How to make finance better serve high -quality development, especially in the capital market.Imagine that the capital market is not only a cornucopa of wealth, but also a powerful engine to promote the economy.How to make this engine more efficient and powerful?Listen to a few gold ideas of Haitong Securities.
First of all, listed companies must be an elite in the elite.Just like the trial, it is a good hand not only to come in, but also the order of going out.If we want to make this game beautifully play, we have to make efforts from three angles:
Optimize the allocation of resource allocation to make mergers and acquisitions more violent.Looking at the data of 2023, the performance of Chinese companies in the global mergers and acquisitions market. Although we are the big economic power, there is still a lot of room for rise in mergers and acquisitions.Through improving policies and financial instruments, more high -quality assets are injects into listed companies, so that state -owned enterprise reform and private enterprise development can find new impetus in the capital market.
Listed companies are transparent and ruled.Improve the quality of information disclosure, just like doing a "integrity medical examination" for the company, so that investors can clearly see each account.In violation of the rules, we must strike heavy punches so that those who try to play small clever in the capital market have nowhere to hide.
Let the unqualified players exit in an orderly manner.Like the game, there are always people who are eliminated.The delisting mechanism of the A -share market is like a loose pants belt compared to US stocks.By optimizing the rules and procedures, those companies that do not meet the standards can exit in an orderly manner, and also provide investors with more protection.
Introduce medium and long -term funds to encourage pensions to enter the market.
On the big stage of the capital market, a dilemma faced by the A -share market for a long time is that the proportion of institutional investors is far less satisfactory.In the second quarter of 2023, US -China institutional investors accounted for 55%of the total market value, while the A -share market was only 17%.This gap is not only significant, but also has a profound impact on the stability and maturity of the market.From the perspective of the development of the United States, long -term funds, especially the addition of pensions, have played a key role in the long -term stable growth of the stock market.
So how can we make the A -share market ushered in their own "long cows and cows" era?First, you need to attract more long -term funds, especially pensions entering the stock market.The examples of the United States clearly tell us that from 20%in 1970 to 63%in 2000, how the market proportion of institutional investors has risen step by step.The proportion of second and third pillars in the United States is as high as 34%and 51%, while this number in China is only 10%.This is not only a huge gap, but also a huge opportunity.
To achieve this leap, a series of positive measures need to be taken in China:
Encouraging the enterprise as theEmployees establish a more stable pension reserve system .This can not only increase employees benefits, but also guide this part of funds to the capital market and increase the proportion of long -term funds. Classified management of corporate annuity to meet the risk preferences of employees of different ages.Young employees may be more inclined to bear certain risks to obtain higher returns, and the reasonable investment of this part of funds can bring more vitality to the capital market. Promote the development of medium- and long -term wealth management products suitable for financial institutions to develop the demand for pension savings .This not only meets peoples demand for pensions for value preservation and appreciation, but also bring stable long -term funds to the capital market.At the same time, to accelerate the pace of the second pillar of pensions entering the market, it is also necessary to improve the corresponding supporting assessment specifications to ensure the security and safety and safety of pensions after entering the market.Efficiency, eventually achieve win -win.
Establish a National Pingzand Fund to restrain market fluctuations.
Establishing a Pingzhong Fund is indeed a tested strategy to flatter market fluctuations and inject stability for the market at critical moments.The international experience from international to China has proven this. For example, the Bank of Japan has been involved in the purchase of ETFs to stabilize the stock market and the success of the market for rescue funds in the second half of 2015.These are vivid cases that Pingzhong Fund plays a role.
If we can inject vitality into the A -share market again by setting up a new Pingzhong Fund, this will be a exciting step!This is not only a optimization of market mechanism, but also a reshape of confidence in market.Based on the strong credibility endorsement of the central government, such a standard fund will become a strong guarantee for the stable market.
Specifically, setting up a flat -standard fund with a scale of 3 trillion yuan. This number matches the scale of foreign capital under the market value of circulation, which not only has the possibility of practical operation, but alsoPsychologically, it will have a great encouragement to market participants.The funds source of funds can be diversified. It can be both leftover funds for past rescue operations or institutional investors.In addition, the annual stable stamp duty income can also become an important supplementary source of the Fund Fund.Taking the printing tax income of 2022 as an example, this part of the funds can provide continuous financial support for Pingzhong Fund.
By setting up such a flat fund, we can not only effectively respond to the short -term fluctuations of the market, but also to form a transparent and standardized market intervention mechanism.This will help market participants form stable expectations, reduce irrational behavior, and promote market health and orderly development.At the same time, this is also a signal of strong foreign investment, indicating that my country has the ability and determination to maintain the stability of the capital market. This will play a positive role in improving the confidence of international investors and attracting more long -term funds to enter the A -share market.
