Wednesday, January 18, 2012

Attack on Volcker Rule Seen Exaggerating Cost of Disruption to Bond Market

Attack on Volcker Rule Seen Exaggerating Cost of Disruption to Bond Market

Q

That exaggerates the impact of the Volcker rule by assuming it would be as disruptive as the worst recession since World War II, said Senator Jeff Merkley, an Oregon Democrat involved in drafting the original law. Photographer: Bill Clark/CQ Roll Call 
Lobbyists for U.S. banks say a proposed ban on proprietary trading will cost companies and investors more than $350 billion. Some economists and fund managers say the claim is greatly exaggerated.
The impact of the so-called Volcker rule on markets and the economy is being debated at a congressional hearing today, a month before the Feb. 13 deadline for comments on a 298-page plan by regulators to implement the ban. The proposal, championed by former Federal Reserve Chairman Paul Volcker, 84, would constrain the largest banks from betting on investments that could produce big losses.
Lobbying groups, including the Securities Industry and Financial Markets Association, say the narrow definition of what’s allowed under the proposal will curtail the role of banks as market-makers, preventing them from purchasing securities clients want to sell without first finding a buyer. That would reduce liquidity and increase transaction costs for companies, according to an industry-funded study.
“Their fears are greatly exaggerated,” said Simon Johnson, an economics professor at the Massachusetts Institute of Technology scheduled to testify at the House Financial Services Committee hearing. “The industry’s claim ignores the fact that when the largest banks stop doing this kind of trading, somebody else will step in to do it. And we have to weigh those costs against the risk of banks blowing up.”

Lobbying Priority

The potential loss of revenue for banks has made pushing back against the Volcker rule a lobbying priority. Efforts by Sifma and other groups to modify the proposal come as lenders already are making less money buying and selling securities. Trading revenue at JPMorgan Chase & Co., the largest U.S. lender by assets, dropped 18 percent in the fourth quarter, the bank reported last week. Citigroup Inc. (C), the third-largest, posted a 10 percent decline yesterday.
The Volcker rule is scheduled to take effect in July, two years after passage of the Dodd-Frank Act, which incorporated the restrictions. While a final version of the regulation could be published within two to three months of the Feb. 13 deadline, there’s a chance details won’t be ironed out before the July deadline, regulators say.
Two studies of the Volcker rule’s impact on markets, commissioned by Sifma, conducted by consulting firm Oliver Wyman and published last month, don’t mention potential benefits. One report estimated that because investors won’t be able to sell bonds as easily as before, they will lose as much as $315 billion on the value of existing holdings. Borrowing costs for companies selling new debt would rise by $43 billion a year because buyers of debt would demand higher premiums for less- liquid assets, according to the study.

‘Lawyer and Psychiatrist’

The Oliver Wyman report bases its analysis on an academic study that looked at the loss of liquidity during the financial crisis. That exaggerates the impact of the Volcker rule by assuming it would be as disruptive as the worst recession since World War II, said Senator Jeff Merkley, an Oregon Democrat involved in drafting the original law.
“They relied on several faulty assumptions, including cherry-picking data points from the bottom of the financial crisis,” Merkley said in an e-mail.
Fed Governor Daniel Tarullo repeated the same sentiment during his testimony today, calling the Oliver Wyman study “analytic advocacy.”

‘Some Liquidity Impact’

“There might be some liquidity impact on the margins,” Tarullo said. The impact on markets remaining limited “depends on how well regulators do their job implementing the rule and the degree to how much non-regulated firms pick up where others leave it aside.”
Representative Barney Frank, the Massachusetts Democrat who led the Dodd-Frank legislation through the House in 2010 when he was chairman of the committee, questioned the regulators on whether they thought they were able to provide the correct guidelines for distinguishing between prop trading and market making. Tarullo and the others testifying at the hearing all answered affirmatively.
JPMorgan Chief Executive Officer Jamie Dimon, 55, said last week that while he supports the aim of the Volcker rule to prevent excessive risk-taking, regulators have written their proposal too narrowly.
“If you want to be trading, you have to have a lawyer and a psychiatrist sitting next to you determining what was your intent every time you did something,” Dimon said in an interview with CNBC on Jan. 9.

