Tamping stock is the market base for enhancing the international competitiveness of a-share

⊙ Xierong If the development of securities market ten years ago is an important way for SOEs to overcome difficulties, so today we must stand on how to use securities to strengthen the integration of enterprises, adjust the industrial structure, so that China's a-share market more international competitiveness of the height to think, the urgent need to use innovative ways to tamp down the motherboard stock and open the entrepreneurial board hands together to grasp, Opening up and continuing to resolve historical legacies is a cross-cutting issue.　　Support the IPO enterprise in line to carry on the innovation IPO financing, as well as to the stock listed company inject the good assets, the merger small performance poor listed company, absorbs the merger (backdoor) the listing the refinancing. ⊙ Cheronching Ten years ago the "5 19" quotes why people often look forward to?　　This is because investors in the market want management to be able to share investment returns as often as "5 19" a decade ago by introducing a series of policies that would help the securities market to develop healthily. 10 years, The total market value has increased 7 times times from the year 2.2 trillion to 16.2 trillion, and the circulation market value has increased 6.8 trillion times from 600 billion to 10 times; from the retail-oriented market to institutional investors more than half; the soul-stirring reform of the non-tradable shares is basically done from the contract point of view; the institutional construction of securities market is regulated　　, law complete, followed, wind control, compliance, supervision has penetrated all aspects of the market.　　Tamping stock listed companies have the urgency of 1, the market is also facing a real test, to be confined to the circulation of the large number of releases. 2, due to the local SASAC management of the assets of the system, the full circulation of each local SASAC control of dozens of listed companies (Shanghai Tatsu 八、九十家). In order to optimize the allocation of resources, the general will be poor performance, loss, the industry has no way out of the listed companies to Zhangbao the way the stock. This is a negative optimization of resource allocation, there is no fiduciary responsibility, to tamp the capital market is unfavorable. The positive approach is to inject high quality assets into the industry.　　The listed companies that have eliminated the industrial structure have carried out industry transformation, structural transformation, and injected high-quality assets, "whose children who hold the family" conforms to the corporate social responsibility. 3, "tamping market base building also includes the stock of listed companies." The listed company is the market base for the stock market to survive the healthy stock market construction in the body sound listed companies.　　Adjustment of industrial structure or by themselves, or by external forces, and the stock of the loss of profit-making enterprises are mostly no core technology two unnecessary funds, can only rely on external forces, rely on surgery. Ten suggestions on the innovation and opening of the securities market socialist market economy does not exclude macro-control, policy guidance, window guidance, socialist capital market reorganization should be visible hand and invisible hand of "harmonious work together", is the scientific concept of development in the construction of socialist capital market practice and application. To this end, the author puts forward the following 10 suggestions: 1, slow down the main board market of the traditional IPO financing, used to tamp stock listed companies, encourage high-quality assets after the injection of refinancing, support innovative IPO financing. The assessment of the relevant departments should not be the IPO volume (there is certainly noexamination), should be the securitization rate of assets, should be the total market value. For example, SASAC aims to: by 2010, the central enterprises will be adjusted and restructured to 80 to 100 households, from the number of households to be reduced by one-third or even nearly half, but through the merger, the overall listing, the ratio of the lever will make the asset securitization rate greatly increased, so as to achieve the important goal of big and strong.　　The integration of the assets of the central enterprises is actually a multiplication through the stock market. 2, to encourage high-quality assets in the form of additional issuance to become the new competitive main business into the small performance of the listed companies poor, become the first major shareholder. Here, including the private pluralistic can be "nationalized", "state-owned" powerless can also takers.　　This type of additional mode allows for six months after the targeted additional financing, a year after the public rights issue. 3. To encourage the overall listing of the controlling shareholders with good assets (especially the major shareholders in the competition). For example: The goal of the central enterprise is to buy and nurture 30-50 companies with international competitiveness of large conglomerates listed companies. Of course, the overall listing to be wary of impostors and benefit delivery, in addition to the investment bank's "financial advisers" to put a good deal of bad assets, not business assets, asset valuation companies recommend reference to the regulatory authorities of the net Capital assessment method (This is a very good, very "ruthless" approach), that is, consider the real value of assets to cash out, And the secured contingent liability as a full deduction.　　Such an infusion of assets is a solid asset. 