Original title: The first document of the central government on market-oriented allocation of factors, which said these points about the stock market
There are also central documents pointing out the direction for the capital market.
According to the news of Xinhua News Agency on the evening of April 9, the Central Committee of the Communist Party of China and the State Council issued their opinions on building a more perfect system and mechanism for market-oriented allocation of factors, which clearly proposed to promote market-oriented allocation of capital factors, which is the first document of the Central Committee on market-oriented allocation of factors.
Dong Dengxin, director of the Financial Securities Research Institute of Wuhan University of Science and Technology, told the surging journalists that this document is of a very high level, and some of the reform measures on the capital market and the reform opinions on the top-level design should appear in the central documents of this level for the first time.
Encourage cash dividends and improve investor protection system
Specifically, Article 11 of the Opinions mentioned that listed companies should be encouraged and guided to pay cash dividends. Dong Dengxin pointed out that this opinion is the first time to enter the central document.
Dong Dengxin said to the surging news reporter, "Cash dividends have always been poor in our A-share market. In mature markets in Europe and the United States, cash dividends are distributed quarterly, that is, four times a year. But we have no idea of cash dividends in the A-share market. Most investors and listed companies prefer to give stock dividends rather than cash dividends. This may, to some extent, encourage speculation in the stock market, which is not conducive to value investment and long-term investment. "
In his view, the central government encourages listed companies to pay cash dividends, which is a very important signal. Listed companies are expected to increase their cash dividends in the future, which is also of great significance for guiding investors to invest in value and long-term investment.
In addition to cash dividends, Article 11 of the Opinion also proposes to improve the basic system of the stock market. Formulate and issue opinions on improving the basic system of the stock market. Adhere to the direction of market-oriented and legalized reform, and reform and improve the system of stock market issuance, trading, delisting, etc. We should improve the investor protection system and promote the improvement of the securities civil litigation system with Chinese characteristics.
Dong Dengxin commented on the surging journalists in the interview: "This is another key point, emphasizing the importance of market-oriented and legalized reform. This reform should be said to have reached a deep water area, and it needs to be further promoted. An important benchmark is the comprehensive promotion of the registration system."
The new Securities Law, which was officially implemented on March 1, has explored the establishment of a civil litigation system for securities with Chinese characteristics, and strengthened the protection of investors' legitimate rights and interests. Dong Dengxin believes that there is still much room for legal reform, and he may learn from the American class action system.
Another point worth paying attention to is that the opinions clearly put forward that we should improve the market construction of the main board, the science and technology innovation board, the SME board, the GEM and the national SME share transfer system (NEEQ).
Dong Dengxin said in the interview that the implication behind this opinion is to build a multi-level equity market with internal links. "Once the upward and downward turning mechanisms of the NEEQ are well connected, it can basically be said that all the joints in it have been opened up, which is a very critical step for the stock market to play its role in resource allocation."
The Financial Committee of the State Council has just proposed to increase market activity
It should be noted that the central government has focused on the capital market more than once recently.
On April 7, the 25th meeting of the Financial Stability and Development Commission of the State Council also mentioned that it is necessary to give full play to the pivotal role of the capital market, constantly strengthen the construction of basic systems, resolutely crack down on all kinds of fraud and fraud, relax and cancel controls that do not meet the needs of development, and improve market activity.
How to understand the "improving market activity" proposed by the Financial Committee? Soochow Securities Hu Xiang, an analyst in the non bank financial industry, believes that historically, this is a continuation of the policy context of adhering to the market-oriented reform of the capital market and stimulating market vitality. From the beginning of a series of "new rules" such as the new rules on mergers, acquisitions and restructuring, and the new rules on refinancing, we have seen that the abnormal policy constraints and regulations under the background of market fluctuations in 2015 are gradually marginal easing. At present, under the triple driving factors of the opening of the financial industry, the implementation of the new securities law and the short-term negative impact of the epidemic, this policy trend will further accelerate its evolution.
Hu Xiang believed that the active market policy should not be understood too narrowly. "The secondary market is more willing to understand the active market from the institutional arrangements at the transaction level, including T+0, price limit, stamp duty reduction, etc. We believe that we should understand it from a higher perspective. The focus of the policy may focus on the three dimensions of industrial support, financing support and system improvement, including the promotion of the registration system, the improvement of the derivatives market and the entry of long-term funds into the market. "
Dong Dengxin also said that the meeting of the Financial Committee of the State Council and the opinion of the Central Committee jointly released two major signals.
First, as far as investor protection is concerned, combating all kinds of fraud and fraud, especially financial fraud may be pointed out. For example, the negative impact of Ruixing Coffee's major financial fraud may be fatal to China Concept.
Second, it is a relatively new idea to reduce the administrative control of the capital market. "The A-share market has been established for 30 years, and it can be said that there has always been excessive administrative regulation, which has also hindered the smooth progress of our market-oriented, legalized and internationalized reform process to a certain extent. Since the beginning of the last three years, the reform has begun to advance rapidly, which also requires us to dilute administrative regulation."
Dong Dengxin gave some examples of directions to be untied.
"For example, the pricing of new shares is subject to the regulatory limit of 23 times the issue price earnings ratio. The issue pricing of new shares should be determined by the market pricing mechanism, rather than artificially. In addition, in terms of the rhythm of new share issuance, the regulatory authorities have always adopted the method of plan management. For example, it seems that they will make a plan for the number of new shares issued each month or throughout the year, but the rhythm of new share issuance should not be controlled by the administration, and should be handed over to the Shanghai Stock Exchange and Shenzhen Stock Exchange to arrange IPO according to the needs of the market. "
In addition, Dong Dengxin also pointed out that the A-share market lacks a perfect short selling mechanism, the proportion of securities lending in margin trading is too low and almost non-existent, and hedging instruments such as stock index futures are also subject to various restrictions from the regulatory authorities, which is also a prominent problem at present. It is necessary to reduce administrative control in this regard and let the market recover its market attributes.
In particular, he explained that if there is no short mechanism, A-share can only be a unilateral market, and only gains when it goes up. But if there is a short mechanism, investors can make profits when the market goes up or down. This will form a balanced game between short and long forces, which is the real market vitality.
Editor in charge: Chen Zhijie
