Section 2 Achievements and Basic Experiences in the Development of Securities Market
The development of China's securities market benefited from China's economic and financial reform. With the gradual improvement of various functions of the securities market, it has also promoted the reform of the economic and financial system, led a series of economic and enterprise system changes, and promoted the growth of the national economy. The securities market has an increasing influence on China's economy and society.
First, the securities market has promoted the deepening of China's economic system and enterprise reform.
In the period of planned economy, the allocation of resources mainly depends on administrative means, and the overall economic operation efficiency is low. With the gradual marketization of China's economy, the securities market has gradually become an important platform for the market-oriented allocation of economic resources in China. By the end of 2006, the market value of listed companies accounted for more than 50% of GDP; Baosteel, Sinopec, ICBC, China Life Insurance, Daqin Railway and other large profit-making enterprises are increasingly becoming the backbone of the securities market; At the same time, the industry layout of listed companies has become increasingly rich, and the industrial structure has changed from the traditional industry and commerce to the new pattern of basic and pillar industries such as manufacturing, telecommunications, electronics, electric power, petrochemical and finance, and the pillar role of the securities market in the national economy has gradually emerged, as shown in Figures 20.4 and 20.5.
The securities market has broadened the external financing channels of enterprises, changed the situation of relying solely on bank loans and financial allocations, and reduced the debt ratio of enterprises to some extent. By the end of 2006, enterprises had raised1130 billion yuan in the stock market and 6155 billion yuan in the corporate bond market. At the same time, the securities market has accelerated the concentration of resources to superior enterprises, enhanced the core competitiveness of enterprises, promoted the growth of a number of enterprises, and promoted the development of machinery manufacturing, finance, electronics, energy, steel, chemical industry and other industries.
State-owned enterprises have become joint-stock enterprises through restructuring and listing, realizing diversification of investment subjects and gradually establishing a standardized modern enterprise system. With the gradual acceptance of the concept of capital operation, the management of state-owned assets began to shift from enterprise supervision to capital operation, which promoted the establishment of risk management mechanism and comprehensive evaluation index system of state-owned enterprises, especially after the completion of the share-trading reform, stock price performance and market value changes will gradually become one of the main indicators to measure the operation level of state-owned assets.
In the process of its own construction and development, China's securities market has promoted the shareholding system reform of state-owned enterprises. Most state-owned listed companies have been in the forefront of the shareholding system pilot, played a leading and exemplary role, and promoted the establishment of China's modern enterprise system.
The securities market also promotes enterprises to establish corporate governance mechanism, which makes corporate governance never be valued to be highly valued, and from irregularity to perfection. Listed companies have generally established the framework of shareholders' meeting, board of directors and board of supervisors. The role of shareholders' meeting is increasingly strengthened, the participation enthusiasm of small and medium shareholders is gradually improved, and the awareness of rights protection is constantly improved; The independence and effectiveness of the operation of the board of directors have been continuously enhanced, and the deliberation mechanism has been continuously improved; The supervisory role of the board of supervisors has gradually come into play. At the same time, the introduction of equity incentive mechanism makes the interests between management and shareholders more similar, which is helpful for listed companies to improve the incentive and restraint mechanism. In addition, with the introduction of the independent director system and the gradual improvement of the information disclosure system, the external supervision mechanism of the market for listed companies began to play a role.
Second, the securities market has promoted the progress of financial system reform.
Before 1990s, China's financial system was dominated by indirect financing, and the financial structure was seriously unbalanced. The emergence and development of the securities market has changed this situation and improved the financial structure, as shown in Figure 20.6.
In recent years, China's major commercial banks, especially state-owned commercial banks, have improved their capital adequacy ratio, diversified their property rights and improved their corporate governance structure through shareholding system reform, introduction of strategic investors and listing. For a long time, the deposit-loan spread is the main profit source of China commercial banks. Judging from the international development trend, commercial banks have changed from the traditional business field focusing on deposit and loan business to the modern business field focusing on intermediary business. The development of the securities market provides banks with high value-added services such as fund consignment, fund custody and third-party deposit custody, which broadens the scope of intermediary business of commercial banks, and the income of intermediary business increases year by year. The situation of bank consignment funds from 2003 to 2005 is shown in Figure 20.7.
