From February 18 to 19, the China Securities Regulatory Commission held a series of symposiums to listen to opinions and suggestions from all parties on strengthening capital market supervision, preventing and resolving risks, and promoting the high-quality development of the capital market. Experts and institutions who participated in the symposium were interviewed by a reporter from China ** Daily and talked about their opinions and suggestions at the symposium.
Lin Yixiang, Chairman of Tianxiang Investment Advisors, recently held a series of symposiums to listen to opinions and suggestions from all parties on strengthening capital market supervision, preventing and resolving risks, and promoting the high-quality development of the capital market. For the topic of "activating the capital market and boosting investor confidence", Lin Yixiang, chairman of Tianxiang Investment Advisory, believesChina should prevent and punish "pseudo IPOs" as the first choice to solve the chaos of large and small non-IPOs and refinancing, protect the interests of investors, and systematically deepen the reform of the capital market. Lin Yixiang believes that the capital market was born at the beginning of financing the development of enterprises, so that funds from the capital market into the real economy. After becoming a listed company, an enterprise can also obtain funds through refinancing, which is usually larger than the financing scale of an IPO. However, at present, there are some "pseudo IPOs" in the capital market, such as financial fraud and fraudulent listings, which have harmed market liquidity to a certain extent, damaged the interests of investors and affected market confidence. He said that the IPO is the starting point of the first capital flow, and the prevention and punishment of "pseudo IPO" should be taken as the first choice to solve the chaos of large and small non-profits and refinancing. Specific to the level of recommendations,He suggested that the review of IPO application materials should be strictly enforced, and the information disclosure that is obviously problematic should be traced. Companies and their actual controllers who falsify information disclosure and deceive investors into conducting IPOs shall be subject to severe civil and criminal penalties in accordance with the law. "Financing and energy supply is a necessary condition for the existence of the first market. With the development of the market, the market should proceed from the interests of investors and rebalance the contradictory relationship between capital financing and investment. Lin Yixiang said that China's first must be converted from the financing market to the investor market, in investment activities, if investors are generally in a suppressed position for a long time, it is difficult to continue to meet the needs of the financing side. At present, the main contradiction is reflected in the huge financing demand in the economy, but investors have insufficient investment confidence due to the inability to effectively protect their legitimate rights and interests. The market needs to change its thinking, and crack down on all kinds of violations that are unfavorable to investors. "China's first begins with financing, becomes investment, only investors can make money, enterprises can be financed, this is the last word. He said. Lin Yixiang believes that "activating the capital market and boosting investor confidence" is a systematic project, and systematic measures need to be taken to sort out and adjust the systemic problems faced by China's equity market. He said that on the one hand, timely correction and stop the chaos that affects investor confidence, reform the financing mechanism of the market, establish financial stability and other new funds, improve the trading rules of the market and strict supervision and other measures to achieve an active capital market, boost investor confidence, restore the valuation level of Chinese assets, and give full play to the wealth effect; On the other hand, in the long run, it is necessary to reshape the first-class system, deepen reform, realize the transformation of the economic growth model, improve the quality of economic development, enhance the profitability of listed companies, and promote the healthy and high-quality development of A-shares. Reviewer: Hou Zhihong Editor: Zhang Lijing Proofreader: Ya Wenhui Producer: Zhang Nan Issued: Peng Yong