China News Service, March 17 (China News reporter Xie Yiguan) On the 15th, the China Securities Regulatory Commission issued four policy documents in a row, which respectively strictly controlled the access to issuance and listing, strengthened the supervision of listed companies, strengthened the supervision of securities companies and public funds, We will comprehensively strengthen the construction of the China Securities Regulatory Commission system and deploy capital market supervision work.
Experts believe that the "four arrows" are not only conducive to the long-term and healthy development of the securities industry, but also conducive to promoting the development of my country's capital market.
Data map: China Securities Regulatory Commission.
Photo by China News Service reporter Zhang Hao
It is strictly prohibited to blindly seek listing for the purpose of "making money"
Listed companies are the foundation of the market.
How to improve the quality of listed companies from the source and comprehensively and strictly strengthen the supervision of corporate issuance and listing activities?
The "Opinions on Strictly Controlling Issuance and Listing Access and Improving the Quality of Listed Companies from the Source (Trial)" issued on the 15th proposed eight policy measures, including strictly controlling the quality of applications for companies to be listed and consolidating the "gatekeeper" responsibilities of intermediaries. .
According to Yang Delong, chief economist of Qianhai Kaiyuan Fund, this is of great significance for improving the investability of the A-share market and promoting the long-term healthy development of the A-share market.
"To improve the quality of listed companies, we must first check from the source, pass strict examinations, and crack down on some fraudulent issuances and other behaviors. This can support more good companies to enter the capital market and exclude some companies that do not meet the listing conditions."
In the above-mentioned documents, "It is strictly prohibited to blindly seek listings and excessive financing for the purpose of 'encircling money'" "Strictly pay close attention to whether companies to be listed have any pre-IPO raids on 'clearance' dividends" "Strictly crack down on illegal holdings and raids at abnormal prices" Requirements such as holding shares and transfer of interests to prevent illegal activities and 'creating wealth'" are very convincing.
Yang Delong believes that these measures provide targeted solutions to some problems currently existing in listed companies, and will also serve as a greater deterrent to some companies planning to be listed.
Intensify the crackdown on financial "bathing"
In terms of improving the quality of listed companies, in addition to strictly controlling entrances, strengthening post-listing supervision is also an important step.
In the "Opinions on Strengthening the Supervision of Listed Companies (Trial)" issued by the China Securities Regulatory Commission on the 15th, four key issues of concern to all parties including combating financial fraud, strictly regulating shareholding reductions, increasing dividend supervision, and strengthening market value management were put forward. 18 policy measures in various aspects.
Financial fraud has been a regulatory focus for a long time.
The above-mentioned document mentioned that "severely crack down on long-term systemic fraud and third-party fraud, and resolutely break the fraud 'ecosystem'" and "increase the crackdown on financial 'bathing'."
"Some listed companies have started to deceive investors and falsify financial statements since they were listed." Pan Xiangdong, chief economist of Qiren Research Institute, told a reporter from Sino-News Finance. For example, in order to realize their own needs to reduce their holdings, major shareholders inflated profits to the extent of The purpose of raising stock prices.
For another example, in order to cover up the fact of inflated profits and fraud in the past, "creating trouble" was used to achieve the purpose of "bathing".
"This document specifically highlights these chaos, which is conducive to punishing illegal reductions, deception and fraud in the market environment, and protecting investors." Pan Xiangdong said.
Data map: RMB.
Photo by Gong Hongyu
In recent years, "divorce-style shareholding reduction" has attracted much attention.
The above-mentioned document also mentioned that "further clarify the rules for reducing holdings of major shareholders, directors, and senior executives in situations such as divorce, dissolution, separation, and termination of concerted action relationships, and prevent the use of 'identity' to detour."
In Yang Delong's view, this is also a targeted measure in response to some patterns of shareholding reductions that have appeared in recent years, and is of great significance to standardizing the behavior of shareholding reductions.
In addition, it can also effectively boost investor confidence, prevent some major shareholders from illegally reducing their holdings, and effectively protect the interests of small and medium-sized investors.
Resolutely correct unhealthy trends such as "showing off wealth"
On the 15th, the China Securities Regulatory Commission also issued the "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-Class Investment Banks and Investment Institutions (Trial)", focusing on correcting the positioning of industry institutions, promoting functions, and improving professional service capabilities and regulatory efficiency. 25 policy measures in 7 aspects were proposed.
China News Finance reporter noticed that the above-mentioned documents focus on the interests of investors and repeatedly emphasize "severe crackdowns": "Severely crack down on shareholders and actual controllers' improper interference, misappropriation of funds and other illegal behaviors that infringe the interests of institutions and investors" and "ignore and damage Institutions and individuals that serve the interests of public investors will be resolutely and severely cracked down in accordance with the law."
"The legitimate rights and interests of investors need to be effectively protected, otherwise this market will lack support for long-term development. Investors and high-quality listed companies are the source of power for the healthy and sustainable development of this market." Pan Xiangdong mentioned.
In Yang Delong's view, the purpose of this strict supervision is also to protect the interests of investors, allowing securities companies and public funds to put the interests of investors first and avoid some illegal behaviors.
In terms of strengthening the management of employees, the above-mentioned documents mentioned that the "entry gate" of employment should be strictly controlled.
At the same time, the document proposes to resolutely correct bad habits such as money worship, extravagant enjoyment, eagerness for quick success and "showing off wealth".
Yang Delong said that these formulations are conducive to promoting the industry to establish a good professional style and industry image.
Supervising employee behavior is also conducive to improving the image of the industry and has far-reaching significance for the development of the securities and fund industries.
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