Home >

Shang Fulin: Promoting Resource Allocation &Nbsp; Strengthening Market Restraint Mechanism

2011/1/11 13:44:00 56

??? 日本語 Fran?ais English 中文

Shang Fulin, chairman of the China Securities Regulatory Commission, said that the characteristics of the gem should be established in the future.

convenient

And efficient financing mechanism, actively explore the delisting system of GEM companies, and give full play to the market's survival of the fittest.

First of all, since the launch of the gem for more than a year, the market construction and functions have played a positive role. The launch of the gem is an important decision made by the CPC Central Committee and the State Council from the overall economic and social development.

First, we should strengthen the market orientation of gem and play an active role in economic services.

Two, we should improve the gem rules system and establish the gem supervision mechanism.

Three is to increase the risk warning of gem, and promote rational participation of investors.

The four is to strengthen the continuous supervision of gem and protect the legitimate rights and interests of investors.

By the end of December 2010, a total of 153 enterprises were

Entrepreneurship

Listed on the board.

By January 7th, a total of 158.

By the end of 2010, a total of $116 billion 750 million had been raised by listed companies, with a total market value of 736 billion 500 million yuan, with a total turnover of 1 trillion and 750 billion yuan, and 17 million 790 thousand investors had already started a growth enterprise account.

Institutional investors hold 33.07% of the GEM market value. Over the past year, the gem has supported the development of strategic emerging industries and growth venture enterprises, improved the mechanism of financial support for technological development, and promoted the continuous development of social investment and other aspects.

The positive effect is increasingly apparent. As of the end of December, 139 high-tech industries accounted for more than 90% of the gem.

In the first three quarters of 2010, the operating income of GEM companies increased by an average of 36.49% over the same period last year, and the profit grew by an average of 26.93% over the same period last year.

The second problem is to constantly deepen our understanding of the major role of the gem and solve the problems in advance with reform methods.

First, promoting the construction of gem is a major innovation in China's capital market.

It has made a good start in exploring the road of development which is in line with the national conditions and market conditions.

Second, promoting the construction of gem and improving the system of financial support for scientific and technological innovation.

mechanism

。

The introduction of gem is not only a building block, but also an innovative mechanism to accelerate the development of hi-tech enterprises by means of marketization.

But now these high risk investment funds are not moving forward. It is really a problem to look at the possibility that the enterprise will go public before investing.

There is also a problem of resource allocation. With the increasing number of high-risk investment funds, the degree of development is getting higher and higher.

Because those enterprises that are going to be listed soon after all are few, and there is still a lack of high risk investment.

After more and more high-risk investment funds, it is impossible to find these enterprises. Without so many enterprises, the market will force him to deploy resources ahead.

In addition, the launch of GEM has also contributed to venture capital, and private capital such as equity fund has been accumulated to high-tech enterprises, which has promoted social entrepreneurship and employment.

The effect of gem on private investment is becoming increasingly apparent, and the benign interaction pattern between venture capital and capital market is emerging.

Third, promoting the construction of gem is in line with China's economic and social development strategy.

Of the 5 GEM stocks issued in January 7th, 1 of them fell below the issue price.

What does this mean? It shows that our market discipline mechanism is being strengthened step by step, not at any price you send out to the market. I think this is a good thing, indicating that our market's own restraint mechanism is playing a role gradually.

So, it will play a positive role in restraining the so-called "three high" of the gem.

Generally speaking, the gem is a new thing in our country. The understanding of the characteristics and rules of the gem needs to be further deepened. The development and function of the market need to be accumulated in practice. We need to objectively analyze and correctly understand the characteristics and risk rules of the gem.

The third question is to promote the steady and healthy development of the growth enterprise market.

First, we should strengthen the positioning of the growth enterprise market and support greater efforts to support the development of independent innovation and strategic emerging industries.

Two, we should improve the system rules of GEM market and promote the sustainable development of GEM companies.

Three, we should improve the internal restraint mechanism and further promote the agency's responsibility.

Four, we should continue to increase supervision and protect the legitimate rights and interests of investors.