的市场，中国资本市场才会更开放。

Overall, if foreign capital and institutions were deemed to act as an Arbitrageur or Predator, taking advantage of the immatureness of China’s market and regulation, the tension and fear may reduce even abrogate the openness. The Chinese authorities may need further assistance to encounter with the complex issues, to set policies and legislations, and to build up confidence to expect for a stable and orderly market. China’s capital market will embrace further opening-up only if the regulators are assured of the positive consequence.

（作者：国泰基金管理公司副总经理 陈星德 法学博士）

(Sam CHEN，J.D.， Vice CEO of Guotai AMC)