借口是劳拉·何世士梅龙，上海出生，美国教育监管机构于2001年3月抵达香港北京，假设副主席的副主席。当政府官员代表在中国交流中列出的大多国有公司时，最受欢迎的是，希望原子能机构对非正统的市场实践或突然股份问题视而不见。CHA是玛尔斯特罗姆的作者，被称为当地媒体的“法规风暴”，在过去一年中发布，旨在在中国混乱的股市建立秩序。她不相信授予异常，因此CSRC高管援引她的名字以使其简单地说，没有任何利益可以分配。“我们说，'对不起，我们想帮助你，但我们不能因为我们害怕美国律师，”“一位同事们要求匿名。
Her status as an outsider , or "returnee," a Chinese who may or may not have been born on the mainland but has mostly lived abroad , and her devotion to Western-style securities regulation have made Cha a lightning rod for criticism (see box, page 80). She is attacked not only by big-time speculators but also by small shareholders who believe her discipline is depressing China's markets. Indeed, although Premier Zhu Rongji himself appointed Cha, and though her boss, CSRC chairman Zhou Xiaochuan, is a vocal proponent of fairness, transparency and good corporate governance, Cha has become the whipping girl in the backlash against China's drive to modernize its securities markets.
香港证券及期货委员会前副主席Cha负责CSRC上市公司，IPO和基金管理部门。她没有浪费时间解决她的投资组合。2001年上市公司和IPO候选人的暴风雪下降了新的法规，指令，准则和通知。通过CSRC自己的计数，在CHA的时间和一年结束时介绍了35个新条例。据中文财务双周派经称，在同一时期，超过80家上市公司和十家股票经纪人被公开批评，惩罚或提出司法调查。
Some economists, academics, securities firms and investors blame Cha's regulatory blitz for the MSCI China index's 32.8 percent plunge in the third quarter of last year. (In the same period, the MSCI world index dropped 1.85 percent, and the MSCI emerging markets free index fell 6.15 percent.) That wiped $140 billion off market capitalization on the Shanghai and Shenzhen exchanges and left many investors and securities firms looking at a deep pool of red ink. Cha's campaign to tighten regulatory discipline, critics charge, threatens to derail China's stock market and thus damage the country's economic reforms. They argue that the CSRC is trying to impose international standards of regulation too quickly on a fragile emerging market that needs careful nurturing.
一些有影响力的声音支持这个角度看萤火虫e Zhou Zhengqing, who formerly headed the CSRC and is now deputy chairman of the economic committee of the National People's Congress. Zhou was unceremoniously removed from the CSRC in February 2000 after launching an all-out campaign to shore up the flagging stock market in 1999. At the time, the CSRC announced that officials wanted to see stock prices move higher because the government planned to launch more IPOs of state-owned enterprises. There was even a front-page editorial in the Communist Party's national newspaper, People's Daily, urging small investors to put their savings into stocks. Some say the former chairman is angry that his policy backfired and is now taking out his resentment on Cha.
Another critic of her regulatory fervor is Li Yining, often considered a principal architect of China's stock markets, who heads the finance and economic review committee of the NPC. Li's son is widely known to be a big player on the Shenzhen exchange. Neither Zhou nor Li could be reached for comment.
Wearing a turquoise Ralph Lauren sweater and neat black slacks during a whirlwind trip to Hong Kong in March, the 52-year-old Cha seems an unlikely candidate to fight such powerful and entrenched opponents. Yet there is no mistaking her determination. "We are going after the most egregious cases of abuse," she says. "We want to increase the cost of misconduct so that you know if you take a chance and you are caught, the consequences will be severe."
