The Revision Of The Securities Law Has Been Included In The Agenda Of The Standing Committee Of The National People's Congress.

The efficiency of the allocation of financial resources in the market economy determines the allocation efficiency of social resources. The so-called "one penny can not defeat heroes". Indirect financing is the operation mechanism of the banks that affects the efficiency and efficiency of the allocation of funds. Direct financing is the allocation efficiency and efficiency of investors' quality and market planning.

Wu Xiaoling, vice chairman of the Standing Committee of the National People's Congress and the financial and Economic Commission, delivered a speech at the annual meeting of Finance and economics 2017: prediction and strategy. The essence of the public offering registration system (hereinafter referred to as the "registration system") is to return the autonomy of investment and financing to the market under fair planning, so that the market can play a decisive role in the allocation of resources.

She suggested that in 2017, we should further promote the registration system reform in the following three aspects: promoting the revision of the securities law, further improving the private placement system and releasing the administrative control of stock issuing prices.

Wu Xiaoling pointed out that the most important thing is to go to non-financial enterprises. lever In an indirect financing oriented financial system, the leverage ratio will only rise and not decrease if equity financing is not developed. Strengthening investor education and cultivating institutional investors is the way to improve the quality of investors. But Wu Xiaoling believes that the most fundamental thing is to enable investors to bear the consequences of investment under fair planning and make the choice of enterprises under the drive of interests.

In December 2015, the Standing Committee of the National People's Congress passed the authorization decision of stock issue registration system, and authorized the State Council to adjust the relevant provisions of the securities law in the registration system reform. From March 1, 2016 onwards, the implementation period will be 2 years. Wu Xiaoling pointed out that over the past year, the SFC has done a lot of work to increase the information disclosure of listed companies, clarify the responsibilities of intermediary agencies and enforce the law strictly and strictly, laying the foundation for the advancement of registration system.

Wu Xiaoling suggested that the registration system reform should be further promoted in the following aspects in 2017: first, to promote the revision of the securities law; second, to further improve the registration system of non-public offering of listed companies (private placement); and third, to liberate the administrative management of the issuing price of shares.

About " Securities Law "Revision" has been included in the agenda of the Standing Committee of the National People's Congress. Wu Xiaoling hoped that the law could hope to improve the definition of "securities" and lay the legal foundation for innovation and lay the foundation for functional supervision. The law can provide legal protection for the establishment of multi-level capital markets, formulate principles for registration reform, improve regulatory measures, better crack down on illegal activities, maintain market order and protect investors' interests.

Private placement is to enable strategic investors to screen out potential listed companies, optimize market stocks and ease the downward pressure on market valuation. Wu Xiaoling believes that the way to eliminate the adverse selection of private placement is to issue prices closer to the two tier market. Investors are chasing profits. When the difference between the price of the offering price and the two market price is not enough to protect the profits, investors will find companies with high efficiency in resource utilization, so that the allocation of resources can be optimized.

She suggested that the fixed price be determined based on the market price at the time of issue, and the distribution of discount rate and lockup period should be used to guide enterprises to issue at market price. Build storage rack Issuing system To improve the efficiency of financing. In addition, we should lower the threshold of refinancing and promote quality enterprises to improve their business and grow healthily.

Wu Xiaoling believes that the essence of registration system is to transfer the autonomy of capital market financing to the main body of market investment and financing, including the issue price and the timing of issuance. The release price may break down, but this will enable investors to invest rationally. "The Chinese market has failed, and success is often in the effort to persist."

At the end of the speech, Wu Xiaoling stressed: "China is not short of entrepreneurs with innovative spirit. China has deep domestic demand. China is not short of money, but China lacks the mechanism to make all these things organically combined. The capital market is the place where they combine. We must use the mechanism created by human development for hundreds of years to serve China's economic growth and increase property income for the people.