Authorities Again Talked About How To Reform The Marketization Of The Stock Market.

The stock market movement in mid 2015 disrupted the pace of capital market reform.

The change of personnel of the chairman of the SFC has objectively changed the attitude of policy continuity and reform.

In February 2016, Liu Shiyu retired from ABC to serve in the SFC and became the new chairman of the SFC.

At the twelve session of the four session of the National People's Congress press conference, Liu Shiyu made it clear that registration system reform must be pushed, but how to do it, we need to study it well.

Since the abnormal fluctuation of stock market in 2015, regulators' attitude towards stock market reform has tended to be cautious, especially the promotion of registration system reform has slowed down.

In May 9th, authorities in the "people's Daily" voicing, confirmed the trend of economic development L, and made clear statements about financial risks and direction of reform.

Authorities believe that the main contradiction is structural rather than cyclical, and "entering" is the foundation of "stability".

According to the personage, the policy orientation of stock market, foreign exchange market and property market is to return to their respective functional orientation, respect their respective development rules, and not simply serve as a means to ensure growth.

Since the abnormal fluctuation of stock market in 2015, regulators' attitude towards stock market reform has tended to be cautious, especially the promotion of registration system reform has slowed down.

However, as a basic system of the capital market, we should straighten out the listing and listing.

The mechanism can fundamentally solve the "three high", speculation shell and other stock market ills.

In line with the registration system reform, the SFC and the stock exchange also plan to launch a strategic emerging industry board. After the revision of the securities law and the modification of the listing conditions, the new sector will be joined to the technology enterprises and Internet companies, including the Chinese stock market returning to the mainland market.

However, with the plan to set up a strategic emerging industry board from the draft, can the new plate be set up as a question mark.

In addition, the SFC last week responded to the "suspension of the stock return", expressing concern about the obvious spread of domestic and foreign markets, the speculation of shell resources and other phenomena. It is carrying out in-depth analysis and Research on the possible impact of such enterprises through the IPO, merger and reorganization to return to the A share market.

This also means that the path of stock return is temporarily blocked. Whether it is IPO or backdoor listing, it needs to wait for a clear policy in the short term.

For the above three major policy changes, the industry believes that there is no clear expectation, suspense.

Recent pairs

Special attention has been paid to the impact of the return. One consideration of the SFC is that it has contributed to a certain degree of speculation in the A share market.

Shell resources speculation is often accompanied by small and medium-sized investors, insider trading and other unfair market phenomenon. This is also the reason why the CSRC has been cracking down on shell resources speculation for a long time.

However, in the market of "limited supply" and "limited exit", shell resources will enjoy a super high liquidity premium.

This is back to the old problem that plagued A shares for many years: how to establish an effective direct financing market? In fact, the answer has not changed. Perfecting the A share listing and delisting mechanism is the core and urgent problem.

In the Q & A, the authoritative personages also made a complete statement on the positioning of the stock market, saying that the stock market should be based on restoring the market financing function, fully protecting the investors' rights and interests, giving full play to the regulating function of the market mechanism, and strengthening the basic system construction such as issuing, delisting, and trading, so as to enhance the market supervision and enhance the market.

Quality, crack down on insider trading, manipulation of stock prices and so on.

Since last year, decentralization, correction of supply and demand mismatch and distortion of factor allocation are the top-down reform ideas of the state. To solve the supply and demand problems of the stock market, we must solve the two ports of listing and delisting. Under the condition of limited supply, the listed companies have a higher shell resource premium, and the delisting system is difficult to play a role.

In the eyes of many scholars of economics and law, registration reform must be pushed forward and should be promoted as soon as possible.

Shen Zhaohui, assistant professor of Law School of Tsinghua University, has conducted a systematic study of the securities issuing system in the United States, China, Hongkong and Taiwan, China. He told the newspaper that the current registration system can not land on A shares, and an important reason is the immature market.

For example, the United States has a full registration system. SEC will not reject the listing application of enterprises, but it will rely on market forces to curb unsatisfactory public offerings.

The specific way is to allow enterprises to fully disclose information and to disclose them continuously and repeatedly until the enterprise finally abandonment itself because it is difficult to sell shares because it can not be priced.

Compared with the CSRC's vetoing rate of 20%, the Hongkong stock exchange's veto rate is also very low, and mature market intermediaries are also one of the basic conditions to support "auditing relaxation".

"Registration system requires regulators to deregulate, so that the market can play a greater role.

However, our market is irrational, weak and effective market, and there is a conflict in carrying out registration system in such a market.

In the context of decentralization, we all look forward to landing the registration system as early as possible. "

Shen Zhaohui said.