Securities Daily: Capital Market Service Innovation Iron Triangle Shaping

Securities Daily: Capital Market Service Innovation “Iron Triangle” Shaping
The “iron triangle” of capital market service innovation takes “service key core technology innovation and service economic growth and development” as the starting point. A new stage of reform is set up in the Shanghai Stock Exchange to set up a science and technology board and pilot registration system, which will be replicated and promoted in the future.The GEM is expected to achieve state support to promote the reform of the registration system; the New Third Board has become an important equity financing channel for technology-based small, medium and micro enterprises. Reporter Zuo Yonggang Recently, the Political Bureau of the CPC Central Committee has improved financial services to prevent financial risks.Three collective learning.When General Secretary Xi Jinping presided over the study, deepening the financial supply-side structural reform must implement and adhere to the new development concept, strengthen financial service functions, find the focus of financial services, and serve the real economy and people’s lives.  In 2019, previous multi-level capital market reforms continued to advance.Taking “Serving Key Core Technology Innovations and Serving Economic Growth and Development” as the starting point, a new phase of reform in setting up a science and technology board and pilot registration system in the Shanghai Stock Exchange is about to begin. In the future, a reproducible and scalable institutional mechanism will be formed; the GEM will realize the countrySupport the promotion of the reform of the registration system; the New Third Board has become an important equity financing channel for technology-based SMEs.  From the perspective of developing countries, through these expansions, the “iron triangle” of technological innovation in capital market services is about to take shape, and finally realize the construction of a new market in a new era.  Pan Xiangdong, chief economist of securities in the new era of service innovation forming the “iron triangle”, told the Securities Daily reporter that deepening financial supply-side structural reforms, strengthening financial services to the real economy, and playing a pivotal role in multi-level capital markets.It is formulated that the basic system of the capital market should be improved and direct financing support should be increased.Improving and improving the multi-level capital market and giving play to the pivotal role of the capital market can broaden corporate financing channels and alleviate corporate financing difficulties.Among them, the establishment of a science and technology board and a pilot registration system, stock market-based issuance and continuous supervision after the issuance and listing of shares and a strict delisting system will become one of the important basic institutional reforms of the capital market this year.This is conducive to the capital market will have more funds to invest in scientific and technological innovation enterprises, and improve the quality of economic development.  At present, the first-tier multi-level capital market has formed a layout of science and technology board, GEM, and the new three boards to serve science and technology enterprises. In the future, the pilot registration system for science and technology boards will become a model for multi-level capital markets. It is believed that market laws will strengthen the marketConstraints will eventually form a reproducible and scalable institutional mechanism.  The Guangdong Provincial Government Work Report clearly stated that it will vigorously promote the reform and innovation of the Pilot Free Trade Zone, including predicting the country’s support for the establishment of innovative foreign exchange exchanges, the reform of the GEM registration system, and other major issues.  The new third board market, which was reborn in 2013, has demonstrated market inclusiveness with existing biotechnology and serves technological innovation companies. It has now become an important channel for equity financing of technology-based small, medium and micro enterprises.As of now, there are 10,466 listed companies on the New Third Board, including 908 companies in the innovation layer. Looking at the market, the proportion of emerging companies exceeds 80%.  ”From past experience, we must vigorously develop venture capital and establish a capital market that is in line with the innovative economy to enhance the innovation capacity of enterprises. The capital market itself must also accelerate its transformation and upgrading.”Recently, Wu Yongzu, a researcher at the Chongyang Institute of Finance at Renmin University of China, said in an interview with a reporter from Securities Daily.  Capital market bears heavy responsibility “The central government’s detailed deployment of financial supply-side structural reforms has practical significance for financial services to the real economy and economic growth and development.Wu Yongzu believes that structural reform of the financial supply side should start from three aspects. The first is to accelerate the gradual structural reform of the financial system, focusing on improving multi-level capital markets, making it easier for enterprises at different stages of development to obtain equity financing, thereby improving direct financing.The second is to provide more financial products, improve the efficiency of capital use, reduce the financing costs of small and micro enterprises, and private enterprises. The third is to accelerate the balanced development of urban and rural finance and vigorously promote inclusive finance.  The best practices learned for the first time are to build a standardized, transparent, open, dynamic, and necessary capital market, 深圳SPA会所 improve the basic system of the capital market, properly balance market entry and market export, and strengthen overall supervision of transactions.At the same time, it is necessary to solve the problem of too low costs in the financial field, especially in the capital market.  Yongzu said that this change reflects the central government’s emphasis on the development of the capital market and raises the existing problems.The Chinese economy is already in a critical period of transformation and upgrading. The main driving force lies in the innovation ability of enterprises. Innovation means risk. From the perspective of transformation experience, vigorously develop venture capital and establish a capital market that is in line with the innovation economy.Capability is crucial, and the capital market itself must accelerate its transition and upgrade.  ”At present, there are still institutional and institutional shortcomings in the overall capital market. Some listed companies have advanced intelligence.Therefore, in order to realize the transformation of the capital market, the key point is that the regulatory authorities should focus on serving the main body of the market. It is important to serve investors and financing companies well, ensure market share, realize their price discovery function, and enable good companies to be fast.Convenient financing allows bad companies to exit the market as soon as possible, and at the same time supervises the entire process of the transaction to ensure that the process is fair and just.Wu Yongzu said.