Leverage the capital market to allow more companies to obtain equity financing opportunities
Experts said that the capital market is the main channel for direct financing, with optimized resource allocation and low financing costs. Source: Securities Daily reporter Meng Ke Since the beginning of this year, the comprehensive deepening reform of the capital market has been steadily advancing.Proportion of direct financing, and propose specific measures.
On November 25th, the People’s Bank of China issued the Financial Stability Report (2019), which proposed to optimize the financing structure and financial institution system, market system, and product system to further increase the adaptability and scale of financial supply to the real economy.
In an interview with the Securities Daily, Chen Li, director of the Sichuan Financial Securities Research Institute, said that although the current trend of optimizing the financing structure has emerged, credit financing with the banking system at the core is still trying to replace it.
The capital market is the main channel for direct financing. Indirect financing has advantages such as optimized resource allocation, complete information disclosure, and supplementary financing costs. It can effectively avoid the accumulation of risks in the banking system and bring investment income to market investors.It is an important means for financial support to the real economy.
Chen Li also said that the financing means in the form of measurement indicators, the burden of equity financing costs on the 武汉夜网论坛 profitability of the enterprise is relatively relative; at the same time, thanks to the risk balance of the shareholders’ meeting, the company’s own operating risks can be effectively reduced.
Suning Financial Institute’s special scientist He Nanye told the Securities Daily reporter that the current financing structure, the equity and debt rights show a 28 structure, bank loans, bond financing and other debt financing account for a high proportion, while equity financing accounts for a relatively low proportion, soThe burden of corporate debt burden is not high.
Therefore, through the capital market, by increasing IPO, refinancing, mergers and acquisitions, and other business dynamism, companies can obtain more equity financing, which can meet the funds required for development, reduce the company’s asset-liability ratio, reduce financial burden, and optimizeCorporate governance institutions, the introduction of external strategic investors, resource synergies, and accelerated company development.
Data show that in the first 10 months of this year, a total of 143 companies in Shanghai and Shenzhen completed IPOs, raising a total of US $ 162.4 billion; listed companies refinancing US $ 839.4 billion; the market-wide M & A and restructuring transaction amount1.
42 trillion yuan; various types of bonds issued by the exchange market6.
16 trillion yuan, including corporate bonds 2.
59 trillion, all exceeded the level of last year.
”Capital market reforms have been the main driver of the accelerated pace of IPOs this year.
Chen Li believes that the pace of reform of the capital market has accelerated significantly since this year, and the direction of reform is focused on the basic system.
In terms of incremental reforms, the Science and Technology Innovation Board has landed quickly and steadily. While giving priority to strategic emerging industries, it also provides an effective substitute for the reform of the basic system of the capital market and promotes the reform from incremental to stock.
Judging from the current pilot innovation system of the Science and Technology Innovation Board, the IPO registration system can effectively alleviate the situation of the “dam lake” of the IPO, and the strict delisting system can effectively improve the quality of listed companies in the market and promote the advantages and disadvantages.
Therefore, the quality of listed companies generally improves, and the steady and accelerated pace of IPOs will be the general trend of the future development of the long-term capital market.
Talking about the later IPO review will be improved from some aspects?
In the view of He Nanye, the first is to further improve the queuing quality of the proposed IPO company, strengthen financial verification, and make non-compliant problem companies consciously withdraw from the sequencing sequence, reduce future review pressures from the source, and improve audit efficiency.
The second is to “grasp the big and let go of the small” during specific audits, and strictly audit corporate performance and finances, increase tolerance for other issues that do not affect the essence of corporate development, and increase the number of incremental listed companies.
Chen Li said that registration production is an international practice, with information disclosure as the center, marketization as the main means, and the rule of law environment as an important substitute, so it has also become a symbol of the maturity of the capital market and even the financial system.