【译】商业计划.doc

3.2 金融机构发展战略、业务模式普遍趋同。各大银行在发展战略和业务模式上没有明显区别。农信社、城信社大多选择了市场化改革道路，向商业银行方向发展；只要基本条件具备，各家银行都以上市作为目标。金融机构间利率、费率的竞争，受到监管当局严格限制。普通金融服务和保障性金融服务没有有效区分，“穷人的银行业务”日益边缘化。在政策性银行业务方面，我国已确定了其商业化改革的道路，未来政策性业务的发展面临新的市场环境。3.2 The convergence of the development strategy and business model.There arent many differences between the development strategy and business model of different banks. Most of the Agricultural Credit Cooperatives and City Credit Cooperatives have chosen the reformation path of marketization, aiming at being commercial banks; As long as they have the basic premises, all the banks would target at going on the board. The interest rate and tariff competition among different organizations are under strict regulation of the regulatory authority. The normal finance service hasnt been effectively differentiated from supportable finance service yet, and the “poors banking service” has been peripherized with each passing day. As for the policy bank, our country has chosen its way of commercialization. In the near future, the policy business will face a brand new market environment.3.3 在金融市场结构中，货币市场中以银行间债券市场为主体，资本市场中以股票市场为主体，股票市场又以场内交易市场为主体。直接融资发展相对滞后，债券市场发展和财政、准财政关系密切。直接融资占比较低是银行主导型金融体系的重要特征，不仅如此，我国股票一级市场在规模和价格方面同时存在管制，价格和行为扭曲明显；二级市场投机气氛较为浓厚，市场大起大落，指数长期成长性低于经济增长率水平。债券市场方面，地方政府缺乏正规债务融资渠道，相当数量的企业债具有市政债券性质，隐含政府担保风险。3.3 The main part of currency market is bond market between different banks, while the main part of capital market is stock market .And the body of stock market is transaction on exchange. The development of direct financing is relatively lagged behind. Bond market has a close relationship with fiscal and quasi-fiscal. The low portion of direct finance is a main feature of bank-centered financial system. Whats more? The regulation exists simultaneously in the scale and price of primary market. And the distorting of price and act are very obvious. The speculated atmosphere in the secondary market is too strong. Theres upheaval in the market. The index growthiness always lowers than economic growth rate; local government doesnt have a complete regulation on financing channel. Quite a number of enterprises have the quality of municipal bonds which contains the government-guaranteed risk.3.4 货币市场、外汇市场、资本市场发育不全，存在价格扭曲。作为货币市场基准利率对货币政策和汇率的影响远未体现。始于2005年7月的人民币汇率形成机制，已历时5年，至今仍有缺陷外汇交易市场的发展还处于初级阶段，发行审批和询价制度的不健全导致新股上市高溢价和高市盈率的不断出现。3.4 The undergrowth and price distortion of capital market, money market and international exchange market. The benchmark interest rate hasnt shown its influence over money market. The RMB rate mechanism was formed since June.2005. It has been five years, nevertheless the international exchange market still on its elementary stage. The distemperedness on issue, approval and inquiry system lead to the recurrence of high premium and earning ratio. 3.5 垂直集中领导的分业经营、分业监管模式，面临新的挑战。“一行三会”严格分业监管模式的监管效率存在降低趋势，监管真空和重复监管同时存在。分业监管模式无力对境外混业的外资金融机构开展有效监管。人民银行作为最后贷款人，与其在现有监管体系中的地位和作用不相符合，金融稳定、金融发展、货币政策传导之间存在内在冲突。地方金融监管作为派出机构，不承担区域金融发展责任，金融监管和地方金融发展有所脱节。3.5 New challenges of Separate Operation and Supervision Segregation mode under vertical concentration. The supervision efficiency of “One bank and three commissions” has seen a falling down. And the vacuum supervision and repeat supervision are coexisted with each other. The Supervision Segregation can not apply to foreign capital financial institutions effectively. The Peoples Bank, as the lender of last resort, is not worth of its name. There are conflicts between financial stability, financial development and the carry on of Monetary Policy. Local financial Supervision, as the sending-out agency, can not shoulder the responsibility of financial development. There is a gap between financial supervision and local financial development.4、我国金融结构问题阐述改革开放以来，尽管金融结构发生了巨大的变化，但仍然存在很多问题，使金融结构演进中促进金融发展和提升金融功能与效率的作用没有体现出来，还带来诸多不利影响。