In addition, the development of the securities market also provides diversified channels for banks, insurance and other financial institutions. By investing in fixed-income products such as government bonds and corporate bonds, banks have improved the efficiency of capital use. The capital utilization structure of insurance companies has also undergone major changes with the development of the securities market. As shown in Figure 20.8, the proportion of bank deposits in the use of funds of insurance companies has gradually decreased, while securities investment funds and stock investments have gradually increased, and the securities market has promoted the transformation of the profit model of insurance companies.
Third, the securities market has promoted the increase of central fiscal revenue.
When the national unified market system was established and mainly used to broaden the financing channels of state-owned enterprises, it greatly changed the difficult situation of market financing in the early stage of the development of China's securities market. We can clearly find from Table 20.2 that when the market is in the early stage of spontaneous formation, the total amount of * * * financing of 1984~ 1989 is19.33 million yuan, with an average of 323 million yuan per year; After the establishment of the two stock exchanges, 1990~ 1996 raised a total of163.74 million yuan, with an average of166.24 million yuan per year (before 1990, it was 51.
At the same time, market income began to show the wealth effect of government income. After the central government's control over the securities market changed fundamentally from 65438 to 0997, the distribution ratio of stamp duty on securities transactions reversed with that of local governments, as shown in Table 20.3. From 1 99765438+1October1the State Council, it was decided to adjust the share of stamp duty on securities transactions to 80% at the central level and 20% at the local level; 1June 1998, the share of stamp duty on securities transactions was adjusted again, changing to 88% for the central government and 0/2% for the local government; From June 65438+1 October1in 2000, the share ratio was adjusted from central 88% and local 12% to central 97% and local 3% three years later, that is, central 9 1%, local 9% and central 99% in 2000.
Fourth, the securities market has accelerated the process of social transformation.
The emergence of the securities market has expanded residents' investment varieties from early single savings to stocks, government bonds, corporate bonds, funds, warrants and futures, thus sharing the fruits of China's economic growth. At the same time, the emergence of the securities market has also brought many new ideas to China society. The concept of "family financial management" began to spread, and the number of investor accounts increased from 8.35 million in 1992 to nearly 80 million in 2006, as shown in Figure 20.9. Residents also began to care about the development of enterprises and macro-economy by investing in the securities market.
The emergence of China's securities market gave birth to securities companies, fund companies and other securities service institutions. With the development of the market, they not only provided more employment opportunities for China society by helping enterprises grow, but also promoted the rise of new occupations such as investment banking, securities brokerage and sales, asset management, securities analysis and securities consulting, and trained a large number of professionals for China's financial industry.
In the course of its development, the securities market not only established a relatively complete legal system, but also promoted the perfection of other relevant laws and regulations. For example, the joint-stock system reform and the emergence of the securities market have promoted and accelerated the promulgation and revision of the company law and bankruptcy law, the constant emergence of new securities has promoted the protection of new property rights by the property law, a large number of state-owned assets management legislation has been constantly emerging and adjusted, and criminal legislation has been constantly revised to deal with more criminal acts, and so on.
The development of securities market puts forward higher requirements for enterprise accounting system, promotes the continuous improvement and standardization of accounting standards in China, especially the implementation of new accounting standards and auditing standards, greatly narrows the gap with international standards, and helps to improve the quality of financial information disclosure in China's securities market, so that it can gradually reflect the real financial situation of enterprises more scientifically and serve investors and other related subjects.
In addition, the development of the securities market puts high demands on the honesty consciousness of market participants, which also promotes the initial establishment of the credit system.
The development of securities market has more and more profound influence on China's economy and society. The securities market promotes the development of enterprises and the integration of industries, improves the management mode of state-owned enterprises and state-owned assets, and promotes the development of private enterprises. Listed companies are increasingly becoming an important part of China's economy. The securities market has also promoted the transformation of China's financial structure, enhanced the anti-risk ability of the financial system, improved the profit model of financial institutions, and raised the operating level of financial institutions. As important as these achievements are, more importantly, the China stock market has led many social and economic changes in China during its own construction and development. The securities market has promoted the popularization of China's joint-stock companies, the establishment of modern enterprise management system in China's economy and society, the improvement of relevant legal systems and accounting systems, and the gradual establishment of China's social credit system. At the same time, the securities market began to enter thousands of households in China society, the wealth effect initially appeared, and the financial management culture quietly rose. The development of China's securities market has been at the forefront of China's market economy reform and development since the first day. The experience and laws explored from the development of the securities market can also provide useful reference for other aspects of China's economic reform.
Excerpted from Blue Book of Development and Reform