Science and technology enterprises welcome the "gift package" of capital market policies. On April 19, the China Securities Regulatory Commission (CSRC) issued the "Sixteen Measures for the Capital Market to Serve the High-level Development of Science and Technology Enterprises" (hereinafter referred to as the "Measures"), proposing supportive measures from listing financing, mergers and acquisitions, bond issuance, private equity investment, etc., aiming to better serve scientific and technological innovation and promote the development of new productive forces.
A few days ago, the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market" (hereinafter referred to as the "New 'National Nine Articles'"), proposing to promote the deepening and practical implementation of the stock issuance registration system, enhance the competitiveness of the capital market system, enhance the inclusiveness of new industries, new forms of business and new technologies, and better serve the implementation of national strategies such as scientific and technological innovation, green development, and the reform of state-owned assets and state-owned enterprises, as well as the development and growth of small and medium-sized enterprises and private enterprises, and promote the development of new quality productive forces; Breakthrough in equity and debt financing support for key core technology enterprises.
Tian Xuan, deputy dean of Tsinghua University's PBC School of Finance, told the Securities Daily that it can be seen from the new "National Nine Articles" and "Measures" that the regulator's support for high-quality technology-based enterprises has not decreased, and more emphasis has been placed on the precision of policies.
Improve the "green channel" mechanism of the whole chain
The reform of the registration system has enhanced the capital market's support for scientific and technological innovation, but small and medium-sized science and technology enterprises often have the characteristics of high growth, high risk, and light assets, and the technology is in the research and development stage, and the business is not mature, so it is difficult to identify such enterprises and judge their future development. The "Measures" place more emphasis on the accuracy of policy support, proposing to "strengthen policy coordination with relevant departments and accurately identify technology-based enterprises".
Talking about how to accurately identify technology-based enterprises, Tian Lihui, dean of the Financial Development Research Institute of Nankai University, said in an interview with the "Securities Daily" reporter that to accurately identify technology-based enterprises, it is necessary to set clear technical standards and evaluation systems, and carry out expert identification and public recognition according to key core technologies, market potential and scientific and technological innovation attributes. To identify the technological advantages and innovation potential of enterprises, it is necessary to conduct industry analysis and financial investigation in combination with industry development trends and market demand, and evaluate their scientific and technological strength and growth.
Zhou Li, president of Shenzhen Elephant Investment Holding Group, also told the "Securities Daily" reporter that the accurate identification of technology-based enterprises needs to establish a scientific, reasonable and operable evaluation system, which at least includes the company's R&D investment, technological innovation capabilities, technology transformation capabilities, market prospects, etc. In addition, it is also necessary to conduct a comprehensive analysis based on the company's financial statements, business development plans and other information.
Recently, the China Securities Regulatory Commission (CSRC) revised the Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial) to set higher standards for the amount of R&D investment, the number of invention patents and the growth rate of operating income of enterprises applying for the Science and Technology Innovation Board, support high-quality science and technology enterprises with real core technologies to be listed on the Science and Technology Innovation Board, and better play the functional role of the Science and Technology Innovation Board in promoting and enhancing the ability of innovation-driven development.
For high-quality technology-based enterprises, the "Measures" proposes to give priority to supporting the listing and financing, mergers and acquisitions, and bond issuance of technology-based enterprises that have broken through key core technologies, and improve the "green channel" mechanism of the whole chain.
Zhou Li said that the "green channel" mechanism can help science and technology enterprises to give priority to financing opportunities, improve financing efficiency, reduce financing costs, support enterprises' R&D and production activities, and then improve the profitability of enterprises.
Technology companies need to be "seated in the right seat"
In order to give full play to the precise support role of the multi-level capital market for technology-based enterprises, the "Measures" proposes to give full play to the functional positioning of each sector as a whole. The main board sector positioning rules have been introduced to highlight the characteristics of "large-cap blue chips" that are representative of the industry. The Science and Technology Innovation Board adheres to the positioning of "hard technology", the Growth Enterprise Market serves growth-oriented innovative and entrepreneurial enterprises, and the Beijing Stock Exchange and the National Equities Exchange and Quotations Company jointly build the main position of serving innovative small and medium-sized enterprises. Highlight the positioning of the Science and Technology Innovation Board and the Growth Enterprise Market, set the upper limit of the application scale, and serve early-stage technology-based enterprises more accurately. Strengthen the guidance and acceptance, acceptance, review, and registration of all aspects of the positioning of the plate, and optimize the structure of newly listed enterprises.
"These measures help to clarify the functions and objectives of each sector, and provide more accurate services for technology-based enterprises at different stages of development. Tian Lihui said that setting a cap on the size of the declaration can help control risks, ensure market stability, and provide more opportunities for early-stage technology companies.