金融结构中比较突出的问题有:4、Problems of Chinas financial structureSince reform and opening-up, a lot changes has been taken place in financial structure, yet there are still many problems. The financial structure revolutions influence over financial development, function and efficiency hasnt been shown. Contrarily, it brings about many unfavorable influences. Some of the prominent problems are:4.1 我国金融结构的变迁仍带有较强的计划经济色彩和人为设计的痕迹，多元化结构的形成不是由各经济主体的内在需求决定，而是由政府主导(其中不乏为便利政府有效筹集资金，进行经济增长计划的实施，或是为了达到某种改革效果的强制性设置)，甚或由行政安排的，更多关注的是形式化的改变和简单化的建设，这种自上而下的结构变迁一旦不能遵循市场经济发展的内在要求，必然大大削弱多元化结构演进中的效能发挥。4.1 The variations of Chinas financial structure still have a strong color of planned economy and artificial work. Its multi-faceted structure wasnt decided by the inner needs of economy entity, instead, it was decided by the government (theres no lack of examples of the measurements take in the conveniences of the government so as to achieve the goal of economic growth.) This kind of top-to-bottom structure would not bring into full play if it can not go to the spot.4.2 金融结构与企业结构不对称。由于国有商业银行的垄断地位和经营特性，制约着为中小企业及民营企业提供及时、灵活、有效的金融服务，使得广大中小企业在金融资产总量中的比重偏低，与其在全社会工业产值中构成的比例严重不相称。同时也限制了中小企业的进一步发展。4.2 Asymmetry in financial structure and enterprises structure. Since the nationalized commercial bank enjoy the monopoly position, it hinders the medium and small size companies from offering high effect service. These finally lower the portion of medium and small size companies in financial capital. As a result, the developments of medium and small size companies are impeded.4.3 农村金融极为落后，成为整个金融体系中最薄弱的环节。中国是一个农业大国，解决农业、农村、农民这一“三农”问题成为构建社会主义和谐社会最为关键的环节之一。但客观地说，随着改革的深入，农村和城市相比不仅占有金融资源的差距不断趋于扩大，大量的农村金融服务无法得到满足，已经成为制约农村经济发展最为重要的制度约束之一。4.3 Rural financial become the weakest link of the whole financial system. China as a great power in agriculture, has many problems with rural economy, rural development and rural demography ,which are the key problems we have to deal with when developing a harmonious society. Objectively speaking, with the reform deepening, the finance resource gap between rural and city is widening. Large amount of rural finance can not be satisfied, which eventually restrict the development of rural economy.4.4 当前金融结构中区域结构不合理，不利于区域经济的均衡发展、不利于城市、农村经济的协调发展。金融机构和有形金融市场多分布在城市，且集中在东部地区，中、西部尤其是农村地区设置较少，金融产业在区域经济、城乡经济的协调发展中没有发挥其应有的作用。4.4 The unreasonable structure of the present finance went against the harmonious development of regional economy. Most of the finance organizations and finance markets distribute in city, especially the east area, while less in mid-east and rural area. Finance industry doesnt play its part in the development of regional economies and urban and rural economies.4、5在这样一种金融市场结构约束下，再加上国有金融机构对非国有经济融资的歧视以及资金价格的扭曲等金融压抑措施，在改革开放过去的30年间，中国经济增长模式以及产业结构事实上处于一种自我强化状况，导致总体上看，尽管中国建立了较为完善的工业体系（尤其是依托中国资源禀赋的制造业体系），但技术向市场的转化或产业化在中国依然非常困难，诸多民营经济只能依靠廉价的劳动力资源和国内相对扭曲的能源等价格，介入进入门槛相对较低的加工行业，产业结构长期处于较为低级的状况，在国际分工格局中处于一种极不合理的状态。