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Original caption: China Securities Regulatory Commission made it clear once again: improving the quality of listed companies is the top priority, focusing on the deployment of “six practical measures” and the distribution of responsibilities
“Improving the quality of listed companies is the top priority of the CSRC’s work. It is included in the overall rollout of comprehensive deepening capital market reforms, and specific agreements and implementation routes have been clarified. “. CSRC Vice President Yan Qingmin attended the meeting and delivered a speech.
The recent CSRC Working Conference on the Supervision of Listed Companies has shown that in recent years, the supervision of listed companies has focused on improving the quality of listed companies, improving various institutional arrangements, actively dissolving the risks of listed companies. listed companies and maintain stable market operations. High-quality development efficiency of listed companies has been achieved. However, the high-quality development of listed companies faces many uncertainties.
Based on the actual situation of the current capital market supervision, the meeting focused on the deployment of the following six key tasks, keywords including delisting, “clearing of debts and guarantees”, prevention and control risk, service entities, regulatory effectiveness and joint efforts of all parties.
High-quality development of listed companies has achieved initial results
The capital market plays an important role in financial operations and listed companies are the cornerstone of the capital market.
Yan Qingmin pointed out that the China Securities Regulatory Commission will make quality improvement of listed companies a top priority, incorporate it into the general rollout of comprehensive deepening of capital market reform, and clarify agreements. specific and implementation routes.
In recent years, the Party Central Committee and the State Council have attached great importance to improving the quality of listed companies.
In 2020, the meeting of the Central Commission for Profound Reform reviewed and approved the “Implementation Plan to improve the mechanism of exclusion of listed companies”, and the State Council issued the “Opinions on the additional improvement of the quality of the Listed companies ”(hereinafter, the“ Opinions ”) to improve the quality of listed companies in the future. The general deployment, raised clear requirements. The draft of the scheme of the” XIV Five-Year Plan “also proposes: fully implement the system of registration for the issuance of shares, establish a standard exclusion mechanism and improve the quality of listed companies.
As early as November 2019, the China Securities Regulatory Commission issued the “Action Plan to Promote Quality Improvement of Listed Companies”, which mainly included 46 specific tasks in seven areas. The China Securities Regulatory Commission stated that it will endeavor to improve the overall outlook of listed companies through 3-5 years of hard work. Analysts believe that the promulgation of the “Action Plan” marks the transition from the planning of the preliminary project to the construction and construction of special reforms in the field of supervision of listed companies.
Yan Qingmin said that with the joint efforts of all parties, the supervision of listed companies in recent years has focused on improving the quality of listed companies, improving various institutional arrangements, actively dissolving the risks of listed companies and maintaining the stable operation of the market. The effectiveness of high-quality development of listed companies has initially appeared.
“Improving the quality of listed companies is a key project to comprehensively deepen the capital market reform, and it is also an important criterion to test the effectiveness of the reforms.” Professionals said that prior to this, the supervision of listed companies promoted incremental import reforms. , inventory import reforms, basic system reforms and supervisory methods The four reform measures have achieved initial results.
Yan Qingmin stressed that there are still many uncertainties in the macroeconomic situation at home and abroad, and challenges and opportunities for high-quality development of listed companies coexist. “The supervisory work of listed companies should proceed from the general macroeconomic situation and the general situation of the reform and development of the capital market, adhere to the basic thinking, grasp the positive factors, serve the national strategy and lay a solid foundation to maintain the stability and healthy functioning of the capital market, “said Yan Qingmin.
“The quality of publicly traded companies has a wide range of proposals, including the quality of business performance, the quality of information disclosure, and the quality of standardized operations. All parties have different understandings. From the perspective of the specific implementation, it is expected that a group of better performance and reliable performance can be formed. A group of listed companies with higher quality and attention to returns. Regarding the labor trajectory, the capital market promotes improvement of the quality of listed companies, and can not rely on direct guidance and participation in the operations of the company. Focus on the operation and standardize the operation “, said the professional.
The aforementioned professionals said that, first of all, we must cultivate a market mechanism that is willing to focus on the core business and improve the quality of listed companies, so that good companies have a good deal; second, we must form a joint force, create an ecology, and focus on the role of key minorities, government, and intermediary agencies. All parties are required to work together, with the same minds and all efforts, to build a good ecosystem; the third is to take primary responsibility for supervision and prevent bad coins from expelling good coins. When the market restraint mechanism is not yet complete and the basic market system is not yet mature and finalized, supervision must still maintain a certain degree of linkage and deterrence.
Responsibilities for performing the six key tasks
Yan Qingmin emphasized that in the next step, we must do our best to promote and improve the quality of listed companies. It is necessary to refine work measures, stratify responsibilities and resolutely achieve the “six skills”.
The first is to seriously understand the key tasks, fully implement the delisting system reform plan, resolutely wage the tough battle of “debt settlement and insurance relief” and promote in depth the special action of governance of the companies. publicly traded companies; the second is to effectively prevent and control risks and continue to solve various problems of publicly traded companies. To ensure that pledge risk does not recover and to maintain regulatory sensitivity for key companies; the third is to effectively serve the real economy, continue to deepen the market. M&A-oriented reform and reorganization, and promote mutual promotion of the quality of listed companies and reform of state-owned assets and state-owned enterprises; Do a good job of basic work, order and integrate the regulatory system, improve the regulatory mechanism and improve the effectiveness of supervision; fifth, effectively strengthen the joint force, deepen communication and cooperation with relevant ministries and commissions, local party committees and governments; sixth, do a good job in team building and forge a “loyal and professional” team of “specialists” in the supervisory line of listed companies.
“The six key tasks proposed at the meeting are combined with the actual situation of current capital market supervision and are highly relevant and relevant,” said Ye Xiaojie, associate professor and director of the Finance Department of the National Accounting Institute of Shanghai. all, regarding the reform and promotion of the exclusion system The special actions for the government of listed companies directly echo the key points of the “Opinions”, tasks that are, indeed, problems that need to be solved urgently in today’s capital market. Take the reform of the delisting system as an example. The delisting system is an important support measure to comprehensively promote registry system reform. It solves the “export side” problem. Only by effectively removing problem companies from the market capital can we recover the source and improve the allocation of financial resources.
Ye Xiaojie believes that if finance is separated from the real economy, it will have nothing to do with it and will fall into a bubble. The proposed reform targeting the M&A market and the reform of state-owned assets and state-owned enterprises means that the capital market should not only solve the financing problems in the IPO process, but also contribute to the development and business reform.
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