Yang Delong is the chief economist of Qianhai Open Source and a director of the China Chief Economist Forum
Editor's note: On February 7, the China Securities Regulatory Commission changed its leadership, and Wu Qing assumed the new 10th chairman. As the first chairman of the China Securities Regulatory Commission (CSRC) from the securities regulatory system, Wu Qing's new appointment has attracted much attention and expectation from the market. Hundreds of millions of shareholders are eagerly awaiting, hoping that Chairman Wu can continue to reform China's existing stubborn diseases.
As a capital markets participant, what would you most like to say to the new chairman? Sina Finance sincerely invites all sectors of the market to share their views and make suggestions for promoting the healthy development of the capital market.
Yang Delong, chief economist of Qianhai Open Source, said that after Chairman Wu Qing took office, he is expected to promote the long-term and healthy development of China's capital market through a series of reforms, remove China's existing stubborn diseases, and build a strong capital market, and the construction of a strong capital market is an important part of building a financial power, and it is also an important driving force to promote China's economic development.
As an expert in the capital market, I am honored to be invited to share my views with Chairman Wu Qing and make suggestions for the capital market.
First of all,After more than 30 years of development, China's capital market has become the world's second largest capital market, the capital market provides a large amount of financial support for the real economy every year, and the majority of first-class investors have made significant contributions. In terms of financing, A-shares have ranked first in the world for many years, but investors generally do not have a high return on investment. The capital market has both the function of financing and investment, and only by allowing the majority of investors to have a sense of gain in the capital market and obtain property income through investment in the capital market, can the development of the capital market be sustainable. It is suggested that Chairman Wu can take effective measures to promote the balance of investment and financing, and that it is necessary to re-finance and re-invest. In this way, it will attract more capital inflows, and it will have a better performance.
SecondIn terms of IPOs, China has fully implemented the registration system, and the registration system does not mean that it will not be reviewed. Considering the actual situation of A-shares, most investors are still dominated by **, and many investors do not have the ability to discern. Enterprises queuing up for IPOs must be strictly supervised, and fraudulent issuance and financial fraud must be severely cracked down, so as to improve the quality of listed companies from the root. According to the affordability of the secondary market, control the pace of IPO and reduce the diversion of financing to the secondary market.
Third, it is necessary to strictly supervise and supervise listed companies, crack down on some acts of financial fraud and defrauding investors through severe criminal punishment, and effectively protect the interests of investors. Those responsible for harming the interests of investors through financial fraud and other illegal acts shall be severely punished, and those who violate the criminal law shall also be dealt with in accordance with the law. In this way, it can be a deterrent to some counterfeiters. It is recommended to implement a class action system, as long as some investors win the lawsuit and the claim is successful, other investors of the same type do not need to file a lawsuit and can easily obtain the same compensation. Establish a sound investor compensation mechanism as soon as possible, which can play a great deterrent role in violators.
Fourth, in terms of major shareholders, we must take effective measures to crack down on some clearance-type behaviors and severely punish violations. The listing and financing of listed companies is for the development of the enterprise and the sharing of the fruits of the growth of the enterprise with the majority of investors, not for the purpose of selling the company after the lifting of the ban, otherwise it will lose the meaning of listing.
Fifth, adhere to the principle of market-oriented supervision, let the market belong to the market, and let the supervision be supervised. We will not interfere with the normal trading of all kinds of investors and the normal business of financial institutions, but we must strictly supervise and crack down on some violations of laws and regulations. In this way, it can not only allow various market entities to bloom, but also crack down on some violations of laws and regulations, so as to promote the prosperity of the capital market.
Sixth, improve the quality of listed companies, strengthen the implementation of the delisting system, and increase the delisting rate. On the one hand, through the registration system, we should support the listing of some good companies that represent the direction of economic transformation, and at the same time, we should let some companies that no longer meet the listing conditions be delisted in a timely manner to achieve the survival of the fittest. At the same time, the company cannot withdraw as soon as it is withdrawn, and the delisting may cause serious losses to small and medium-sized investors, so it is necessary to study how to compensate for the delisting. If the enterprise is delisted due to the violation of the rules by the major shareholders of the listed company, or there are other behaviors that damage the interests of small and medium-sized investors, it is necessary to compensate for the delisting of the small and medium-sized investments that hold the **. If it is only a direct delisting, it may not have much impact on the major shareholders, and it is the small and medium-sized investors who will suffer.
These are the six suggestions I put forward after in-depth reflection for Chairman Wu's reference. It is hoped that under the leadership of Chairman Wu, China's capital market will achieve long-term and healthy development and become an important area for building a financial power. Congratulations again to Chairman Wu Qing on his appointment as the 10th Chairman of the CSRC!