Xinhua News Agency, Beijing, April 12thTitle: The "National Nine Articles" of the capital market will be upgraded after ten years, and the nine major points deserve attention.
Xinhua News Agency "Xinhua Viewpoint" reporters Liu Hui and Liu Yujia
A few days ago, the State Council issued "Several Opinions on Strengthening Supervision and Preventing Risks to Promote the High-quality Development of the Capital Market", which consists of nine parts. This is the capital market guidance document issued by the State Council again after two "National Nine Articles" in 2004 and 2014, and it is 10 years later. The nine points are worthy of attention.
Aspect 1: High-quality development of the capital market should adhere to the "five musts"
How to deeply grasp the main connotation of high-quality development of capital market and realize stable and healthy development of capital market? The opinion puts forward "five musts":
-We must uphold and strengthen the leadership of the Party …
-We must always practice the concept of finance for the people …
-We must comprehensively strengthen supervision and effectively prevent and resolve risks …
-We must always adhere to the principle of marketization and rule of law …
-We must firmly grasp the theme of high-quality development …
The "five musts", reflecting the goal orientation, is not only the inherent requirement for the high-quality development of the capital market, but also the practical path for the stable and healthy development of the capital market.
In addition, the opinion also clarified the development goals of China’s capital market in the next five years, by 2035 and by the middle of this century, and set a clear road map.
Aspect 2: iterative upgrade of the issuance and listing system
Issuance and listing have always attracted the attention of all parties. According to the new situation of the reform and development of the capital market, the opinions focus on three aspects: further improving the issuance and listing system, strengthening the responsibility of the whole chain of issuance and listing, and strengthening the supervision of issuance and underwriting, so as to strictly control the access of issuance and listing.
In terms of further improving the issuance and listing system, the opinions are clear, such as raising the listing standards of the main board and the Growth Enterprise Market, improving the evaluation standards of science and technology innovation board Science and Technology Innovation, expanding the coverage of on-site inspection, and strictly checking the refinancing. It is foreseeable that the issuance and listing system will be further iteratively upgraded and more refined.
The opinions released the policy signal of further compacting the issuer’s first responsibility and the intermediary’s "gatekeeper" responsibility, strictly investigating illegal issues such as fraudulent issuance, and rectifying market chaos such as high-priced over-raising and holding a group to suppress prices, which will be conducive to the formation of more effective market constraints in the issuance and listing process.
Aspect 3: Formulate guidelines for market value management of listed companies.
Reduction, cash dividends, investment value of listed companies, information disclosure and corporate governance … Opinions The measures for continuous supervision of listed companies are highlighted.
Regarding the fraudulent behaviors that are deeply hated by all parties in the market, the opinions emphasize the construction of a comprehensive punishment and prevention system for anti-counterfeiting and counterfeiting in the capital market, and seriously rectify illegal activities in key areas such as financial fraud and capital occupation. For the reduction, the opinions clearly introduced the management measures for the reduction of listed companies, classified different types of shareholders, and resolutely prevented all kinds of detours. For dividends, the opinions clearly increase the incentives for dividend-paying high-quality companies, and take measures to promote the dividend yield.
How to promote the investment value of listed companies? Market value management is the focus of attention of all parties. The opinions put forward new policy measures and put forward guidelines for the market value management of listed companies. Study on the market value management of listed companies into the internal and external evaluation system of enterprises. At the same time, we will strictly crack down on illegal activities such as market manipulation and insider trading in the name of market value management.
Aspect 4: Improve the investor compensation and relief mechanism in the process of delisting.
Delisting supervision is not only related to the "export barrier" of the capital market, but also related to the vital interests of relevant investors. Opinions on the policy measures for delisting, while continuing to work hard to smooth the "export customs", it also pays more attention to the legitimate rights and interests of relevant investors.
In terms of unblocking the "export barrier", the opinions further tighten the mandatory delisting standards, further unblock multiple delisting channels and further reduce the value of "shell" resources. Among them, it is worthy of attention to establish and improve the differentiated delisting standard system of different sectors and scientifically set the applicable scope of major illegal delisting.
At the same time, the opinions clearly improve the investor compensation and relief mechanism in the process of delisting, and the controlling shareholders, actual controllers, directors and senior executives who are responsible for major illegal delisting should compensate investors for their losses according to law.
Aspect 5: Improve the compensation management system of the securities fund industry.