Defining Prop Trading

In their Oct. 11 proposal, the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Securities and Exchange Commission laid out guidelines for how to distinguish between permitted market- making and proprietary trading. The regulation allows banks to use capital to buy and hold securities temporarily in anticipation of finding a match for the trade later, while banning them from betting on asset prices without consideration of client demand.
Sifma and other lobbying groups say the burden of proving they’re not prop trading falls on the firm, which will raise compliance costs and discourage buying and selling for market- making purposes. Some clients agree. Zane Brown, a fixed-income strategist at Lord Abbett & Co. in Jersey City, New Jersey, said his firm, which manages about $100 billion of assets, already has felt the impact of banks being reluctant to make markets in anticipation of the Volcker rule.

Less Liquidity

“Dealers are less willing to carry inventory,” Brown said in a phone interview. “So liquidity has gotten much worse in the last six to nine months. When they don’t want to carry inventory, we can’t sell big blocks of bonds to them. They want to look for a buyer to match the seller first. That lowers the price because the buyer knows the seller is trying to get out of the position.”
Other fund managers say the reluctance is the result of deteriorating market conditions, not fear of pending rules.
“Since the 2008 crisis, the fear of getting stuck with losses has made the banks less willing to buy less liquid bonds,” said Sean Simko, who manages $7 billion in bonds at SEI Investments Co. in Oaks, Pennsylvania. “With the European crisis getting worse in the second half of last year, the reluctance has increased.”

Bid-Ask Spread

Before the financial crisis, the difference between the market-maker’s bid for buying an investment-grade bond such as one issued by International Business Machines Corp. and the offer for selling it would be 2 or 3 basis points, Simko said. Post-crisis, that bid-ask spread has climbed to 20 to 30 basis points, he said. A basis point is 0.01 percentage point.
Some increased trading cost might be payback for the underpricing of risk before the crisis, said Charles Whitehead, a professor of finance law at Cornell University.
“A little friction in the market can be a good thing to prevent a crisis,” he said in an interview.
Hedge funds could take over the role of market-making from banks, Whitehead said. Still, while the cost of implementing the Volcker rule might not be as high as the Oliver Wyman study predicted, it could exceed the benefits, he said. That’s because by only banning short-term prop trading, the rule doesn’t prevent banks from taking oversize risks with their own money on longer-term investments.
“What caused the crisis was banks holding toxic mortgage securities -- long-term assets -- and financing them with short- term money,” Whitehead said.

Volcker Complaint

The alleged failure of the Volcker rule to address the real causes of the crisis was one of the criticisms cited in a staff memo sent last week to members of the House Financial Services Committee in advance of today’s hearing and obtained by Bloomberg News. The committee’s staff also pointed to displeasure by Volcker with the proposed guidelines.
Republican Representatives Spencer Bachus of Alabama and Randy Neugebauer of Texas, the chairmen of the full committee and the investigations subcommittee, respectively, have opposed the proposal from its inception and have pressured regulators to pull back the scope of the rule.
“If the proposed regulations are implemented in their current form, those regulations will dramatically reduce liquidity across multiple markets, which will in turn make it more expensive for businesses to borrow, invest in research and development and create jobs,” Bachus, along with Republican Representatives Shelley Moore Capito of West Virginia, Scott Garrett of New Jersey and Jeb Hensarling of Texas, wrote in a Dec. 7 letter to regulators.

Volcker Blames Lobbyists

Volcker said in a November speech in Singapore that the rule was too complicated and cumbersome, blaming bank lobbyists. He declined to comment for this story.
Former FDIC Chairman Sheila Bair also criticized the complexity of the proposal drafted by regulators, urging them to throw away everything and start again.
“The regulators should think hard about starting over again with a simple rule based on the underlying economics of the transaction, not on its label or accounting treatment,” Bair said in congressional testimony last month. “If it makes money from the customer paying fees, interest and commissions, it passes. If its profitability or loss is based on market movements, it fails.”
The four regulators who drafted the rule testified in the morning session of today’s hearing. In the afternoon, Douglas J. Peebles, chief investment officer at AllianceBernstein LP, the fund-management unit of French insurer Axa SA, will appear on behalf of Sifma. Mark Standish, president and co-CEO of RBC Capital Markets, will represent the Institute of International Bankers, a lobbying group of foreign banks operating in the U.S. Scott Evans, executive vice president at pension-fund manager TIAA-CREF, also will testify.

