Core point of view:
Wei Zhaopan, a columnist of China Economic Net, believes that we must achieve high-quality development of the capital market and serve the real economy in order to achieve high-quality development of the capital market and the function of serving the real economy based on the new development stage, the orderly advancement of the registration system reform and the smooth implementation of the new securities law Take multiple measures at the same time, hit the "combination boxing", and illuminate the chaos of the illegal and illegal "making wealth" market.
"It is necessary to fully implement the requirements for risk prevention and compliance with the bottom line, accelerate the improvement of risk prevention, early warning, disposal, and accountability mechanisms, strictly control the entrance of the capital market, resolutely prevent the disorderly expansion of capital, and prevent a few people from using the capital market to illegally'create wealth'. "Recently, the China Securities Regulatory Commission once again made arrangements for the prevention and control of capital market risks.
From adhering to the "zero tolerance" policy to innovating scientific and technological supervision methods, to perfecting risk prevention and control mechanisms, the conference pointed out a series of vicious violations of laws and regulations, and also sent strong signals to maintain market order and improve systems and mechanisms.
Serving the real economy is the bounden duty of finance, and it is also the mission and responsibility of finance. Finance that is separated from the real economy is no different from water without a source and a tree without roots.
Slowly unfolding the development picture of my country’s capital market in recent years. Whether it is some listed companies eager to "follow the trend and make money," or individual employees of the securities regulatory system "suddenly buy shares", or a small number of corporate managers cash out through the "side-by-side approach", it is all capital. The epitome of the phenomenon of “making wealth” in violation of laws and regulations in the market has brought many unstable factors to the steady and healthy development of the capital market, and has sounded the alarm for supervision.
As early as the end of last year, the Central Economic Work Conference proposed "strengthening anti-monopoly and preventing the disorderly expansion of capital", which pointed out the direction for market supervision and capital control in the new era.
Based on the new stage of development, with the orderly advancement of the reform of the registration system and the smooth implementation of the new securities law, to achieve high-quality development of the capital market and serve the real economy, we must take multiple measures and fight the "combination punch." The chaos in the market that is "making wealth" illegal and illegal.
The first is to strengthen management and secure the "entry gate."
As more and more investors participate in the investment activities of companies to be listed, the development of the company has received a steady stream of capital support. However, the phenomenon of illegal and illegal "rich creation" such as "sudden share purchase" and "low-price share purchase" is also hidden.
In the practice of supervision, it is necessary to further enhance the standardization of supervision, by strengthening shareholder penetrating verification and urging issuers to make full disclosures to control the “entry gate”, and minimize the operating space for resignees from the Securities Regulatory Commission system to hold shares illegally. ; At the same time, it is necessary to refine the guidelines and rules, clarify the requirements for shareholder penetration verification, and improve the transparency of equity information.
The second is to consolidate responsibilities and manage "gatekeepers."
As the "gatekeepers" of the market, intermediary agencies shoulder important responsibilities in cracking down on the phenomenon of "making wealth" in violation of laws and regulations.
Further consolidate the intermediary's gatekeeping responsibilities, strengthen its sponsorship and pricing capabilities, on the one hand, clarify the boundaries of responsibilities, and urge them to perform the screening function of "improper shareholding" and the verification function of shareholder information, and on the other hand, strengthen the traceability of responsibilities. The intermediary agencies that are not strictly guarded shall be held accountable seriously, and the market intermediary agencies shall be urged to return to their positions and fulfill their responsibilities.
The third is to improve the system and weave a "protective net."
With the help of illegal and illegal capital markets to "make wealth", such chaos will not only disrupt the normal regulatory order, but also easily encourage the disorderly expansion of capital, and bring greater challenges to my country's financial supervision and risk prevention and control.
We must weave a network of tight systems from the source, start from improving the securities legal system and risk prevention and control mechanism, and implement the rules; at the same time, we must continue to improve the rules and regulations of trust and disclosure, and keep up with the pace of market development. Grasp the risk evolution situation, and in accordance with the principle of "substance is more important than form", strengthen shareholder penetration management, so that the market chaos that violates laws and regulations "makes wealth" has nowhere to hide.
The movement of the Dapeng is not the lightness of a feather; the speed of Qiji is not the strength of a single foot.
With the continuous advancement of capital market reforms, the importance of risk prevention and control work has become more and more prominent. We must firmly establish a bottom-line awareness and resolutely shine a sword on the phenomenon of "making wealth" in violation of laws and regulations, so that market order can be effectively maintained, and market development can be guaranteed. Fast and steady.
(Wei Zhaopan, columnist of China Economic Net)