(Economic Observation) What can the Beijing Stock Exchange bring to China's capital market?

　　China News Agency, Beijing, November 15th (Xia Bin Liu Wenwen) It took only 75 days from the announcement of the establishment to the opening of the gongs, and the Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange"), which has been "accelerated", has officially "opened" Welcome".

There are a total of 81 listed companies, with a turnover of 9.573 billion yuan on the first day. Although the current scale is not large, the emergence of the Beijing Stock Exchange has added a key “puzzle” to the Chinese capital market.

　　This is a service "puzzle" that helps SMEs grow.

Statistics show that China’s small and medium-sized enterprises contribute more than 50% of tax revenue, more than 60% of GDP, more than 80% of urban jobs, and more than 90% of new jobs. They have also created more than 70% of technological innovation and 80% of new jobs. % Of new products.

But when it comes to financing capabilities, the "preference" of funds for SMEs is obviously not comparable to the above-mentioned achievements.

On November 15, citizens used their mobile phones to take pictures of the Beijing Stock Exchange building.

On the same day, the Beijing Stock Exchange opened.

Photo by China News Agency reporter Han Haidan

　　Tao Kuangchun, Chairman of KPMG Asia Pacific and China, pointed out that there are more than 30 million small and medium-sized enterprises in China, and only a very small part of these small and medium-sized enterprises can obtain support through the capital market. They also have a strong need to use the power of the capital market to seek better and faster development. .

　　"Building the main position of service-innovative SMEs" is the most distinctive gene and most important task of the Beijing Stock Exchange.

The establishment of the Beijing Stock Exchange provides an important platform for innovative SMEs to obtain financing services, standardize governance structures, improve corporate governance and achieve leapfrog development. It highlights "earlier, smaller, and newer", and also opens up new opportunities for SMEs. , Convenient financing channels.

　　Tian Lihui, Dean of the Institute of Financial Development of Nankai University, told a reporter from China News Agency that the establishment of the Beijing Stock Exchange will further promote the establishment of "specialization, special innovation" through multiple channels such as capital support, corporate governance standardization, and brand reputation enhancement. Small and medium-sized enterprises in China have grown up to better serve the real economy.

　　This is a "puzzle" of reform that continues to deepen institutional innovation.

Yi Huiman, chairman of the China Securities Regulatory Commission, said at the opening ceremony of the Beijing Stock Exchange that he hoped that the Beijing Stock Exchange would steadily promote institutional innovations that fit the characteristics of small and medium-sized enterprises based on the pilot registration system.

　　Tian Lihui believes that the Beijing Stock Exchange should focus on further strengthening reforms in terms of marketization, legalization, and boosting the growth of innovative companies to form a benchmark for China's capital market.

　　He further stated that the Beijing Stock Exchange currently implements a trading system with more distinctive market attributes than the Shanghai and Shenzhen Stock Exchanges, such as a 30% volatility range.

But more importantly, the next step in the exploration of institutional reforms should not be limited to how to enlarge the scope of transactions, but should allow market traders to express their true views and true wishes on investment on the basis of obtaining sufficient information.

"Let the market speak, and the market will make decisions."

　　Tian Xuan, deputy dean of the Wudaokou School of Finance, Tsinghua University, suggested that the Beijing Stock Exchange should optimize the review procedures, moderately relax corporate regulations and corporate governance, and reduce the issuance and management costs of listed companies; increase the level of information disclosure, and strengthen supervision and law enforcement. Improve the transfer conditions, interconnect with the Shanghai and Shenzhen Stock Exchanges, improve the delisting mechanism, and promote the survival of the fittest in the market; increase market openness, set special terms, and attract overseas registered companies to list on the Beijing Stock Exchange.

　　This is a regional "puzzle" that promotes the development of balanced dislocation.

The newly born CBEX will form the overall framework of the capital market together with the Shanghai and Shenzhen Stock Exchanges, the New Third Board, and the regional equity market, forming a modest competition pattern with different focuses and complements each other.

　　"From the perspective of the entire Chinese capital market, the Beijing Stock Exchange is of great significance. China not only needs great economic and financial development in the south and coastal areas, but also for the economy of the north, especially the "Three Norths" of North China, Northwest and Northeast China. Finance should also be highly valued." Tian Lihui said.

　　According to Liu Hui, senior fund manager of Invesco Investment, both the Yangtze River Delta and the Pearl River Delta have stock exchanges, but there are no stock exchanges in the Bohai Rim of North China. The establishment of the Beijing Stock Exchange will help achieve a better regional balance.

　　Tian Xuan believes that the Beijing Stock Exchange will help Beijing reshape its status as a “financial center”. At the same time, Beijing will continue to play a leading role as a hub for Beijing-Tianjin-Hebei. Capital market agglomeration effects will be used to strengthen the “strengthening chain” and “strengthen the chain” work to promote the region. Innovation and development.

(over)