In June, the financing efficiency of the stock bond market improved the role of the capital market pressing stone

In June, the policy and measures of the stabilization of the economy gradually took effect, the efficiency of equity and bond financing continued to improve, and the role of the "cockpit stone" of the stable economic market in the capital market became increasingly prominent.

According to the statistics of the same Flush iFind iFind, as of June, as of June 22, a total of 22 new stocks were listed in A shares, with a total fundraising of 24.3 billion yuan. The scale of re -financing (including increasing issuance, distribution and convertible bonds) reached 19.5 billion yuan.

"In order to stabilize the economic market, it is necessary to use capital forces to raise financing for the physical industry. This requires two -pronged approach. It is necessary to rely on credit financing of financial institutions such as banks, but also rely on the capital market equity and bond financing to provide enterprises with a steady stream of capital water. From the middle and long term, this is conducive to accelerating the development of the industry and stabilizing the economic market. "Gui Haoming, a chief market expert of Shen Wanhongyuan, said in an interview with the Securities Daily reporter.

The market runs smoothly in June

New shares issuance and listing accelerate

In the "Policy and Measures of the Economic" (hereinafter referred to as the "Measures") issued by the State Council, it is clear that "improving the efficiency of capital market financing" is clearly proposed.

Among them, it focuses on "scientific and reasonable grasp of the first public offering of shares and listing (IPO) and the normalization of refinancing."

"Under the impact of the epidemic, the market structure has changed. Enterprises must not only solve the short -term pressure caused by insufficient liquidity, but also face long -term challenges of transformation and upgrading." Wang Shiwen, a professor at the Business School of Suzhou University of Science and Technology The normalization of IPO financing and refinancing, which has a dual effect on alleviating liquidity pressure and improving corporate innovation strength. It is of great significance to stabilize the economic broader market through the protection of market entities and promoting continuous investment.

From the perspective of June, the stock and bond markets were stable, the issuance of new shares was accelerated, and re -financing tended to stabilize.

In terms of new shares financing, the same Flush iFind data shows that as of June, as of June 22, a total of 22 new stocks were listed in A shares, an increase of 22%compared to May; the total fundraising of 24.3 billion yuan, compared to May compared to May in May The growth is more than double. Specifically, 9 of the 22 new shares are from the GEM, 6 are from the Beijing Stock Exchange, and the rest are from the Science and Technology Board (5) and the motherboard (2).

In terms of re -financing, Flush iFind data shows that since June, A -shares re -financing scale has reached 19.5 billion yuan, a slight decline in May compared to May. Among them, the largest increase in fundraising was the largest, reaching 10.6 billion yuan, accounting for more than half.

"The capital market provides enterprises with 'one -stop' financing services. Enterprises raised funds through IPOs. After listing, they can make re -financing through additional issuance and distribution. It is conducive to reducing financial expenses. "Fu Rao, executive director of the International New Economic Research Institute, told the Securities Daily reporter.

Wang Shiwen said that at present, all parties of the capital market, especially the supply and demand, actively promote the efficiency of equity and bond financing. For enterprises, equity and bond financing are conducive to enhancing scientific and technological innovation capabilities and market competitiveness, and at the same time, it is also conducive to providing capital guarantee for investment or scale expansion of enterprise projects.

"In addition to improving the capital market equity and bond financing efficiency, in addition to improving the efficiency of resource allocation with market -oriented means, it is also necessary to continuously improve the capital market governance and operating mechanism." Wang Shiwen further said.

Exchange debt market

The cost of the listing of bonds has been exempted

In addition to providing financing services, the capital market is also reducing financing transaction costs, actively to relieve difficulties for the majority of enterprises, especially private enterprises.

In the "Measures", in the "improving the efficiency of capital market financing", focusing on emphasizing the "supervising and guiding the in infrastructure of the interbank bond market and the exchange of the exchange bond market to comprehensively sort out the charging projects, the cost of financing transactions of private enterprise bonds can be exempted, and further Release signals that support private enterprises. "

Gui Haoming said that the cost of financing transactions for private enterprise bonds can be exempted from exemption, which reflects the state's determination to support the financing of private enterprise bond financing. Compared with bank loans, the cost of issuing corporate issuance is relatively low and the risks are relatively controllable. At the same time, the market also has certain demand for low -risk bond investment. Taken together, bond financing will play an increasingly important role in helping private enterprises' rescue difficulties.

The reporter was informed that all types of expenses have been exempted from the exchanges' bonds (listing) links (listing). The trading session only levies the transaction fee of the voucher category. The settlement of China and China will further study and reduce the relevant costs, and is actively promoting the preparations for technology.

"Supporting private enterprise bond financing, from the perspective of micro levels, on the one hand, it can alleviate the pressure of private enterprises and ensure the normal operation of enterprises. On the other hand, it can optimize the financial structure of enterprises and reduce financing costs. From a macro perspective, it is beneficial to benefit from Optimize the allocation of social funds with market means and improve the efficiency of financial markets. "Wang Shiwen said.

"Support private enterprises' debt financing, it is of positive significance for improving market expectations and boosting investor confidence." Fu Rao believes that it is necessary to solve the problem of private enterprise bond financing from multi -dimensional such as extension, demand, and risk prevention. Private enterprises must also be cautious, standardized, operated in accordance with the law, and establish a standardized financial management and financial reporting system. (Securities Daily)

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