capital market is also known as capital market Long-term money market , yes Financial market An important part of. Act and Money market corresponding Theoretical concept , capital marketplace Usually for the medium to long term (more than one year) fund (or assets ) Debit and credit financing The activity of the market. As in the long run Financial activity In, involve fund Long term, large risk, with long-term stable income, similar to capital investment, it is called the capital market. ^[1]

Chinese name

Capital market

Foreign name

Capital Market

Another name

Financial market , Long-term money market

Time limit

More than a year

atlas

catalogue

Basic information

Chinese name: Capital market
Foreign name: Capital Market

alias: Financial market , Long-term money market
Time limit: More than a year

Basic concept

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Schematic diagram of capital market principle

The emergence and development of capital market is closely related to social mass production, which is not only a necessary condition for the development of modern market economy, but also modern Market economy One of the important signs of the degree of development. The development of capital market promotes the formation and improvement of market-oriented resource allocation mechanism, thus helping to realize the optimal allocation of social resources. With the financial market globalize The trend of increasing, the capital markets and financial centers of various countries increasingly intensified competition, the development of the capital market is also changing with each passing day, its competitiveness and the degree of development has become an important part of a country's competitiveness. ^[2]

Development history

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China's capital market is in Reform and opening up In the development, it has always been based on the development of the service economy, promoting reform and transformation, while providing direct financing support, taking the listing as an opportunity to promote the comprehensive reform of the industry and enterprises, promote China's integration with the international market, and promote and lead the economic transformation and upgrading. ^[3]

Newly established

Shareholding reform The deepening of the capital market and the gradual issuance of various securities have brought new challenges to the supervision and coordination of the capital market, and the capital market increasingly needs a centralized and unified institution to implement supervision. In October 1992, China Securities Regulatory Commission Established, the national capital market thus formed and entered a new stage of development. ^[3]

Come into the market

The ideal state of the amount of capital in the capital market at all levels^[6]

In the early days of the capital market, in order to promote the pilot reform in an orderly manner, the China Securities Regulatory Commission implemented an administration-led quota index management approval system for new share issuance in 1993, and encouraged large enterprises to actively promote overseas listing and promote the reform and transformation of state-owned enterprises. Among them, China Telecom The listing of [Hong Kong] (now China Mobile) could be a seminal event. ^[3]

Deepen reform

The issuance examination and approval system under the leadership of the administration has limited the financing function of the capital market to a certain extent, and some ensuing system drawbacks have gradually emerged. Market-oriented reform It is imminent. ^[3]

Market reforms have greatly released the development potential of the fund industry, and from the beginning of 2003 to the end of 2007, the asset size of China's fund industry increased from 170 billion yuan to 3.3 trillion yuan, achieving a massive expansion. In 2007, Public offering fund The share of A-share free float market value hit A record high of 28%. The scale of institutional investors has gradually grown, the professional degree of investors has gradually improved, and China's capital market has also matured, laying a solid foundation for future development. ^[3]

Split ownership The reform is an important step in the development of China's capital market, which has greatly enhanced its financing and resource allocation functions. In June 2006, the A-share market resumed new share issuance, and China Industrial International became the first new share issue after the "new old split" (initial public offering companies no longer distinguish between tradable and non-tradable shares). Since then, marked by the simultaneous listing of A+H shares of ICBC in October 2006, China's capital market has opened the blue chip era, and large enterprises in banking, insurance, coal, construction and other industries have landed in the A-share market, promoting the rapid development and growth of China's capital market. ^[3]

China New Office held a press conference on coordinated promotion of the capital market^[4]

2018年11月5日，习近平总书记宣布设立 Science and technology board Parallel pilot system Registration system Taking the incremental market of the Science and Technology innovation Board as a test field for the reform of the registration system, it has opened a new journey of comprehensively deepening the reform of China's capital market. ^[3]

2024, China We will continue to promote stability through progress, establish first and break down later, further deepen reform of the capital market in an all-round way, and improve the basic system of the capital market. ^[10]

Basic characteristics

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The basic characteristics of the capital market are the free flow of funds, the free fluctuation of prices, and the free entry and exit of market entities under the legal and institutional framework. A competitive capital market must be a market with complete financing function, solid basic system, effective market supervision and effective protection of the legitimate rights and interests of investors. ^[7]

Index construction

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Institutional environment

Political environment is measured by country risk indicators. Country risk not only affects the development of the real economy of the country or region, but also affects the medium and long-term expectations of foreign investors for the country or region, and affects the direction of long-term global capital flow. Economic environment, consider economic growth and Business environment Two dimensions. In theory, given the savings rate, the rate of return on capital markets is in line with economic growth. At the same time, the degree of capital market development has a promoting effect on economic growth. ^[9]

Market size

Market size It is one of the important factors to measure the competitiveness of the capital market. On the one hand, the larger the market size, the more conducive to its financing, trading and other functions. On the other hand, the bigger the market, the more resilient it is to risk. ^[9]

