Deeply revise the 12 outline the capital market goals, both the light and the dark are the topics of smart supervision

Deeply revise the 12 outline the capital market goals, both the light and the dark are the topics of smart supervision

Original title: Today’s perspective: “Deep Reform 12 Articles” 916 words outline capital market goals, both pen and ink, point and point, smart supervision Zhang Jian A few days ago, the SFC held a comprehensive and comprehensive capital market reform work forum. The conference proposed aThe key tasks in this area total 916 words.

Among them, the thickest part of the pen and ink is Article 2, with more than 150 characters; the weakest part of the pen and ink is Article 7, with less than 30 characters.

The author noticed that both key tasks focused on efficient “smart supervision”.

  Article 2 with the largest number of words is very rich in content and pays close attention to the main body of the capital market, including: “Strongly promote listed companies to improve their quality.

Formulate and implement, and effectively control the two barriers of entry and exit, and strive to optimize the increase and adjust the inventory.

Strictly control the quality of IPO review, give full play to the role of the main channel of capital market mergers and acquisitions and reorganization, unblock diversified delisting channels, and promote the advantages and disadvantages of listed companies.

Optimize the system of reorganization and listing, refinancing, etc., and support the trial of spin-off of listing.

Strengthen continuous supervision, classified supervision, and precise supervision of listed companies. ”

  ”Read the book first, then read it thin” is the learning concept put forward by mathematician Hua Luogeng.

Article 2 has a very large amount of information and is indeed a “thick book”. First of all, formulate and implement a plan of action to promote the quality of listed companies. The focus is on closing the entrance and the exit.Supervision is hidden; second, optimized reorganization and listing, refinancing, and specifically named spin-off listing trials.

Reorganization and listing, refinancing and other acts actually correspond to the alternative entry of the capital market-the asset listing entrance, which can be regarded as an “asset IPO” to a certain extent, which is self-evident; third, it is clear by comparisonWith the supervision method-continuous, classified and accurate, it can be interpreted in accordance with the “grabbing the two ends with the middle” that has been cited many times by the previous supervision, which can cut the further aggregation of supervision energy efficiency and further improve the smart supervision.

  Looking back, “read thick books,” you can refer to the recent statement by the chairman of the Securities and Futures Commission, Yi Huiman.

Chairman Yi wrote, “Implement an action plan to improve the quality of listed companies, and make efforts to improve the quality of listed companies through several years of efforts, from the perspective of good entry, unimpeded multi-channel exports, and enhanced continuous supervision.”

This statement clearly clarified the wisdom, precision and continuous supervision of listed companies to guide listed companies to improve their quality. At the same time, it also conveyed confidence to the market and investors. It even called a rough timetable, and the regulatory “leverage” was full.

  Among the “12 Articles of Deep Reform”, Article 7 had the fewest words and less than 30 words, including “effectively resolving risks in key areas such as stock pledges, bond defaults, and private equity funds.”

However, the less words happen.

The author believes that the essence of the above-mentioned key areas lies in its interconnected capital market connection and over-the-counter funds, which is the “crossing point” of financial systemic risks and the “point of leverage supervision”.

  If these OTC funds are infiltrated, the melting party may be financial institutions such as banks, securities dealers, trusts, etc., while the merger subject involves listed companies and their important related parties, as well as some investors with insufficient suitability.

Through the transformation of the lending behavior of the melting party, risks are passed between financial institutions; through the transformation of the lending behavior of the merging party, risks may accumulate in the capital market.

For regulation, the leverage effect is the same: supervising capital finance can identify the compliance of funding sources, whether risk control is in place, and the appropriateness of risk tolerance; supervising fund integration can solve the feasibility of the financing partyRepayment ability and intention, compliance of fund use, investor suitability, etc. These two points are to prevent risks from the source, resolve risks, and the effect is naturally worth looking forward to.

  In fact, the regulatory authorities have put proactive prevention and mitigation of systemic financial risks in a more important position, playing chess first and playing active battles.

In the above-mentioned article, Yi Huiman, the chairman of the Securities and 杭州夜生活网 Futures Commission, also stated, “Insist on the overall situation of stability, overall coordination, classified policies, and accurate bomb disposal. Under the unified law enforcement of the State Council’s Financial Committee, pledge of stocks, bond defaults, private equity funds andRisks in key areas such as off-site funding, resolutely manage the increase and effectively resolve the stock.

Actively respond to changes in the international and domestic complex environment, actively guide market expectations through deepening reforms, and strive to maintain the smooth operation of the capital market. ”

  The author believes that the statement of “resolutely manage the increase and effectively resolve the stock” shows the great wisdom of the regulatory department to solve the problem-do not let the problem go, but do not rush to achieve it; adhere to a hierarchical and stable solution.

  After nearly 30 years of capital market supervision, considerable progress has been made.

And through the clear objectives, the improvement of the system, the accumulation of experience, the accumulation of technology, and the reorganization of technology, the capital market does have reasons to expect smarter supervision.