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exidypriceguide| "China Finance": Take multiple measures to vigorously improve the quality of listed companies

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Author | Nie Wuyi 'China Yinhe Securities Co., Ltd.'

Article | China Finance, No. 10, 2024

Listed companies maintain the stability and development of the capital market.ExidypriceguideThe basis of. Comprehensively improve the quality of listed companiesExidypriceguideIt is not only the focus of strengthening the quality and efficiency of the capital market to serve the real economy, but also an important starting point for the coordinated operation of all aspects of market issuance and trading. In April 2024, the State Council issued some opinions on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market (hereinafter referred to as the new "National Nine articles"). It is proposed to realize the stable and healthy development of the capital market in serving the country's major strategy and promoting high-quality economic and social development, and clearly gives the timetable and requirements for improving the quality of listed companies. Improving the quality of listed companies is not only the inherent requirement of comprehensively realizing the modernization of capital market governance system and governance ability, but also the only way to build a high-quality capital market matched with financial powers in an all-round way.

Improving the quality of listed companies is the micro-basis of high-quality economic development. Listed companies are an important force to promote the healthy development of China's economy. According to the data, the total operating income of domestic listed companies in 2022 is 71.Exidypriceguide.53 trillion yuan, which accounts for nearly 60% of the GDP in that year, is the "main force" to ensure the stable development of the overall economy. Compared with other enterprise groups, listed companies have higher R & D investment, more scientific and technological content, and more obvious talent advantages, which play an important role in leading innovation-driven development and promoting the deep integration of science, technology and economy. It is a strong backing to optimize the domestic economic structure and promote sustainable economic growth. Standing at the new starting point of high-quality development, the process of constantly improving the quality of listed companies is to fully implement the new development concept and strive to promote the process of quality change, efficiency change and dynamic change of economic development.

Listed companies are an important way to promote the reform and development of state-owned enterprises and strengthen the private economy. Through public listing, enterprises can effectively broaden financing channels, promote scientific and technological innovation, optimize the property right structure, improve internal governance, strengthen information disclosure, and accept public supervision. it will play an important role for enterprises to optimize internal management, introduce market-oriented incentive mechanism and enhance core competitiveness. The direct financing and series of capital operation of listed companies through the open market will help to improve the efficiency of social resource allocation, improve the business environment of fair competition, promote the common development of enterprises of different forms of ownership, and optimize the national economic strategic layout and structural adjustment.

Listed companies are the core subject of building a modern capital market with Chinese characteristics, and the quality of listed companies is an important symbol to evaluate the quality of capital market development. It is the common goal and desire of all participants in China's capital market to build a listed company system with strong comprehensive strength, sound operating conditions, perfect governance system, satisfactory returns of shareholders and good social image. As the source of profits, the capital market focuses on serving listed companies and constructs a financial product system represented by stocks and bonds, an investment value system covering multi-level markets and a market service system of the whole industry chain. In terms of scale, as of March 26, 2024, the number of A-share listed companies has increased from 13 in 1991 to 5368, with a total market capitalization of 87.Exidypriceguide.75 trillion yuan. Strategic emerging industries have become the key development object of the capital market. China's capital market has more scientific and technological content, stronger innovative characteristics, and plays a more obvious role in cultivating small and medium-sized enterprises.

Listed companies are not only the source for investors to participate in the distribution of social wealth and achieve common prosperity, but also the "fixed star" to achieve the balanced development of market investment, trading and financing. The factors that affect the trend of the securities market are complex and diverse, but from the perspective of value investment, the group of high-quality listed companies is the ultimate source and guarantee to build investor confidence. Practice has proved that the process of wavy progress in the securities market must be a natural elimination process in which good companies stand out and poor companies fail. Reviewing the development history of China's securities market over the past 30 years, whenever the market fluctuates greatly, it always exposes some poor companies and stocks with poor texture or even fraud, which are criticized by all parties in the market; at the same time, a number of good companies and stocks with excellent performance and fast growth have emerged, which are sought after by long-term investors. The CSRC has conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council, issued a series of policies and norms intensively, and made improving the quality of listed companies the top priority of supervision, which is fully in line with the inevitable trend of market development and the common voice of the broad masses of investors.

