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with the release of the new "nine national regulations", china's capital market is standing at a new historical starting point. since the beginning of this year, regulators have successively released strong reform messages on market value management, dividend policies, ipo and reduction rules. what are the characteristics of this round of capital market reform? what directions are anchored?

on september 12, the "finding the power of upward" china capital market closed-door seminar (beijing station) was held. the seminar was hosted by meike.com, co-hosted by applause media, undertaken by dongfang capital, and supported by meike think tank and meike brand value research institute.

at the seminar, wu xiaoqiao, dean of the national institute of finance at renmin university of china, pointed out that retaining confidence, retaining capital, and retaining entrepreneurs are the focus of reform, and the upward force of the capital market comes from perfect rule of law and continuous reform and opening up.

for listed companies, feng biao, founder and chairman of orient capital, said that in uncertain times, only by adhering to long-termism and being unconventional while keeping to the right path can they build strong core competitiveness, gain recognition from investors, and attract strategic capital and long-term capital to accompany the company across the cycle.

wu xiaoqiu, dean of the national institute of finance at renmin university of china

boost confidence, stabilize expectations, adhere to improving the rule of law, and promote reform and opening up

the capital market is often likened to a barometer of the economy, but it also reflects society's expectations and confidence.

in the face of the challenges facing china's capital market, wu xiaoqiu stressed that the key to solving the problem lies in enhancing confidence, stabilizing expectations, and attracting and retaining capital and entrepreneurs through reform. "capital puts safety first," wu xiaoqiu said. "from the perspective of the macro environment, i think the improvement of the rule of law and the continuous promotion of reform and opening up are the most important endogenous forces for the upward development of our capital market."

wu xiaoqiu said that there is a basic rule in finance that the opposite of a risk market is a risk-return ratio. if a risk market does not have a risk-return ratio, it will become a speculative market. the capital market is a high-risk market that has higher requirements for returns.

wu xiaoqiu specifically mentioned the ipo reform. he said that strict laws and severe punishments are the cornerstone of the registration system, and that particularly strict legal provisions must be made for companies that do not meet the conditions and fraudulently go public. "ipo reform is imperative, and the improvement of the registration system is imperative. among them, strict laws and severe punishments are strict punishments for those who violate the rules and laws. the cost of strict laws and severe punishments cannot be borne by small and medium-sized investors."

feng biao said that from historical experience, the rise of a great power is inseparable from great power finance, and a healthy and mature capital market is the core element of great power finance. a healthy and mature capital market is an open and inclusive market with reasonable rules and orderly entry and exit. it is also a market where resources can be fully and reasonably allocated, and it is also a market that can effectively protect the rights and interests of investors and create returns for investors.

feng biao emphasized that the development and maturity of china's capital market is not a one-day job, but a long-term, systematic project. "for our capital market to develop in a long-term, healthy and stable manner, it is necessary to create new value, form new cash flow, and maintain growth. it is necessary to establish an organic ecology with rich levels, perfect mechanisms, and a virtuous cycle."

"as long as we persist in reform and opening up, adhere to the path of market economy with chinese characteristics, continue to improve the rule of law, and learn some valuable experiences from developed capital market countries, i don't believe that the chinese capital market will not do well," said wu xiaoqiao.

feng biao, founder and chairman of orient capital

keeping integrity and innovating, the ultimate goal of market value management is to empower enterprises

since the beginning of this year, regulatory authorities have significantly increased their attention to market value management, and more and more listed companies have begun to pay attention to and strengthen market value management.

feng biao said that for a long time, pseudo-market value management has been frequent and market value management has been severely stigmatized in china's capital market. he emphasized that the ultimate goal of market value management is to empower enterprises, help industries, and pursue dreams for capital. "at a time when a-share listed companies are actively conducting market value management, the goal of market value management is not only to tap into its intrinsic value and maintain market value, but also to prove to the listed companies themselves that creating wealth for shareholders and taking responsibility for society are the responsibilities and missions of listed companies."

wu xiaoqiu proposed three important aspects in the research of market value management. first, the design of capital structure. the optimization of capital structure is very important for listed companies. second, the core of market value management is which factors determine the price of the company, that is, studying the relationship between different variables in the pricing function brackets, which requires a large amount of data to verify. third, studying the role of innovation in pricing, including technological innovation and organizational innovation.

feng biao also emphasized the importance of innovation in market value management of listed companies. feng biao said that in uncertain times, only by adhering to long-termism and being true to one's principles and doing something extraordinary can a company build strong core competitiveness, gain recognition from investors, and attract strategic and long-term capital to accompany the company through the cycle.

"only by creating value can market value grow, and only by practicing internal skills can you be fearless of wind and rain." feng biao believes that in the competition in the capital market, we should follow the law of natural selection and achieve long-term growth of enterprises through innovation and adaptation to changes, while optimizing shareholder structure and strengthening market value management to achieve a win-win situation for enterprises and capital.

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