Stability of stock bond services Stable Economic growth During the overall situation, capital market supports private enterprise financing exceeding 710 billion yuan

Author:Securities daily Time:2022.08.04

4AUG

Our reporter Wu Xiaolu has continued to support the financing of private enterprises since this year. According to the statistics of Wind information data, as of August 3, the capital market supported private enterprise and bond financing of 711.391 billion yuan during the year. Among them, equity financing reached 483.782 billion yuan, and the exchange bond market financing reached 227.609 billion yuan. Recently, the Securities Regulatory Commission's 2022 System Supervision Work Conference proposed to better serve the overall situation. While focusing on the implementation of measures, focusing on key areas and weak links such as scientific and technological innovation, private enterprises, and small and medium -sized enterprises, and research and launch more and more powerful support measures. CITIC Securities Chief Economist said in an interview with the Securities Daily reporter that since this year, the capital market has continued to play a positive role in supporting the development of private enterprises, continuously expanded the financing channels of private enterprises, and promoted the establishment of a good private enterprise financing environment. In the second half of the year, relevant departments are expected to launch more effective measures and play a multi -party force in supporting private enterprise financing. In the perspective of equity financing, more than nine of the civic enterprises in Shangdi Civil Enterprise During the year, according to Wind information data statistics, as of August 3, 172 private enterprises landed on A shares, and the total fundraising of 208.462 billion yuan was listed. In terms of re -financing, the increasing financing of private enterprises in the year reached 198.767 billion yuan, and the issuance of convertible bond financing reached 76.553 billion yuan. Taken together, the total equity financing totaling 483.782 billion yuan. The reporter further sorted out and found that among the 172 private enterprises listed during the year, 162 are strategic emerging industrial enterprises, accounting for 94.19%, and a total of 198.693 billion yuan, accounting for 95.31%. That is, more than nine of the civic enterprises in the past year. "Give full play to the function of capital market resource allocation, support scientific and technological innovation and the development of private enterprises, is an important measure to maintain economic growth, and gradually form a market consensus." Wei Fengchun, chief economist of Chuangjinhexin Fund, said in an interview with the Securities Daily reporter interview With the steady advancement of the registration system and the implementation of private enterprise bond financing measures, the current scientific and technological innovative private enterprises can be supported by both listing financing or financing through the bond market. Both financing channels can be supported. In terms of bond financing, according to Wind information statistics, as of August 3, private enterprises have issued 227.609 billion yuan in debt financing on the exchange market of the exchange. Since the beginning of this year, the regulatory authorities have issued a number of measures to support private enterprise bond financing. In March of this year, the Securities Regulatory Commission stated that seven measures were introduced to further expand the financing channels of private enterprise bonds. Since then, private enterprise bond financing special support plans and science and technology innovation corporate bonds have been implemented. In addition, the regulatory authorities have promoted to reduce the settlement costs of private enterprise bond transactions, organize and carry out private enterprise bond investment and financing meetings, and talks. Wait. Chen Li, chief economist of Chuancai Securities and Director of the Institute of Research, told reporters of the Securities Daily that this year, the Securities Regulatory Commission promoted the in -depth understanding of both parties in investment and financing this year The interest rate of private enterprises' debt is of positive significance for the reduction of costs at the macro level. In addition, the regulatory authorities give additional policy preferential policies to science and technology enterprises, which is conducive to tilting capital resources to science and technology enterprises, and changing the pattern of most of private enterprise bonds from real estate enterprises in the past. "Since this year, the special support plan for private enterprise bond financing launched by the regulatory authorities has effectively supported private enterprise bond financing." Wei Fengchun said. Obviously, these measures have released a strong positive signal to improving the financing support mechanism of private enterprise bonds and cracking down on private enterprises. The industry suggests to launch more innovative financing products that direct the needs of private enterprises. For the next step to support the development of private enterprise bond financing, the chairman of the Securities and Futures Commission Yi Huiman recently published in the "Seeking" magazine that the CSRC will further improve private enterprise bond financing support Mechanism, focus on improving the accessability and convenience of the private economy and SME debt financing; in -depth promotion of the expansion of real estate investment trust funds in the infrastructure sector to expand and expand the scope of piloting and piloting the pilot, and to promote the implementation of the pilot projects of affordable rental housing and private enterprises to help Accelerate the formation of a virtuous circle of stock assets and new investment. Talking about the implementation of the implementation of the private corporate public offering REITs project, it is clearly stated that for private enterprises, this measure has opened a new way for private enterprise asset securitization and bond financing, which is conducive to revitalizing the high -quality stock assets of private enterprises and reducing private enterprise financing costs. It is conducive to improving the level of private enterprises and increasing corporate management capabilities. "At present, my country's public offering REITS assets are mainly concentrated in infrastructure areas such as highways, industrial parks, warehousing, logistics, ecological and environmental protection, etc., covering key areas such as Beijing -Tianjin -Hebei, Yangtze River Economic Belt, Guangdong -Hong Kong -Macao Greater Bay Area, and Yangtze River Delta. High -quality private enterprise projects with strong asset operation capabilities and market impact capabilities will be the first to be selected to form a good demonstration role. "Mingming said. Wei Fengchun believes that from the perspective of the enterprise itself, the next step of private enterprises can reorganize their own assets and optimize internal management through mergers and acquisitions. "Make iron also requires its own hardness. Private enterprises must conform to the direction of China's industrial transformation, make strategic adjustments from themselves, and better realize the balance of long -term development and short -term operations."

Obviously, in the next step, the capital market should continue to launch more innovative financing products that meet the characteristics of private enterprises and directly meet the needs of private enterprises, and further enrich the financing channels of private enterprises; optimize private enterprise equity and bond financing service mechanisms, reduce comprehensive financing costs; improve the entire process of private enterprises for the entire process of private enterprisesInformation disclosure clauses, strengthen the awareness of private enterprises, form a good market ecology; develop multi -level capital markets, strengthen connection between levels, continue to promote the pilot of the regional equity market innovation, and enhance the financing capabilities of private enterprises.Recommended reading

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