Compared with other financial institutions, securities companies started late, and they all developed from local to national securities companies. A securities company refers to a limited liability company or a joint stock limited company with independent legal personality, which is established with the approval of the the State Council securities regulatory authority in accordance with the provisions of the Company Law and the Securities Law and specializes in securities business.
Conditions for establishing a securities company
(1) Having articles of association that comply with the provisions of laws and administrative regulations.
(2) The major shareholders are profitable continuously, have a good reputation, have no record of major violations of laws and regulations within three years, and have net assets of not less than 200 million yuan;
(3) Having a registered capital and a professional financial management team meeting the requirements of this Law.
(4) The directors, supervisors and senior managers are qualified for the post, and the employees are qualified for securities business;
(5) Having a sound risk management and internal control system;
(6) Having qualified business premises and facilities;
(seven) other conditions stipulated by laws, administrative regulations and the State Council securities regulatory agency approved by the State Council.
Whether a securities company is a state-owned enterprise can also be determined by looking at the actual controllers of some listed companies. For example, the actual controller of Guo Jin Securities below.
Securities market is an important part of financial market and occupies an important position in the financial market system. Since the early 1990s, China's securities market has never matured, from lack of supervision to gradual improvement, from taking shape to development. The securities industry has become an important industry in China's national economy and has made great contributions to the growth of the national economy. The development of China's securities industry has mainly gone through five stages, and the basic situation is as follows:
1, the first stage: the establishment of China stock market.
In 1980s, China began to issue treasury bills. On September 26th, 1986, the first over-the-counter stock exchange was established in Shanghai, acting as an agent to buy and sell shares of Zhong Yan Industrial and Lefei Audio. This is the beginning of the new China stock market. 1990 12 Shanghai stock exchange, the first approved stock exchange in new China, was established. 199 1 Shenzhen Stock Exchange was established in April. Marked by the establishment of Shanghai and Shenzhen Stock Exchanges, the China stock market began to develop.
2. The second stage: the formation of a unified national regulatory market.
1992 the establishment of the China securities regulatory commission marks the beginning of the integration of the China stock market into the national unified regulatory framework and the development of the national market. Under the impetus of the regulatory authorities, China securities market has established a series of rules and regulations, and initially formed a legal system of the securities market. 1993 "provisional regulations on the management of stock issuance and trading" and "regulations on the management of corporate bonds" and a series of laws and administrative regulations have been promulgated one after another, initially establishing the most basic securities laws and regulations system. After 1993, B shares and H shares were issued, the bond market was diversified, and the scale of bond issuance increased year by year. At the same time, the types, quantity and scale of securities intermediaries have expanded rapidly. 1998 The CSRC was abolished, and the China Securities Regulatory Commission became the regulatory department of China's securities and futures market, and established institutions all over the country. The futures securities market has established a centralized and unified regulatory framework, and the securities market has shifted from the local pilot stage to the national market development stage.
3. The third stage: ruling the city according to law and reforming the market structure.
From 1999 to 2004, it is a transitional stage of legalization and standardization of the securities market. 1999 was implemented on July 30th, which confirmed the status of the securities market in legal form, laid the basic legal framework of China's securities market, and entered a new historical stage in the legal system construction of China's securities market. 200 1, the securities industry association established the agency share transfer system. At this stage, the securities regulatory agency formulated a series of legal policies such as the Securities Law (2003), which promoted the improvement of the governance structure of listed companies, vigorously cultivated institutional investors, constantly reformed and improved the stock issuance and trading system, and promoted the standardized development and opening up of the securities market.
4. The fourth stage: deepening reform and standardizing development.
From 2004 to 2008, it was a stage of deepening reform and standardizing development, with the comprehensive management of securities companies and the reform of non-tradable shares as the representative events. In order to implement the relevant policies of the State Council, in August, 2004, China Securities Regulatory Commission fully deployed and started the comprehensive management of the securities regulatory system, and started a series of major changes, such as the comprehensive management of securities companies, the split share structure reform of listed companies, and the development of institutional investors. In February, 2004, the State Council issued the document "Securities Investment Fund Law", which defined the development goals, tasks and work requirements of the securities market, and was a programmatic document for the positioning and development of the capital market. In May 2004, the Shenzhen Stock Exchange established the Securities Management Committee.
In April 2005, with the approval of the State Council, the China Securities Regulatory Commission issued "Several Opinions on Promoting the Reform, Opening-up and Stable Development of the Capital Market" and launched the pilot reform of the non-tradable shares. After the split share structure reform, A shares entered the era of full circulation, and the interests of large and small shareholders tended to be consistent. On June 5438+ 10, 2006, the revised Notice on Issues Related to the Pilot Reform of Non-tradable Shares of Listed Companies and the Securities Law were formally implemented. In the same month, unlisted joint-stock enterprises in Zhongguancun High-tech Zone began to enter the agency transfer system for listing transactions. In September 2006, China Financial Futures Exchange was approved to be established, which effectively promoted the development of financial derivatives in China and improved the system structure of China's capital market. In July 2007, China Securities Regulatory Commission issued the Company Law and related notices, which is a new measure for risk supervision of securities companies.
5. Stage 5: Establish and improve the multi-level capital market.
The launch of the Growth Enterprise Market in June 2009 (5438+ 10) marked the basic establishment of a multi-level capital market system framework. 20 10 new breakthroughs have been made in the institutional innovation of the securities market. 20 10 Futures launched in March and April provide a two-way trading mechanism for the capital market, which is another important measure of financial innovation in China stock market. In August, 20 12 and February, 20 13, refinancing and securities lending were launched one after another, which effectively expanded the sources of funds and securities needed for the development of margin financing and securities lending. 2013165438+1October 30th, the CSRC issued the "Guidelines for Classified Supervision of Securities Companies (for Trial Implementation)", and a new round of reform of the IPO system was officially launched. 20135438+June, 2002, the access conditions of the new third board were further liberalized, and the new third board market officially expanded to the whole country. With the establishment and improvement of multi-level capital market system, the deepening of ipo reform, and the promotion of system innovation and product innovation such as the New Third Board and stock index options, China stock market is gradually maturing, and its function of providing investment and financing services for China economy will become increasingly prominent and reflected.
Judging from the number of listed companies, financing scale and investors, China's capital market has reached a considerable scale. It plays an increasingly important role in financing China's economic development and optimizing the allocation of resources.