Traditional Culture Encyclopedia - Traditional customs - Why do we need a registration system for stock issuance?
Why do we need a registration system for stock issuance?
Why stock issuance should be registration system?
Stock issuance to registration system, the stock market registration system is a new system of stock issuance, aimed at achieving the optimization of the quality and quantity of stock issuance, as well as the openness and transparency of the market. After the implementation of the registration system, the audit standards for the issuance of shares are more stringent, and the efficiency of the issuance has also been improved. The following editorial brings stock issuance to the registration system, for all of you a great benefit, take a look together.
Why is the registration system for stock issuance?
What is the meaning of the registration system for stocks? The registration system, a method of stock issuance, requires that listed companies must, in accordance with the law, make a complete and accurate declaration of all publicly available information to the securities regulator, with no falsehoods or omissions.
Under the registration system, the securities regulator will only set up listing standards and conditions, and any company that meets the basic requirements will be able to complete a listing and issue shares through registration. As for whether a listed company is "good", it will be entirely up to the market to judge.
I. Strategic significance
The healthy development of the stock market is an important guarantee for the effective value-added of social deposited wealth, an important source of capital for promoting the transformation and upgrading of the national industry, and is related to the acceptance of RMB by other countries in the process of the internationalization of RMB.
Second, the background of the reform
The original audit system, inefficient, relatively complex financing process, supporting the delisting system there are many loopholes, resulting in the market for a long time by the speculation occupied, the bad money to expel the good money of the wind was once prevalent, seriously disrupting the development of the capital market, and increase the risk of the financial system.
Three, the value and impact of the reform
Registration system is a key supporting measures to promote stock market reform, and the delisting system together to ensure that the stock market can be a normal metabolism. The purpose of the registration system is to allow the stock market to carry out normal investment and financing, so that more valuable enterprises can finance the development and realize the effective value-added social stock of wealth. The collateral effects may be the following:
1, the rationalization of capital allocation
More funds will be concentrated to the high-quality targets, corresponding to the management of chaotic financial deterioration of the target will be abandoned by the market.
2, the retailer
The strict delisting system and the large-scale expansion of the market standard, in bringing more opportunities at the same time, will undoubtedly increase the risk of investment, such as the previous stock is difficult to delisting, even if it is set up, you can put that does not move, because of the qualification of the listing to do the final guarantee, turn over is only a matter of time.
But now, with the improvement of the delisting system, once stepped on the mine there may be no return of blood money. So the future market needs investors to have more professional investment skills, such as financial analysis, industry judgment, corporate management standardization assessment, these are most of the retail investors lack, this time to choose the fund for most retail investors can avoid considerable risk.
3, instead of real estate to assume the function of monetary reservoir
Global monetary easing, reform and opening up three decades of the formation of a huge accumulation of social wealth, need a place to go, the past is speculation in the house, the future will be speculation in the stock market, because with the increase in the number of high-quality standards of the security of large funds will be guaranteed.
4, the continued birth of more giant enterprises
Direct financing can effectively share the debt pressure and business risks, enhance the sustained innovation and operational capacity of enterprises, compared with the traditional means of debt financing, the enterprise will be more likely to be bigger and stronger.
What is the impact of the registration system on the stock market?
A-share has been piloting the registration system in the Kechuan Board and GEM, and the full registration system is a matter of time, if the A-share is really a full registration system, it will certainly benefit the following three major sectors.
First: good brokerage sector
Comprehensive registration system for the brokerage sector is the biggest benefit, with the full registration system after two aspects of good brokerage, one is the sponsorship, we should know that brokerage firms as an intermediary, quasi-listed companies must have brokerage firms sponsorship and underwriting, so brokerage firms in the listing of new shares on the way to play an important role, and brokerage firms sponsorship and underwriting business income are is very high.
Another good thing is that the registration system means that the stock fluctuation is greater, the stock is also more active, the brokerage company's commission income is also rising, to put it bluntly, after the full registration system on the brokerage sector constitutes a major benefit.
Second: good white horse stock plate
Why will the full registration system after the good white horse stock? To know with the full registration system, means that there will be more IPO listing, with the increase in the number of new shares, the secondary stock market old stock will be superior.
The meaning is that after the full registration system, the garbage stocks is the biggest good, the so-called shell resource stocks is the most worthless, will suffer the market abandonment; on the contrary, short of the garbage stocks, naturally, will be good for the white horse stocks, will make these white horse stocks are more worthwhile, more to get the secondary market funds speculation, white horse stocks will become the market hot plate.
Third: favorable technology sector
Comprehensive registration system is one of the stock market issuance system, but it must be clear that the comprehensive registration system is in fact in order to high-quality companies listed as soon as possible, and will not be like the previous audit system, resulting in the situation of the IPO weir.
Also need to be clear that the registration system is actually trying to support technology companies, especially some high-tech, high-growth enterprises, such companies are welcome to go public. And high-tech companies is the future focus of the plate, technology plate is the future of the stock market for a long time hot, after the full registration system will certainly be favorable to the technology plate.
