On March 6, Wu Qing, chairman of the China Securities Regulatory Commission, appeared at the press conference on the economic theme of the two sessions. This is the first time he has answered questions from reporters in public since he took office in February this year.
At the press conference, Wu Qing systematically explained the regulatory concept of the capital market, and emphasized that the next step will be to respect the law and respect the rules, with the focus on highlighting "strong" and "strict". "Strong" is a strong foundation. Investors are the foundation of the market, listed companies are the foundation of the market, we must treat investors sincerely, and we must focus on improving the quality of listed companies. "Strict" means strict supervision and strict management.
Wu Qing said that the China Securities Regulatory Commission will comprehensively review and speed up the completion of regulatory shortcomings and weaknesses in various fields, entities and links such as the ** market, bond market, ** and derivatives market.
The point is to highlight two wordsStrongwithStrict
At the beginning of the press conference, Wu Qing said: "I have not yet reached the 'full moon' in this post, and now I am still learning and working, focusing on learning." On the one hand, we should further study and comprehend the decision-making and deployment of the capital market work, and pay close attention to the implementation. On the other hand, learn from the market through research, including listening to opinions and suggestions from all parties online and offline. I feel very touched and inspired, for example, how to grasp investment and financing, fairness and efficiency, all of which deserve our serious study. ”
Regarding investment and financing, Wu Qing believes that the two are one and the same and inseparable, and these two functions complement each otherThere is no financing without investment, and there is no seller without buyerOnly when investment and financing develop in a balanced manner can the capital market form a virtuous circle.
Regarding fairness and efficiency, Wu Qing said that the capital market can have lasting vitality by efficiently allocating resources and promoting high-quality development under the conditions of fair trade, reasonable pricing and full competition. However, due to the fact that there are many differences between market participants in terms of capital, technology, information, etcRegulators should pay special attention to the issue of fairness, and regard openness, fairness and justice as the most important principle. This is especially true in a market like ours, where small and medium-sized investors are overwhelmingly large. Therefore, protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the most important central task of the China Securities Regulatory Commission, which is also a direct reflection of the political and people's nature of capital market supervision.
Regarding the next step, the China Securities Regulatory Commission will thoroughly implement the spirit of the first financial work conference, firmly grasp the main line of strengthening supervision, preventing risks and promoting development, adhere to the direction of marketization and rule of law, respect the law and rules, and further promote the high-quality development of the capital market. Respect for the law, first of all, respect the law of the market, respect the law of the economy, but also respect the law of innovation; Respect for rules, first of all, respect for the law, respect for contracts, but also respect for some internationally accepted technical norms. From the perspective of supervision, the focus is to highlight two words, one is strong and the other is strict.
To be strong is to strengthen the foundation and strengthen the foundation. In terms of scale, China's capital market is already the second largest market in the world, but it is not strong enough. The market volatility of the previous period has once again exposed some deep-seated problems, which are worth pondering. Investors are the foundation of the market, listed companies are the foundation of the market, and investors and listed companies are the source of the development of the capital market. We must treat investors sincerely and kindly, better serve investors, further strengthen the protection of investors in terms of law, system, regulatory law enforcement and justice, enhance investors' confidence and trust in the market, and attract more investors, especially medium and long-term funds, to participate in the market. At the same time, we must also focus on improving the quality of listed companies, so that enterprises can better play the main role, enhance investment value, we will also work with industry authorities, including relevant macro departments and shareholder units, local governments, etc., to jointly support enterprises to do better and stronger, and create a better environment. From a fundamental point of view, we must unswervingly deepen reform and opening up in an all-round way and consolidate the institutional foundation for the high-quality development of the capital market.
As for strictness, it means strict supervision and strict management, that is, strict supervision of the market in accordance with the law, and strict management of the contingent in accordance with discipline. **The Financial Work Conference clearly stated that it is necessary to achieve full coverage of supervision and strengthen institutional supervision, behavior supervision, functional supervision, penetrating supervision, and continuous supervision. We will conscientiously benchmark against the table, and comprehensively review and accelerate the completion of the shortcomings and weaknesses of supervision in various fields, entities and links such as the ** market, bond market, ** and derivatives market. We will keep our eyes open, strengthen early correction of problematic institutions and enterprises, deal with all kinds of risks as soon as possible, crack down on all kinds of violations of laws and regulations, and focus on cracking down on major violations of laws and regulations in key areas. In particular, some illegal acts that touch the bottom line, such as counterfeiting and fraud, market manipulation, insider trading, etc., must be severely cracked down。In terms of team management, we will turn the blade inward, strictly grasp the strict management, and truly live hard in politics, professionalism, style, and integrity, and build an iron army of supervision.
The IPO of an enterprise must not be for the purpose of "collecting money".
So, how to improve the quality of listed companies and allow investors to get better returns?
Wu Qing introduced that during this time, the China Securities Regulatory Commission and local governments are visiting listed companies to help them solve some practical difficulties. Improving the quality of listed companies is first of all the responsibility of listed companies themselves, and at the same time, it also requires the improvement of the external environment. The primary responsibility of the China Securities Regulatory Commission is to do a good job in the supervision of all links in the whole chain, work with all parties to create a good market ecology and first-class business environment, and urge listed companies to further improve governance, information transparency, focus more on their main business, optimize resource allocation, operate more steadily, and better return investors.
In terms of supervision, there are mainly the following aspects: First, strictly control the entrance. The IPO listing of enterprises must not be for the purpose of "collecting money", let alone fake and fraudulent listing。Therefore, all aspects of review and registration must be in accordance with laws and regulations, strict and strict, urge issuers to disclose information truthfully, accurately and completely, and make every effort to keep counterfeiters out of the capital market. At present, the China Securities Regulatory Commission conducts on-site inspections of enterprises under review, and the exchange also conducts on-site supervision, but the coverage of on-site inspections and on-site supervision is still very limited.