Fund Managers

Some fund managers are supporting the banking industry attack on the Volcker rule because they have close business relations, MIT’s Johnson said. Non-financial companies did the same when derivatives regulation was being negotiated in 2010, rallying to the side of banks when their own interests weren’t necessarily aligned with the financial firms, according to people familiar with the discussions then.
Some foreign governments also have criticized the Volcker rule. Canada and Japan sent letters to the U.S. regulators, expressing concern that the trading of their sovereign bonds would suffer if U.S. banks are reluctant to make markets. Congress exempted U.S. Treasuries from the prop-trading ban. Sifma will ask regulators to expand the exemption to other top- rated government bonds such as those issued by Canada, said Rob Toomey, a managing director at the lobbying organization.

Rules ‘Too Onerous’

“Congress’s intent was not to harm market-making, but the rules as proposed by regulators are too onerous,” Toomey said.
Even if the Volcker rule does reduce trading in some markets, that might not be so bad, MIT’s Johnson said.
“There’s probably excessive trading anyway,” he said. “Do we need all this trading for the objective of efficient allocation of capital? Not really. They publish these studies saying the Volcker rule could hurt social interest, but since when did the banks start caring about social interest?”
To contact the reporter on this story: Yalman Onaran in New York at yonaran@bloomberg.net or @yalman_bn on Twitter
To contact the editor responsible for this story: David Scheer in New York at dscheer@bloomberg.net

Saturday, January 14, 2012

兔尾行情收官在即 证监会龙年伸出"五爪"迎春

兔尾行情收官在即 证监会龙年伸出"五爪"迎春

农历新年到来前的兔尾行情还有一周时间收官,本周前两个交易日的表现让人充满期待,但随后市场犹豫的走势又平添了一份郁闷。

还好,这些都不是关键。本周,证监会主席郭树清对未来一个时期资本市场改革和监管工作做了五个方面的具体部署,基本囊括了目前证券市场所有的热点和难点,我们且称此为证监会的龙年"五爪",这才是对龙年行情有深远影响的关键所在。目前摆在我们面前的是:最难完满的"新股发行改革",屡教不分的"上市公司分红",只闻其声不见其影的"退市制度",以及发展了多年仍步履蹒跚的"场外市场"……
也许,在即将到来的龙年,证监会锋利的龙爪会将其一一破解。即便只解决掉一个问题,也将大大有利于股市的健康发展。正如某知名企业家所说:如果强制分红这把火能真烧,占股市市值大半的蓝筹股,市盈率就可能回归到12~16倍,股市的春天就将来临。

日前,全国证券期货监管工作会议在北京召开。证监会主席郭树清在会议上总结2011年称:股票市场继续得到发展完善;债券市场的统一规范迈出步伐;期货市场改革创新焕发出勃勃生机;继续大力推动上市公司质量提升;努力促进各类投资中介机构规范健康发展;进一步加强市场法治和诚信建设;对外开放和国际合作取得新的突破;深入开展党风廉政建设和干部队伍建设。

来自证监会的数据显示,2011全年股票融资5073亿元,上市公司债券融资1707.4亿元。证监会核准上市公司资产重组69项,交易金额2369亿元。全年调查内幕交易、市场操纵、"老鼠仓"等违法违规案件209起,作出行政处罚与市场禁入决定68项。

其实,在上述工作进展的基础上,投资者最期待的还是证监会主席履新之后的一系列改革新政。在过去的两个多月里,证监会频频出招,从加强市场监管到内部整顿,从严格要求上市公司治理到IPO过会率降低,出台的各种措施不仅让人耳目一新,且速度之快,效率之高。

就在外界还在对证监会2012年的各种新政猜测不已之时,郭树清在全国证券期货监管工作会议上又抛出了 "资本市场改革和监管工作的五方面部署",内容详细全面,给了投资者一个清晰的证券市场改革路径。这五方面分别是:积极稳妥地推进证券期货领域的改革开放;努力推动资本市场的结构调整和服务能力提升;以公开透明为核心加强市场制度建设;以防范系统性区域性风险为重点加强市场监管;加强组织领导和干部队伍建设。

