Southern daily published Sun Shuming chairman signed article

On June 26, the nanfang daily A05 release wide hair negotiable securities chairman, party secretary of Sun Shuming signed article "build otc financial ecosystem Boost public entrepreneurship has innovation of guangdong ". This paper argues that wide hair negotiable securities as the region ahead of the nation's large publicly traded brokerage, platform building, investors can play an otc market docking, product development, asset exchange ability and advantage, asset securitization, etc, to enliven the otc market and the prosperity of regional financial development of guangdong province.

On June 26, the nanfang daily A05 release wide hair negotiable securities chairman, party secretary of Sun Shuming signed article "build otc financial ecosystem Boost public entrepreneurship has innovation of guangdong ". This paper argues that wide hair negotiable securities as the region ahead of the nation's large publicly traded brokerage, platform building, investors can play an otc market docking, product development, asset exchange ability and advantage, asset securitization, etc, to enliven the otc market and the prosperity of regional financial development of guangdong province.

Build otc financial ecosystem Power in guangdong public entrepreneurship has innovation

Author: Sun Shuming (chairman, party secretary of wide hair negotiable securities)

For the first big economic province since the reform and opening up, guangdong economic transformation and upgrading is not only their own sustainable development and keep leading the country need, for the nation's overall economic development also has important significance and value of demonstration. The outstanding characteristic of guangdong economy is a high proportion of private economy, strong marketing degree, private capital is abundant. Guangdong small and medium-sized private enterprises are numerous, contributed more than 50% of the tax revenue, more than 60% of GDP, more than 80% of all jobs, is to promote regional economic growth, expanding employment, promoting technology innovation and an important force in the economic transformation. Guangdong economic level of securitization, on the other hand, it is not prominent, belongs to the securitisation rate is only about 20% of the enterprise, rather than the brother of some advanced provinces and cities have a large gap.

Under the background of the new normal in economy, the large and medium-sized enterprises and state-owned enterprises are mainly solve the problems of the industrial structure and overcapacity, asset-liability ratio is generally on the high side, they need to integrate the supply chain, industry chain and improve the capital adequacy ratio, etc, synchronized advancement, enterprise and industry transformation and upgrading. And micro, small and medium enterprises in the market is relatively tributaries or peripheral location, subject to market demand or large and medium-sized enterprises in the upstream and downstream pressure conduction, rising production costs, problems such as weak external demand, inventory pressures increase. Because capital is weak, and lack of the mainstream financial capital support, micro, small and medium enterprises financing difficulties, financing your problem is still widespread. How to improve the micro, small and medium enterprises financing problems, the promotion of guangdong private economy growth momentum, currently become an important and key economic and development issues.

Large and medium-sized enterprises are the main direction of vigorously promoting direct financing, make full use of domestic and overseas stock market, bond market and asset management business, effectively increase the rate of securitisation. In the central "on certain major issue decision" comprehensively deepen reform and policies under the guidance of the government at all levels have been actively, promote enterprise listed and mixed ownership reform in state-owned enterprises, revitalize the assets and capital, promote the local advantages do best and stronger enterprise and industry. The experts and many financial institutions have already research and active practice, as long as the government continues to make overall planning and policy supporting, at the same time give a full play to the superiority of the local leading enterprises, leading brokerage, promote financial cooperation, the breakthrough situation and results can be achieved. This article is mainly in micro, small and medium enterprises under the background of financial services is scarce, how to give play to the role of multi-level capital market, to carry out economic under the new normal "public entrepreneurship, peoples innovation" policy and support emerging economic development were analyzed, and put forward the otc financial markets and business development strategies and policy recommendations.

Micro, small and medium enterprises lack the support of the mainstream financial capital

Long-term domestic enterprises to raise funds in indirect financing proportion, the proportion of direct financing is small. The central bank's statistics show that 2014 yuan loans, about 59.4%, social financing scale of off-balance-sheet financing by financial institutions accounted for 17.5%, through bonds and stocks the proportion of direct financing is only 17.3%, micro, small and medium enterprises by poor collateral and the imperfect credit system factors such as limit, very little access to bank loans. Southwestern university of finance and economics, according to a study only 12% of small micro enterprises to obtain bank loan. Also too single, small and medium-sized enterprise financing mainly rely on bank loans, less use of financial leasing, insurance and notes, private equity, venture capital, the listed companies, the new three board listed financing, etc. As of June 24, 2015, the new three board has reached 2612 listed enterprises, the state council and the securities and futures commission has developed a series of policy measures to support the new three board development, for some small and medium-sized enterprise financing has played a positive role in promoting. But for the vast number and temporarily unable to realize on micro, small and medium enterprises, financing problems are still very serious.

