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Original title: What kind of capital market do we need when A shares start in 30 years?
Macro trend
China’s capital market is expected to “start fresh and be strictly governed” and present a more rational, healthy and mature style in the new journey.
On December 19, 1990, the Shanghai Stock Exchange opened and the first batch of “eight old shares” was listed, also marking the birth of the Chinese capital market. Today, the A-share market has seen its ups and downs for a full 30 years.
Compared to hundreds of years of mature markets abroad, the A-share market, which just turned 30, is still very young. But the results obtained are obvious to everyone. For example, the structure of the multi-level capital market has already taken shape. From the previous major Shanghai and Shenzhen dashboards, to the current SME dashboards, ChiNext dashboards, science and technology innovation dashboards and the three new dashboards, as well as the already large-scale regional equity trading markets, the levels They are different and are also divided into different industries, different scales, different types, Companies with different needs have laid the foundations to provide differentiated services. The establishment of the Scientific and Technological Innovation Board and the launch of a pilot registration system, etc., have a “milestone” meaning in the development of the capital market.
The continued expansion of the market scale has increased the global influence of the A-share market. Counting the five shares since the opening of the Shenzhen Stock Exchange, only 13 listed companies were initially listed on the A-share market. number is small, it is of great importance. Without these 13 publicly traded companies taking the lead, the Shanghai and Shenzhen stock exchanges would not have the current scale of more than 4,100 and a total market value of almost 80 trillion. With the continued expansion of the A-share market, its influence in the global market has continued to increase.
From the perspective of supporting the development of the real economy, A-shares have also contributed. According to Wind Information data, as of December 18, in the 30 years, the initial financing scale of A-share IPO reached 3.65 trillion yuan, and the refinancing scale reached 11.97 trillion yuan. , for a total of 15.62 billion yuan. Compared to issuing bonds and financing through bank loans, direct financing is more efficient for the development of the real economy.
Not only that, over the past 30 years, the capital market has also created a host of star listed companies. Companies like Vanke, Gree, Moutai and other companies continue to grow and develop and cannot do without the support of the capital market. Many private companies and companies that benefit the national economy and people’s livelihoods are getting bigger, better and stronger, and the capital market has played a key role in this. In addition, due to the capital market exit channel, high-tech enterprises, innovative and entrepreneurial enterprises, etc. They can also receive support from venture capital and private equity funds, which in turn can promote the development of such companies.
However, when we leave next year, what kind of capital market do we need? Standing at a new starting point in history, we must carefully examine current shortcomings and take the capital market to a higher level through continuous reform and improvement.
First of all, we must acknowledge the problem that the quality of companies listed on the Shanghai and Shenzhen stock exchanges is not high in general. Although there are more than 4,100 companies listed on the Shanghai and Shenzhen stock exchanges, the quality of the listed companies is not satisfactory. Some listed companies do not pay dividends for a long time, do not return shareholders, and have no investment value, which is also contrary to the active dividend policy advocated by regulatory authorities.
Second, the generally low level of corporate governance is also a major flaw. The legal responsibilities and responsibilities of the actual controllers, major shareholders, directors and supervisors of publicly traded companies are unclear. The “three committees” of the board, the board of supervisors and the general meeting of shareholders are not standardized. It is a concrete manifestation of the imperfect and disorderly governance structure of a publicly traded company, and even more a manifestation of its bad governance.
Also, insufficient inverter protection cannot be ignored. Investor protection is a cliché and is also an “old problem” in the capital markets. Their concentration is manifested in the low cost of violations and the difficulty in safeguarding rights. Although the new securities law has greatly increased the cost of violations and introduced the Chinese version of the securities class action system, there are still gaps in the protection of investors’ interests. For example, criminal law and company law have not been reviewed simultaneously. The lack of a binding amendment to the criminal law will present a weak side to the repression of violations.
China’s capital market is expected to “start from the new and be strictly governed” and present a more rational, healthy and mature style in the new journey.
□ Cao Zhongming (financial commentator)