《每日经济新闻》记者发现,在这五方面工作中,新股发行制度,债券市场,上市公司分红,退市制度,场外市场,长线资金等是2012年证券市场改革与监管的六大关键词。

中投顾问宏观分析师杨文柳向 《每日经济新闻》记者解读上述政策时称:"推动上市公司质量提升,与深化发行体制改革的政策关联性较强,此举有望为中国资本市场的长期繁荣奠定基础。另外,以公开透明为核心加强市场制度建设,有望改善我国投资者利益普遍受损的怪象。"

在与A股市场密切相关的政策细节尚未出台前,仅郭树清的"五步走"讲话,已经助力了本周的兔尾行情。

上周末结束的全国金融工作会议上,国务院总理温家宝强调要深化新股发行制度市场化改革,抓紧完善发行、退市和分红制度,加强股市监管,促进一级市场和二级市场协调健康发展,提振股市信心。紧随其后,证监会主席郭树清就提出了"五步走"的改革和监管的具体工作部署,与温总理提出的要求一脉相承。

本周第一个交易日,沪指大涨2.89%,周二继续上涨2.69%,这样的单日涨幅已经有3个月未见了,更何况是连续上涨。不过,接下来的市场走势显得很犹豫,周三周四连续小幅下跌后,周五又跌了1.34%。

农历兔年即将在下周结束,根据历史经验,每年的最后一个交易周,过节气氛俨然超过了投资气氛,市场成交较为清淡,股指走势也较平稳,一般不会有太大惊喜。兔尾行情收官之后,节后的龙头行情如何演绎才是投资者关注的重点,证监会伸出的龙年"五爪"会有怎样的影响呢?

解读"五爪"

"五步走"产生六大关键词

从郭树清的工作部署中,《每日经济新闻》记者提炼出六大关键词:新股发行制度,债券市场,上市公司分红,退市制度,场外市场和长线资金。
场外市场 债券市场 长线资金

对三板市场颇有研究的中国社科院王彬生认为,"对场外市场建设给一个明确的时间表,几乎不可能。我觉得任何一项政策的发布和实施都需要一个契机,就像创业板,当初念叨了十多年才最终推出。"

他进一步介绍,目前中关村代办系统极其不活跃,是交易制度造成的,对这些制度的改变,其本质是一场变革,意味着一个新的交易所的诞生。如果在2012年有一个良好的契机,也许新三板的制度改革能够破冰,否则,这将是一个长期的政策制定。

有人担心新三板扩容对现有的股市造成冲击,王彬生对此向《每日经济新闻》记者称,这是不必要的,当初实行股权分置改革的时候,还曾迎来了一波A股市场上最大的牛市行情。而新三板扩容,有利于上市公司之间的竞争,如果一些高新类中小企业可以选择新三板,那么主板市场的壳资源也就不再那么稀有,与创业板、中小板的建立一样,只是给投资者提供了更为丰富的投资平台。

相比新三板扩容的蹒跚步履,债券市场的大力发展和长线资金入市,证监会早在2011年底就已开启了马达。郭树清担任证监会主席后,不仅在多个场合宣扬大力发展债券市场,还提出了一些具体的想法,如应该推出创新债券或高收益债券。同时,证监会已经成立了债券办公室,这也是第一个专为债券市场发展设立的办公室。2011年公司债发行75只,发行总额高达1100亿元,是2010年的两倍还多,仅11月、12月两个月就有17家上市公司发债,发行金额达到182亿元,而2010年全年也只有23家公司发债。郭树清对债券市场的加力提速可见一斑。

长线资金入市中,最受关注的养老金入市还在隔空画饼,但RQFII(人民币合格境外投资者)已经在进行的路上了。1月11日,首批两只RQFII产品发行,产品投资总监对外表示,初期约有90%资金投资债券,股票投资方面主要关注消费股及商业相关股票,因为这些行业较为稳定。

上市公司分红

最有可能在2012年采取实际动作,且对A股市场影响最直接的就是强制上市公司分红。强制分红政策已经在IPO公司中实施,下一步将推广到上市公司中。

郭树清在工作部署中提出,要督促上市公司明确对股东的回报,切实加强对其红利分配决策过程和执行情况的监管,强化对未按承诺比例分红、长期不履行分红义务公司的监管约束。

目前已进入2011年的年报披露期,将有多少家上市公司进行分红?分红比例又将扩大多少?这都是对强制分红政策能落实到多大程度的印证。

有数据显示,美国上市公司的现金分红占公司净收入的比例从上个世纪70年代的30%提升至目前的50%~70%,且绝大多数都是按季分红。美国上市公司之所以愿意分红,是因为已形成了分红的环境和氛围,一家公司的分红政策往往被作为判断该公司是否具有投资价值的重要参照。