4.5 Under the influence of such a kind of financial market structure, the discrimination of national owned finance institutions and the financial repressions such as price distortion, chinas economy growth mode is a process of self reinforcement in the past 30years. In general, china has a relatively complete industry mechanism (especially its manufacturers based on its abundant resources). Nevertheless, its still very difficult to shift from technology to market. Most o f the private economy can only make profit out of the cheap labor resources and distorted prices. Its industrial structure still lies in a low level and it still has an irrelevant status in the international division of labour.债券市场中的发行控制更加严厉，长期处于“多头管理、市场分割、低效运行”的状态，如财政部管理国债发行；发改委握有企业债发行的审批权；央行负责金融债、短期融资券、中期票据的发行；银监会负责金融次级债、混合资本债及资产证券化品种在银行间债券市场的发行；证监会负责审批以公司债名义发行的企业债和在交易所发行的资产证券化品种。这种过度的限制与分割导致我国直接融资和间接融资比例的严重失衡。Remain so far a long time with the situation of “multihead management, market segmentation and fall-back”, the issue control of bond market has been much stricter than before. E.g. Ministry of Finance is in charge of the public debt; SDRC wins the authority to examine and approve lower levels of corporate bonds; Central Bank deals with the issue of financial bond, short- term financing bond and Medium Term Note; China Banking Regulatory Commission is responsible for junior bonds and asset securitization; SFC is count for the types of different asset securitization in the name of company. This kind of over-do leads to the severe unbalance between chinas direct and indirect finances.6、优化我国金融结构的路径选择综上所述，我国的金融是大而不够强。金融业不仅要做大，更要做强，以强为支点，突出强的作用。“十二五”时期的金融改革与发展，不仅对我国应对国际金融危机冲击，健全金融体系自身十分重要，也对我国经济转型和赶超发展关系重大，影响深远。从全局和战略高度来认识和设计“十二五”时期的金融改革与发展，是推动经济发展方式转变和经济结构战略性调整的战略需要。那么，怎样才能做强我国的金融业，实现建立金融强国的战略目标呢？关键是要以科学发展观为指导，实施经营模式、增长方式和经营结构的战略转型，实现经营模式由规模扩张为主向以质量效益为主转变，提升我国金融业的核心竞争力和金融服务水平。建立金融强国是一项复杂而艰巨的系统工程，需要做多方面的努力。笔者认为，基本思路可以概括为“一个目标、两个方向、三大转变”。6、Optimizing the route choices for Chinas financial structure.To sum up, China is a country with large but not strong finance market. However, the finance market should not only be large but also strong. Furthermore, it should take strong standing point and give prominence to its effect. During the twelfth five-year plan, the reformation and development of finance should not only cope with the international finical crisis, but also focusing on improving the system itself. This counts much for the economic transition of chinas finance system. It is the inner needs of the Strategic Adjustment of Economic Structure for us to take a strategic view. Then how to enlarge and enhance the finance industry and how to make china powerful through finance? The key is to change the management structure, management pattern and growth pattern under the direction of the Scientific Concept of Development. And enlarge the scale by improving quality so as to improve the core competency and service level. Its a huge systemic project to build a strong country of finance. In authors opinion, the basic strategy can be concluded as “One goal, two direction and three changes.”6.1 一个目标金融改革要以经济为本金融是现代经济的核心。加快金融改革与开放可以促进经济发展，但如果处理不好，同样会给国内经济稳定带来冲击。因此，把握金融发展的首要原则，不能为自身的开放而开放，也不能为自身的改革而改革。即在具体工作中，不宜脱离经济发展需求，对金融改革开放设定独立的具体目标。在国际上，发展金融业，确实既可以主要为实体经济服务，也可以相对独立发展，并构成GDP增长的重要来源。但是，对于持续高增长的发展中大国中国而言，实体经济仍是决定中国经济长远发展的基础。由此，笔者认为，即使在强调当前中国金融总体发展不足或“滞后”的阶段，也应尽力避免单纯为了追赶世界其他金融中心城市，或世界上“现代金融”中最新金融产品和技术，不顾实体经济的需求，进行简单的模仿与照搬。例如，在贷款行政控制仍艰难实行的阶段，不讲条件地去加快推进某些高杠杆性产品等。