The National Business Daily noted that the last major capital market reform can be traced back to the share-trading reform proposed in 2004, when the Shanghai Composite Index rose from 998 points to 6 124 points. More than a decade later, the CSRC proposed major reforms in the capital market. Will A-shares usher in a new bull market?
Promote more medium and long-term funds to enter the market.
Judging from the official information released by the CSRC, the specifications of this meeting are very high. Members of the CSRC team, heads of the discipline inspection and supervision team stationed in the CSRC, representatives of the Ministry of Public Security, the Audit Office and other relevant departments, and principals of various departments and system units of the CSRC attended the meeting.
The meeting analyzed the current situation faced by the capital market and profoundly expounded the strategic, overall and practical significance of comprehensively deepening the reform of the capital market. The most interesting thing is that the meeting put forward the 12 key task of comprehensively deepening the capital market reform at present and in the future:
First, give full play to the role of the science and technology innovation board as a test field. Summarize and promote the effective institutional arrangements for the scientific and technological innovation board, steadily implement the registration system, and improve the market-oriented system. The second is to vigorously promote listed companies to improve their quality. Formulate and implement an action plan to promote the quality improvement of listed companies, effectively control imports and exports, and strive to optimize increments and adjust stocks. Strictly control the quality of IPO audit, give full play to the role of the main channel of capital market mergers and acquisitions, smooth diversified delisting channels, and promote the survival of the fittest of listed companies. Optimize the system of reorganization, listing and refinancing, and support the pilot of split listing. Strengthen the continuous supervision, classified supervision and precise supervision of listed companies. The third is to fill the shortcomings of the multi-level capital market system. We will promote the reform of the Growth Enterprise Market, accelerate the reform of the New Third Board, and select a number of regional equity markets to carry out institutional and business innovation pilots. Allow high-quality brokers to expand counter business. Vigorously develop private equity investment. Promote the variety innovation of bonds and asset-backed securities in the exchange market. Enrich futures option products.
The fourth is to pay close attention to the capacity building of intermediaries. The fifth is to accelerate the high-level opening of the capital market. The sixth is to promote more medium and long-term funds to enter the market. Strengthen the long-term performance orientation of securities fund management institutions and promote the classified supervision of fund public offering managers. Promote the relaxation of the proportion and scope of all kinds of medium and long-term funds entering the market. Promote Public Offering of Fund to be included in the investment scope of personal tax deferred commercial pension. Seventh, effectively resolve the risks in key areas such as stock pledge, bond default and private equity fund. Eighth, further increase the supply of the rule of law. Accelerate the revision of the Securities Law and the Criminal Law, and substantially increase the illegal costs of fraudulent issuance, false information disclosure of listed companies, and false certification documents provided by intermediaries. Nine is to strengthen investor protection. Promote the establishment of a securities group litigation system with China characteristics. Explore the establishment of an institutional mechanism in which administrative fines and confiscations are given priority to investor relief. Promote the revision or formulation of judicial interpretations of civil compensation related to false statements, insider trading and market manipulation. The tenth is to improve the efficiency of inspection and law enforcement. Eleventh is to vigorously promote decentralization. Significantly streamline the examination and approval and filing matters, optimize the examination and approval and filing process, and improve the transparency of supervision. Strengthen post-event supervision. The twelfth is to speed up the improvement of science and technology supervision ability.
Cut into the pain points and difficulties of the capital market
The above twelve tasks can be described as the pain points and difficulties in the current capital market. Liu Feng, chief economist of china galaxy Securities, pointed out earlier that many chaos still exists in the capital market, which is rooted in the failure and distortion of a series of basic systems centered on the issue pricing mechanism, and has not been fundamentally reversed. Compared with the relevant experience of mature markets, there is still a big gap between the supporting system construction of China's capital market, including trading mechanism, and the well-functioning market mechanism system. Taking the opportunity of setting up a scientific and technological innovation board and the pilot registration system, we can consider bold reform and innovation of a series of basic market systems to meet the needs of the development of modern capital markets.
The industry has long called for "filling the shortcomings of the multi-level capital market system" proposed by this meeting.
