The symposium on in-depth promotion of the integrated development of the Yangtze River Delta held on November 30 proposed that the Yangtze River Delta region should strengthen cross-regional coordination of scientific and technological innovation and industrial innovation. Vigorously promote scientific and technological innovation, strengthen the deep integration of scientific and technological innovation and industrial innovation, give birth to new industries, new formats and new models, expand new space for development, cultivate new momentum for development, and better link the Yangtze River Economic Belt and radiate the whole country.
In fact, as the "leader" of industrial innovation and development, the sustainable and high-quality development of listed companies in the Yangtze River Delta region is crucial to the improvement of the overall innovation capability in the region. According to the statistics of Oriental Wealth Choice, up to now, among the 293 listed companies that have landed in the capital market during the year, more than forty percent of them are from the Yangtze River Delta region, raising more than 150 billion yuan through the main board, science and technology innovation board, gem and Beijing Stock Exchange.
The funds raised with the help of the initial issuance** are only a microcosm of the multi-level capital market to provide support for the high-quality development of relevant listed companies. In the view of Zhu Keli, founding president of the National Research Institute of New Economy, through the establishment of different sectors and the continuous improvement of different product systems, China's multi-level capital market provides diversified financing channels for enterprises of different types and stages of development, thereby driving industrial upgrading and innovative development. In addition, capital operations such as mergers and acquisitions and restructuring are conducive to optimizing the industrial structure, promoting the coordinated development of the upstream and downstream of the industrial chain, and enhancing the industrial competitiveness of relevant regions. Finally, the discovery mechanism provides a reasonable valuation and pricing for innovation results, and continuously stimulates the innovation vitality in the region.
Multi-dimensional to meet the needs of enterprises.
Thanks to the guidance of the national development strategy, the coordinated development of the Yangtze River Delta region has made a major breakthrough, and the overall strength and competitiveness continue to rank among the top in the country, which provides a "fertile soil" for many outstanding enterprises in the region to land in the capital market for financing and development.
According to the statistics of Oriental Wealth Choice, as of December 1, a total of 132 enterprises from the Yangtze River Delta region have landed in the capital market during the year, accounting for 45% of the total number of new enterprises in the A** field this year05%。Among them, there are 54 enterprises from Jiangsu, 41 from Zhejiang, 24 from Shanghai and 13 from Anhui. Judging from the initial financing, the total initial offering funds of the above-mentioned 132 companies reached 15209.3 billion yuan.
From the perspective of the listed sector, each market sector has achieved remarkable results in absorbing and accepting enterprises that meet the characteristics of the sector from their respective positioning. Among the above 132 listed companies in the Yangtze River Delta region, 27 chose to land on the Beijing Stock Exchange, of which 14 have the attribute of "specialization, refinement, special innovation", accounting for "half of the country";There are 76 companies that choose to land on the Science and Technology Innovation Board and the Growth Enterprise Market, and all of them belong to strategic emerging industriesThe remaining 29 companies were selected on the Main Board market, with an average circulating market capitalization of 595.7 billion yuan, ** blue chip characteristics are outstanding.
Wu Zewei, a researcher at the Xingtu Financial Research Institute, told the reporter that generally speaking, the more developed the economy, the more perfect the market development. On the one hand, the capital market provides customized financing services for enterprises at different life stages, and on the other hand, the capital market also provides enterprises with rich financing tools that can flexibly meet the financing needs of enterprises.
In recent years, in addition to helping enterprises achieve equity financing, China's capital market has also accelerated the convergence of innovative elements to related enterprises through continuous innovation of exchange bond market varieties and the development of derivatives market.
Taking science and technology innovation bonds as an example, the data shows that as of December 1, a total of 357 science and technology innovation bonds have been issued in the exchange bond market (with the logo of science and technology innovation bonds in the name of the bond as the screening criteria), with an issuance scale of more than 260 billion yuan.
Chen Li, chief economist of Sichuan Finance, told the reporter that in recent years, the variety of bonds in China's bond market has been increasing, and diversified categories such as corporate bonds, corporate bonds, convertible bonds, and green bonds can effectively meet the multi-level financing needs of science and technology enterprises and promote the input and output of scientific and technological innovation. In addition, at present, China's capital market can also provide a variety of derivatives services for science and technology enterprises to meet the multi-faceted financing needs and support the development and transformation of scientific and technological innovation.
Improve the level of regional openness.
According to the statistics of Oriental Wealth Choice, in 2022, 1,991 listed companies in the Yangtze River Delta region will achieve a total operating income of 1558658.7 billion yuan, with an average operating income of 782.9 billion yuan;R&D expenditures totaled 4357.1 billion yuan.
In Chen Li's view, on the whole, the role of the multi-level capital market system in helping the development of the Yangtze River Delta region is mainly reflected in three aspects. First, the Yangtze River Delta region is an important window for financial reform and opening up, and the improvement of the construction of a multi-level capital market system is conducive to promoting the development of the financial industry in the Yangtze River Delta region and strengthening its leading position in the national financial marketThe second is to promote the flow of resources between regions in the Yangtze River Delta region and promote regional coordination and integrated development by giving full play to the role of capital market resource allocation and risk diversificationThird, with the construction and improvement of the Science and Technology Innovation Board, the Growth Enterprise Market, the first regional equity market and other markets, we will further strengthen the support for scientific and technological innovation and industrial upgrading in the Yangtze River Delta region, and help the high-quality economic development of the Yangtze River Delta region.
In addition, a number of experts interviewed by the reporter also said that the multi-level capital market can further improve the level of regional opening up by helping listed companies in the region continue to stimulate the leading role.
Wu Zewei believes that a sound capital market is conducive to promoting the two-way flow of capital and continuously improving the level of regional opening-up. On the one hand, this is conducive to increasing the introduction of foreign investment, speeding up the implementation and commissioning of foreign investment projects, and improving the foreign investment framework and return mechanismOn the other hand, it is also conducive to helping domestic enterprises to deploy overseas, and help enterprises "go global" and participate in international competition by providing financing and intermediary services.
At the same time, Chen Li added that by introducing overseas advanced financial innovation experience and models to be implemented and tested in the Yangtze River Delta region, especially in key development areas such as pension finance, green finance, and science and technology finance, the level of opening up of the regional financial industry will be further improved, and the regional industrial transformation and upgrading will be further accelerated. (Reporter Tian Peng).