Market function

Market function It is the objective function of the market in the process of resource allocation, which not only reflects the important role of the capital market in the economic development of a country or region, but also the core element of measuring the competitiveness of the capital market. Market functions are mainly divided into financing function, investment function and internationalization degree. ^[9]

Market quality

Market quality is the core of capital market competitiveness, which not only reflects the comprehensive strength of capital market development, but also guarantees the effective play of the basic functions of capital market. ^[9]

Feature

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As an important part of modern finance, the core function of capital market is Resource allocation and Risk pricing . Compared with the intermediary function, which only facilitates the value movement, the resource allocation function is the complexity and initiative of the intermediary function, which directly guides the value movement to realize the effective allocation of resources. The risk pricing function refers to the determination of the price of risk assets in the capital market, which is essentially to estimate the uncertainty existing in the process of resource allocation and transform it into acceptable economic value or cost, which is the symbiotic function of resource allocation function. ^[5]

Financial system

The development of the capital market will help optimize the functions of the financial system, promote the upgrading of the financial structure, and promote the improvement of the efficiency and service capacity of the financial system. ^[5]

Industrial upgrading

From the perspective of international development comparison, economies dominated by direct financing in the capital market are often able to seize the opportunities in structural transformation and industrial upgrading, and the transformation process is more stable and smooth. Under the premise of meeting the same resource allocation, the capital market can convert funds with different risk preferences and maturities into capital more accurately and efficiently, promote the synergistic agglomeration of factors to the areas with the most potential, improve the quality of factors and allocation efficiency, promote the upgrading of industries and the modernization of industrial chains, and realize the transformation and upgrading of economic structure. ^[5]

Core message

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Real economy

Insist on service Real economy And the fundamental direction of protecting the legitimate rights and interests of investors. The core of capital market is a professional market for investment and financing. Investors and financiers are interdependent and interact with each other. ^[8]

supervise

The actual state of the amount of capital in the capital market at all levels^[6]

Strengthen supervision National character We must firmly adhere to the core regulatory objectives. First, we will protect the legitimate rights and interests of investors, especially small and medium-sized investors. This is not only the regulatory mission of the capital market, but also an important embodiment of the people's nature of capital market supervision. To effectively protect the legitimate rights and interests of investors, there should be the following signs: First, the rights of investors and shareholders can be fully guaranteed. Second, investors' trading rights can be treated fairly. Third, major shareholders' violations of laws and regulations can be promptly and effectively investigated. Fourth, when the legitimate rights and interests of investors are illegally infringed, they can get convenient and effective regulatory protection and judicial relief. Second, we will work hard to enhance the transparency and efficiency of the capital market. The capital market is a market of information and confidence, and openness and transparency are the vitality of market development. ^[8]

Theoretical research

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Market level

ripe Multi-level capital market Should be able to be large, medium and Small enterprise furnish Financing platform And share trading services, in terms of market size, are reflected in a "pyramid" structure. Since the opening of Shanghai and Shenzhen markets in 1990, China's capital market has formed a main board, Small and medium-sized stock exchange , GEM, Science and technology board , Three boards (including New Third Board ) The market, Property rights exchange market , Equity transaction Market and other share trading platforms, with the development of multi-level capital market prototype.

Main board market Exists in Shanghai and Shenzhen two Stock exchange It is the market with the earliest, largest scale and highest listing standards. Small and medium-sized board market Opened on 17 May 2004, by Shenzhen Stock Exchange Undertaking is the first step in implementing the construction of a multi-level capital market. In theory, the small and medium-sized board market should be in the early stage of industrialization Small and medium enterprises furnish financing To enable small and medium-sized enterprises to get bigger and stronger financial support, the listing standards should be slightly lower than the main board market, in order to adapt to the development conditions of small and medium-sized enterprises.

Gem (growth Enterprise Market) The market was launched on March 31, 2009, and is the result of 10 years of preparation by the Shenzhen Stock Exchange A growing enterprise furnish Financial service For autonomy Innovative enterprise Provide financing platform and venture capital for enterprises and Private equity Investors establish new exit mechanisms. The third board (including the New third Board) market, the property rights trading market, and the equity trading market are trading markets outside the Shanghai and Shenzhen stock exchanges, that is, China's Over-the-counter market .

China's A-share market (main board) although for enterprises to provide Direct financing channels But with my country millions Order of magnitude Compared with small and medium-sized enterprises, Existing market Its capacity is extremely limited. In the case of China's serious lack of investment and financing channels, to all places Equity transaction Institutions as the main body Over-the-counter market It has developed rapidly. At present, China has more than 300 property rights trading institutions of various types. In 2009, despite being International financial crisis The impact of the property exchange market remained at 13% Rate of increase , Transaction amount It exceeded 500 billion yuan. In 2010, Property market Volume of transaction It reached 700 billion yuan and exceeded 1 trillion yuan in 2011. According to the IPO financing caliber, the amount of financing in the property market has greatly exceeded the amount of financing in Shanghai and Shenzhen.

constitute

Typical capital markets in our country include:

1. Treasury bond market

The Treasury bond market mentioned here refers to the maturity of more than one year National credit warranted State Treasury bond , State key construction bonds , Treasury bond , Capital bond , Protected bond , Special Treasury bonds The issuance and trading market.