A股上市公司2010年分红金额占净利润的30%左右。"在A股市场上,这种氛围尚未形成,所以才出现监管层强制分红将分红与再融资挂钩的措施。企业一方面要分红,一方面又要融资扩大再生产,这是可以理解的。我个人认为,可以把上市公司的分红与银行信用挂钩,有持续分红的上市公司,在需要资金的时候更能从银行获得贷款。"清华大学金融系教授杨炘接受《每日经济新闻》记者采访时表示。

新股发行 退市

新股发行制度经过多次修改,仍难以完满。

日前,证监会主席助理朱从玖对新股发行改革提出了五大措施,其中包括"增加在新股发行和上市环节的存量股份流通性,考虑用存量股份配售、推动实际控制人之外的股份上市首日可流通","增加机构投资者的认购比例"等。

且不提朱从玖的五大措施能否在2012年全盘推出,杨炘认为,新股发行制度的改革非常迫切,不仅针对价格高企,还有对新股发行的审核也需要更加市场化。正如郭树清所说,要改革股票承销办法,使新股定价与发行人基本面密切关联。

退市制度方面,证监会已出台创业板退市制度征求意见稿,主板市场在2012年能否激活该制度,也牵扯到多个政策的实施。有意思的是,在郭树清部署的五方面工作中,并没有提到对融资融券业务的发展。之前,知名财经评论员叶檀就指出,如果没有一个完善可行的退市制度,整个市场的做空机制就没有立足之地,也就不会有大的发展。

因此,郭树清首先提出的是"以优化市场优胜劣汰机制为导向,积极推进退市制度改革,逐步形成市场化和多元化的退市标准体系。"(每日经济新闻 李文艺)

Monday, January 9, 2012

温家宝要求提振股市 坚决抑制社会资本脱实向虚、以钱炒钱


温家宝要求提振股市 坚决抑制社会资本脱实向虚、以钱炒钱

  温家宝要求提振股市信心

  据新华社电全国金融工作会议16日至7日在北京举行。国务院总理温家宝出席会议并讲话,他在讲话中对今后一个时期的金融工作作出部署,要求多方面采取措施,确保资金投向实体经济

  防止虚经济过度膨胀

  温家宝指出,我国金融领域还存在一些突出问题和潜在风险。金融机构经营方式总体粗放,公司治理和风险管理仍存在不少问题,农村金融和中小金融机构发展相对滞后,金融监管能力有待提升,信贷政策与产业政策结合得还不够紧密,对实体经济的支持还不够及时有力

  温家宝调,要坚持金融服务实体经济的本质要求,牢牢把握发展实体经济这一坚实基础,从多方面采取措施,确保资金投向实体经济,有效解决实体经济融资难、融资贵问题,坚决抑制社会资本脱实向虚、以钱炒钱,防止虚拟经济过度自我循环和膨胀,防止出现产业空心化现象

  温家宝要求,坚持市场配置金融资源的改革导向,进一步明确政府作用的领域和边界,做到该放的坚决放开、该管的切实管好,激发各类金融市场主体的活力。坚持创新与监管相协调的发展理念,支持金融组织创新、产品和服务模式创新,同时要防止以规避监管为目的和脱离经济发展需要的创新

  实施稳健的货币政

  温家宝坚持把防范化解风险作为金融工作生命线,加强金融监管和调控能力建设,严厉打击金融犯罪,加强金融机构网络信息安全。坚持自主渐进安全共赢的开放方针,在确保国家经济金融安全的基础上提高金融对外开放水平

  温家宝要求金融部门和金融机构认真贯彻中央经济工作会议精神,做好今年金融工作。一要实施好稳健的货币政策,进一步提高针对性、灵活性和前瞻性,保持社会融资规模合理增长。二要优化信贷结构,加强对国家重点在建续建项目和保障性住房建设,对符合产业政策的企业特别是小型微型企业,对企业技术改造的信贷支持。三要深化新股发行制度市场化改革,抓紧完善发行、退市和分红制度,加强股市监管,促进一级市场和二级市场协调健康发展,提振股市信心。四要敏锐观察和跟踪分析国内外经济形势,做好应对预案,切实防范经济金融风险

