Securities Daily: Small Businesses Meet the Opportunity of Development

Securities Daily: Small Businesses Meet the Opportunity of Development
Small enterprises welcome the opportunity of development. In the near future, the General 成都桑拿网 Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the “Guiding Opinions on Promoting the Healthy Development of Small and Medium-sized Enterprises.”The Opinions put forward specific requirements in terms of establishing a good development environment, cracking the problem of difficult financing and financing, perfecting fiscal and tax support policies, and improving innovation and development capabilities.  SMEs are a vital force for national economic and social development. They are an important force for expanding employment, improving people’s livelihood, and promoting entrepreneurship and innovation. They play an important role in stabilizing growth, promoting reform, adjusting the structure, benefiting people’s livelihood, and preventing risks.Absolutely, the government has issued a series of policies and measures for the development of SMEs, and has achieved positive results.However, it is undeniable that, as a result of changes in the international and domestic market environment, SMEs are facing rising production costs, difficult financing and expensive financing, and insufficient development of innovation capabilities, which must be paid much attention.  The Opinions issued for the first time pointed out the way for the development of small and medium-sized enterprises, and at the same time allowed them to eat the “Dingxin Wan”.  To help the development of small and medium-sized enterprises, the capital market is promising.Ongoing, the “Opinions” put forward specific supplements: support the use of capital markets for direct financing.Accelerate the progress of SMEs’ initial listing. Major industries are prominent, and standardized operation of SMEs will facilitate listing.We will deepen reforms in issuance, trading, and information disclosure, and support SMEs in listing and financing on the New Third Board.Promote the piloting of innovative and startup company bonds, and improve the mechanism for converting innovative and entrepreneurial convertible bonds into shares.Research allows listed companies to issue convertible corporate bonds.The inverse linkage system between the initial venture capital fund share reduction ratio and the investment period encourages support for early innovation and entrepreneurship.Specialized funds such as local intellectual property operation funds are encouraged to serve the innovative development of SMEs.For enterprises with stock pledge risk, they should study and formulate relevant transitional mechanisms in accordance with the principles of marketization and rule of law, and take preventive and mitigation measures according to the specific conditions of the enterprise.  Of course, as a railway connecting capital with physical enterprises, the capital market is also very powerful and is gradually becoming the main battlefield for the development of small and medium-sized enterprises.  We have seen that, quantitatively, the CSRC has deepened reforms to strengthen the financial services real economy capability, increased the proportion of direct financing, and constantly improved the multi-level capital market system to provide equity financing channels for small and medium-sized enterprises of different types and stages.  The NEEQ also launched a series of reforms and gradually introduced an authorized issuance system to improve the efficiency of small issuance decisions; clear listed companies purchase land for production and operation, and the behavior of houses is no longer managed according to major asset reorganizations to further reduce the number of listed companiesInformation disclosure burden, etc.  The bond market has also played an important role in the development of small and medium-sized enterprises. The scale, the method of issuing bonds has been continuously enriched, and the variety is more diverse, especially the launch of products such as innovative and entrepreneurial bonds, green corporate bonds, exchangeable bonds and renewable bonds.Provide more convenient and efficient financing channels for technological innovation enterprises.  The state strongly supports that small and medium-sized enterprises welcome Ganlin and are once again ushering in a good time for development.