Our reporter Wu Xiaolu

  The National Two Sessions will be held soon, and the reform of the registration system has also become a hot topic of concern for the delegates.

Experts interviewed by reporters believe that to promote the reform of the registration system in the whole market, it is essential to balance the relationship between "stability" and "progress", and to achieve "progress while maintaining stability".

At the same time, it is necessary to take the registration system reform as the main line, do a good job in the construction of supporting systems such as letter disclosure, trading, and delisting, consolidate the responsibilities of intermediaries, continue to promote the improvement of the quality of listed companies, "zero tolerance" to crack down on violations of laws and regulations, and accelerate the formation of a system of survival of the fittest. market mechanism, etc.

  Balance the relationship between "stable" and "progress"

  Since the pilot reform of the registration system on the Science and Technology Innovation Board and the ChiNext Board, the capital market has accelerated the accumulation of factors and resources in the field of technological innovation, and has achieved remarkable results in serving the real economy.

According to statistics from Wind Information, as of February 28, a total of 391 companies have been listed on the Science and Technology Innovation Board, with 547.848 billion yuan of IPO funds raised, a total market value of 5.21 trillion yuan, and an average price-earnings ratio of 63.89 times; 282 companies listed on the Growth Enterprise Market under the registration system The IPO raised a total of 243.686 billion yuan, with a total market value of 2.29 trillion yuan and an average price-earnings ratio of 49.28 times.

  At the same time, in practice, the supervision continued to promote the improvement of rules such as issuance pricing, IPO company shareholder verification, on-site inspection, and counseling and acceptance, and the institutional foundation was further improved; it strengthened the “hard technology” positioning of the Sci-tech Innovation Board, and clarified that the GEM serves “three innovations and four innovations”. "New" function, the positioning of each section is clearer.

  "At present, my country's capital market has the basic conditions for the full implementation of the registration system. In 2021, all regions and departments will make preparations for the full implementation of the registration system based on their actual conditions, and the basic system of the capital market will be more perfect." Associate Dean of the PBC School of Finance, Tsinghua University In an interview with the "Securities Daily" reporter, Chang and professor Tian Xuan said that the full implementation of the reform of the stock issuance registration system needs to adhere to "seeking progress while maintaining stability".

  "To promote the reform of the registration system in the whole market, it is necessary to maintain market stability and reflect the basic connotation of the registration system. After a scientific and comprehensive evaluation of the various systems of the reform of the registration system of the Sci-tech Innovation Board and the Growth Enterprise Market, it will be steadily advanced." China Galaxy Securities Research Xie Xuecheng, vice president of the institute, said in an interview with a reporter from Securities Daily.

  At the same time, it is also necessary to pay attention to risk prevention, and to do a good job in the construction of supervision and supporting systems.

Tian Xuan said that it is necessary to strengthen the responsibilities of intermediaries, strictly regulate delisting, increase the supply and innovation of equity products, promote the entry of medium and long-term funds into the market, and comprehensively improve the level of technology supervision and industry financial technology development.

  Reform still faces multiple challenges

  The registration system reform is not only the issuer reform, but also involves the reform and innovation of the entire chain of basic systems such as disclosure, trading, delisting, and investor protection.

At present, the conditions for the reform of the registration system in the whole market are ready, but experts believe that there will still be multiple challenges in the reform process in the future.

  Xie Xuecheng believes that in the process of promoting the registration system reform in the whole market, we need to pay attention to five issues. First, we must form effective market constraints, strengthen the cultivation of long-term investors, and improve the pricing and risk control capabilities of intermediaries; the second is to effectively protect investors. Lawful rights and interests, actively establish and improve the investor protection system; thirdly, fully implement the "zero tolerance" policy, adhere to strict supervision in accordance with the law, and strengthen the crackdown on illegal activities such as fraudulent issuance and financial fraud; The whole chain of issuance supervision mechanism and the whole process of supervision and check and balance mechanism; the fifth is to further improve the delisting system, improve the mandatory delisting standards, optimize the delisting process links, and attach importance to the delisting supporting mechanism.

  Tian Xuan believes that the current delisting rate is still low, and it is necessary to further optimize delisting standards and delisting procedures; in terms of investor protection, it is necessary to strengthen the linkage of various departments to increase the cost of violations of laws and regulations; in issuance review, information disclosure, risk prevention and control In other respects, it is necessary to consolidate the responsibilities of listed companies, intermediaries and stakeholders, implement a system of accountability and accountability, and establish a legal guarantee system in which the responsibilities of all parties are fully implemented and mutual checks and balances are in place.

  Tian Xuan said that under the comprehensive registration system, the capital market also needs to take into account the quality improvement of listed companies.

Supervision needs to comprehensively solve system and mechanism problems, scientifically plan the arrangement of relevant stakeholders, ensure fair and orderly market transactions, and promote rationalization of valuations; guide long-term capital flow to high-quality enterprises with innovation potential; increase the delisting rate, and accelerate the formation of a survival-of-the-fittest mechanism.

  Xie Xuecheng said that to improve the quality of listed companies, first of all, it is necessary to further exert the function of the survival of the fittest in the capital market, so that the capital market is constantly updated in a cycle, high-quality companies are actively selected by the market, and low-quality companies are eliminated; secondly, it is necessary to strictly supervise during and after the event, and strengthen financial fraud. Supervision, strengthen supervision and law enforcement and risk prevention and control, and improve penalties for violations of laws and regulations; finally, improve the external restraint mechanism, improve the merger and acquisition system, improve information transparency, and invest resources in real high-quality companies.

(Securities Daily)