Taking guangdong province as an example, as of May 31, 2015, 409 a-share listed companies in the province, the new three board listed companies 273, number listed among the first and third respectively. This 682 listed and listed companies, and the entire province nearly m high and new technology enterprise, 657 private economic organizations, compared to enjoy the capital market of the enterprise. Masses of micro, small and medium enterprises free from the mainstream of the financial system for a long time, a large number of small micro enterprise only through shareholder investment, financing, with friends and family, private lending channels such as implementation, interest is generally up to 15-24%, financing cost is very high.

In addition, small and medium-sized small startups most on equity structure is relatively single, mainly entrepreneurs to equity investment, the subsequent expansion ability is weak, also does not favor the enterprise use resources to realize the integrated development of the shareholders. Means the use of capital market, with the continuous extension of each stage of development capital strength, the reasonable introduction of shareholders, and form a reasonable equity structure and leverage, and these enterprises need to solve the problem.

Build otc financial ecosystem, support the development of the "double gen" economy

During the two sessions in 2015, prime minister li keqiang will promote "public entrepreneurship, peoples innovation" officially included in the government work report; June promulgated by the state council "about vigorously promote public entrepreneurship peoples opinions on some policies and measures of innovation, put forward to enliven the financial markets, convenient help achieve" double gen "enterprise financing. To crack the problem of insufficient micro, small and medium enterprises financial support, develops the "double gen enterprise" important antecedent condition.

Small and medium-sized enterprise financing difficult problem of long-standing, proof of such enterprises and imperfect system of financial support or relatively inefficient. With reference to the experience of the United States and other developed markets, greatly stimulate innovation and entrepreneurship, multi-level, efficient capital market is indispensable. The China securities regulatory commission since 2012 all-round supervision innovation, business innovation, product innovation, and promote the building of multi-level capital market, three board market expansion after is making breakthroughs and achievements, becoming the first selection of growth companies listed before. Were set up in the same period, guangdong province, guangzhou, guangdong finance high-tech zone, shenzhen sea before three equity trading center, in the development, such as China merchants securities is also built into the counter market trading system, wide hair negotiable securities in such aspects as product quantity which trade is among the best in the industry. In comparison, the small and medium-sized micro innovative startups in the enterprise scale, equity structure, capital requirements, investment value realization and based on the main board and gem listed company has essential difference, its financial, trading system, and participate in money supply and the court also has obvious different, otc financial system are needed to meet these number of micro, small and medium enterprises and the demand of investors, and local governments to regional otc may participate in the depth of the financial activities will also be significantly stronger than the internal market. According to the characteristics of the regional economic structure and market conditions, guangdong should further increase the intensity of financial reform and innovation, first to systematically build otc financial ecosystem, support the "double gen" enterprise vigorous development, promote the development of regional economy and realize the transformation and upgrading faster.

Guangdong government, market regulators and market operators, market participants join hands to goal is to build a healthy, efficient platform for the small and medium-sized enterprises outside the direct financial, and expanding its connotation and scale, to achieve high efficiency, diversity, flexible and convenient configuration of financial resources, for the "public entrepreneurship, peoples innovation" and provide strong support for the development of micro, small and medium enterprises, the formation of the otc markets and market participants coexistence, symbiosis and development of the financial ecosystem.

First of all, to clear otc market positioning. New three board and four board market can't copy mode based on the Shanghai and shenzhen stock exchange trading through bidding, to give priority to develop its financing function, through innovation to meet the needs of enterprise financing and thickening of the capital, and gradually perfect the function of the market, asset pricing, asset restructuring mergers and acquisitions, to help small and medium enterprises to increase the rate of securitisation micro entities. In addition, reasonable to pull open the level of the capital market service, differentiated construction three board, four, five board and six plate (Internet equity raise) : the market, promoting the construction of multi-level capital market continued to deepen, through differentiated services and product innovation, fill the blank of the micro, small and medium enterprises financing and to the "organ sound body ischemia but" blood transfusion in time, help them to enter a virtuous cycle.