Zhou Li said: "Strengthening the guidance and acceptance, acceptance, review, registration of all aspects of the positioning of the sector can ensure that the quality and structure of newly listed enterprises are more optimized, and protect the legitimate rights and interests of investors, which is of great significance for promoting the healthy development of the capital market and improving the ability to serve the real economy." ”
After that, technology-based enterprises need to "sit in the right seat". Tian Xuan said that technology-based enterprises need to keep up with the requirements of national strategic development, strengthen the study of the rules of each listed sector, accurately identify their own attributes and development stages, pay attention to the adaptability of the market positioning of the listed sector and their own development, and highlight their core competitiveness and long-term development capabilities, including hard technology quality, enterprise operating conditions, corporate governance capabilities, etc.
Form a complete policy system
Equity incentives, mergers and acquisitions, restructuring and refinancing are all important tools for enterprises to become better and stronger, and the "Measures" plan to optimize and introduce a number of relevant systems and rules to better serve technology-based enterprises.
Equity incentives are an important measure to stimulate the innovation vitality of enterprises and attract and retain talents. The Measures propose to support the establishment of equity incentive plans before the listing of technology-based enterprises, and continue to implement incentives after listing, simplify the implementation procedures of equity incentives, and introduce exemptions for short-term transactions in the implementation of equity incentives as soon as possible.
Zhou Li said that simplifying the implementation procedures of equity incentives and introducing short-term trading exemption provisions will undoubtedly provide more flexible and convenient equity incentives for science and technology enterprises, reduce their operating costs and risks, and improve the practicability and efficiency of equity incentives, which is of great significance for enhancing the core competitiveness and market competitiveness of science and technology enterprises.
In terms of refinancing, the "Measures" proposes to actively study more financing varieties and methods to meet the needs of science and technology enterprises, and study the establishment of a shelf issuance system for the Science and Technology Innovation Board and the Growth Enterprise Market.
Under the registration system, the shelf issuance system is also known as the "one-time registration, installment issuance" system. Tian Lihui said that the establishment of a shelf issuance system can improve the flexibility and efficiency of refinancing and meet the capital needs of the rapid development of science and technology enterprises.
"Research and establish a shelf issuance system to meet the multi-stage financing needs of science and technology enterprises, and to a certain extent, reduce market fluctuations caused by large-scale financing. Tian Xuan said.
In terms of mergers and acquisitions, the Measures propose to optimize the mechanism for rapid review of small amounts and appropriately improve the inclusiveness of the valuation of asset-light technology-based enterprises.
Recently, the Shanghai and Shenzhen Stock Exchanges have improved the small-amount fast-track review mechanism for mergers and acquisitions, including expanding the scope of application of the small-amount fast-track mechanism and shortening the review time.
Improving the inclusiveness of the valuation of asset-light technology-based enterprise restructuring will help improve the efficiency of corporate mergers and acquisitions. Zhou Li said that asset-light technology-based enterprises usually have the characteristics of high technology content and strong growth, but they often lack sufficient fixed assets as collateral, and at the same time, they also have certain disadvantages in terms of financial indicators, resulting in certain difficulties in restructuring valuation. Therefore, appropriately improving the inclusiveness of valuation can provide more fair and reasonable valuation standards for these enterprises, promote them to achieve industrial upgrading and enterprise transformation through mergers and acquisitions, promote resource integration and complementary advantages, and stimulate market vitality.
In terms of bond market financing, the Measures propose to focus on supporting bond financing for enterprises in high-tech and strategic emerging industries, and encourage policy institutions and market institutions to provide credit enhancement support for private science and technology enterprises to issue science and technology innovation bond financing.
Tian Lihui said that credit enhancement support can improve the credit rating of bonds, reduce the financing cost of private science and technology enterprises, and also enhance investors' confidence in private science and technology enterprise bonds, and promote the issuance and circulation of bonds.
In addition, the "Measures" also proposed to increase the innovation of financial products, continue to improve the trading mechanism, urge securities companies to improve the ability of service science and technology innovation, and optimize the service mechanism of science and technology enterprises.
Tian Lihui said that on the whole, the 16 measures provide all-round support for science and technology enterprises, which will help promote scientific and technological innovation and industrial upgrading. The improvement of the capital market's ability to serve technology-based enterprises can more effectively allocate capital resources to enterprises with innovation potential, promote the optimization and transformation of the economic structure, and promote the development of new quality productive forces. At the same time, high-quality technology-based enterprises are the key enterprises that investors pay attention to, and these measures will also help enhance the vitality and competitiveness of the capital market, attract more investors to participate, and form a good market ecology.
Zhou Li said that the 16 measures launched by the China Securities Regulatory Commission cover the key links of capital market services such as listing financing, mergers and acquisitions, bond issuance, and private equity investment, forming a complete policy system, which is not only conducive to improving the ability and efficiency of the capital market to serve technology-based enterprises, but also provides strong policy support for the financing, mergers and acquisitions and development of technology-based enterprises, which will effectively promote the development of technology-based enterprises in the mainland, and then promote the development of new productive forces in the mainland. (Wu Xiaolu)
Article source: Securities Daily
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