The financing difficulty of small and medium-sized enterprises is a worldwide problem. Under the general trend of Chinas economic transformation and upgrading, the key to solve the problem is to give better play to the function of the capital market and increase the direct financing proportion of this enterprise group, which is also the key problem to be solved in the structural reform of financial supply side.
Seven years ago, the national stock transfer system (the new third board) was launched, which makes the majority of small and medium-sized enterprises full of hope. Since its birth in 2013, the new third board has been positioned as the bridgehead of capital market services for small and medium-sized enterprises and private economy. From scratch and gradually explored, the new third board has formed a lot of system designs that fit the characteristics of small and medium-sized enterprises, serving thousands of enterprises.
However, with the growth of the market scale and the growth of listed companies, the market structure is changing day by day and the market demand is becoming more and more diversified. There are some new situations and problems in the new third board. It is urgent to enhance the market attractiveness, improve the financing and trading function, enhance the liquidity, and further smooth the upper and lower links of the multi-level capital market.
In the current global economic and financial uncertainty, Chinas economic transformation and upgrading more need small and medium-sized enterprises and private enterprises to stabilize the basic market, and the capital market needs more accurate force and release vitality. There is no time to delay the reform of the new third board.
Find the key to stimulate vitality
From the announcement of the plan in October last year, to overcoming the impact of the epidemic, and then to setting up the selection level, every step of the reform of the new third board has attracted the attention of all parties.
In fact, the new third board reform is a continuous deepening process, which is not only the summary and absorption of previous experience, but also the bold innovation according to the new market demand.
This round of new third board reform adheres to the original intention of serving small and medium-sized enterprises, takes the transfer board system as the traction, innovates and promotes the reform measures such as public offering, continuous bidding, and investor suitability management, consolidates the market foundation system, comprehensively improves the market function, promotes the dislocation development of multi-level capital market, and expands the breadth and depth of serving the real economy.
There are many bright spots in this round of reform measures. Listing on the transfer board will open up the rising channel of high-quality listed companies in the capital market and give better play to the role of the new third board as a connecting link between the preceding and the following; more perfect financing trading system, investor suitability system and introduction of long-term capital will enhance the market financing function, liquidity and price discovery ability; the new regulatory system can effectively improve the quality of listed companies, but also reflect supervisionu201c Temperature .
The selection layer that will appear soon is not only an important breakthrough in the new third board reform, but also a key hub connecting various reform measures, so that high-quality listed enterprises can choose capital market services more flexibly and calmly, and realize high-level and standardized development.
If we say that the selection layer is the vanguard of the new third board, the innovation layer and the basic layer are the fresh force and reserve force of the new third board. This round of reform is a comprehensive reform, and a series of reform measures benefiting the innovation level and the basic level have been implemented. Innovative and basic level enterprises have enjoyed the reform dividend from the aspects of broadening financing channels, reducing financing costs and improving market liquidity. Investors will also have more opportunities to dig for gold.
Achievements are beginning to show, creating forward position
The results of the reform of the new third board have shown preliminary results, and 32 enterprises are about to become the first batch of listed companies at the selected level. The number of investors has increased rapidly, and the number of qualified investors has exceeded 1.51 million, more than four times that before the reform. Investors are willing to participate actively, and the average online subscription multiple of the first batch of selected enterprises is more than 362 times, reflecting the markets recognition and expectation for the reform of the new third board.
In recent years, Chinas capital market has entered a new historical period, and various major reforms have been accelerating, constantly responding to the needs of Chinas economic transformation and upgrading. Facing the future, Chinas capital market shoulders more responsibilities and needs to be more inclusive of innovative, entrepreneurial and growing SMEs.
Guided by the concept of registration system, the new third board reform is accelerating to create a market environment suitable for the development of small and medium-sized enterprises and private economy. With the advancement of reform, the new third board will provide full cycle and full chain capital market services for more small and medium-sized enterprises, and become the frontier and Innovation workshop of capital market services for small and medium-sized enterprises and private economy.
As an important part of comprehensively deepening the reform of the capital market, the new third board will reshape the multi-level capital market together with the science and technology innovation board and the growth enterprise market.
Reform is only in progress. We believe that with the comprehensive implementation of the new third board reform measures, the ability of the capital market to serve the real economy will be further improved, and the new third board will release greater vitality in the continuous reform and innovation in the future.
Source: Yang Qian, editor in charge of China Securities Journal_ NF4425