到目前为止，政府在支持CHA的努力和安抚她的批评者之间行走了一条罚款。去年10月北京暂停了国有企业的IPO，这是一些观察员被解释为撤退的举动。在3月份中央银行总督戴祥龙表示，政府需要寻找渠道更多银行储蓄储蓄的方法。“您可以看到政府希望慰问规定对手的明显迹象，”国务院发展研究中心的着名专业经济学家和高级研究员吴静莲说。
But Wu and others think that even if Cha's crusade is temporarily stalled by such policies, she will prevail. Beijing, they believe, is simply trying to ease the pain for mainland investors. "There,s no question about the country's commitment to bringing regulation up to international standards as quickly as possible," says Shanghai Stock Exchange vice chairman Michael Wu, also a returnee from Hong Kong. "Premier Zhu's view is clear by the fact that he is bringing in foreign expertise."
直到Cha抵达现场，中国的股市几乎没有被监管在上海（1990）和深圳（1991年）成立以来。结合，他们的市场资本化5000亿美元，贸易1,160股。两者都因欺诈，操纵和混淆而感染。2000年底的财务分析部结论结束，其中159家上市公司调查，157次夸大了2000年的企业收入，而146则伪造了其资产价值。在几个月后出版的研究文件中，经济学家吴将中国，S市场被描述为“比赌场更糟糕”。
股票负责人建立了卓越的蒸汽谢谢to the government-encouraged buying frenzy of 1999. By early 2001 price-earnings ratios had hit an average 56 times earnings. Although the transfer of money from banks into securities is in theory strictly regulated, huge flows of funds seeped into the market from banks through illegal channels , some 600 billion yuan ($72.5 billion) worth, according to Wu. China's leadership increasingly worried about a bubble and the consequences of its bursting.
Premier Zhu had moved earlier to strengthen the CSRC. He appointed former Hong Kong SFC chairman Anthony Neoh as an adviser to the watchdog agency in 1998. Then, in February 2000, apparently repenting the market-priming tactics of the previous year, he surprised everybody by booting out Zhou Zhengqing and appointing former China Construction Bank president Zhou Xiaochuan as CSRC chairman. A widely respected reformer, the latter had been expected to become the next central bank governor. His appointment signaled Zhu,s intention to give greater attention to securities regulation.
But the premier felt more was needed. China still lacked a seasoned regulator in a top-echelon job. Most mainland regulators have studied Western-style market economies and stock exchanges only tangentially. If you haven,t eaten pork, says a Chinese proverb, you should at least have seen a pig running. "We have too many people who haven't even seen the pig running," says a CSRC executive. "In Laura Cha we recruited somebody who has already tasted pork."
在香港证监会的十年职业生涯中，Cha赢得了她的条纹，声誉。她于1994年至1997年是其执行总监，然后向副主席上升，她持续到去年年初。她作为一个原则和坚硬的监管机构赢得了香港的名字。1994年，当地报纸将她的铁长称赞她拒绝给予当地收购代码的多元化集团Jardine Matheson持豁免。Jardine，担心中国大亨的敌对收购，如果没有豁免这些规则，威胁要从香港交换中盈利。Cha拒绝突然出版社，慢性退出，以其7％的港股市场的资本化。“她有原则，尽管有任何压力，但是，她在11月加入了CHA作为战略与发展负责人，亚历克斯·庞和长期香港证监会的同事说。
Cha moved to Hong Kong with her family when she was two years old. She spent her childhood years in the then,British colony before moving to the U.S. to study law. She graduated from the University of Wisconsin-Madison in 1972 and in 1982 completed a J.D. at the University of Santa Clara Law School. Having taken dual U.S.,Hong Kong citizenship, she then practiced with Pillsbury Madison & Sutro in San Francisco before returning to Hong Kong in 1985 as a lawyer for Coudert Brothers. She joined the Hong Kong SFC in 1991 as assistant director of corporate finance and was promoted to executive director three years later.
