Make preparations before the implementation of the comprehensive registration system, and further improve the delisting mechanism-the capital market accelerates the drawing of a reform roadmap
Our reporter Zhou Lin and Ma Chunyang
Over the past 30 years, my country's capital market has achieved remarkable results in serving the real economy.
In the future, the reform of the capital market will take the reform of the registration system and the delisting system as an important starting point, strive to increase the proportion of direct financing, further unblock diversified exit channels, strengthen the survival of the fittest, optimize the allocation of resources, and form a multi-level capital market with complementary functions and organic connections. System to better serve economic and social development.
A few days ago, the chairman of the China Securities Regulatory Commission, Yi Huiman, stated at the 30th anniversary forum of the establishment of the capital market that it is necessary to focus on core tasks such as "fully implementing the registration system for stock issuance, establishing a normalized delisting mechanism, and increasing the proportion of direct financing." The reform of the delisting system is an important starting point to strengthen the construction of basic systems; further diversify exit channels, strengthen the survival of the fittest; coordinate the promotion of key system innovations in the areas of issuance and underwriting, trading, continuous supervision, and investor protection, and solidly promote institutional opening, etc. .
This speech summed up the achievements, shared experience, and also showed the roadmap for the reform of the capital market in the future.
How to understand the full implementation of the registration system for stock issuance?
What are the key points for increasing the proportion of direct financing in the future?
What should be paid attention to when perfecting the delisting system?
The Economic Daily reporter interviewed many experts on this issue.
Transition from approval system to registration system
my country's capital market has achieved remarkable results in serving the real economy.
At the end of 2020, Yi Huiman once stated that in the past 30 years, the capital market has accumulated more than 21 trillion yuan in equity financing.
Since the launch of the Science and Technology Innovation Board, the amount of IPO financing has accounted for nearly half of the A-shares in the same period, and the capital market's pivotal role in promoting high-level circulation of technology, capital and industry has continued to increase.
At present, the outstanding balance of the exchange bond market is close to 16 trillion yuan, effectively broadening the financing channels of entity enterprises, especially small and medium-sized private enterprises.
Aiming at the full implementation of the registration system for stock issuance in the future, Yi Huiman emphasized that it is necessary to adhere to the “building system, non-intervention, and zero tolerance” around the overall goal of creating a standardized, transparent, open, dynamic and resilient capital market.
Pan Helin, executive dean of the Digital Economy Research Institute of Zhongnan University of Economics and Law, believes that the market-based and centralized regulatory system needs to be improved first to match the market expansion after the registration system.
Secondly, with regard to the delisting system, when the supply of new stocks increases and the liquidity of the stock market is diluted, it is necessary to guide capital to pursue high-quality companies instead of playing the game of "beating the drum to spread flowers".
Third, in terms of capital and financial opening, it is necessary to integrate with international standards as soon as possible, reduce barriers to foreign capital entry, strengthen regulatory penetration, and strictly control cross-contagion of financial risks.
An Qingsong, Executive Vice President of the Securities Industry Association of China, believes that the transition from an approval system to a registration system requires the securities industry to recognize changes scientifically, actively seek changes, and consciously build an effective issuer around the formation and improvement of the three capabilities of sponsorship, pricing, and underwriting. The quality constraint mechanism is truly the first line of defense at the entry level.
Increase the proportion of direct financing through multiple channels
In 2020, the refinancing scale of the A-share market, including additional issuance, allotment, and convertible bonds, will exceed 1 trillion yuan.
To increase the proportion of direct financing, we cannot rely solely on the "one's power" of the A-share market, but also rely on multiple forces such as the bond market and over-the-counter market.
In the over-the-counter market, private equity funds inject "live water" into the development and growth of enterprises.
According to statistics from the China Securities Investment Fund Association, as of November 2020, there are 15,026 private equity and venture capital fund managers in China, 29,307 surviving private equity investment funds, with an existing scale of 9.43 trillion yuan, and 10022 surviving venture capital funds. The scale of existence is 1.57 trillion yuan.
Recently, the China Securities Regulatory Commission officially approved the launch of a pilot share transfer for equity investment and venture capital in the Beijing Equity Exchange Center (Beijing Fourth Board Market).
Guo Libo, Dean of China Investment Research Institute, believes that the implementation of the pilot program will help solve the problems of private equity funds and venture capital funds withdrawing difficulties and lack of trading venues, forming a virtuous circle of "funding, investment, management, and withdrawal" ecosystems in the industry. Smooth capital circulation.
Corporate credit bonds are an important channel for direct financing of enterprises. In recent years, my country's corporate credit bond market has developed rapidly, with market participants and products constantly enriched, and its scale has ranked second in the world.
Yi Huiman pointed out that increasing the ratio of direct financing is important to scientifically grasp the positioning of the stock market at all levels, improve the differentiated institutional arrangements for each sector, continue to standardize the development of private equity and venture capital funds, further promote the innovative development of the bond market, and actively and steadily develop the financial derivatives market And the over-the-counter market, strive to form a multi-level capital market system with complementary functions and organic connections.
Smooth diversified exit channels
In response to the full implementation of the stock registration system, the supporting delisting system should also continue to be improved.
Yi Huiman pointed out that it is necessary to further smooth the diversified exit channels and strengthen the survival of the fittest.
Wind information statistics show that as of December 30, 2020, the number of A-share market delisting companies is 126, of which 16 will be delisted in 2020.
Jiang Xiaoyong, deputy director of the Securities Regulatory Commission’s listing department, said that some companies that have lost their ability to continue operations and companies that have severely violated laws and regulations have not “returned”, which not only affects the efficiency of resource allocation, but also gathers risks, disrupts market order and damages regulatory credibility. .
In the future, normalization of delisting will become a general trend, and a number of low-quality companies in stock will accelerate delisting in a timely manner.
On December 14, 2020, the Shanghai and Shenzhen Stock Exchange revised a number of supporting rules such as the "Shanghai Stock Exchange Stock Listing Rules", "Shenzhen Stock Exchange Stock Listing Rules" and other supporting rules, which signified that a new round of delisting system reform is about to come Landing.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, said that the reform of the delisting system is one of the keys to the healthy growth of China's capital market.
The capital market is a platform for resource allocation. Only when the survival of the fittest and the inward and outward can promote value investment and optimize resource allocation.
The registration system is to open up the "entry" of the market and return the decision-making power of resource allocation to the market.
Whether the market platform can operate efficiently, be vigorous and reward the good and punish the bad, also depends on whether it can open the "export" and let the inferior company delist in time.
Pan Helin believes that the registration system lowers the threshold for corporate financing, but the total amount of market liquidity is limited, and liquidity competition will inevitably occur between listed companies.
The delisting system needs further reform to optimize the allocation and guidance.
When talking about the direction of improving the delisting system in the future, Li Zhan, chief economist of Zhongshan Securities, said that we should fully learn from the experience of mature markets and gradually form a diversified system with registration delisting, transfer delisting, forced delisting, merger and reorganization delisting Delisting mechanism with diversified characteristics.