4, encourage the main business good and can not and the original listed company stock assets of the integration of High-quality enterprises, the use of absorption of mergers, such as banks, securities, trusts and other financial institutions. Take a broker for example, its basic profit model is built in the "shareholders" above, has also been the sponsor of the loss of the company, now take out the 二、三个亿 to borrow the shell listing, in the country in the people are more than a surplus of the situation.　　As a policy to encourage the same six months after the targeted additional financing and a year after the public rights issue financing. 5, to support market innovation, the introduction of preferred shares of the IPO. The author of January 5 this year in the Shanghai newspaper, "Look forward to: pry up a round of structural bull" in the article on the issue of additional financing, or even IPOs, the use of preferred stock method can be given priority. The preferred stock is the equity financing and the bond financing simultaneously, the preferred stock is the equity financing with fixed income as the main characteristic, has the investment income to be more fixed, the risk is small, the enterprise does not have the repayment pressure (does not make money also does not pay interest pressure). Preferred stock issuance does not increase the supply of common stock and plays a positive stabilizing role in the common stock market.　　is also long-term funds, social security and insurance funds favored by the excellent varieties, more likely to solve our high savings rate outlet of the excellent channel. 6, to allow foreign-owned enterprises, foreign enterprises in the Shanghai Stock Exchange, or IPO way to issue renminbi shares or issue Cdr. The author in the broad sense of "hard currency" should be the main channel of foreign exchange reserves and investment (see the September 5, 2007 of the Shanghai News) a paper put forward, and put forward: "The gradual establishment of renminbi currency rights, the renminbi should be early in Hong Kong, Macao, Taiwan and Southeast Asia, bilateral or multilateral free tradeFirst, the currency used for circulation is more reserved. Five years ago, we conditionally opened the A-share market to foreign legal persons in a qfii manner, and now we should also be able to open it to natural persons abroad. A stock market is often the author of the "10 recommendations on the current Chinese stock market" (see the September 11, 2008 of the Shanghai News) a paper: "　　To be able to open a a-share market to foreign natural persons (real-name) (within 100,000 US dollars, not for three years), as a hedge, conditional opening of Hong Kong stock through train, the same per household exchange within 100,000 U.S. dollars ", can be in Hong Kong, Macao, Taiwan three first." 7, continue to solve the legacy of history-long-term marginalization of the B stock market is often January 2, 2008 the author in the Shanghai newspaper, "the top ten speculations on China's stock market," a reform idea: to "buy back B shares," the way to let the B-share market "return" A shares, so that the company The price of repurchase is similar to the reform of share splitting. Suppose the discount for B shares and the A-share company is 30%, then the B-share increase 15% to buy the repurchase, at the same time by a A shares to 95% of the price of additional, both set aside 10% of the space-so for B-share shareholders, the equivalent of the equity division of the price and the bid for a comprehensive offer; Additional, one into a company increased net capital.　　The specific operation: (1) can be 20 (or 30) trading day average price; (2) regardless of the B and a shares discount rate, must make the shares and B shares of the shareholders have enthusiasm, (3) The issue of a a-share of the renminbi to buy dollars, the Hong Kong dollar to pay to B shareholders, the release of foreign exchange stock is also a major contribution. 8, accelerate and relax the gem listing, as a support for industrial restructuring of another hand. Gem to have the core patented technology products business is the consensus, is the premise. The current launch of the GEM Rules: to three consecutive years of profitability, to have sufficient cash flow, stressed the principle of stability, the protection of "protect the interests of investors" in the most important, this is right, but from the support of innovation, to support the new technology is not enough.　　So it may be called the former gem A, and then open the Gem B, the latter does not need the former so strict conditions (let emerging technology in the cradle), its constraints are "wide into the strict out", that is, gem B listing, all public before the IPO investors must be listed after three consecutive years of profit to exit. 9, SSE as an important part of Shanghai International Financial Center Construction, SSE promote the internationalization process in addition to products, investors outside the main, their own internationalization process should also be put on the agenda. Shanghai and Shenzhen Two exchanges should be the company system restructuring, not because of "not bad money" and not restructuring. Not only will the two exchanges ultimately lay the groundwork for a merger of equity bonds, but also leave the international aisle to the HKEx and even the Cross-border exchange equity swaps.　　SSE should be listed as early as possible, as an important symbol to promote the construction of Shanghai International Financial Center. 10, the Shanghai and Shenzhen Two exchanges should have a clear division of labor, recommended SSE focus on the motherboard, deep proof of the focus on doingSME board and Gem.　　If said, ten years ago "5 19" is hot hot market, is the passion overflowing market; then ten years later, "5 19" hope is a surface is not "market", the essence is a slow bull market, tamping market. (The author is deputy Secretary-General of Shanghai Economic Reform Research Society)