To strengthen the supervision of securities fund institutions, it is necessary to promote the industry to return to its original source and become better and stronger. Clear opinions, strengthen the management of industry institutional shareholders and business access; Promote industry institutions to strengthen the construction of investment banking capabilities and wealth management capabilities; Support the head office to enhance its core competitiveness through mergers and acquisitions and organizational innovation.
In addition, the opinions are also clear, and the compensation management system of the securities fund industry should be improved in line with business performance, business nature, contribution level, compliance and risk control, and social culture.
Aspect 6: Strengthen the construction of strategic power reserve and stability mechanism.
"Strengthening transaction supervision and enhancing the internal stability of the capital market" is one of the focuses of attention of all parties after the introduction of this opinion, and relevant policy measures have revealed a lot of information. For example, the new formulation of "strengthening strategic power reserve and stability mechanism construction" is remarkable. For another example, "exploring the futures supervision system and business model adapted to the development stage of China" and "doing a good job in cross-market and cross-industry cross-border risk monitoring and response" mean that supervision will further exert its strength in promoting the stable operation of the market.
Regarding the transaction supervision that the market pays attention to, the opinions released a clear policy signal: introducing procedural transaction supervision regulations and strengthening the supervision of high-frequency quantitative transactions; Formulate operating rules for private equity funds; Improve the measures to deal with extreme situations; Seriously investigate and deal with illegal acts such as manipulating the market and maliciously shorting …
It is particularly noteworthy that the opinions have also brought a new breakthrough in the expected management mechanism, and it is clear that the impact assessment of major economic or non-economic policies on the capital market will be included in the macro-policy orientation consistency assessment framework, and a coordination mechanism for the release of major policy information will be established.
Aspect 7: Optimize the policy environment of insurance fund equity investment.
Continued expansion of long-term investment power is inseparable from vigorously promoting medium and long-term funds to enter the market. The opinions put forward many pragmatic measures to promote medium and long-term funds to enter the market.
In terms of establishing a market ecology that fosters long-term investment, the opinion proposes to improve the basic system that adapts to long-term investment and build a policy system that supports "long-term investment". Vigorously develop equity Public Offering of Fund, and substantially increase the proportion of equity funds.
The opinions clarify the policy environment for optimizing the equity investment of insurance funds, implement and improve the performance evaluation methods of state-owned insurance companies, and better encourage long-term equity investment. Improve the supervision system of insurance fund equity investment and optimize the information disclosure requirements of listed insurance companies. Improve the investment policies of the national social security fund and the basic old-age insurance fund. Encourage bank wealth management and trust funds to actively participate in the capital market.
Aspect 8: Promote the development of new quality productive forces
In the opinion, the policy measures on "further deepening reform and opening up in an all-round way and better serving high-quality development" propose to enhance the competitiveness of the capital market system, enhance the inclusiveness of new industries, new formats and new technologies, and better serve the implementation of national strategies such as scientific and technological innovation, green development, state-owned assets and state-owned enterprise reform, the development and growth of small and medium-sized enterprises and private enterprises, and promote the development of new quality productivity. This marks the key point of the further reform of the registration system.
In addition, the relevant policy measures also emphasize increasing the support of stock and debt financing for enterprises that meet the national industrial policy orientation and break through key core technologies; Promote the high-quality development of the bond and real estate investment trust fund (REITs) market; Broaden the financing channels for overseas listing of enterprises and improve the quality and efficiency of overseas listing filing management.
Aspect 9: The rule of law in the capital market is expected to accelerate.
In recent years, the high-quality development of the capital market is inseparable from the deepening consensus of all parties. In this opinion, there is a special "promoting the formation of a joint force to promote the high-quality development of the capital market". Among them, there are many works on the construction of the rule of law and the joint crackdown on securities and futures crimes.
In the construction of the rule of law, a series of laws and regulations expected by the market will gradually land. Clear opinions and promote the revision of the securities investment fund law. Introduce regulations on supervision and management of listed companies, revise regulations on supervision and management of securities companies, speed up the formulation of regulations on corporate bonds, and study and formulate regulations on management of real estate investment trusts. The opinions are also clear, promoting the judicial interpretation of the crime of breach of trust to harm the interests of listed companies, insider trading and market manipulation and other civil compensation.
In addition, in the formation of capital market synergy, all parties have been concerned about how to improve the fiscal and taxation system conducive to the formation of innovative capital and the active market. The opinions were responded in the related measures of "deepening the coordination and linkage between central and inter-ministries": implementing and improving the tax policies of listed companies’ equity incentives, medium and long-term funds, private equity venture capital funds, real estate investment trust funds and so on.