  

  此前,全国金融工作会议分别在1997年、2002年和2007举行过三次,每次均涉及金融体系的重大改革和部署,对我国金融业发展影响重大

  199711月第一次全国金融工作会议提出力争用3年左右间大体建立与社会主义市场经济发展相适应的金融机构体系、金融市场体系和金融调控监管体系,基本实现全国金融秩序明显好转,化解金融隐患;加快国有商业银行的商业化步伐等

  20022月第二次全国金融工作会议重点提出了须把银行办成现代金融企业备条件的国有独资商业银行可改组为国家控股的股份制商业银行,条件成熟的可以上市,并将农信社改革提到了重要位置

  20071月第三次全国金融工作会议提出继续深化国有商业银行改革,加快建设现代银行制度,稳步有序推进中国农业银行股份制改革,推进政策性银行改革;完善农村金融体系;大力发展资本市场和保险市场等

  项部

  温家宝对今后一个时期金融改发展作出部署。要求打破垄断,鼓励民间资本进入金融服务领域

  1 解决微型企业融资难问题

  为经济社会发展提供更多优质金融服务。金融行业要大力提升服务功能,扩大服务覆盖面,加大对薄弱领域的金融支持

  重点支持经济结构调整、节能减排、环境保护和自主创新,特别要加快解决农村金融服务不足、小型微型企业融资难问题

  2 导民间资本入金融领

  深化金融机构改革。着力加强公司治理,形成有效的决策、制衡机制

  推进股权多元化,打破垄断,放宽准入,鼓励、引导和规范民间资本进入金融服务领域,参与银行、证券、保险等金融机构改制和增资扩股

  政策性金融机构要坚持以政策性业务为主体,明确划分政策性业务和自营性业务,实行分账管理、分类核算

  国家开发银行要坚持和深化商业化改革

  3 证券业强化行为监

  加强和改进金融监管,切实防范系统性金融风险。银行业要建立全面审慎的风险监管体系

  证券业要完善市场制度,强化行为监管,保护投资者合法权益。保险业要加强偿付能力监管,完善分类监管制度

  4 规范地方政府举债

  防范化解地方政府性债务风险。当前我国政府债务总体安全、可控。

  要综合施策、标本兼治,妥善处理存量债务,规范地方政府举债融资机制,将地方政府债务收支分类纳入预算管理,构建地方政府债务规模控制和风险预警机制

  5 清理整顿各类交易场

  加资本市场和保险市场建设,推动金融市场协调发展。促进股票期货市场稳定健康发展,坚决清理整顿各类交易场所,建设规范统一的债券市场,积极培育保险市场

  6 完善人民币汇率形成机

  完善金融宏观调控体系,加强货币政策与财政政策、监管政策、产业政策的协调配合,有效促进经济发展和金融稳定。进一步完善人民币汇率形成机制。

  7 提高外汇储备经营水

  扩大金融对外开放,提高资源配置能力和金融安全保障水平

  稳妥有序推进人民币资本项目可兑换,提高外汇储备经营管理水平

  深化内地与港澳台金融合作,支持香港巩固和提升国际金融中心地位

  加快上海国际金融中心建设。积极参与全球经济金融治理

  8 建立统一征信平

  加强金融基础建设,改善金融发展环境。加快制定完善金融法律法规,建立统一征信平台,完善登记、托管、支付、清算等金融基础设施,加强消费者权益保护

  

  提振股市信心成今年工作亮点

  提振股市信心,成为了这次会议部署今年金融工作中的一个亮点

  “‘提振股市信心’‘紧完善发行、退市和分红制度’……议给出了清晰答案,部署令人鼓舞。兴业银行经济学家鲁政委表示

  近一段间以来,我国股市表现疲弱,投资者信心不足,股市与宏观经济走势明显不相符合,加快资本市场改革、有效提振股市信心将成为今后金融工作的一个看点

  调促进一级市场和二级市场协调健康发展,就是强调投资者与筹资者利益的协调。务院发展研究中心金融研究所副所长巴曙松指出。

  金融学家认为,重融资、轻回报已成为当前中国股市的一大顽疾,此次会议强调深化改革,强调完善分红制度,是对投资者权益的保护,将有利于提振股市信心,有利于中国资本市场的健康发展。据新华社电