Second, pay close attention to daily life and strengthen post-listing supervision. At present, three things are highlighted: First, prevent and crack down on counterfeiting. At present, the China Securities Regulatory Commission is working with relevant departments to build a comprehensive punishment and prevention system, strengthen penetrating supervision, and seriously rectify and crack down on financial fraud and illegal acts of embezzling the interests of listed companies. The second is to standardize **. For some "technical" divorce, securities lending and selling, refinancing and other detours and violations, it is necessary to further plug the loopholes in the system. For major shareholders, actual controllers and other violations, it is necessary to crack down on them in accordance with the law。The third is to promote dividends. In recent years, the dividend situation of A-share listed companies has continued to improve, but there are many companies that do not pay dividends all year round, and the stability, timeliness and predictability of dividends need to be further improved. For companies that have not paid dividends for many years, or have a low dividend ratio, we will also take hard measures according to different situations, including restricting controlling shareholders**, implementing ST risk warnings, and so on. It will also promote qualified companies to pay dividends multiple times a year, especially to encourage dividends before the Spring Festival, so that everyone can celebrate the New Year.
Third, unblock exports. Now, there are many calls for greater delisting, and we will act on it. On the one hand, more stringent mandatory delisting standards will be set to ensure that all delistings are due. On the other hand, we will improve policies such as mergers and acquisitions, further broaden diversified exit channels, and encourage some companies to take the initiative to delist. Mandatory delisting and voluntary delisting should be strengthened in the next step.
Fourth, compaction responsibility. To improve the quality of listed companies, enterprises must shoulder the first responsibility and main responsibility, and the controlling shareholders, actual controllers, directors, supervisors and senior executives must stand in front as the "key minority" of the enterprise. Regulatory departments, industry authorities, local authorities and all kinds of professional intermediaries must also take their own responsibilities and responsibilities.
It should be emphasized that the issuance and listing, mergers and acquisitions, equity incentives and other systems should also keep pace with the times, further adapt to the needs and characteristics of the development of new productive forces, make necessary adjustments and improvements, enhance the inclusiveness and adaptability of the system, let the real potential enterprises grow and expand with the support of the capital market, and continuously improve the structure of listed companies, so that investors can better share the fruits of high-quality economic development.
When it's time to make a move, make a decisive move
This year's ** work report proposes to enhance the internal stability of the capital market, so what aspects will the CSRC promote?
Wu Qing said that there are many factors affecting the operation of the capital market, and the mechanism is more complex, from the perspective of regulators, pay attention to the construction of endogenous stability mechanism of the capital market, enhance market resilience, is a work that needs to be studied and worked hard to do, and this is a systematic work, we must adhere to systematic thinking, bottom-line thinking, limit thinking, comprehensive policy, including at least "a cornerstone" and "five pillars".
A cornerstone" is a high-quality listed company. The issuer must be of high quality, and the listed company must first have good governance, stable returns or expected growth. Major shareholders, actual controllers and management must keep in mind that the listed company is a public company, and must have the awareness of the surname "public", be responsible to the public, and continue to improve the investment value.
Five pillars", the first of which is a more rational funding structure. In this market, both long and short money are needed, but what is more lacking is long money, and what is also lacking is long-termism, and it is also necessary to adhere to the concept of value investment, rational investment, and long-term investment.
The second is a more complete basic system. The normative requirements of the capital market are extremely high, and it is necessary to continuously deepen the reform to make the basic systems solid and enhance the adaptability, stability and predictability of the systems. For example, regardless of the primary market or the secondary market, it is necessary to further improve the pricing system and pricing mechanism, and better discover and allocate resources through the orderly, fair and full participation of all participants in the game. "Another exampleQuantitative trading is also a hot topic for everyone, how to seek advantages and avoid disadvantages according to our national conditions and market conditions, further highlight fairness, effectively supervise, and standardize development, which is also an institutional arrangement that needs to be further improved.
The third is a more effective market regulation mechanism. Market supply and demand are the decisive factors for the market to adjust spontaneously and self-balance, such as how to effectively connect the primary market and the secondary market, orderly circulation, and achieve coordinated development, this mechanism needs to be further smoothed.
The fourth is better professional services. Including ** companies, ** companies, ** companies, investment management institutions, accounting law firms, evaluation and rating agencies, etc., must further return to the origin, be diligent and responsible, put functionality in the first place, and constantly improve the level of professional services, check the market well, and provide higher quality services.
The fifth is stricter regulatory enforcement. The China Securities Regulatory Commission has recently taken some stricter law enforcement actions, and we will continue to strictly enforce the law, strengthen the docking of executions for some major violations of laws and regulations, and involve crimes, and some will pursue civil liability while pursuing criminal liability.
Wu Qing introduced,A few days ago, a number of cases of market manipulation and insider trading that were to be investigated for criminal responsibility were just transferredThe purpose is to maintain the order of the "three publics" in the market, more effectively protect the legitimate rights and interests of investors, make the market more upright, create a good market ecological environment, and let all participants in the market respect the law and be trustworthy and fulfill their responsibilities. This is essential to stabilize the operation of the market.
Of course, it is important to see that the market operates according to its own laws, and it should not be intervened under normal circumstances. But,Once the market is seriously detached from fundamentals, there are extreme situations such as irrational and violent**, liquidity depletion, market panic, and serious lack of confidence, it is time to take decisive action to correct market failure. In this regard, we already have some effective practices, and we will improve the relevant mechanisms to resolutely prevent the occurrence of systemic risks. Wu Qing added.
Written by: Nandu Bay Finance Society reporter Wang Yufeng.