当她在2000年中期发出证监会的通知时，Cha正在仔细考虑一个变化，并希望更容易地取得事情。然后是CSRC的意想不到的报价，这将使她成为中国政府担任副部长级的华人。虽然她之前没有在中国工作过，但多年来通过与他们在香港证券交易所列出国有大陆公司的几年内与高级CSRC高管建立了密切的关系。
Cha had to give up her U.S. citizenship in order to take the post. This was relatively easy, she says, because she had not lived in the U.S. for more than 15 years and because she and her husband, a wealthy Hong Kong businessman whose family owns a real estate company, saw their future in Hong Kong. Cha visits him there every two weeks. She has, says Pang, almost totally given up her private life in order to serve her country. And although Cha's annual salary, because of her expertise, exceeds the $6,410 earned by the three other CSRC vice chairmen by a factor of more than 100, she asked to be paid the same as the others and donates the difference to a foundation to finance the overseas training of CSRC officials.
Her appointment signaled China's willingness to use foreign expertise in an effort to bring stock market regulation up to international standards. Lawyer Guo Feng of Beijing-based Grandall Legal Group, who often represents minority shareholders in lawsuits, says that Cha's returnee status allows her a measure of freedom impossible for a mainlander. "She is relatively independent and can make her own decisions," says Guo. "Natives cannot be so independent because they,re part of the system."
Her reign at the CSRC began with a bang. One month after she moved to Beijing, Shanghai Narcissus Electric Appliance Co., which had been losing money for four consecutive years, was symbolically booted off the Shanghai Stock Exchange , the first company to be delisted since the exchange was launched in 1990 , as a warning to floundering corporations that they couldn't keep soliciting investors' money without delivering some results. Three more companies were removed by the end of the year. Regulations to allow delistings had been in place since July 1999 but had never been enforced.
Cha then required companies to report financial results quarterly rather than twice a year, as they had been doing (in Hong Kong and most other Asian jurisdictions, biannual reporting is still the norm). In August she ruled that all of the country's 1,160 listed companies must appoint at least two independent directors by this June. And one third of all board seats must be held by independent directors by June 2003.
后一项倡议从缔约方获得了很多批评，他们认为不可能找到有足够的个人能够作为有效的独立董事运作。Cha并不完全不同意。甚至中国学术界甚至相信自由市场的实际经验都很少。“我当然没有错觉，即这些独立董事将在未来三到五年内作为独立董事有效，”她说。“但我们必须在某个地方开始。在我们提出这个要求之前，我们不能等到足够的合格人士。”
In November Cha moved to enhance market surveillance by hiring former SFC colleague Pang. He was a senior director at the SFC specializing in market surveillance and enforcement. He now works with Cha on the supervision of listed companies and also serves on a committee that plans the CSRC's strategic development.
Cha's latest initiative came in January, when she unveiled China's first corporate governance guidelines. With the core principle that shareholders' interests must be protected, these guidelines spell out directors' responsibilities and fiduciary obligations. Foreign analysts say that at least on paper, China meets the highest international standards, and they believe that the CSRC is serious about enforcing the new guidelines.
The biggest task on Cha's desk now is the drafting of new rules on takeovers and mergers. Following China's entry to the World Trade Organization at the end of 2001, the CSRC anticipates a sharp pickup in mergers and acquisitions as foreign companies move to acquire stricken state-owned enterprises or set up joint ventures with them. The agency says the new rules will be issued by year-end.
但发布新法规是容易的;强制执行他们是一个噩梦。所有上市公司的90％以上都是政府大多数所拥有的，大多数首席执行官都是党的官员和前政府成员，他们经常将北京的利益放在少数股东之上。作为共产党的高级成员，这些高管不会轻易提交规定。即使当一个国有企业部分私有化时，管理层也经常保持不变。上海证券交易所的吴说，“他们看着你，说'你的排名是什么？”
As the controlling shareholder of most listed enterprises, Beijing naturally has an interest in keeping stock prices high. Critics say it has done that in part by limiting the supply of listed companies, thus helping to inflate stock valuations. It does this through the CSRC, which is the government's gatekeeper in deciding which state enterprises can list.