Second, to the financial business products, promote the market division of labor and cooperation, to form a good ecological environment of promote each other. Can lead to support large scale, the prospect of small and medium-sized enterprises (smes) have made landfall on the new three board market, support for a wide range of small entrepreneurial innovation and small micro enterprise land four board market, composed of a listing on the otc market in guangdong your community; Actively support and assist securities firms, information organization, the counter market, develop targeted otc financial services and products in great quantities, for micro, small and medium enterprises to provide capital financing, asset securitization, merger, acquisition and reorganization and other diversified financial services, trade through the rich products, convenient and flexible services, attract the appropriate investors to participate in long term, which in turn further enhance the financial ecosystem function and popularity, let more companies on the market for capital raising and capital market operation, forming a virtuous cycle.

Finally, otc financial ecosystem should be an important field of the regional financial reform and innovation. Platform in the middle of the financial regulation mode and the main market, operators are under the background of national financial institutions, where gold can focus instead on the otc financial ecosystem, make the policy to promote more projection entity enterprise progressive landing new three board and four panels on the market, guide the development of pillar or key industries, and support local regional equity trading market and counter market, improving function, provides mass of supporting policies to gather to foster appropriate investors, for the market and management institutions to provide more targeted public services.

In the past two years, guangdong commercial registration system reform pilot work steadily, entrepreneurial zeal folk have been greatly inspired, by the end of last year, 6.5744 million m private economy units, 902600 units, more than at the end of 2013 year-on-year growth of 15.9%, growth hit a record high since 2008. At present, the number of private economic units in guangdong province, private companies, individual industrial and commercial households are the first in the nation, this is the foundation of the development of market economy in guangdong rare condition. Seize rare historical opportunity, Chinese capital market first to build healthy, efficient regional otc financial ecosystem, is the guangdong financial reform and innovation of important results.

Play a leading advantage in construction of otc financial ecosystem

Construction of guangdong over-the-counter financial ecosystem, should be combined with the feature of micro, small and medium enterprises financial needs, to build an adaptive system of investment and financing, from their day-to-day financing, to enrich the medium and long-term capital, to the relevant asset trading arrangement, form a complete financial business chain. In this process, wide hair negotiable securities as the region ahead of the nation's large publicly traded brokerage, platform building, investors can play an otc market docking, product development, asset transactions, asset securitization ability and advantage, through the cooperation and innovation, to enliven the otc market and the prosperity of regional financial development of guangdong province.

First, in daily financing solutions to micro, small and medium enterprises, should be relatively limited small loans in the commercial bank, on the basis of developing industry, the supply chain as the main direction of the small business loan, guide the industry leading enterprises to take the lead to participate in forming a strong capital strength of small loan company or industry regional cooperation bank, issue and supply chain upstream and downstream of small and medium-sized enterprises in the industry with microfinance loans, solve their financing needs. Brokers can on such small credit asset securitization, help small loan company or cooperative Banks to issue corporate bonds listed or otc market financing, increase its size and turnover efficiency, enrich the capital strength. Brokers can also use the Internet, on the other hand, the P2P business docking with the micro, small and medium enterprises to control the financing needs of man, to listed companies equity as the pledge, redirected into enterprise shareholder loan, solve the funding needs of the enterprise.

Second, in the help of micro, small and medium enterprises fulfilling medium and long-term capital, securities firms can use the superiority of the new three board system and trading mechanism, provide recommendations, market transactions, transfer, merger and acquisition will increase financing services, and a reasonable valuation of the listed companies; For not enough conditions in the new three board listed companies, can go to the four board market quotation, brokers can introduce angels resources such as investment funds, VC, PE, m&a of listed companies to trade the equity transfer or merger and acquisition, and to achieve valuations. In addition, the brokerage, but also for the new three board listed companies issuing corporate bonds, privately raised company bonds, the exchange bond market or pending regulatory reforms in the new three board directly to issue corporate bonds, convertible bonds, etc.; For four board listed companies, securities firms can also help them release area small and medium-sized enterprise set bond, small and medium enterprises, set of optimal debt, regional industry set optimal debt collection instruments such as new debt financing instruments, to raise long-term funds.

