On March 5, the fifth session of the 13th National People’s Congress opened, and Premier Li Keqiang delivered a government work report. It is mentioned that “we will improve the bond financing support mechanism for private enterprises, fully implement the stock issuance registration system, and promote the steady and healthy development of the capital market.”
Yang Changcheng, member of the National Committee of the Chinese people’s Political Consultative Conference and chief economist of Shenwan Hongyuan Group Co.Ltd(000166) securities, said in an interview with the reporter of Securities Daily, private enterprise bond financing difficulties mainly exist in three aspects. The first is the evaluation of the credit rating of private enterprises, and the transparency of bond information is not high; Secondly, it is difficult to help private enterprises issue bonds and finance through a single financial institution; Third, in recent years, there have been some new types of enterprises, such as platform companies and flow companies. There needs to be a new cognitive process for these companies, and the debt structure and financing methods of these enterprises need to be constantly explored and innovated
Caida Securities Co.Ltd(600906) general manager assistant and general manager of fixed income financing headquarters Hu hengsong said in an interview with the reporter of Securities Daily that in recent two years, affected by the epidemic, the business environment of private enterprises has been greatly impacted and the financing demand is large, but most of them have encountered a “closed door” in the bond market. The reason, mainly is that some private enterprises have bond default and loan default, especially some high rated real estate enterprises have debt problems, which leads to the overall high credit risk of private enterprises
When it comes to improving the bond financing support mechanism of private enterprises, Hu hengsong believes that the regulatory authorities need to improve the relevant systems, otherwise financial institutions are unlikely to “move forward boldly”, because supervision and internal default accountability of financial institutions force funds to take the initiative to favor private enterprises. In the future, it is expected that the difficulty of bond financing of private enterprises will be alleviated from the perspective of debt securitization and financing.
As far as the capital market is concerned, Yang Changcheng believes that supporting private enterprise bond financing should emphasize three points: first, securities companies must sink their business. In the past, securities companies mainly served large enterprises, leading enterprises and high-quality enterprises, and paid insufficient attention to small and medium-sized enterprises and private enterprises; Second, innovative financing methods, such as asset-backed securities and public REITs, have been highly recognized by the market; Third, strengthen the linkage development of the primary and secondary bond markets to make the bond business a comprehensive business of securities companies
Referring to the “full implementation of the stock issuance registration system”, Zhu Jiandi, deputy to the National People’s Congress and chairman of Lixin certified public accountants, said in an interview with the reporter of Securities Daily that in the reform of the whole market registration system, we should adhere to the “five requirements”, that is, we should continue to adhere to the “zero tolerance” policy, adhere to strict supervision according to law, and further strengthen the supervision of fraudulent issuance Cracking down on illegal acts such as financial fraud we should continue to strengthen the information disclosure of listed companies, compact the responsibilities of listed companies, intermediaries and stakeholders, implement accountability, and establish a legal guarantee system with clear responsibilities and mutual checks and balances we should further improve the quality of listed companies, improve the governance level of listed companies and strengthen the supervision of the actual controllers of listed companies we should further improve the market entry and delisting system, check the import and exit smoothly we should further strengthen the construction and standardization of investment institutions, strengthen the cultivation of long-term investors and protect the legitimate rights and interests of investors.
Yang Changcheng believes that the reform of registration system should achieve three goals: let enterprises independently choose the listed market; Handing over the pricing power of shares to investors; Let the markets at different levels have specific trading objects and trading characteristics, and form a benign competitive relationship, so as to truly form a multi-level, interconnected capital market service system that can serve large, medium and small enterprises and different types of industries. From this point of view, the reform of the whole market registration system should be based on the guiding ideology of ” building system, non intervention and zero tolerance “, and start with improving the issuance audit system, supervision system and information disclosure system.
The government work report puts forward that “we should correctly understand and grasp the characteristics and behavior laws of capital, and support and guide the standardized and healthy development of capital.”
Yang growth said that at present, China’s factor capitalization needs to be further improved. In particular, the capitalization of innovative factors such as data and technology is not high. It is necessary to give play to the leading role of the capital market in promoting the capitalization and securitization of innovative factors. At the same time, we need to set up “traffic lights” for capital, and gradually improve relevant rules and regulations, especially the bottom line system, so that the capital operation has a radius and rules.
“In addition, should also regulate capital M & A. ” Yang Changcheng said that although enterprises are encouraged to carry out M & A and become bigger and stronger, in the integration of industrial chain, we can not simply develop an industry by “eating the small”. We should emphasize that leading enterprises, large enterprises and small and medium-sized enterprises form a biological chain and ecological chain, which are interdependent Mutual support, rather than a simple competitive relationship and M & a relationship.
two sessions survey
In setting the overall requirements and policy orientation of economic work in 2022, the central economic work conference emphasized “stability first and seeking progress in stability”. Stability is the cornerstone of development, and stability is the premise of Zhiyuan.
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