What does the stock market registration system mean
The stock market registration system refers to one of the system of stock issuance, the A-share market stock issuance system mainly has three, the initial approval system, the main board current approval system, the registration system of the science and technology board. The registration system means that the company or enterprise declares according to the various provisions of the stock issue in accordance with the law, as long as all kinds of information is completely and accurately declared. When the company declared, to be reviewed by the relevant departments, and and to take a substantive review, and ultimately determine whether the company or enterprise to go public.
The registration system is a stock issuance system that requires listed companies to declare all publicly available information completely and accurately to the securities regulator in accordance with the law, without false, misleading or omissions. Under the registration system, the securities regulator will only set up listing criteria and conditions, and any enterprise that meets the basic requirements will be able to complete the listing and issuance of shares through registration. As for whether the listed companies are "excellent", it is entirely up to the market to judge.
How about the stock market registration system
1, from the short-term perspective of the stock market
If the city's implementation of the registration system in the short term, the stock market is a major negative, because the full implementation of the registration system, there will be more new shares listed on the market to draw blood from the stock market is of course a negative. Article Photo 1 itself A shares in the approval system of new shares are normalized, new shares are constantly issued, once the full implementation of the registration system, there will be more companies applying for listing, thus significantly increasing the supply of new shares, the short-term stock market is the role of adding to the role of the stock market is definitely bearish.
2, from the stock market long-term long-term perspective
A shares to be better, faster maturity, must take the shortcut road, you can use some of the ready-made international mature system, although not step by step tough to implement, but you can step by step to mature stock market closer, so that the A shares of the long term the most favorable. For example, A shares of the new share issuance system, initially from the approval system, and then to the approval system, and now the A shares have been through the Science and Technology Innovation Board and GEM pilot, to take the registration system.
3, from the international stock market to analyze
A-share market is a developing stock market, meaning that is not yet sound stock market, a variety of systems there are still some flaws. So A shares to grow quickly, mature, must learn from the international mature stock market system, and the international mature stock market issuance system are based on the registration system, from here to prove that the registration system is in line with the real issuance system of the stock market.
What is the meaning of the full registration system for stocks?
The full real-name registration system for stocks means that investors must open a securities account in a securities company or bank when trading stocks, and bind and verify it with their real identity information. This means that when trading stocks, investors must provide real personal identification information, including their names and identity card numbers.
The purpose of implementing full real-name registration is to curb illegal and illicit behavior in the stock market and improve the transparency and legality of stock market transactions. Through real-name registration, illegal financing, insider trading, stock price manipulation and other violations can be effectively combated, while also helping to protect the legitimate rights and interests of investors.
Advantages of implementing a comprehensive real-name registration system for stock trading:
Reducing the risk of stock market violations: real-name registration can ensure the authenticity of the investor's identity, effectively curbing illegal financing, insider trading, manipulation of stock prices and other violations, and improving the legitimacy and transparency of the market transactions.
Protecting investors' rights and interests: real-name registration can protect investors' rights and interests, preventing the risk of investors' identities being stolen and used by lawless elements.
Improving the service quality of securities firms: real-name registration can help securities firms better understand investors' risk tolerance and investment preferences, provide personalized services and advice to investors, and improve the service quality of securities firms.
Promoting the healthy development of the stock market: real-name registration can effectively prevent stock market speculation and illegal behavior and ensure the healthy development of the stock market.
Disadvantages of implementing full real-name registration for stock trading:
The registration process is cumbersome: real-name registration requires investors to provide detailed personal information, including ID card number, address, occupation, etc., and the registration process is cumbersome and takes a long time.
Increased investment costs: Real-name registration may increase investment costs, as investors may need to pay fees for securities account opening, depository fees and other fees.
Inconvenience for privacy protection: Real-name registration may expose investors' private information, which may be inconvenient for investors who are concerned about personal privacy protection.
The implementation of full real-name registration also means that shareholders' investments will be more transparent, fair and secure. After an investor's identity information is verified, securities companies can better understand the investor's risk tolerance and investment preferences, so they can better provide personalized services and advice to investors. At the same time, investors can also better grasp their own investment situation and risk profile, reduce investment risks and better manage their financial situation.
Overall, the implementation of a comprehensive real-name registration system for stock trading is conducive to the development of the stock market and the protection of investors' rights and interests. Although real-name registration may add some costs and inconvenience, on the whole, its advantages outweigh its disadvantages.
When will China's stock market registration system begin?
The registration system for China's stock market first began on March 1, 2019, when the SSE and SZSE issued the Implementation Measures on Running the Registration System for the Issuance of Stocks and the Implementation Rules for the Registration System for the Issuance of Stocks on the GEM Board of the Shenzhen Stock Exchange, respectively.On November 5, 2019, the Securities and Futures Commission (SFC) formally announced the "Decision on Amending the Administrative Measures for the Issuance and Listing of Stocks Decision", announcing the full implementation of the registration system for stock issuance, which abolished the existing approval system, and was officially implemented on March 1, 2020. The current scope of implementation of the registration system includes initial public offering, refinancing, issuance of convertible bonds and other market behavior.
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