Since the beginning of this year, the direct financing capacity of China's capital market has been continuously enhanced, the financing scale of the stock and bond market has increased steadily, and remarkable results have been achieved in serving the real economy.
In terms of stock financing, more than 500 new shares were listed on A-Shares during the year, with a total IPO fund-raising of more than 520 billion yuan, and the number of new shares and fund-raising reached a record high; In terms of bond financing, the issuance scale of the bond market of Shanghai and Shenzhen Stock Exchange reached 16.77 trillion yuan, growing steadily for many consecutive years.
Industry experts believe that stock financing and bond financing go hand in hand, which is closely related to the continuous improvement of the capital market operation system. With the deepening of the reform of the registration system, stock financing is expected to speed up again. At the same time, the financing scale of the bond market will continue to rise, and the direct financing function of the capital market will be brought into full play.
508 new shares were listed in the year
raised more than 520 billion yuan
According to the statistics of Securities Daily, since this year, 508 new shares of A-Shares have been listed, and the total amount of initial funds raised has reached 522.9 billion yuan, both in quantity and amount reaching a record high.
According to the industry classification of Shenwan, among the above 508 listed companies, the number of mechanical equipment industry is the largest, reaching 79; The pharmaceutical and biological industry took the second place, with 57; The electronics industry followed, with 50.
It is worth noting that under the registration system, the issuance of new shares is accelerated and the issuance pricing is more market-oriented. From the perspective of the listed sector, among the above 508 new shares, the gem has the largest number, reaching 193; The scientific innovation board came second, with 156. The IPO fund-raising scale of science and innovation board and gem totaled 335 billion yuan, accounting for 64% of the total fund-raising during the year.
"The high proportion of IPO Financing on the science and innovation board and the gem shows that at this stage, China has accelerated the reform of the registration system to enable more new economic enterprises in the start-up stage to go public and raise funds in the A-share market as soon as possible, so as to help enterprises grow rapidly." Huang Yuncheng, former deputy director of the Policy Research Office of the CSRC and professor of Tongji University, told the Securities Daily.
Huang Yuncheng said that generally speaking, at this stage, the scale of equity financing of Chinese listed companies still accounts for a large proportion, but the scale of debt financing is growing rapidly, and the financing direction of listed companies is more in line with the changes of the current economic situation. Under the background of accelerating the reform of the registration system, the A-share market will give full play to its financing function, help more enterprises solve the financing difficulties and contribute to China's economic transformation.
"This year's stock market financing reflects the advantages of the registration system, the plate positioning is more clear, the support for innovative enterprises and high-tech enterprises is significantly strengthened, the number of IPOs and total financing have reached a record high, and the role of equity financing as the main financing channel of enterprises is becoming more and more obvious." Zheng Lei, chief economist of Baoxin finance, told the Securities Daily.
Zheng Lei believes that after the full implementation of the registration system, it is expected that the stock market financing will still accelerate next year. Under the condition of moderately loose monetary policy, it can bring more funds to the real economy. The positioning of the three exchanges in Shenzhen, Shanghai and Beijing is clear and complementary, and the overall market scale will be significantly improved.
"Under the registration system, the efficiency of IPO issuance of new shares has been significantly improved, and the number of new shares has increased significantly, which has further pushed up the total amount of IPO fund-raising this year. The recent central economic work conference stressed that the full implementation of the stock issuance registration system also means that the scale of initial fund-raising in the stock market will continue to grow in the future." Lin Sishan, a strategic analyst, told reporters.
issuance of corporate bonds of the exchange
year on year increase of 11%
The bond market is an important place for high-quality enterprises to raise medium and long-term funds. As an important channel for corporate financing, the scale of the exchange bond market is growing, and the role of the bond market in serving the real economy is prominent.
Data show that as of December 22 this year, the bond market of Shanghai and Shenzhen Stock Exchange has issued 16.77 trillion yuan of various bonds. In the previous three years, the indicators were 15.88 trillion yuan (2020), 10.47 trillion yuan (2019) and 8.82 trillion yuan (2018).
As of December 22, 3952 corporate bonds were issued by Shanghai and Shenzhen stock exchanges during the year, with an issuance scale of 3.36 trillion yuan, a year-on-year increase of 11% and a year-on-year increase of 0.7 percentage points. Among them, 1399 general corporate bonds were issued, with an issuance scale of 1.61 trillion yuan; 2553 private placement bonds were issued, with an issuance scale of 1.75 trillion yuan.
The high-quality development of the bond market depends on the continuous improvement of the basic market system and supervision system. Under the registration system, the issuance conditions of corporate bonds are optimized and the audit efficiency is improved. In May this year, the Shanghai and Shenzhen stock exchanges solicited public opinions on four rules, including the review rules for the issuance and listing of corporate bonds and the rules for the listing of corporate bonds, so as to further improve the listing efficiency. In terms of the safe disposal of the default risk in the bond market, the regulatory authorities also said that the market-oriented and legalized default disposal mechanism should be further improved by improving the transfer efficiency of default bonds, optimizing the implementation channels of debt to equity swap of listed companies, and improving the judicial relief channels for bond default.
"The obvious change in the bond market this year lies in the differentiation of issuers. Under the background of reduced risk appetite of investors, issuers with relatively weak qualifications gradually withdraw from the bond market. Next year, the differentiation trend may continue and further accelerate the survival of the fittest in the bond market. At the same time, with the encouragement and guidance of policies, bond issuance regulations focusing on the themes of 'double carbon' and green will be implemented The model will continue to increase, further promoting the healthy and stable growth of bond financing scale next year. " Jin Yi, chief bond analyst, said in an interview with Securities Daily.
"The bond market financing shows a steady upward trend year by year. The bond interest rate is relatively low and changes orderly, which reflects the healthy development of China's bond market." Tian Lihui, President of the Institute of financial development of Nankai University, told reporters that the bond market can provide long-term financing and optimize the debt structure. Under the background of accelerating the pace of marketization and the urgent need to optimize the cash flow of enterprises, the scale of corporate bonds is expected to increase next year, and the overall financing scale of the bond market will continue to rise.
(Securities Daily)