"Reform and Innovation" Liu Kang: Attach importance to the construction of the legal system of capital market and return to the origin of supervision

Liu Kang: Attach importance to the construction of the legal system of the capital market and return to the origin of supervision

Reform and Innovation

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In recent years, my country's capital market construction has made great progress, and has formed an equity financing market composed of motherboards, small and medium -sized boards, GEM, New Third Board, and regional equity markets, with the size of the world at the forefront of the world.

However, it should be seen that the risk premium of the capital market is still low, the pricing mechanism is not yet complete, the market structure still needs to be optimized, and its support for the real economy needs to be further improved. In the future, through standardized and guiding the development of capital, attach importance to the role of resource allocation of the market, strengthen the construction of the financial ecosystem and the legal system of the capital market, and further deepen the capital market reform.

Attach importance to the value of the capital market resource allocation. Compared with the indirect financing system of bank credit, the capital market is more market -oriented by the system for allocating resources through price transmission. First, the stock price response is sensitive, can foresee the rise and fall of the industry forward, and pass the price signal through the capital market to optimize the allocation of resources for the whole society. Taking the "two highs and one left" industry as an example, in 2009 before the supply -side structural reform, the main stock price of the industry had already seen the top and began to fall, which earlier heralded the long -term industry difficulties. Second, when the capital market is often small and expanded in some emerging strategic industries, it can sensitively explore its future value. For example, related stocks in the new energy vehicle industry have been favored by the market at the beginning of the market. Third, the capital market financing depends on the soft elements such as credit and competitiveness of both capital supply and demand. It is complementary with the heavy asset mortgage needs of indirect financing, so that it can play a unique support role in the financing of emerging industries.

The key part of the future capital market reform is to change the positioning of current heavy financing and not heavy investment. Compared with the value of financing, it should pay more attention to the value allocation value of the capital market, rather than putting the capital market in financial transactions in the short term. The proportion of proportion has been significantly increased to the same level as the country -oriented financial system countries such as the United Kingdom and the United States. By continuously improving the basic system of the capital market, the marketization of risk pricing is promoted, and the relevant information of investors will be timely feeded to investors through stock prices, and the flow of funds will be guided to high -quality projects and improved the efficiency of financial resource allocation.

Attach importance to the construction of the financial ecosystem of the capital market. Looking back at the major technological leaders of Microsoft, Apple, Google, etc., all of them have developed a wind investment in the starting period and developed and developed. my country should actively speed up and improve the construction of the financial ecosystem, and guide the development of VC, PE, PRE-IPO and other investment institutions such as high reward requirements and high risk tolerance to meet the development thresholds that cannot be touched on the listing. The financing needs of various early -stage emerging enterprises.

On the one hand, adhere to the institutional arrangements of highlighting the concepts of characteristics and dislocation development, improve and deepen the differentiated development of various sectors in the capital market. For example, the establishment of the Beijing Stock Exchange is an important measure to improve the quality of the capital market. It will play an active role in supporting SME financing and promoting corporate innovation. On the other hand, continue to improve the breadth and depth of market development, and encourage exploring new venture capital models. For example, to improve the differentiated supervision and risk prevention system of private equity funds, and further encourage the development of venture capital models such as venture capital funds. Attach importance to the construction of the legal system of the capital market and return to the origin of supervision. Market -oriented reforms must strengthen market discipline. Promoting the implementation of the registration system, market -oriented delisting system, and strengthening information disclosure of listed companies will help eliminate rent -seeking space in the capital market, and it is also an important prerequisite for the construction of effective capital markets.

Regulatory agencies should return to their original positioning. As the builders and executors of the market legal system, they must strictly enforce the law, especially those who should delist must be resolutely delisted. Only by serious market discipline and establishing the role of the market to play, exit and trading mechanisms, can we gradually optimize the market structure, improve the quality of the market, and continue to promote the deepening reform of the capital market.

Liu Kang: A member of the PhD in Chang'an Street Reading Club, a special researcher at the National Financial and Development Laboratory, a guest professor professor of Shenzhen School of Public Management, and Deputy Secretary -General of Reform and Innovation Cadre College

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