The Real Economy Is In Urgent Need Of Support From The Capital Market.

For A share regulators, ensuring market stability is undoubtedly the top priority of this year's work.

This is not only because the new regulatory authorities have learned from the lessons of the 15 years of the great shock of the stock market, but also the situation that the real economy is in urgent need of supporting the capital market.

After all, the A share market's refinancing, IPO, debt to equity swap and other functions have immediate effects on the real economy.

This year's "two sessions" also released the sign of the registration system fading out.

The registration system has not mentioned in this year's two sessions' government work report, and the amendment of the securities law is likely to bypass this problem.

On the positive side, this means that the market does not need to talk about the registration system, and the pragmatic thinking of regulators is also evident.

From the point of view of regulators during the "two sessions", based on the demand for maintaining market stability, regulators have formed a systematic A share regulation and governance ideas.

In March 7th, Liu Shiyu, chairman of the securities and Futures Commission, said in reply to the reporter's "IPO will keep the current rhythm", "you guessed almost". Jiang Yang, vice chairman of the securities and Futures Commission, also said publicly that the SFC will cooperate with the NPC Law and order Commission to do a good job in the revision of the securities law. The main keynote is to strengthen supervision over the listed companies and intermediaries, emphasize the front-line regulatory responsibilities of the exchange, and will formulate a more clear delisting policy and strictly control the merger and reorganization.

It is easy to form a clear regulatory and Governance Logic: the registration system is fading out, but the IPO will continue to accelerate. In order to improve and implement the delisting system, the regulatory governance focusing on restructuring chaos is also being strengthened simultaneously.

In addition, news shows that following the poverty alleviation and listing, some quality companies may also enjoy the IPO green channel.

To maximize the service of the real economy, the capital market must solve the problem of IPO barrier lake on the premise of ensuring market stability. Whether it is to make the formulation of the registration system fade out, or to strengthen supervision, implement the delisting system, and emphasize investor protection, is actually serving this premise.

And IPO accelerates more capital escorts.

From the periphery of the stock market, the property market in major cities of China will enter the consolidation period and the implementation of foreign exchange control will make the stock market a more attractive investment channel.

And then

In February 17th, the new restrictions on refinancing issued can effectively hedge the impact of the IPO suction effect on the market. In addition, IPO acceleration will also attract more new funds to enter the market. Since the end of 15, the new market value placement system has abolished the advance payment provisions, avoiding the market disturbance caused by the accumulation of new funds in the new stock purchase period and the backflow caused by the reflow, so that the funds that are used as new tickets will be deposited in the market and become a stabilizer in the market.

First,

Tighten up for IPO to speed up the release of space.

Over the past few years, the annual refinancing scale is almost 10 times the scale of IPO financing. In 2016, the market financing increased by 1 trillion and 490 billion, which is the highest record in history. According to the new regulation of refinancing introduced this year, the scale of financing in 2017 will be reduced by 400 billion -6000 billion yuan. To realize that, the scale of IPO financing last year is only 138 billion 100 million.

In fact, a substantial restriction on refinancing not only creates room for IPO acceleration, but also makes some listed companies rely on storytelling to make high priced shares and refinancing performance.

The potential negative factors of stability, the sooner the bigger the bubble, the sooner the better.

Second, IPO acceleration will attract more new funds to enter.

At present, the IPO price earnings ratio is limited to 23 times, which is lower than the average earnings level of most industries. From the recent period, the new winning rate is at ten thousandths, but after winning the lottery, there will be several times earnings.

There is a clear gap between the P / E ratio and the market average. In the short term, the market will not change the popularity of new shares.

Under the current market value distribution system, the stock market value of the Internet purchase of a new stock is on average more than 100 thousand yuan, and the new threshold is higher. The participants are generally playing the new fund and other institutional investors. According to the latest revision of the IPO underwriting standard, investors should have no restricted shares of not less than 10 million yuan of market value when quoted by the investors, but with the quickening of the IPO pace, the threshold has been steadily climbing since the second half of 2016, and the agency has predicted that the threshold of new market value will rise to 100 million yuan this year.

On the whole, the policy decision and regulatory orientation of the A share market since last year is primarily aimed at stabilizing the market and avoiding the ups and downs of the market. The series of signals released during the "two sessions" is only a further enhancement of this orientation.

As far as IPO acceleration is concerned, the large number of companies that benefit from it will provide investors with more potential value investment targets and make the market return to reason, so that they will be better and better in the long and medium term for A share stability.

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