6.1 One goal-The reformation of finance should based on economyFinance is the centre of modern economy. We can promote the economy by speeding up the finance reforming. Yet if its not reasonable to deal with, it can bring about bad effect to the stability of economy. Therefore the principle is not to open for opens sake and not to reform for reforms sake. That is to say, we cannot deviant from the needs of economic works .International speaking; finance industry can not only on the service of the real economy, but also develop independently and can be the main source of GDP growth. However, as for the rapid and continuous developing country-China, the real economy is still the basic element which decides the long-term development of China. Here from, I think China should avoid chasing after other financial centre cities while still under slow or inadequate development. Regardless of the needs of real economy with simple imitation, administrative loan control is not advisable.6.2 两个方向充分市场化和监管有效化 6.2.1充分市场化要实现国内金融的充分市场化，核心是必须放松国内现存的各种金融管制。严格区分金融监管与“保姆式”管理，妥善处置加强监管和鼓励创新的关系。一是要加快和完善国内各方面的制度改革，实现金融机构、金融产品（股票、债券等传统工具及各种理财产品）的市场化进入和退出，重新审视和取消不必要的行政审批制度，包括金融机构和金融产品能依合法的市场规则较自由地准入；二是实现资金和风险的市场定价，基本确立多层次的资本市场框架，包括统一的债券市场、主板、二板、创业板框架，逐步降低银行存贷业务在我国融资体系中的相对重要性。同时在不引起市场重大波动的情况下，逐渐推动利率的市场化。三是逐步完善、统一金融市场，消除现有的市场分割，提高整体市场效率。四是建立灵活多样、适合中国广阔市场特征的中小企业融资体系。五是完善政策性性金融与市场性金融在机构、业务政策等方面的制度建设，中西部地区、“三农”、县域经济、中小企业以及教育、医疗卫生、中低收入者住房等民生领域长期得不到充分的融资支持。从根本上说，金融与经济社会发展不协调，都可以从市场、信用、制度的空白、缺损和落后中找到症结。解决这些问题，需要金融部门通过推进市场、信用和制度建设，探索市场化、商业化、可持续的支持模式切实承担社会责任，加大对其融资支持力度。6.2 Two directions-fully marketization and effective market supervision6.2.1 Bring marketization into full playThe gist to bring marketization into full play is to unfasten the existing financial regulations, distinguish the financial supervision from nanny-state management and handle the relationship of enhanced supervision and encouraged innovation. Firstly, we should speed up the construction of all kinds of system reformation and marketize financial institution and products (e.g. stock share，bond and other financing products); secondly, we should finish the pricing of fund and risk, and establish the multi-layer capital market structure framework, including bond market, main board, second board and Carve-out Board Market. And gradually lower the importance of deposit and loan in our financing system. Meanwhile, we should promote the marketization of interest rate without causing the fluctuation; Thirdly, we should perfect and integrate the finance market, eliminate market segmentation ,improve the efficiency as a whole; Fourthly, we should build up a diversified financing system for medium and small enterprises; Fifth, we should perfect the system building of policy finance and market finance in the livelihood issues of Mideast, and solve the problems with rural economy, rural development and rural demography, county economy，medium and small enterprises，education，health and medical，middle and low income group housing program. Essentially speaking, the absent, impairment and backward of a system count much for the incompatibility between finance and economic society. The way to solve those problems is to promote martketization and commercialization, build the market, credit and regulation and find a sustainable way to support and develop. 6.2.2、监管有效化 （完善金融创新机制，强化金融监管力度） 金融监管与金融创新是现代金融发展的两大永恒主题，但又是一对矛盾。金融监管刺激金融创新产生，又在不断调整中促使更进一步的金融创新。金融监管与金融创新矛盾对立，形成了“监管创新再监管再创新”的良性动态循环博弈发展过程。07年的金融危机在一定程度、一定层面上源于金融的过度创新和金融监管过度宽松的共同作用。“十二五”期间我们必须正确地处理金融监管和金融创新的关系，才能使我国金融业的发展更好地适应和促进经济增长方式的转变。随着经济金融全球化进程的加快，银行、证券、保险监管部门应积极探索彼此合作的协调机制和监管模式，进一步完善三者之间有效的政策协调和信息共享机制，加强信息交流，规范和健全金融机构财务信息披露制度，使监管体系、模式、手段不断完善。同时将由侧重于外部监管模式向既重视内部监管，也重视外部监管模式转变。