Adhere to the combination of goal-oriented and problem-oriented to improve the quality of listed companies. Improving the quality of listed companies is the inherent requirement of the high-quality development of the capital market, which has different policy connotations under different spatio-temporal environment. The quality of listed companies should be grasped from the two dimensions of "listing" and "company", that is to say, we should follow the objective laws of market competition and management, and actively implement the overall requirements of high-quality development of enterprises. at the same time, we should actively accept the supervision, evaluation and selection of the open market, strengthen the interaction with investors, and realize investors' affirmation of the quality of listed companies in a dynamic and transparent environment. At present, the regulatory authorities emphasize that to improve the quality of listing, it is necessary to promote the mutual promotion, healthy and stable development of listed companies and the capital market.

From the goal-oriented point of view, excellent listed companies should have the following seven characteristics. First, the quality, efficiency and structure of listed companies should meet the inherent requirements of China's high-quality economic development; second, listed companies have clear ideas for development and have strong market competitiveness. to become a recognized benchmark enterprise and the leader and promoter of the development of the industry. Third, the governance structure of listed companies is perfect, the shareholder structure is reasonable, the governance procedure is clear, the governance responsibility is clear, the internal control is perfect, the integrity management is adhered to, the information disclosure system is complete, and the fourth is to adhere to the people-oriented management idea. has a strong competitive advantage in talent; fifth, pay attention to sound management and long-term development, with strong risk management ability Sixth, actively fulfill social responsibility, implement the concept of ESG development, and strive to return to society; seventh, consciously safeguard the interests of shareholders and share the fruits of development with investors.

To improve the quality of listed companies, we should not only set development goals and make efforts, but also focus on solving the practical problems and prominent contradictions faced by listed companies. Specifically, first, we should adhere to the principle of authenticity and objectivity. Excellent companies should be encouraged to achieve value through listing rather than "value deception", and resolutely crack down on all kinds of hypocritical packaging of listed companies. Actively promote growth companies to expand their strength and speed up development, enhance the intrinsic value of listed companies, and provide better returns for investors, and must not let listing distort the true face of the company; what is more, lawbreakers should not be allowed to disrupt market order and infringe upon the interests of investors by means of financial fraud, insider trading, stock price manipulation, and so on. The second is to adhere to the principle of seeking progress in the midst of stability and risk adaptation. It is necessary to effectively enhance the inherent stability of the capital market, fully consider the risk tolerance of different investors, and actively safeguard the interests of medium and small investors. Strengthening the listing standard of continuous operation and strictly examining the unprofitable companies to be listed, especially those facing technical uncertainty and greater market risks, can enter the listing process only through the authoritative argumentation recognized by the market. The third is to adhere to the principle of combining the operation of "approachable" entity enterprises with the capital market operation of "gathering popularity". Fully attach importance to the role of public listing in promoting the optimization of the company's operation and management, and actively use mergers and acquisitions, equity incentives and other ways to enhance the company's core competitiveness. We will vigorously improve the quality of information disclosure, let investors get close, understand, see clearly and have confidence, actively promote investor relationship management, and form a positive interaction in the market. Take the initiative to be the maintainer of market order and investor confidence, attach importance to the management of the company's market capitalization, standardize the reduction of major shareholders, strengthen the obligations of key subjects, actively implement shareholder dividends, enhance the sense of achievement of medium and small investors, and jointly enjoy the development dividends of listed companies. Fourth, adhere to the principle of combining the improvement of the quality of listed companies with the full implementation of the central financial work conference and the spirit of the new "National Nine articles." The Central Financial work Conference put forward various requirements for the capital market, such as optimizing the financing structure, promoting the stock issue registration system, developing diversified equity financing, vigorously improving the quality of listed companies, and invigorating the capital market. cultivate first-class investment banks and investment institutions, attract more long-term capital, and so on. The new "National Nine articles" further puts forward systematic measures to promote the high-quality development of the capital market, which are interlinked, support each other, and should not be neglected. The causes of quality problems in a small number of listed companies are complicated, some are the company's own responsibility, and some are also affected by external factors. When implementing the relevant requirements, we should not only focus on resolving current contradictions, but also strive to promote long-term development; we should not only insist on giving solutions directly from the problem, but also adhere to the systematic concept to continuously improve the institutional environment.

