(Economic Observation) The State Council sets the tone for the development of the capital market in three aspects

　　China News Service, Beijing, September 24 (Reporter Xia Bin) The number of A-share listed companies currently exceeds 4000, with a total market value of nearly 80 trillion yuan. The capital market's role in China's social and economic development is becoming more and more obvious. Development opportunity period.

　　The recent executive meeting of the State Council has made arrangements to further improve the quality of listed companies, protect the rights and interests of investors, and promote the sustained, stable and healthy development of the capital market.

The meeting set the 12-character development tone for the capital market, namely "standardization, transparency, openness, vitality, and resilience", and put forward three requirements for the construction of such a capital market, and played a "combined punch."

　　Providing investors with a true, transparent and compliant listed company and promoting the improvement of the quality of listed companies are the fundamental means to protect the legitimate rights and interests of investors.

　　The meeting pointed out that it is necessary to improve the governance system rules of listed companies, implement the statutory duties and responsibilities of controlling shareholders, actual controllers, directors, supervisors, and senior managers, improve the mechanism for institutional investors to participate in corporate governance, and implement an internal control standard system.

Improve information transparency and disclosure quality.

　　The chairman of the China Securities Regulatory Commission, Yi Huiman, said before that, using the case as a lesson, through the "small cuts" of individual cases, we will further improve the basic systems of information disclosure and corporate governance, and strengthen the "key minority" such as controlling shareholders, actual controllers, directors, supervisors, etc. Revere the awareness of "listing" and consolidate compliance responsibilities.

　　Tian Lihui, Dean of the Institute of Financial Development of Nankai University, told a reporter from China News Agency that in the context of China's implementation of the registration system, there are higher requirements for the information disclosure of listed companies, which must be transparent, sufficient and complete, and the registration system must be healthy. For growth and further promotion in the future, it is necessary to improve the corporate governance mechanism and implement the responsibilities to the controlling shareholders, actual controllers, directors and supervisors. This is an effective guarantee for improving information transparency and information quality.

　　Regarding the capital market, the supervisory authority must not only be a "gatekeeper" to allow high-quality companies to thrive in the capital market, but also be a "clean-up worker" so that inferior companies cannot remain in the capital market.

　　The meeting pointed out that we must promote listed companies to become better and stronger.

Support the listing of high-quality companies.

Improve the asset reorganization, acquisition, and spin-off and listing systems of listed companies.

Improve the refinancing and bond issuance systems of listed companies.

Allow more qualified foreign investors to make strategic investments in listed companies.

Improve standards, simplify procedures, unblock channels, and improve the diversified exit mechanism of listed companies.

Severely crack down on evasion of delisting.

　　Pan Xiangdong, chief economist of New Era Securities, pointed out that a stable and healthy capital market will inevitably require smooth entry and exit. While expanding the front-end entry, it also urgently needs to improve the delisting mechanism.

　　Tian Xuan, a professor at Tsinghua University, said that the registration system actually gives listed companies the right to decide on entering and exiting the stock market to the market, which can dredge the "block lake" of IPO.

At the same time, a more flexible delisting system can also dredge capital market exports and make the flow of water in the asset pool smoother.

With the implementation of the registration system, the value of the shell resources of listed companies will disappear, and the delisting of inferior companies will accelerate. This is conducive to promoting the healthy and sustainable development of China's capital market and helping China's economy to transform from high-speed to high-quality growth.

　　Vicious violations of laws and regulations, such as financial fraud, insider trading, and market manipulation of listed companies, do occur frequently. This not only destroys the market integrity ecology, but also affects investor confidence, and undermines the foundation for the stable and healthy operation of the capital market.

　　The meeting stated that it is necessary to use the joint efforts of departments to strengthen supervision.

Properly resolve issues such as stock pledge risks, illegal occupation of funds, and illegal guarantees.

Increase penalties for market manipulation and insider trading and other violations of laws and regulations, and significantly increase the cost of violations of laws and regulations.

　　"In the past, the capital market had the problem of'three highs and three lows', that is, low illegal costs, high illegal benefits, low trustworthiness benefits, high trustworthiness costs, low rights protection benefits, and high rights protection costs. This is an important reason for the frequent occurrence of financial fraud in listed companies. The reason.” Xiao Gang, a senior researcher at the China Financial Forty Forum and former chairman of the China Securities Regulatory Commission, said that the new securities law has increased penalties for securities violations and substantially increased capital in accordance with the rule of law, which governs chaos and remedies. The cost of market violations and crimes will have a powerful deterrent force for listed companies' violations.

　　Xiao Gang said that improving the quality of listed companies is a systematic project that requires the joint efforts of listed companies, regulatory authorities, investors, and market participants.

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