China'S Stock Market Is Changing In The Face Of Shocks, And The Asset Integration Function Of The Stock Market Can Not Be Ignored.

As we all know, the stock market has three basic functions: financing, restructuring and asset integration.

The so-called financing function is clear to everyone, that is, IPO and various forms of refinancing.

After listing, liquidity will be improved, so that financing can be carried out at a premium. This is also a priority for many companies.

As for restructuring, that is, as a public company, enterprises need to be managed strictly according to the modern enterprise system, and the corresponding corporate governance structure should be established.

This will play a positive role in improving corporate governance.

Of course, the reality is that many listed companies in Shanghai and Shenzhen stock markets have undergone restructuring, but they have not really solved the problem of "single dominance". There are still many problems in corporate governance. This is also one of the reasons why the quality of listed companies is not ideal now.

Of course, this is another topic.

What I want to focus on here is the asset consolidation function of the stock market.

Objectively speaking, as a listed company, it has good financing conditions. Therefore, in the development of enterprises, it is possible to merge other enterprises to achieve leaping development through different forms of takeovers.

In addition, the development of the listed companies themselves is unbalanced, some may be outdated, others are regressive because of the decline of the industry boom.

In this case, we should use capital market to carry out asset reorganization, including shell selling and backpacking, so as to realize the integration of business and even remould it into a new business.

NOKIA, which was familiar with Finland, was the earliest lumbering enterprise. Later, instead of fishing, the production of mobile communication equipment was later.

It can be said that it itself grew up in the ongoing asset reorganization.

Now, the company has been acquired by Foxconn. Although the main business may not change much, it still has a lot of action in adjusting the assets structure. It is a pnational reorganization.

Obviously, the stock market has great leeway in asset integration. In fact, it is also one of its most important functions.

After the listing of the company, its shares have gained some liquidity. Therefore, the acquisition and merger by equity has corresponding advantages on the operational level.

And the shell resources that enterprises own will often become one of the goals pursued by other unlisted companies.

Even in overseas mature markets with registration system, shell buying and

Nor is it a case.

The securities market is the most important asset allocation place, and the asset integration based on the listed company as the main body or the target is the most important way to implement asset allocation.

If the stock market avoids or even refuses to integrate assets, its existence value will be greatly weakened.

In overseas mature markets, the number of IPO is limited each year, but the scale of assets integration is bigger and bigger, and more and more listed companies are involved in it.

It should be said that asset integration has become one of the most important aspects of overseas mature stock market.

In the Shanghai and Shenzhen stock markets,

There is also great room for development.

As early as the market was established, there had been "Bao Yan storm", which can be regarded as the earliest practice of asset integration in the capital market.

However, due to the heavy speculation in the domestic market, asset integration is often used to manipulate the market. As a result, integration has not really been made, but it has brought a lot of market irregularities, and has also seriously infringed the interests of the small and medium-sized investors and corrupted the market air.

Of course, this situation should be punished.

However, cracking down on illegal activities in asset integration is not to negate the role of asset consolidation in the stock market, but rather to make better use of this function.

Therefore, it is of great significance to give full play to the role of the stock market in the integration of assets, and even to say that it is no less than IPO.

Unfortunately, it is constrained by various factors.

It is very popular, but asset integration seems a bit cold and cheerless. This also makes many listed companies lose many opportunities to adjust their industrial structure and speed up their development.

It also makes some listed companies of traditional industries unable to adjust their structure through asset integration, and it is difficult to really carry out the supply side reform. This is not only disappointing, but also difficult for investors to accept.

Over the past few years, China's stock market has changed in the face of turbulence. People hope that while IPO is speeding up, the role of asset integration can also be brought into play. In addition, there has been real progress in restructuring. The market, which is fully functional, is healthy, enterprising and efficient, which is welcomed by the majority of investors.

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