The pros and cons of the international board continue to be launched in the ear year (VC327)

Although it has become the second largest securities market in the world after the United States, the closed pattern of China's A-share market has not been completely changed.

The international board is unlikely to be launched during the year

"Relevant technical preparations are still underway. As for when it will be launched and how the multinational company will be listed, it is currently waiting for the decision of the superior leadership department." A staff member of the Shanghai Stock Exchange said recently that he was pessimistic It is considered that from the current market situation, it is almost impossible to launch the international board in 2011.

Since 2011, with the promotion of relevant parties, the launch of the international board has been a hot topic in the market. The market had previously expected that the international board would be launched at the latest in October 2011. However, with the continued downturn of the Chinese securities market in the third quarter, the international board also failed to show up. Cao Heping, a professor and well-known economist at Peking University, said that the international board has been brewing for a long time, but from the current relevant information, unless there is a major decision, there is little chance of launching the international board during the year.

In addition to market factors, the long-awaited international board also faces another uncertainty: the change of leadership of the relevant regulatory authorities. Recently, Guo Shuqing, the former chairman of China Construction Bank, took over Shang Fulin as chairman of the China Securities Regulatory Commission. Earlier, Guo Shuqing stated that the capital market should accelerate the pace of internationalization. Therefore, the market generally speculates that the international board is expected to accelerate after Guo Shuqing takes office.

Because Guo Shuqing has many years of experience as a bank executive and an international perspective, the outside world has promoted the CSRC's more pragmatic development after taking office, expanded development space on a standardized basis, and connected with the international market, including promoting transaction varieties, There are higher expectations for regulatory innovation to open up space and other aspects.

In fact, as early as the two sessions in 2011, Li Jiange, a member of the National Committee of the Chinese People's Political Consultative Conference and chairman of China International Capital Corporation, once said that the relevant regulatory authorities all strongly support the issue of the launch of the international board, and specific preparations After three or four years, the relevant technical and legal obstacles have been basically resolved.

Li Jiange revealed that the drafting of the core rules of the international board has been basically completed. The Shanghai Stock Exchange said that it has preliminarily completed preparations for the business rules and technical aspects of international board listing and trading, and has thoroughly studied important issues such as information disclosure, continuous supervision, cross-border law enforcement, and investor protection. In terms of corporate governance, accounting standards, information disclosure, and listing supervision coordination, the CSRC has also conducted in-depth discussions with relevant regulatory agencies such as the People's Congress Legal Work Committee, the People's Bank of China, the Ministry of Finance, the SAFE, the Shanghai Stock Exchange, and China Securities Regulatory Commission. And basically reached a consensus within the legal framework of our country.

The pros and cons are endless

From the day of entering the public view, the industry's controversy over the A-share international board has not been calm.

He Qiang, director of the Securities and Futures Research Institute of Central University of Finance and Economics, believes that the opening up of China's securities market includes not only "going out" but also "introducing". After more than 20 years of development, the degree of opening up of China's securities market has continued to increase, a large number of companies have listed and financed abroad, and domestic qualified institutional investors (QDII) have extensively invested in overseas markets. However, while the pace of "going out" is increasing, the speed of "introducing" the securities market is very slow, the development of the B-share market has stalled, the function of introducing foreign capital has deteriorated, and the scale of foreign qualified institutional investors (QFII) is limited. The establishment of an international board in China can greatly promote the implementation of the "introduced" strategy of China's securities market, help to enhance the international influence and competitiveness of China's securities market, and further improve China's multi-level securities market system.

Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, said that through the establishment of the international board, a large number of outstanding multinational companies have been introduced here. These companies' first-class and stable performance and the international practice of "quarterly dividend" will definitely affect Chinese A-share companies. Produce a significant demonstration effect, especially the reasonable valuation of multiple listings (listings) of international board companies, which will definitely have a huge impact and beneficial impact on the A-share valuation system, which is conducive to playing the guiding role of the international board value investment concept, and Let Chinese investors share the growth profits of world-class multinational companies in long-term investment and rational investment.

Xie Baisan, director of the Financial and Capital Market Research Center of Fudan University, believes that under the current domestic and international economic situation, under the situation where 80% of domestic stock prices are higher than abroad, the introduction of the international board is beneficial without harm. Xie Baisan believes that the international board must be after the RMB is completely freely convertible in capital items, and 20 to 30% of national shares and legal person shares are completely lifted. The domestic and foreign stock prices are basically balanced before foreign companies can be directly listed on the Chinese stock market. .

"(Introducing the international board) is still prudent." The well-known economist Watson said that there is nothing wrong with increasing the direction of direct financing. However, under the current circumstances, China's bond market and stock market have become seriously unbalanced. On the basis of advancing the development of emerging industries, a large number of small and medium-sized board and GEM companies are listed on the financing, coupled with the expansion of the new third board, the stock market has been under tremendous pressure. The pressure and one-way expansion are not very appropriate. "Watson believes that what is more important now is to build a strong bond market.

The internationalization of China's stock market cannot be lame for a long time

Behind the unresolved international board of A shares, what is reflected is actually the extremely asymmetric "lame" state of China's capital market, especially the securities market, in opening up to the outside world.

"There are two main lines for the opening of China's securities market to the outside world. One is the outbound and introduction of listed companies, and the other is the outbound and introduction of investors." Dong Dengxin said that at present, one and a half Unsmooth: There are basically no obstacles for listed companies to go out, but the introduction of listed companies is still very asymmetric with that of going out, and the degree of openness for investors to go out and introduce is far from enough.

Dong Dengxin believes that from the perspective of opening up national treatment, the introduction of listed companies must be opened. From the perspective of risk diversification, opening up Hong Kong stocks and hiding foreign exchange among the people will enable residents to hold more foreign currency assets while lowering the threshold. The opening of Hong Kong stock investment should also be implemented in synchronization with the internationalization of RMB and the relaxation of foreign exchange controls. This is The big trend.

"In theory, the internationalization of the securities market should be based on marketization and legalization." Dong Dengxin said that in the next step, China's securities market should undergo in-depth market reforms, reform the delisting system, and promote the construction of a multi-level capital market To conduct a trial of junk debt, from the perspective of the rule of law, the corporate governance of the company should be further improved. Under these two premises, the Chinese stock market should steadily and actively promote internationalization and change the current extreme imbalance in opening up.