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Several opinions on strengthening Supervision and preventing risks and promoting the High-quality Development of the Capital Market (hereinafter referred to as "opinions") issued by the State Council on April 12 have attracted the attention of the market and are known as the new "National Nine articles".

Compared with the previous two "National Nine articles", this "opinion" mainly shows three major characteristics: first, the focus of capital market construction is focused on the equity market; second, policies shift from market cultivation to improving the quality of listed companies; third, special attention is paid to the protection of the rights and interests of medium and small investors and the sense of achievement of investment in the capital market. From the focus of these policies, we can see that the government intends to open up the demand side and supply side of equity market funds, so as to better promote the development of new productive forces and serve the major national strategy.

Based on the equity market

Open up the capital demand side and the supply side

Equity market is an important financing channel for new industry, new business type and new technology, which is of great significance for the construction of modern industrial system. By the end of 2023, the total market capitalization of A shares was 77.Playingcardshuffler6 trillion yuan, while the total assets of banking financial institutions exceeded 400 trillion yuan. Although its size is more than five times that of the equity market, due to the risk preference of the banking system itself, relatively high-risk scientific and technological innovation enterprises have limited credit support, and equity financing has become a better choice. Therefore, this "opinion" is based on the equity market and focuses on improving the quality of listed companies, optimizing the structure of listed companies and promoting economic transformation on the demand side of funds.

On the supply side, the policy is intended to further boost market confidence by allowing a wider range of investors to share the fruits of capital market development. In the general requirement of "opinion", the word "people" is mentioned three times. This is not only because of the political concept of finance for the people, but also because individual investors account for the highest proportion in China's stock market, and the protection of small and medium-sized investors is also an important part of ensuring the supply and liquidity of funds in the market. Although the proportion of shares held and traded by institutional investors in the A-share market has increased steadily in recent years, individual investors still account for about 60% of the total; and the number of individual investment accounts has exceeded 200 million, meeting the wealth management needs of a large part of the people. Therefore, in order to serve the capital supply side well, this "opinion" also places special emphasis on strengthening supervision and preventing risks, protecting the legitimate rights and interests of medium and small investors, increasing the dividend rate, strengthening the supervision of cash dividends, guiding the investment return orientation of public offering funds, and improving the sense of achievement of the people.

Take the enterprise as the core

Cultivate market ecology

As the target of investment, listed companies are the cornerstone of the capital market, and their quality directly affects the high-quality development of the stock market. Therefore, this supervision system also takes enterprises as the core, compacts corporate responsibility, and strives to strictly control the quality of listed companies from listing access, supervision of listed companies to delisting system and other links.

In the stage of listing access, not only raise the threshold of listing, increase the intensity of supervision and inspection, control the quality of listed companies from the source, but also take this as an opportunity to further optimize the structure of listed companies. For the minimum listing standard of net profit in the recent year, the main board is prepared to increase from 60 million yuan to 100 million yuan, and the gem to 60 million yuan, while the financial conditions of Science and Technology Innovation Board and the Beijing Stock Exchange remain unchanged. In this way, the plate level is not only more distinct, but also can promote the allocation of more market resources to key areas such as scientific and technological innovation.

For listed companies, not only should we continue to ensure the authenticity and accuracy of information disclosure and put an end to financial fraud, the "opinion" also requires listed companies to make more efforts in improving investment value and reducing investment risks. In terms of market value management, the State Nine articles in 2014 only proposed to "encourage listed companies to establish a market value management system", while this "opinion" directly requires regulators to formulate relevant guidelines. and study the market value management into the assessment and evaluation system, the attitude is more resolute. In terms of the reduction rules, the opinion further improves the reduction rules of major shareholders, prevents detour reduction, and protects the interests of minority shareholders by standardizing the behavior of major shareholders.

In addition, the "opinion" also put forward dividend requirements for listed companies for the first time, turning investment returns mainly based on bid-ask spreads to share price appreciation, dividend dividends, and even buyback cancellation, so as to improve the stability and predictability of shareholders' returns. In the setting of specific rules, we should also pay attention to avoid "across-the-board" and differentiate enterprises with different sectors and different life cycles according to local conditions. Securities Regulatory Commission specially for this additional explanation, for Science and Technology Innovation Board and gem R & D intensity or large R & D investment enterprises, can exempt enterprises that do not meet the dividend conditions to be ST. In addition, the "opinion" also supports enterprises to enhance their strength and intrinsic value through mergers and acquisitions.

The delisting system is more full. it will not only strictly enforce the standards of compulsory delisting, but also clearly improve relevant policies and further open channels for active delisting. The supporting policies this time are clear: listed companies can be privatized by means of tender offers and resolutions of shareholders' meetings to keep pace with mature capital markets such as Hong Kong; at the same time, they support absorption and merger among listed companies, and encourage head companies to integrate industries with listed companies in the industrial chain based on their main business, so as to become bigger and stronger. Compared with the free market idea of "respecting enterprise independent decision-making" in 2014, this time more emphasis is placed on the capital market to serve the real economy and avoid blind expansion. In this process, efforts are also made to strengthen the supervision of restructuring and acquisition, and reduce the value of "shell" resources. Generally speaking, the "opinion" does not hesitate to support industrial mergers and acquisitions and even the integration of listed companies along the industrial chain.

Strengthen supervision

Improve the governance ability of capital market

In addition, to create a good capital market ecology, "opinions" are bound to put forward new requirements for all participants in the market. As far as intermediary agencies are concerned, they should emphasize their duties as "gatekeepers", reduce the information asymmetry between enterprises and the market, and ensure good access. In particular, the requirements and supervision of securities companies become stricter, emphasizing their functionality rather than profitability. In addition, institutional investors are an important source of long-term stable funds in the market. Encouraging long-term funds such as public offering funds, index funds, insurance funds, social security funds and bank financial management to enter the market can not only reduce stock market fluctuations similar to those seen since August last year, but also play a certain role in screening listed enterprises, which is conducive to the stable and healthy development of leading enterprises.

Most importantly, the "opinion" also shows the regulators' systematic thinking and inward reform determination. As early as March this year, the CSRC has formulated and issued four documents on listing access, the supervision of listed companies, the supervision of securities companies and public funds, and the construction of the CSRC system. On the day of the release of the "opinions", the CSRC also issued supporting policy documents to strengthen delisting supervision, and openly solicited opinions on six specific systems and rules, showing a complete "1N" regulatory policy system. Behind the combination of these policy documents, in fact, there is a complete and self-consistent logical chain, which helps to systematically enhance the modern level of capital market governance ability and create a good market ecology. Of course, regulation is a tool, not an end. In the actual construction of the supervision system, the relevant departments should also seriously consider how to combine China's national conditions with the general laws of the capital market.Playingcardshuffler? In the implementation rules, we should also guard against excessive administrative intervention in the business level of the enterprise, or the risk of distortion of policy intention in the actual landing.

In a word, the key to the goal of "financial power" put forward at the Central Financial work Conference is "strong" rather than "big". Therefore, we hope that the launch of this series of policies will improve the institutional problems in the current market, help the construction of the capital market with Chinese characteristics, and serve the transformation and upgrading of the national economic structure.

(Huang Sheng is a professor of finance and director of the China Europe International Business School and an assistant research fellow of the China Europe International Business School in Sun Xi)