这将CSRC放在冲突的角色中。虽然其规定的目标是让市场力量普遍存在，但原子能机构继续通过确定IPO的流动，通过所谓的行政指导，as何时诉诸政府。“中国证监会应该是一名公正的裁判，但有些人说，当政府正在失去游戏时，[原子能机构]改变条纹并伴随着，”当地经济学家说。
Even when it tries to stop abuses, the agency must rely on an erratic judiciary for enforcement. Take the case of Yorkpoint Science & Technology. The CSRC early last year ruled that four companies had used 630 retail and institutional accounts to bolster Yorkpoint's share price, profiting to the tune of $53 million between October 1998 and February 2001. It fined the companies a total of $50 million and confiscated an equivalent sum from their accounts. But when 360 minority shareholders in Yorkpoint sued the four companies , all self-styled investment consulting firms based in Guangdong province , for $2.97 million in damages, the Supreme People,s Court refused to accept the case. It ruled that it would hear only cases in which the CSRC had fined the company concerned and where the company had provided false information. Though the plaintiffs argued that Yorkpoint had provided material resources for the four companies that manipulated its share price, the court refused the case on the grounds that it hadn,t drawn a fine from the CSRC.
Another frustration for Cha has been a barrage of media attacks. Though she says she knew what she was getting into when she agreed to join the CSRC, she has been taken aback by the rancor she encounters. She is derided as a "sea turtle," a phrase used to describe overseas Chinese who return to the mainland but do not really understand the country. Yang Fan, an economist at the Chinese Academy of Social Sciences in Beijing, told local newspapers early this year that "these returnees are plotting to destroy China's stock market." For an intensely private person like Cha, who shunned the spotlight during her time as a top Hong Kong regulator, the public scrutiny is difficult.
Much of the criticism originates from investors, large and small, hurt by the steep decline in stock prices. They apparently failed to notice that the major factor behind the market,s dive last year was, as economists and analysts agree, a central bank order issued in July requiring that bank loans extended illegally for stock investment be withdrawn from the market by September. Also in July, the Ministry of Labour and Social Security announced it would raise money for the national social security fund by selling state-owned enterprise shares , another depressant for stock prices. The latter decision was hastily reversed in October in an attempt to shore up the market.
In addition to lashings from the media and resistance from big market players, Cha faces obstacles within her own agency. The Shanghai Stock Exchange's Wu, who served as a full-time adviser to the CSRC from April 1999 to April 2001, recalls how difficult it is to push decisions through its bureaucracy. "I sat there and squirmed while they took months to make a decision," he says. Things have speeded up, says Wu, but he says that in a modern market regulators often need to make split-second decisions.
CSRC的高级管理人员致力于迅速提高监管标准。去年周小川董事长呼吁“监督年”，他被广泛称赞为一名坚定的舵手和项目改革者。监管机构的其他关键副主席，负责中介和市场监管的高新庆，也被视为一个忠诚的项目监管机构。此前，他以前帮助建立了中国的香港银行，以前的投资银行业务，并将在纽约是一名纽约州的律师泥泞琼斯。
But according to critics such as economist Wu, beneath the triumvirate of Zhou, Gao and Cha are numerous long-serving CSRC executives whose independence from the entities they regulate is dubious at best. That's because at its genesis in 1992, the CSRC emphasized market development over regulation. Executives who ran listed companies built close relationships with regulators, based on what Hu Shuli, Caijing's managing editor, calls a "one-big-happy-family mentality."
Cha是关于她身后的艰难时期的困难，并准备采取更多的打击。她说，以透视而保持事情是很重要的。她注意到，中国市场在十多年上已经长大地增长了。凭借其综合的市场资本化约5000亿美元，上海和深圳市场现在大于香港。“我们使用21世纪的基准来衡量一个11岁的市场，”Cha说。她认为，重要的是，中国领导力对改革有着强烈的决心。
Indeed, the agency has received recognition for the progress already made. A January 2002 report on corporate governance in emerging markets by CLSA Emerging Markets praised China's efforts at regulatory discipline. According to the report, "2001 marked the beginning of the end of the freewheeling speculative environment in the A-share market [stocks listed on the Shanghai or Shenzhen exchanges that can be bought only by mainlanders]." China placed 16th in CLSA's ranking of corporate governance last year, up from No. 19 in 2000 and ahead of Indonesia, the Philippines and Thailand.
