Monday, December 27, 2010
SFC, "Administrative Measures for the issuance of securities of listed companies," Quan.
<P> China Securities Regulatory Commission spokesman on the "Administrative Measures for the issuance of securities of listed companies (draft)" for public comment by Mr </ P> <P> 1, why continue to promote the current split share structure reform in the context of .Recovery of listed companies to refinance? .</ P> <P> "on the split share structure reform of listed companies guidance" (hereinafter referred to as "guidance") states: "split share structure reform is a sound market-based reform of the system and operating mechanism, and its significance not only .is to solve historical problems, but also because other reforms for the capital markets and institutional innovation to create conditions. " .Timely implementation of the "new old", for the first time, no distinction between public companies and non-tradable shares tradable shares, the companies that have completed the reform priorities refinancing, the companies have not yet been done to accelerate the reform of split share structure reform, .gradually increase the direct financing capacity and efficiency of resource allocation, to a certain stage of reform for the inevitable result, but also improve the quality of listed companies to optimize the structure of listed companies, to better reflect the inherent requirements of the positive effects of reform. .Recovery refinancing of listed companies is the "new old" an important step, not only marks the completion of the split share structure reform, an important stage of the process of innovation and development also marks the market launch of the new mechanism. .Meanwhile, the completion of the share reform of listed companies to refinance priority is to honor the reform of policies to support reform is an important company and Make the move. .</ P> <P> must be clear that the split share structure reform, is still the current capital market reform and development priorities and most important, to ensure completion of the State Council for this year's basic goal of the split share structure reform. .Including the restoration of the market, including the financing function of the capital market reform and innovation in the development of other initiatives should be closely around the start of this goal to further promote the reform of split share structure and will also lay the innovation and development of capital markets more solid foundation. .</ P> <P> 2, how to look at the current market financing function of the conditions for recovery? .</ P> <P> With the start share reform, in order to facilitate the conduct of the split share structure reform, and to avoid creating new problems left by history, from the market in late April last year suspended the financing function. .Since then, market parties are all very concerned about the resumption of financing function. ."Guiding Opinion": "According to the split share structure reform process and the market overall, to choose the implementation of the 'new from the old'." .Select the current time to market financing function began to recover from a wide range of backgrounds and conditions of the market decide. .</ P> <P> since April 29 last year, the split share structure reform since the start of the CPC Central Committee and State Council, under the correct leadership, the concerted efforts of all parties through the market, the split share reform has made important initial results .. .This implementation of "new old" create a basic condition. .Currently, the share-trading reform as an opportunity to comprehensive management of securities companies and improve the quality of listed companies, institutional investors to grow, improve and perfect the legal system and other fundamental market has also made positive results. .As the market consolidating the foundation for development, especially in cities with G-cap stocks significantly outperform the level of activity, after the reform the new pricing environment is taking shape. .</ P> <P> restore market financing function is an inherent requirement of market development. .Raise capital for national economic construction, to provide a channel for increasing the value of social capital, is the basic function of the capital market, but also the fundamental way of market development. .After the reform on the basis of the new operating system launched the "new old", will market the new track of development, must promote the capital market, improve the mechanism, improve the function of adjusting the structure, scale, and thus the health of the capital market itself .development has brought new vitality. .</ P> <P> restore market financing function is to adapt to China's current macroeconomic situation and the development needs of an inevitable choice. .2006 is the implementation of the "Eleventh Five-Year Plan" of the first year, to maintain stable and rapid economic development, it must play a greater optimization of resources allocation of capital markets function effectively into the social fund long-term investment, and continue to improve .resource efficiency and the efficient use of funds; to promote macroeconomic structural adjustment, we must constantly optimize the structure of listed companies, with good prospects for development to support the listed companies and Make encourage high-quality listed companies; to improve the financial system to be improved .proportion of direct financing, changes in the situation of excessive dependence on indirect financing, reducing the overall risk of the financial system and improve the overall efficiency of the financial system..
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