The dislocation development of the capital market and in-depth cooperation should go hand in hand

With the establishment of the Beijing Stock Exchange, the goals and characteristics of the dislocation development of China's capital market are more distinct. The author believes that this also puts forward new requirements for cooperation between the three major stock exchanges (hereinafter referred to as the Stock Exchange) in the future. The implementation of the dislocation development of the capital market and the in-depth cooperation should be an important step in the healthy development of the capital market in the future.

Taking customer classification as the basic basis, forming a basic system corresponding to it, providing diversified financing services for different entity enterprises, providing differentiated investment options for different investors, and implementing dislocation development, it is a clear long-term development goal since the establishment of China's capital market. After more than 30 years of exploration and development, it has achieved fruitful results and accumulated valuable experience.

In the face of environmental changes and the requirements of the new development pattern, dislocation development needs to be deepened on the basis of consolidation, and the overall improvement of financing capacity and efficiency should be organically unified, the improvement of enterprise structure and the optimization of industrial structure should be organically unified, the cultivation of qualified investors and the activation of the vitality of market players should be organically unified, and the differentiated advantages of dislocation development should be truly transformed into the diversified capabilities of financing services.

For example, the dislocation development of the Shanghai Stock Exchange should enhance the integration with indirect financing. On the basis of further increasing the total amount of financing, we will play a leading role in continuously optimizing and improving China's overall financing structure, and accelerate the increase and continuous change of the proportion of direct financing. It is necessary to optimize the main body of financing in the process and combine it with the adjustment of the national industrial structure, do a good job of all-round linkage with indirect financing institutions such as commercial banks, and focus on supporting the development of enterprises such as the transformation and upgrading of traditional industries, emerging basic industries, modern equipment manufacturing industries, chip development industries, and Internet industries, so that the focus of dislocated development always falls on the "bull's-eye" of serving the national main body economy and promoting the structural adjustment and optimization of industrial industries. For another example, the dislocation development of the Shenzhen Stock Exchange should strengthen the pertinence of financing innovation, strengthen the characteristics of financing arrangements, enhance the diversity of financing method innovation, support based on the growth of enterprises, expand the space and source of financing objects, and make breakthroughs to support the development of integrated enterprises in production, learning and research. For another example, the dislocation development of the Beijing Stock Exchange should give more play to the advantages of the selected layer of the New Third Board after the translation, create more opportunities, means and methods for financing small and medium-sized enterprises, and form new financing channels for small and medium-sized enterprises with growth potential from the institutional guarantee, so that the historical problem of financing difficulties and financing costs can be fundamentally improved through institutional guarantees.

The deeper the development of capital market dislocation, the greater the inevitability of in-depth cooperation between stock exchanges. This is because, on the one hand, the quality and effectiveness of dislocation development must inevitably need to be consolidated or even amplified through deep cooperation, and deep cooperation can expand the space for dislocation development. On the other hand, the deficiencies in dislocation development inevitably require the use of in-depth cooperation to alleviate or even resolve, and in-depth cooperation can strengthen the self-adjustment ability of dislocation development. Therefore, it is necessary to take the initiative to deal with the relationship between the overall situation and the part, the immediate and the long-term, continuous exploration and active breakthrough, and focus on the in-depth cooperation work of "market expectation guidance, information exchange and sharing, and cultivation of qualified investors".

Market expectations are one of the important factors that affect or even determine the development momentum and strength of the capital market, and the rationality of guiding market expectations is not only an inherent requirement for the healthy development of the capital market, but also a basic responsibility that the stock exchange must fulfill. Therefore, the securities exchanges should reflect in-depth cooperation through the "comprehensiveness" of the content of cooperation from the combination of strategic planning and management methods. From the perspective of strategic planning, it is necessary to strengthen cooperation in "development goals, policy interpretation, industry analysis and risk control principles", and through the differentiated guidance of different stock exchanges, it is necessary to convey to the market positive and long-term factors that are conducive to forming rational market expectations. From the perspective of management means, it is necessary to strengthen the cooperation of "basic systems, important means, key links and regulatory rules", pay attention to forward-looking communication, and make market operation transparent and fair, and the process affects or even eliminates irrational fluctuations of market factors and behaviors.

In terms of in-depth cooperation in information exchange and sharing, the securities exchanges should form a multiplier effect of market supervision through systematic cooperation in information exchange and sharing. First, it is necessary to speed up the interconnection and interoperability of information systems. Under the premise of not affecting the principle of competitiveness of misplaced development, information systems such as "operating rules, operating procedures, and management means" should be fully liberalized as much as possible, and information systems such as "customer data, research reports, and industry analysis" can be selectively liberalized to reduce the institutional cost of information exchange and sharing. The second is to increase the joint development of major, sensitive and specific information. According to the actual situation of national policy adjustments and market changes in different periods, for content information such as the leading forces, important objects, and risk status of the capital market, as well as information that is easily ignored by investors in the secondary market or cannot be judged and analyzed due to ability, joint collection and centralized research and judgment by sub-topic and focus are implemented, and third-party market forces are actively borrowed, and the transformation of exclusive information from passive acceptance to active discovery is implemented. The third is to establish a timely mutual reporting and exchange mechanism for sudden event information.

In terms of in-depth cooperation in the cultivation of qualified investors, the stock exchanges should increase the cultivation of qualified investors, especially individual investors, and mainly through market investment risk education. The stock exchanges should form a strong synergy and momentum of investor risk education, so that both the form and the content are rich, and can be combined with the interpretation of policies and systems and case analysis, and adopt a variety of forms of investment tools to popularize education, educate and cultivate investors to use and use the necessary investment tools, to choose the timing, object and quantity of trading, to cultivate rational market power from the source, with the continuous accumulation of qualified investors, the formation of different investor groups with gradient affordability, Dynamically reduce excessive speculation and blind risk-taking in markets.

(Du Jing is a senior financial commentator and one of the experts in drafting the "Three Methods and One Guideline" of the former China Banking Regulatory Commission; Du Lei is the deputy director of the Asset Management Department of Wuhan Financial Holdings Group)

Source: Shanghai Securities News