CHA同意与CSRC一起为期两年的任期，但没有合同。她描述为“恶性”最近的谣言，她会提前离开。“我尚未说这件事，”她说。“我首先读过我辞职，那我发表了一份声明，说我没有辞职。我既不做过。这是恶意的。当人们不想见到你，他们将传播你要去的谣言离开。”有很多人不介意她这样做，那些常不最少的人，州长和其他高级人士这些天认为证监会并没有达到任何恩惠。
'People in China know what is wrong'
Laura Cha describes what she has accomplished in her first year at the China Securities Regulatory Commission as building the structure for a healthy securities market. We are "digging the foundations, putting in the beams," she says.
An efficient and well-regulated market is critical to China's future. Hong Kong,based brokerage BNP Paribas Peregrine estimates that the country will need 50 trillion yuan ($6 trillion) in capital by 2010 to meet its development needs. And the 6.7 trillion yuan in savings now socked away in bank accounts, says Cha, "could be better utilized by the capital markets in this development process."
In her rare spare time, Cha, 52, likes to explore old cultural sites in exotic destinations with her husband. (Last year they visited Myanmar and Cambodia's Angkor Wat.) She recently discussed her experiences as the first nonmainlander to hold vice ministerial rank in China's government with Hong Kong Bureau Chief Kevin Hamlin.
亚博赞助欧冠机构投资者: How do you respond to critics who say you are overregulating China,s securities markets?
Cha:What our critics do is pit regulation against development, as if to develop the market you don't have to regulate it. What we are saying is the two are not on opposite sides. They have to go on together.
我对批评者的第一个问题是，通过开发市场是什么意思？这是否意味着我们应该为不当行为留下很多空间，我们应该容忍欺诈和各种违规行为？我总是问，哪个政策是超调的？他们可以，答案。最后我认为人们知道我们所做的事情。中国人知道市场有什么问题。
We are trying to find an equilibrium. Until investors are more mature and the professionals more experienced, we will continue to have this [image] problem.
财政部发现that out of 159 listed companies it investigated, 157 inflated their 2000 corporate earnings and 146 falsified their asset values. Are you reducing the instances of such fraud?
我们不，在这些中都有这样的人。我们也没有打算这样做。如果您询问任何监管机构，包括美国证券交易委员会，则监管机构的资源与市场力量相比短。那么监管机构需要做些什么是优先考虑，并在最令人惊讶的虐待案件之后。中国是一个辽阔的国家，偏远地区上市公司。我们非常短的人员。我们在北京有350名员工，另外800名左右的办事处散发在九个主要地点。[证券有大约2,900名员工。]如果我问每个部门，他们会告诉我他们需要三次工作人员。
我一直想做的就是让我们的员工在each of the regional offices to really understand the listed companies under their jurisdiction and identify problems before they arise. If we identify small problems early, hopefully we can defuse them. For example, if we find that a listed company's controlling shareholder has been using the funds or assets of the company, we could, one, stop it or, two, coerce them to cough up the money. We could also work with the local government , because most of these companies are state-owned enterprises , to try to get them to correct it before the problem turns into a big problem. We will not be able to stop everything, nor are we going to prevent fraud from being committed. We want to increase the cost of misconduct.
Are you educating directors about their responsibilities?
Should that be the CSRC's job? We feel that the CSRC is not a nanny to the market. We cannot be responsible for every single aspect. We offer training courses from time to time, but we feel the private sector will pick up this work.
Is it true, as some say, that you run the CSRC?
No, I don't run the CSRC. I run three operating departments: IPOs, listed companies and fund management.
But are you not its most influential voice?
I just do my job as a professional. Chairman Zhou Xiaochuan is a very hands-on chairman. No single person decides anything. You have to have consensus on major issues. It's not too different from Hong Kong or other more developed markets.