深化改革推动资本市场生态优化，投融资“生命力价值”持续增长_东方财富网

概括

[DeepreformspromotetheoptimizationofthecapitalmarketecologyThe“vitalityvalue”atbothendsofinvestmentandfinancingcontinuestoincreaseMarketparticipantsbelievethatthecontinuousoptimizationofthecapitalmarketecologyhasincreasedtheconfidenceofallpartiesinthemarketUnderthebackgroundofstableoperationthecapitalmarkethashelpedmorecompaniesachievefinancingandmediumandlong-termfundshavecontinuedtoenterthemarketThe”vitalityvalue”atbothendsofthecapitalmarket’sinvestmentandfinancinghascontinuedtoincrease(SecuritiesDaily)

In recent years, the deep reform of the capital market led by the reform of the registration system has continued to advance, the market ecology has been continuously optimized, and the vitality of investment and financing entities has burst.According to the “Securities Daily” reporter statistics, as of April 9, the IPO and refinancing amount during the year reached 415.748 billion yuan, a year-on-year increase of 17.44%. In addition, northbound fundsNet inflowScale and equityfundThe scale continues to grow.

Market participants believe that the continuous optimization of the capital market ecology has increased the confidence of all parties in the market. Under the background of stable operation, the capital market has helped more companies achieve financing, and medium and long-term funds have continued to enter the market. The “vitality value” at both ends of the capital market’s investment and financing has continued to increase.

The investment and financing end is bursting with vitality

according toOriental wealthChoice dataIt shows that as of April 9th, there were 4248 listed A-share companies, of which 114 companies have landed A-shares this year, an increase of 103.57% over the same period last year, and the initial funds raised totaled 82.189 billion yuan, an increase of 0.26% over the same period last year. From the perspective of the listed sector, among the 114 IPO companies, 79 companies were listed on the Sci-tech Innovation Board and the ChiNext Board, accounting for 69.3%, and the total IPO funds raised amounted to 56.471 billion yuan, accounting for 68.71%. During the same period, the scale of refinancing in Shanghai and Shenzhen reached 333.559 billion yuan, a year-on-year increase of 22.61%. On the whole, the total amount of IPO and refinancing during the year was 415.748 billion yuan, a year-on-year increase of 17.44%.

“Driven by favorable factors such as IPO threshold optimization, simplified approval process, and improved review efficiency, since the second half of last year, the number of IPO companies in the primary market and the scale of funds raised have grown rapidly. As the development potential of technologically innovative enterprises continues to increase , Small and medium-sized enterprises with good growth potential are expected to gain more capital. The deepening reform of the capital market registration system will help high-quality enterprises to carry out equity financing, increase the proportion of direct financing, and promote the long-term improvement of the entire high-tech industry.” Yuekai Securities Kang Chongli, the head of the research institute, said in an interview with a reporter from the Securities Daily.

PricewaterhouseCoopers predicts that the number of A-share IPO companies in 2021 will reach 430 to 490, and the financing scale will be 450 billion to 480 billion yuan, which may hit a new high in the past 10 years.

From the perspective of investors, the number of investors in the securities market has continued to grow, and the share of institutional investors has also continued to increase. According to data from China Securities Depository and Clearing Co., Ltd., as of the end of March this year, the number of investors in the securities market reached 184 million, an increase of 12.62% year-on-year.In addition, according to statistics, as of April 9, the cumulative net inflow of northbound funds during the year was 94.566 billion yuan;Fund issuanceThe scale reached 785.711 billion yuan, an increase of 134.03% over the same period last year.

“The continued net inflow of northbound funds,Equity funds、Hybrid fundThe rapid expansion of scale has ensured sufficient liquidity in the market. “Chen Li, chief economist of Chuancai Securities and director of the research institute, said in an interview with a reporter from “Securities Daily.”

Kang Chongli said that with the advancement of deep reforms, the marketization and internationalization of the capital market has continued to deepen, and the regulatory system has been continuously improved. This has effectively improved the quality of listed companies’ credit statements, reduced systemic risks, and protected the interests of investors. In the medium and long term, the standardized development of the capital market will increase investor confidence and attract domestic and foreign investors to participate.

Continue to promote the construction of the investment and financing end

On April 8, the Financial Stability and Development Committee of the State Council held its 50th meeting and proposed that it is necessary to adhere to “system building, non-intervention, and zero tolerance”, continue to strengthen the construction of the capital market infrastructure, better protect the interests of investors, and promote the stability of the capital market healthy growth.

“To continue to strengthen the construction of the capital market’s basic system, we must continue to do a good job in the construction of the capital market’s investment and financing end.” Chen Li said that from the investment perspective, on the one hand, we must introduceSocial securityLong-term funds, such as funds and qualified foreign investors, guide correct value investment concepts and reduce irrational market fluctuations. On the other hand, more and more investors use funds to conductFinancial managementUnder the background of “institutionalization” of market investment, it is necessary to strengthen the training of institutional investors, strengthen the construction of investment and research terminals, attach importance to value investment, and ensure the safety of investors’ funds.

From the perspective of financing, Chen Li said that on the one hand, we must continue to steadily advance the registration system, improve the efficiency of listing, and help more companies obtain direct financing; on the other hand, continue to optimize and improve refinancing rules to strengthen financial support for companies. Direct financingReorganizationM&A, To integrate resources of upstream and downstream enterprises, realize the optimal allocation of resources, and finally form a scale effect, reduce enterprise costs, improve product quality, and achieve high-quality development of the enterprise.

“The establishment of a system is a prerequisite for building a good capital market ecology. It is of great significance for regulating market order and enhancing investor confidence. It is also an important guarantee for releasing the vitality of the capital market.” Kang Chongli believes that from the perspective of financing, it should be fully utilized. The supporting role of the capital market on the real economy will improve the multi-level capital market system, thereby improving the financing environment for enterprises. From an investment perspective, it is still necessary to promote the development of equity public funds to encourage the conversion of household savings to investment.

(Source: Securities Daily)

(Editor in charge: DF520)