2. Stock market

Stock inclusive Issue market and Stock exchange market .

3. Corporate medium and long-term bond market

4. Medium - and long-term lending market

The market's funding providers are mainly No Movable bank , movable bank; Its capital investment is mainly industrial and commercial enterprises Fixed assets Renewal, expansion and new construction; Capital lending generally requires fixed assets, land, buildings, etc Collateral security .

New Company Law and Securities Law

For capital Market development And innovation removes many constraints.

(1) The provisions requiring approval for the establishment, merger and division of joint stock companies shall be abolished and shortened Enterprise restructuring Time;

(2) Sponsors Way of investment Diversity, Monetary contribution Not lower than Registered capital 30% improved intellectual property in the company Composition of capital The status in;

(3) The requirement to wait one year before refinancing is removed.

(4) Cancelled foreign investment shall not exceed Net assets The limit is 50%.

IPO policy

The tutoring period is cancelled, Terms of issue More detailed, simplified procedures, clear expectations.

(1) Be clear Financial index Companies can make their own judgments about whether they can go public and how long they will take to go public.

a. Net profit : Current three Fiscal year Both are positive and the cumulative value is greater than 30 million yuan.

b. Operating income Or operation Net cash flow : The cumulative net cash flow of the current three fiscal years is greater than 50 million; Or the cumulative revenue of the current three fiscal years is greater than 300 million.

c. Before release General capital : not less than RMB Thirty million dollars.

(2) Remove some restrictions.

a. The amount of funds raised shall not exceed twice the net assets, Price-earnings ratio Not more than 20 times;

b. The guidance period is one year before you can apply for listing. Related party transaction The proportion shall not exceed 30%;

c. No new shareholders can be brought in through share expansion within 12 months prior to the offering.

(3) More market-oriented issuance and pricing methods: Institutional investor tender inquiry and Online pricing Launch.

New refinancing policy

Easier ways to refinance.

Securities law

(1) According to various Financing method Set up different profit conditions to improve the market Operating efficiency .

a. Secondary issuance and convertible bonds: current three years Weighted average return on equity >=6%;

b. Rights issue: profit for three consecutive years, cancellation of 6% requirement;

c. Private placement : No profit requirement.

2) We will strengthen marketization Constraint mechanism It's confirmed refinance The proportional relationship between pricing and market prices.

a. Additional issue: no less than the announcement Letter of intent Top 20 Trading day Average stock price Or the average price of the previous trading day;

b. Convertible bonds: Conversion price Not lower than prospectus The average stock price of the 20 trading days before the announcement and the average stock price of the previous trading day;

c. Rights issue: no requirement;

d. Private placement: not less than 90% of the average stock price of the 20 trading days before the pricing benchmark.

Equity incentive

Shares or options can be used as incentives.

(1) Company Law: Permitted Company acquisition Not more than 5% of the shares will be used to reward employees.

(2)" Measures for the management of equity incentive of listed companies ":

a. Incentive objects: employees of the company. Specific objects shall be determined independently by the company. Independent directors and persons with tainted records shall not be incentive objects.

b. Number of incentives: not more than issued Total capital stock Of 10%, the portion of the individual granted shall not exceed 1% of the total share capital, more than 1% of the need to obtain General meeting of shareholders Special approval.

Innovative financing instruments

for Listed company financing Provide flexible and diversified means.

(1) Stock warrant :

a. By warrant Underlying asset Issuer to issue and then exercise the subscription right to acquire the underlying shares;

b. Changjiang Electric Power The warrant is listed for trading, duration 12 months, it is expected to raise $6.7 billion after the exercise in May 2007.

(2) Private placement:

Celebrity real estate : Company Private offering 120 million shares, Issue price Not less than 20 trading days prior to the announcement of the directors' resolution Closing price 105% of the average price.

On July 16, 2021, China Securities Regulatory Commission Secretary of the Party Committee , chairman , will Party history study and education Leading group Group leader easy will full to "carry forward Great Party building spirit Resolutely implement the "nine must" and strive to create the capital market High-quality development New Situation "for the whole system party members, cadre Lecture topic Party class . Party history study and education Central 24th Steering Group Wang Wen The deputy group leader and his delegation attended the meeting to guide. China Securities Regulatory Commission Party committee Member participation in a project Party class .

Index ranking

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Comprehensive ranking

First, from the comprehensive competitiveness ranking, the capital markets of major countries and regions in the world can be roughly divided into four echelons. In 2019, the United States and the United Kingdom, ranked first and second, belong to the first tier of capital market powers. The countries and regions ranked 3 to 9 belong to the second tier, which are Japan, Canada, China, Australia, Hong Kong, South Korea and France. ^[9]

Benchmarking result

Third, judging from the results of competitiveness benchmarking, China's capital market has both "quantity" advantages and "quality" shortcomings. First, the market size category ranks first and remains stable for a long time, such as stock market value, stock turnover, bond balance, GDP growth rate, GDP total and other indicators are ranked high. ^[9]

Capital market competitiveness index system^[9]

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