Third, brokers can be based on the enterprise shares, the transaction value of debt instruments, to provide mortgage financing, counter transfer repurchase creating liquidity trading business and service, the appropriate development of otc derivatives on the basis of assets, the enhancement enterprise equity, debt securitization of financial attributes.

Fourth, the investor base and the money of gathering, unicom investment and financing at both ends. Otc market financing function and appropriate investors team has close relation to nurture and grow, brokers through the wealth management, business services, private banking, equity investment management business, the implementation of business of the partnership system, can offer a large number of angel investment, VC, PE, such as equity investors and high net worth investors, docking micro, small and medium enterprises financing needs; Assets based on micro, small and medium enterprises, securities firms to provide industrial chain integration, cross-border integration of mergers and acquisitions services support, business forms including directional capital, mergers and acquisitions, high-yield bonds and collection of debts, equity and the raise, special information technology planning, etc.

In a word, the standpoint of the otc financial ecosystem, is activated by innovation on entrepreneurial innovation enterprise financing function, gradually improve their as micro, small and medium enterprises asset pricing, financing and transfer of efficient trading platform, promote the health and prosperity of the multi-level capital market in China, an irreplaceable contribution to the development of the real economy.

Several policy Suggestions to build otc financial ecosystem

Building outside the small and medium-sized financial ecosystem, planning and policy level of government in the market and the upper drive is particularly important and necessary, the Suggestions are as follows:

First, to develop the construction of the system of regional otc financial development planning, coordination and enhance the plan as a whole, form a complete set of policies to support. Build regional small and medium-sized financial ecosystem, otc market platform need to be clarified, participate in the main body position and development direction, especially the over-the-counter market, regulators, brokers and rights registration custody system, assessment and credit system, policy support and guidance of funds, etc.; Need to develop work plans of development of otc financial plan, a clear organizational form, structure, responsibility, funding arrangement, development path and implementation plan, etc.

Second, activate the folk capital, and fully arouse the enthusiasm of the market. Through the development of regional financial policy, promote to set up with industry characteristics of interregional (county) small loan company or bank of regional cooperation, to attract financial leasing and financial leasing companies, security companies, equity investment fund, the raise local private financial organizations such as companies, Internet financial agglomeration. At the same time, promote the commercial Banks and brokerages, insurance institutions, to carry out the supply chain financing, industry platform or platform for mutual guarantee, small loan guarantee insurance, warehouse receipt pledge, intellectual property rights pledge is a new way, expand the scale of loans.

Third, to establish local micro, small and medium enterprises credit system. Solve the problem of micro, small and medium enterprises financing difficulties, it is necessary to perfect the credit system of micro, small and medium enterprises. Suggest local government-led, integration of the people's bank of China credit reporting system, industrial and commercial tax system, social security system, traffic violation, the courts litigation-related information, resources such as criminal records, the jurisdiction of the banking system, play the advantages of big data analysis, building credit system of micro, small and medium enterprises in guangdong province big data, build system of whitelists and blacklists, solve the problem of micro, small and medium enterprises credit evaluation.

Fourth, in view of the micro, small and medium enterprises financing, play the role of government funds. Suggestions to set up regional key industries of small and medium-sized enterprise investment guarantee fund, guidance and the participation of small and medium-sized enterprise financing guarantee business to business, guangzhou recent launch of the policy of small loan guarantee insurance pilot is a good try. At the same time, the government can set up a fund, seed fund, etc., to promote collaboration with the brokerage angel investment, risk investment, PE investment, mergers and acquisitions fund to invest in micro, small and medium enterprises assets such as capital, enliven the multi-level financing system shares and bonds. In addition, suggested the government into a certain special funds, improving the system of intellectual property assessment, impawn and circulation, promote the development of financial intellectual property rights, help the market main body compliance in accordance with the law to carry out securitization of intellectual property pledge financing, patent licensing fees usufruct, patent insurance and other services.

Fifth, improve the links of industrial and commercial tax coordination work. Suggested that the government take the lead in coordination, the establishment of department of industrial and commercial registration and regional equity markets equity registers docking mechanism, improve the four board market equity stake in custody and the transfer of equity registers functions; In addition, for the enterprises listed on the new three board, in the process of shareholding system reform, the equity part of value-added tax collects pay link, suggested coordination again when the tax department under the state council according to its actual cash to collects pay policy.