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Cheng Dan, a reporter from the Securities Times

Nearly a month since the release of the "opinions of the State Council on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market" (hereinafter referred to as the new "National Nine articles"), various reform measures in the capital market have been advancing steadily, and the "1N" policy system has been gradually landed, involving listing access, continuous supervision of listed companies, delisting reform and other aspects.

At present, around "strong supervision, risk prevention, and promoting high-quality development", regulators are still making efforts to formulate reform measures to promote the long-term development of the capital market. Tian Xuan, deputy dean of Wudaokou School of Finance, Tsinghua University, pointed out thatArcadeheroesChina's capital market is undergoing a "quality improvement" reform with a solid basic system and raising the level of the rule of law as the core. The goal is to speed up the formation of new quality productive forces and consolidate the foundation for the healthy development of the capital market. The follow-up reform measures are worth looking forward to.

The pace of reform continues to advance.

With April 12 as the starting point, the capital market set off a new round of high-quality development and reform. The release of the new "National Nine articles" is the "1" in the policy system of this round of reform, which puts forward the development goals of the capital market in the next five years, 2035 and the middle of this century in stages. From the aspects of investor protection, the quality of listed companies, the development of industry institutions, regulatory capacity and governance system construction, this paper outlines a blueprint for the high-quality development of the capital market and targeted solutions to short-term problems. There is also a reform concept of medium-and long-term problems, which is intended to speed up the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.

Subsequently, the supporting institutional rules of the "N" capital market have landed one after another. Some aim at the issue supervision, such as revising the guidelines for evaluating the attributes of innovation, setting higher standards for the amount of R & D investment, the number of invention patents and the growth rate of operating income of enterprises in the reporting division; expanding the coverage of on-site inspection of enterprises under review by IPO and relevant intermediary institutions; improving the listing standards of the main board and gem, improving the quality of listed companies from the source, and so on.

With regard to the supervision of listed companies, such as the promulgation of the management measures for the reduction of shares held by shareholders of listed companies, targeted improvements have been made in strictly standardizing the reduction of major shareholders, effectively preventing detour reduction, refining the terms of liability for violations, and strengthening the obligations of key subjects; standardize the behavior of Dong Jiangao to reduce shares, and further clearly stipulate that all parties should abide by the original restrictions on share reduction after divorce.

There are those aimed at the supervision of securities companies, such as strengthening supervision to give full play to the leading and exemplary role of listed securities companies in promoting the high-quality development of the industry, including urging companies to correct their business concepts, focusing on serving the real economy and residents' wealth management, giving full play to the effectiveness of modern corporate governance, strengthening internal checks and balances, improving personnel management, optimizing incentives and constraints, and strengthening the control of subsidiaries at home and abroad. Implement comprehensive risk management and full compliance requirements, strengthen information disclosure of risk control indicators, and so on.

In terms of transaction supervision, such as formulating procedural trading management rules, strengthening information system management and high-frequency trading supervision, making it clear that northward programmed trading should be included in report management and implement transaction monitoring standards in accordance with the principle of consistency between domestic and foreign capital.

The reform has been carried out in an orderly manner, and at present, most of the rules have been implemented after consulting the market. Tian Xuan said that the framework of the new round of capital market policy system is gradually clear, reflecting that the reform of China's capital market adheres to the direction of marketization, legalization, and internationalization, and through the improvement of relevant supporting laws and regulations and regulatory systems, to tighten and compact the responsibilities of all parties involved in the market.

Strengthen patient capital

Service new quality productivity

The reporter learned that the current regulatory authorities are making efforts to study and formulate reform measures to promote the long-term development of the capital market. Among them, how to promote the capital market to better serve the new productivity is an important proposition at present.

At the meeting of the political Bureau of the CPC Central Committee on April 30, it was proposed that new productive forces should be developed in line with local conditions. It is necessary to strengthen the layout of national strategic scientific and technological forces, build future industries in advance, and use advanced technology to enable the transformation and upgrading of traditional industries. We should actively develop venture capital and strengthen patient capital.