6.2.2 Effective Banking SupervisionFinancial regulation and financial innovation are two of the timeless theme of the modern finance development. Nevertheless they are contradicted with each other at the same time. Financial regulation stimulates and improves financial innovation. They are conflicted with each other and formed a virtuous circle of “supervision-innovation-re-supervisionre-innovation”. The international crisis in 1997 is a production of over-innovation and over-flexible supervision in a sense. During the twelfth five year plan, we should better the relationship between finance supervision and financial innovation so as to adapt to the change of economy growth mode. Along with the quickened pace of economic globalization, bank, stock market and insurance supervision departments, we should explore a effective coordinating system and regulation mode in order to perfect the coordination and information share system among them. By enhancing the information communication, establishing a complete and standard financial information disclosure system, we can constantly improve the supervision system, mode and means. Meanwhile we should shift from external supervision to internal supervision.6.3 金融创新的内涵表现6.3.1金融产品创新 金融产品、衍生品创新是银行金融创新的核心，对银行增加收入、赢得市场、扩大利润和积累资本具有非常明显的影响。我国银行应加强对知识和技术含量较高的投资银行、资产管理、衍生产品等中间业务、表外业务的研究和开发；要把银行信用和企业信用有机结合起来，利用银行信用创造效益；加强银行同业之间和银行与证券、保险、信托、基金、租赁、财务公司等金融机构的合作，共同研发新的金融产品，满足客户多样化需要；尽快建立强大的后台信息技术体系，提高银行业务电子化处理能力，运用科技创新的一切成果支持商业银行的产品和业务创新。 6.3 The connotation of financial innovation.6.3.1 Product innovationFinance product and derives are the core of product innovation. It has great effect on increasing income, winning the market, pushing the market and accumulating capital. China should emphasize the survey on high technology intermediary service and off-balance sheet activities (OBSA) such as investment bank, assets management and derivatives; and we should combine the bank credit and enterprises credit, so as to make profit out of banking credit; we should enhance the cooperation among different finance institutions such as securities, insurance, trust, fund, tenantry and finance company, and create new products in order to meet diversified needs of clients; Furthermore we should build up backstage information technology and improve the electron ability to deal with different stuffs.6.3.2金融管理创新 金融管理创新包括5项具体内容：战略决策创新，即银行在发展的前瞻性和战略决策上体现出来的创新思维；制度安排创新。制度安排是经济主体之间进行合作的一种方式和机制，制度安排创新通过优化这种方式和机制提升整体管理效率。机构设置创新，即运用组织机构调整的方式实现创新目标，目前主要体现出两个发展方向，一个是从“部门银行”向“流程银行”的转变，另一个是通过减少行政管理层次、裁减冗余人员建立一种紧凑、干练的扁平化组织结构；人员准备创新，即培养、吸引并留住优秀人才，通过创新的方式培训现有人才、提升现有人才素质，使人力资源价值得到充分发挥；管理模式创新，即通过审视管理原则、丰富管理方法，实现银行管理流程的优化，主要包括项目管理、绩效评估、内部协调等方面的工作。 6.3.2 Finance Management innovationManagement innovation includes five items: strategic decision innovation-the innovating thought in strategy decision; institutional arrangement innovation. Institutional arrangement is a kind of cooperation mechanism between different economic subjects so as to improve the efficiency; innovation of establishment of institution -achieve the innovation goal through organizational adjustment. There are two directions so far, one is the shift from department bank to process bank, and the other is the simplification of administrative procedure and redundant people. In this way we can build a compact and flat organization; personnel preparing innovation-that is cultivating and attracting talented people in order to bring the human resources into full play; innovation of management mode-that is optimizing the management procedure through check the management principles and complete the management means such as project management, performance evaluation and internal coordination.6.3.3金融服务创新 银行产品天然具有同质性强的特点，银行单靠“有形产品”很难取得竞争优势，被称为“无形产品”的金融服务必将成为各家商业银行竞争的焦点。从一定意义上讲