Give full play to the joint efforts of all parties in society to comprehensively promote the quality of listed companies. At present, we should focus on the following points.

First, we should improve the political position, adhere to the political and popular nature of financial work, and regard improving the quality of listed companies as a key project to promote high-quality economic development. Actively support listed companies based on their own business characteristics and advantages, actively integrate into the overall situation of national strategic development, seize the commanding heights of innovation and development, and increase capital investment in scientific and technological innovation, advanced manufacturing and green development, promote the high-level circulation of science and technology, industry and capital. It is suggested that regulatory agencies and stock exchanges should strengthen the concept of service, improve management efficiency, encourage high-quality listed companies to carry out mergers and acquisitions, optimize the competitiveness of industrial clusters, firmly hold the entrance and exit of the open market, and fully implement the responsibility of project declaration. we should strictly implement the policy of refund, and earnestly enhance the self-renewal vitality of the capital market. It is suggested that the listed companies of central state-owned enterprises should set a good example of the industry, expand and strengthen the main business, optimize the layout of the industry, strengthen market value management, implement share repurchase and shareholder dividends, and give full play to the positive guiding role of the listed sector of central state-owned enterprises.

Second, all localities and departments should strengthen cooperation with each other to form a joint force of supervision to improve the quality of listed companies. The CSRC adhered to the regulatory concept of "two strong and two strict", extensively solicited the opinions of all parties in the market, and launched regulatory measures in a timely manner, and all parties in the market responded positively. It is suggested that local governments and relevant departments should establish a concept of high-quality development, upgrade the "quantity first action" of listed companies to "quality first action", and actively cooperate with the supervision and inspection of listed companies by regulatory departments. to introduce practical measures to improve the business environment of local listed companies. It is suggested that the legislative and judicial organs should carry out in-depth investigation and research, make up for the shortcomings of the existing system and rules in time, strengthen the authority of financial legislation, improve the judicial linkage mechanism of law enforcement, and increase the intensity of administrative, civil and criminal accountability. We should promote securities supervision with the power of the rule of law to truly "tusk and prick" and safeguard the legitimate interests of the majority of investors.

Third, all market intermediaries should scrupulously abide by the profession, diligently and dutifully, and provide high-quality market services for investors. Regulators should continue to make good use of the quality evaluation mechanism of intermediary institutions guided by the quality of listed companies, strengthen legal education to standardize their practice, and effectively increase the cost of violating laws and regulations. Sponsor agencies, lawyers and certified public accountants should strengthen cooperation, sort out the work flow, and clarify their respective responsibilities. All intermediary agencies should take the typical cases investigated and dealt with by supervision as a mirror, comprehensively strengthen the management of practice quality, optimize performance appraisal policies, prolong the project assessment cycle, increase the proportion of practice quality assessment, and increase the accountability to project responsible persons and relevant leaders. It is suggested that we should conduct a comprehensive self-examination of project risks, insist on correcting mistakes, punishing mistakes and putting responsibilities in place, at the same time, establish excellent project models and advanced individual models, strengthen practice quality exchanges and training, and form a collective consensus to jointly improve the quality of listed companies.

The fourth is to create a social atmosphere to jointly improve the quality of listed companies. At present, the overall quality of listed companies in China is in the leading position of domestic enterprises, but the level of development is uneven, especially a very small number of illegal companies implement financial fraud and fraudulent listing, which seriously affect the market order and investor confidence. Sunshine is the most effective preservative. It is suggested to give further play to the supervision function of public opinion, focus on exposing the black sheep in listed companies, and form a strong deterrent force. At the same time, we should also strengthen positive guidance, vigorously promote the models of excellent listed companies, sum up and promote advanced experience in a timely manner, and promote the high-quality development of listed companies in an all-round way. ■

exidypriceguide| "China Finance": Take multiple measures to vigorously improve the quality of listed companies

(responsible Editor Liu Hongzhen)

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