The original title set up the science and technology board to make up for service, technological innovation, short board.
Reporter Cheng Dan
Yesterday, Chinese President Xi Jinping announced that he would set up a technology innovation board and pilot registration system on the Shanghai Stock Exchange to support the construction of Shanghai International Financial Center and Science and Technology Innovation Center and constantly improve the capital market infrastructure system. This incremental reform will undoubtedly enhance the inclusiveness and adaptability of the capital market to innovative enterprises, improve the multi-level capital market system, and complement the shortcomings of serving scientific and technological innovation.
In the past few years, the exploration of how to improve the capital market service and innovate the capabilities of enterprises has never stopped. From the concept of strategic emerging board put forward in 2015, it is proposed to set up a special board to support the financing of start-ups, to try out China Depository Certificate, to support innovative enterprises that conform to national strategy, master core technology and have high market recognition to be listed in China, and through a number of institutional reforms, the regulatory authorities intend to enhance the support of A-share to science and technology innovation enterprises. However, due to market operation and economic restructuring and other factors, the promotion effect is not satisfactory. On the one hand, the reform of the capital market system can not meet the actual needs of innovation-driven and high-quality development. On the other hand, technological innovation enterprises still frequently choose to go public in Hong Kong, the United States and other places. The urgency of reform is obvious. In order to retain good enterprises, innovative enterprises and enhance the financing capacity of capital market, we must boldly push forward the reform on the basis of ensuring the smooth operation of the market. Innovative enterprises emerge at the historic moment. It is like a pilot field. It can not only enable technological innovation enterprises to land A shares through differentiation of profit status and ownership structure, but also pilot registration system. It can improve the basic system of capital market by exploring institutional innovation in issuance, trading, delisting, intermediary responsibility, supervision and other links. It is the key breakthrough and realization path to make up for the shortcomings of the system, enhance the inclusiveness of A shares, and serve scientific and technological innovation.
The deployment of the scientific creation board has been arranged, and how to take the first step is crucial. At present, the supervisory authorities are formulating the pilot scheme of scientific innovation board and registration system, which needs to balance many aspects, such as the synchronous matching of new capital and pilot progress, the mutual adaptation of investment and financing, the echo of primary and secondary markets, and the balance of interests between new and old shareholders of the company, all of which need to be considered in the design of the system. In addition, the characteristics of new economy and new model of science and technology innovation enterprises are obvious, the phenomenon of performance differentiation is prominent, and the participation of ordinary investors is risky. This requires setting threshold from the institutional level in assets, investment experience, risk tolerance, etc., strengthening the appropriate management of science and technology innovation board investors, guiding investors to participate rationally, and making it possible for them to take part in scientific and technological innovation enterprises. Small and medium investors participate in the investment of science and technology board through public funds, and share the fruits of innovative enterprise development.
It can be expected that the introduction of STB will bring more opportunities for domestic high-tech and high-growth innovative enterprises to show, and also bring convenience for them to quickly raise funds and rapidly promote the capitalization of scientific research results. But this does not mean that the issuance of new shares will increase substantially. Regulators will grasp the strength and rhythm of the pilot project according to the market conditions and bearing capacity to prevent the pressure on market funds. Capital market reform is the next city, with a long-term perspective. Innovative measures will stimulate market vitality, improve market investment environment, complement service technology innovation shortcomings, and promote the long-term healthy development of capital market.
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