Recently, the 2022 mid-year regulatory meeting of the China Securities Regulatory Commission proposed to better serve the overall situation of steady growth. While doing a good job in implementing the measures that have been introduced, we will focus on key areas and weak links such as scientific and technological innovation, private enterprises and small and medium-sized enterprises, and study and introduce more and stronger support measures.
Ming Ming, chief economist of CITIC Securities, said in an interview with Securities Daily that since the beginning of this year, the capital market has continued to play an active role in supporting the development of private enterprises, constantly expanding the financing channels of private enterprises' stocks and bonds and promoting the construction of a good financing environment for private enterprises. In the second half of the year, relevant departments are expected to introduce more effective measures to play a multi-faceted role in supporting private enterprises' financing.
Among the listed private enterprises during the year
More than 90% have become technology-based enterprises.
From the perspective of equity financing, according to information statistics, as of August 3, during the year, 172 private enterprises landed in A shares, raising a total of 208.462 billion yuan. In terms of refinancing, private enterprises increased financing by 65.438+098.767 billion yuan and issued convertible bonds by 76.553 billion yuan during the year. Overall, equity financing totaled 483.782 billion yuan.
The reporter further combed and found that among the 172 private enterprises listed during the year, 162 were strategic emerging industrial enterprises, accounting for 9.4.19%, and raised a total of1986.93 billion yuan, accounting for 95.3 1%. That is, more than 90% of the private enterprises listed during the year became science and technology enterprises.
"Giving full play to the resource allocation function of the capital market and supporting scientific and technological innovation and the development of private enterprises are important measures to maintain economic growth at present, and market awareness has gradually formed." Wei, chief economist of Jinchuang Hexin Fund, said in an interview with the Securities Daily reporter that with the steady progress of the registration system reform and the support of private enterprise bond financing measures, private enterprises with technological innovation can raise funds through listing or bond market, and both financing channels are supported.
In terms of exchange bond financing, according to information statistics, as of August 3, this year, private enterprises have raised 227.609 billion yuan by issuing bonds in the exchange bond market.
Since the beginning of this year, the regulatory authorities have introduced a number of measures to support private enterprise bond financing. In March this year, the China Securities Regulatory Commission announced seven measures to further broaden the bond financing channels for private enterprises. Since then, private enterprise bond financing and special support programs for science and technology innovation corporate bonds have successively landed. In addition, the regulatory authorities have promoted the reduction and exemption of settlement fees for private enterprise bond transactions, organized private enterprise bond investment and financing meetings and symposiums, and promoted mutual trust and understanding between investment and financing parties.
Chen Li, chief economist and director of the research institute of Chuancai Securities, told the Securities Daily reporter that this year, the CSRC will promote in-depth understanding between investors and financiers through investment and financing meetings, improve information transparency and reduce the risk of default, thus reducing the interest rate of private enterprises in issuing bonds, which is of positive significance for reducing costs and promoting macroeconomics. In addition, the regulatory authorities give additional preferential policies to technology enterprises to issue bonds, which is conducive to the inclination of capital resources to technology enterprises and changes the pattern that private enterprise bonds were mostly issued by real estate enterprises in the past.
"Since the beginning of this year, the special support plan for private enterprise bond financing launched by the regulatory authorities has effectively supported private enterprise bond financing." Wei said to him:
Obviously, these measures have released a strong positive signal for improving the bond financing support mechanism of private enterprises and solving the "financing difficulty" problem of private enterprises.
The industry suggests launching more direct private enterprises.
Demand for innovative financing products
For the next step to support the development of private enterprise bond financing, Yi Huiman, Chairman of China Securities Regulatory Commission recently issued a document in Qiushi magazine, pointing out that the CSRC will further improve the support mechanism for private enterprise bond financing and strive to improve the availability and convenience of private economy and SME bond financing; Further promoting the expansion of real estate investment trust funds in infrastructure and expanding the scope of pilot projects, and stepping up efforts to promote the pilot projects of affordable rental housing and private enterprises will help accelerate the formation of a virtuous circle of existing assets and new investment.
When talking about promoting the implementation of public offering of REITs by private enterprises, it is clearly stated that for private enterprises, this measure has opened up a new way for asset securitization and bond financing of private enterprises, which is conducive to revitalizing the high-quality stock assets of private enterprises, reducing the financing cost of private enterprises, improving the credit level of private enterprises and improving the management ability of enterprises.
"At present, China's public offering of REITs assets is mainly concentrated in infrastructure areas such as expressways, industrial parks, warehousing and logistics, and ecological protection, covering key areas such as Beijing-Tianjin-Hebei, Yangtze River Economic Belt, Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Delta. Therefore, high-quality private enterprise projects that are in line with relevant industries and key regions and have strong asset operation capabilities and market influence will have a greater probability of being selected first, forming a good demonstration role. " Clearly state.
Wei believes that from the perspective of enterprises themselves, private enterprises can revitalize assets and optimize internal management through mergers and acquisitions. "It is necessary to strike while the iron is hot, and private enterprises should conform to the direction of China's industrial transformation, make strategic adjustments from their own perspective, and better achieve the balance between long-term development and short-term operation."
Obviously, in the next step, the capital market should continue to introduce more innovative financing products that meet the characteristics of private enterprises and directly meet the needs of private enterprises, and further enrich the financing channels of private enterprises; Optimize the equity and bond financing service mechanism of private enterprises and reduce the comprehensive financing cost; Improve the whole process information disclosure regulations of private enterprises, strengthen the credit awareness of private enterprises, and form a good market ecology; Develop multi-level capital markets, strengthen the connection between different levels, continue to promote regional equity market innovation pilot, and strengthen private borrowing capacity.
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