For example, accelerate the reform of the New Third Board. Xu Ming, general manager of the National Stock Transfer Company, attended the second service forum for small and medium investors on September 6th, and proposed lowering the threshold for investors in the New Third Board. At present, the appropriate threshold for investors in the New Third Board market is RMB 5 million in financial assets. At the beginning of its establishment, it was considered that the main customers were innovative, entrepreneurial and growth-oriented private small and medium-sized enterprises, which had relatively high risks and set high investment access requirements.
Undeniably, this requirement played a positive role in increasing market resilience and keeping the bottom line of no systemic risk in the early stage of the development of the New Third Board market. However, this extremely high investor threshold is difficult to meet the needs of the current development of the new third board market, and it has reached the point where it must be changed. Moreover, the new third board market also has a realistic basis for lowering the threshold for investors.
On the one hand, compared with more than 100 million investors in Shanghai and Shenzhen stock markets, the high threshold of the New Third Board market will shut out the vast majority of investors, with only a few hundred thousand qualified investors. Facing nearly ten thousand listed companies, each listed company has only a few dozen investors on average. Too few investors make the financing of listed companies extremely difficult, the market liquidity is seriously exhausted, the continuity of transactions cannot be guaranteed, the basic functions of the capital market are greatly limited, and the development of the New Third Board market is greatly affected.
On the other hand, after nearly seven years of development, the company quality, corporate governance, information disclosure and standardization of the New Third Board have been improved to varying degrees, the corresponding laws, regulations and self-discipline rules have been continuously improved and perfected, investors' professional knowledge, legal awareness and risk awareness have been continuously improved, and the supervision ability, level and intensity have been continuously strengthened. There are realistic conditions for the New Third Board to lower the threshold for investors. Therefore, the entry threshold for investors of 5 million yuan should be lowered as soon as possible.
The market expects a long-term bull market.
It is worth noting that the last capital market reform can be traced back to the share-trading reform proposed in 2004. On June 365438+1October 3 1 day, 2004, the State Council issued "Several Opinions of the State Council on Promoting the Reform, Opening-up and Stable Development of the Capital Market", clearly proposing "actively and steadily solving the problem of non-tradable shares".
On June 2, 2005, Sany Heavy Industry, the first pilot of share reform, voted for share reform. On June 6th, the Shanghai Composite Index hit a low of 998 points, and the subsequent bull market lasted for more than two years, until the Shanghai Composite Index rose to 6 124 points in June 2007.
Now, when the Shanghai Composite Index returns to the 3000-point integer mark, the CSRC has put forward 12 key tasks to deepen the capital market reform, covering from A-shares to intermediaries, to the New Third Board, regional equity market and other aspects, which reflects the determination to establish a truly modern, efficient and transparent capital market and has also been welcomed by market participants.
Hou, general manager of Hou Shi Tiancheng Investment, pointed out that this is a set of combination boxing played at key points in the market at critical moments. First, give full play to the role of the science and technology innovation board as a test field, which reflects the market's expectation for the basic system registration system of the stock market. Second, the establishment of a multi-level capital market can optimize the allocation of resources in the capital market, improve the efficiency of market allocation and reduce market costs. Third, accelerate the high-level opening of the capital market. Constantly opening to the outside world and connecting with the international market are the catalysts for China's capital market reform. Fourth, due to various reasons, China's capital market has been short of long-term funds. Promoting more medium and long-term funds to enter the market can promote the sound development of the capital market. Fifth, effectively resolve risks in key areas. This is also the original intention of the management to launch the combination boxing at this key point. The twelve key tasks assigned by the CSRC are intended to comprehensively resolve market risks, encourage high-quality funds to enter the market for a long time, promote reform through reform, promote the integration of China's capital market with the international market, and get out of the real long-term bull market.
Wei Haihong, director of Shenzhen Times Ark Asset Investment, pointed out that from the position of the CSRC, the attitude of promoting all kinds of funds to enter the market and protecting the capital market is obvious, and the effect will become more and more obvious. In addition, marketization and legalization are the only way of supervision, and the system construction has been obviously accelerated. The emphasis on science and technology innovation board has guided the direction of future bull market, namely structural cattle and scientific cattle. Deepening the reform of the capital market is conducive to consolidating the market foundation of around 3,000 points and promoting the development of the individual stock market.