出版说明

本研究报告是中国人民大学金融与证券研究所（FSI）所长吴晓求教授领衔、FSI研究团队连续撰写的第二十一个年份的《中国资本市场研究报告》，曾提交给2017年1月7日在中国人民大学举行的“第二十一届（2017年度）中国资本市场论坛”，并作为论坛的主题研究报告。

吴晓求教授统纂了本研究报告，他在通读了本研究报告的核心内容并做必要修正后定稿。赵锡军教授对本报告的英文内容做了校阅。

本研究报告得到了教育部社科司的大力支持。从2011年起，由吴晓求教授领衔撰写的《中国资本市场（年度）研究报告》被教育部社科司列为教育部哲学社会科学研究（发展）报告资助项目。本研究报告的写作和出版得到了鑫苑（中国）置业有限公司、华融证券股份有限公司和《资本市场》杂志社等多方面的帮助，同时得到了中国人民大学出版社的大力支持。对此，我们深表感谢！

本研究报告可以代表本研究报告主持人和FSI对中国金融监管改革所持的主要观点。

中国人民大学金融与证券研究所（FSI）

2017年3月7日

Publishing Notes

This research report is the 21 st annual China Capital Market Research Report, which is composed by Professor Wu Xiaoqiu—director of the Finance and Securities Institute（FSI）—and experts from FSI research team. Also, as the thematic report, it was submitted to“the 21st（2017）China Capital Market Forum”, which was hold by Renmin University of China on January 7,2017.

Professor Wu Xiaoqiu organized the writing of the report, read the core contents after the completion of the writing and finalized the last version with certain necessary amendments. Professor Zhao Xijun reviewed the English version and put forward some constructive suggestions.

This research report received substantial supports from the Social Science Department of the Ministry of Education. The serial China Capital Market Research Reports, which are composed by Professor Wu Xiaoqiu, have been selected as a sponsorship project in Philosophy and Social Science Research（Development）by the Ministry of Education since 2011. Also, this research report obtained enormous assistance from Xinyuan Real Estate Co. , Ltd. , Huarong Securities Co. , Ltd. , Capital Markets and China Renmin University Press. We would like to thank the institutions mentioned above.

This research report reflects the main opinion of the chief author, Professor Wu Xiaoqiu, as well as FSI on reform of financial regulation in China.

Finance and Securities Institute（FSI）of Renmin University of China

March 7,2017