138479.xyz " People venture

A few things you should know about the branch board

Chen Wei

11 2018 09 08:26 on the source of years: 138479.xyz - People's venture capital

The morning of November 5th, chairman Xi Jinping in the first China International Import Expo keynote speech, said the Shanghai stock exchange will set up a branch board and pilot registration system.

Subsequently, the Commission, the Ministry of finance, the Shanghai Stock Exchange respectively response. Among them, the Commission said that the future will be according to the characteristics of innovation of enterprises, strengthen the innovation in management of investors in the assets, investment experience, risk tolerance, etc., to guide investors to participate in the. To encourage small and medium-sized investors raised funds through investment in innovation and other ways to participate in sharing the fruits of innovation and entrepreneurship, enterprise development.

Orient Securities chief economist Shao Yu said the establishment of venture capital to the people, and the registration system to try to dig out the board by potential enterprises in the capital market, optimize the market pricing, provide a reasonable return to investors, to realize the innovation of enterprise support.

Experts also said that through further exploration on capital market breadth and depth, branch plate can not only provide a new exit mechanism for small financial institutions risk investment institutions and private equity funds, also support and promote the early development of the science and technology enterprises.

Finance is no longer difficult

"The development of small and medium-sized enterprise financing 2017 white paper" shows that as of the end of 2017, the main operation of the 98% small and medium-sized enterprises are faced with the lack of funds.

The three stage of development proposals, financing of SMEs in the paper first stage, if the customer enterprises increase business risk decreased, getting venture capital and private equity fund to help; the two stage is the company's debt financing until the force enhancement, can choose the listing on the gem and the new board; the three stage is when the enterprise is mature and stable, the enterprises can cooperate with banks and other large financial institutions.

In Shao Yu's view, the direct financing of financial institutions is very difficult for small and medium-sized enterprises, and the gem listing process long, rigorous audit, corporate earnings and other financial indicators for the complex, so the ordinary business enterprise is difficult to obtain financing in the capital market.

Shao Yu said that the on-line Kechuang board, provides a new way of financing for the innovation enterprise, also from the venture capital and private equity fund to provide convenient. The future may be more than three new board board by a large scale, and unlike the gem of the complexity of the audit, is not so much a clear financial requirements, have the advantage in the protection of investors.

Test registration system

In 2016, the Commission Chairman Liu Shiyu once said, "the registration system is necessary to engage in, but as for how to engage, to study well."

In Liu Shiyu's view, the registration system reform needs a perfect legal environment, supporting regulations, research and demonstration needs quite a long process, in this process, we must fully communicate, to form a consensus, gather together.

Shao Yu believes that the reform of the registration system of the capital market is one of the most important reform of the field of securities IPO, can bring far-reaching significance for the entire capital market.

In the past, IPO exchanges, mainly by the approval system, only to meet the requirements of the company was able to successfully boarded the capital market IPO. Compared with the approval system, the registration system has the attributes of the ex post regulation. In the registration request, as long as the issuer of securities to provide material to meet the basic requirements, there is no false, misleading or missing phenomenon, you can smoothly into the capital market.

Shao Yu believes that through market-oriented operation, to select the true value of the enterprise, through the market to the enterprise pricing, let not the value of the enterprise exit, it can stimulate the capital market efficiency better. However, the capital market to start a large-scale registration system, in the protection of small investors, financial institutions in the division of responsibility has to mature system.

The output of capital "new channel"

Some media reported that the French acsensor drug is about to be among the first foreign companies listed on the branch board, some experts believe that the emergence of branch board have international mind and vision, as the NASDAQ market.

Department of Commerce International Trade and economic cooperation of the people's Venture Capital Research Institute researcher Mei Xinyu said, positioning Kechuang board, is an international board Chinese capital market, foreign companies can be listed in section China board, investors can invest in foreign outstanding enterprises in the branch board, this is the internationalization of China's capital market performance. In the long term, branch board provides a new channel for capital output China capital market.

Shao Yu on the NASDAQ as an example, in addition to the NASDAQ bred innovation soil and mature investors, it also fostered a mentality that even if there is a bubble, even if there are ups and downs, this is an inevitable part of the market.

Shao Yu believes that the future of global excellent enterprise it may be listed in the branch board, global investors can also be in the board on enterprise investment branch, branch board is an open trial, the right attitude to face the capital market, Chinese may nurture excellent innovative enterprises and entrepreneurs.

To keep up with the system ""

Supertrack board in Shanghai Mei Xinyu said why, the Shenzhen stock exchange market is relatively active, open, and Shanghai is relatively stable, the establishment of branch board in Shanghai, can enhance the vigor of the capital market in Shanghai.

However, Shao Yu believes, will do the same branch board, need a series of policy support, Shanghai supertrack board, time should be a little faster than the market, can be launched within half a year. If you want to ensure the branch board smooth landing, the first to establish the related mechanism, not only to identify the good enterprise, at the same time can bring good business. For investors, the establishment of the new mechanism will not only protect the interests of institutional investors at the same time, to protect the interests of retail investors. In addition, investors should also guide the branch version of equity investment, not because of problems such as information asymmetry, unfair competition and market manipulation behavior.

Shao Yu suggested that the environment in the registration system, to ensure the enterprise information disclosure, intermediaries should be conscientious. If the new capital market can not only fair to identify the prices of the listed company, while ensuring that regulators do not do the teachers and referees, so in the future will be smooth landing section, a continuation of the space development

(commissioning editor Han Ying and Zhang Chen)

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