Patient capital comes from a variety of sources, including social security funds, pensions, enterprise annuities, occupational annuities, industrial capital and investors with long-term investment ideas. China is actively promoting the construction and development of the venture capital system, creating a weather vane of early investment, small investment and science and technology investment, creating an atmosphere of government-led investment and institutional investment, and driving more capital to become long-term capital and patient capital. Statistics show that in the past 10 years, China's private equity venture capital funds have developed rapidly. Private equity venture capital funds have invested in 130000 projects, providing capital for 70, 000 enterprises.Arcadeheroes.54 trillion yuan. Since the reform of the registration system, the support rates of private equity venture capital funds among Science and Technology Innovation Board, gem and Beijing Stock Exchange newly listed companies have been 89%, 57% and 100%, respectively.

The development of new quality productivity needs the company of patient capital. Industry insiders point out that high technology, high efficiency and high quality are the distinct characteristics of new quality productive forces. However, the original and subversive scientific and technological innovation activities not only face more uncertainties, but also need the innovation cycle from sowing to growing into towering trees. Patient capital is usually not disturbed by short-term market fluctuations, can provide stable financial support for investment projects for a long time, can play the role of market stabilizer and economic development booster, and then promote the innovation and development of enterprises.

Patient capital should not only have a forward-looking strategic vision, but also have the ability to withstand loneliness and be a "friend of time". Tian Xuan believes that in order to strengthen patient capital, it is necessary to strengthen policy guidance, government support, and differential supervision of different types of private equity funds, especially venture capital funds. smooth private equity and venture capital funds "fund raising, management and withdrawal" all links, guide venture capital to guide the standardized development of funds, small and medium-sized enterprise development funds, and at the same time, create broader exit channels for venture capital and equity investment. Guide more long-term funds such as pension, insurance and enterprise annuity to participate in the bond and equity transactions of venture capital funds and innovative enterprises, so as to create a long-term investment concept and stimulate innovation vitality.

Enhance internal stability

The new "National Nine articles" proposes to strengthen transaction supervision and enhance the inherent stability of the capital market. At present, the CSRC is conducting research on improving the risk monitoring and disposal mechanism, and studying and improving the relevant systems and rules.

Tian Lihui, dean of the Institute of Financial Development of Nankai University, believes that realizing the balanced development of the primary and secondary markets is an important aspect of enhancing the inherent stability of the capital market, and it is necessary to reasonably grasp the financing rhythm, maintain the smooth operation of the capital market, improve the market regulation mechanism, and ensure that when the market seriously deviates from fundamentals, it can stabilize the market through policy combinations. At the same time, optimize the capital structure, introduce long-term funds, increase the proportion of long-term funds, and form a more reasonable capital structure. Better carry out investor protection, investor-oriented, protect the rights and interests of investors, so as to create a good market environment for investors in the longer term.

"in the past, under the mode of 'one-leg' walking with financing function, China's capital market has indeed accumulated a series of endogenous problems, which are mainly reflected in the continuous abnormal fluctuations of the market in recent years." Tian Xuan pointed out that capital market supervision should earnestly implement the nine-character principle of "building system, non-intervention, and zero tolerance", and the focus of policy and supervision should be on the construction and improvement of the supply side of the capital market system and the improvement of the quality of the asset supply side. Improve and improve the basic system of the capital market, strengthen corporate governance, and enhance the investment value of listed companies. In addition, it is necessary to continuously improve relevant laws and regulations and judicial protection measures, smooth diversified channels for safeguarding rights, increase administrative and criminal legal responsibilities for violations of laws and regulations such as financial fraud and insider trading, and greatly increase the cost of violation of laws and regulations in the capital market. the delisting of the delisting will create a good capital market ecology.