Caixin
Sep 29, 2020 12:20 PM

社论 | 如何实现“建制度、不干预、零容忍” Editorial: How to Tame China’s Wild ChiNext Board (Bilingual)

Securities regulators should have zero tolerance for rule and law breakers, but should otherwise resist their interventionist tendencies.
Securities regulators should have zero tolerance for rule and law breakers, but should otherwise resist their interventionist tendencies.

创业板注册制改革刚刚满月,一股“炒小炒差‘歪风’”引发监管层关注、喊话乃至介入(参见本刊2020年第37期《创业板强降温》)。对于资本市场上一些违法违规乱象,证券监管部门出手,系其职责所在,不过,对个别具体监管措施,市场上也存在争议,认为“手伸得过长”。在此形势下,“建制度、不干预、零容忍”九字方针对资本市场的发展与改革具有特殊的指引作用,对于方兴未艾的创业板来说更是如此。

The reform of the registration system of the ChiNext board has been going on for one month, and the unhealthy trend of speculating on small and badly performing stocks has drawn the attention of the securities regulators, which for their part have done their duty when it comes to legal violations in the capital market.

However, the market is also divided over individual regulatory measures, believing that they go too far. In this situation, the overarching plan of “system-building, nonintervention and zero tolerance” plays a guiding role in the development and reform of the capital market, especially for the ascendant ChiNext.

30年来,中国资本市场曲折发展。近年来,决策层汲取过去的经验教训,确立了市场化、法治化、国际化的资本市场改革方向,强化信息披露与合规监管,完善退市制度,特别是在科创板和创业板相继引入注册制,为中小板和主板注册制改革奠定了基础。不过,各项改革或刚刚起步,或有待深化,或有待啃“硬骨头”,人们的认识也较为纷乱。今年6月18日,国务院副总理刘鹤在陆家嘴论坛上提出,坚持“建制度、不干预、零容忍”,加快发展资本市场;8月24日,他又在创业板改革并试点注册制首批企业上市仪式上强调九字方针。证券监管部门也多次表态将认真落实这一要求。

Over the past 30 years, the development of China’s capital market has taken many twists and turns. In recent years, policymakers have learned from past experience and established a market-oriented, legalized and internationalized direction for capital market reform, strengthened information disclosure and compliance supervision, and improved the delisting system, especially on the ChiNext and STAR Market boards, laying the foundation for reforming the main boards and those for small and midsize companies, where companies need the complicated approval from China Securities Regulatory Commission (CSRC), the national regulatory body, to list on the stock market.

However, various reforms have just started, or need to be deepened, or need to bite down on the “hard bones.” People’s understanding of them is also rather chaotic. On June 18, Liu He, the vice premier of the State Council, China’ cabinet, said at the Lujiazui Forum that China should follow the policy of system-building, nonintervention and zero tolerance to accelerate the development of the capital market. At a listing ceremony for approved enterprises on Aug. 24, he again emphasized this policy. Securities regulators have also repeatedly said they will implement it.

理解“建制度、不干预、零容忍”,重点有建什么制度、如何建?不干预是针对哪些乱干预而言?零容忍的对象又是什么?在中国资本市场上,信息披露、发行、退市等基本制度虽有待完善,但总体框架已经建立,当前,主要应解决有制度而不执行的问题。在干预问题上,凡是被实践证明为乱干预的举措,都在根本上违反了市场化、法治化原则。监管者要避免“父爱主义”,真正做到依法依规监管,不“缺位”也不“越位”,相信看不见的手,管住闲不住的手。对于所有违法违规行为均应坚持零容忍,大幅提高对财务造假等违法违规行为的打击力度应是当前重点。在创业板,由于其功能定位和上市公司的特质,炒小炒差至少在目前容易发生,监管层出手应严格遵守法律法规,把握好违法与合法的界限。

To understand this policy, what kind of system should we focus on and how should we build it? What kinds of random intervention should be prevented? What is the object of zero tolerance?

The Chinese capital market already has an overall framework, although basic systems such as information disclosure, issuance and delisting need to be improved. The main problem lies in the implementation.

On the issue of intervention, all measures proven in practice to be random intervention fundamentally violate market principles and the rule of law. Regulators should avoid taking a paternalistic approach and conduct real supervision in accordance with laws and regulations, neither deserting nor exceeding their mandates. We must believe in the market’s invisible hand and tame our instinct to interfere.

Additionally, we should currently focus on having zero tolerance for all violations of laws and regulations, and ramping up the crackdown on financial fraud. Due to the ChiNext board’s functional position and the characteristics of listed companies, speculation on small or badly performing stocks is likely to continue, at least for now. The regulator should strictly abide by laws and regulations and grasp the boundary between what is and is not legally permissible.

应该看到,九字方针是统一的、有机联系的整体,三项内容彼此配合、彼此促进。有些论者对“不干预”与“零容忍”的界限心存疑惑。证监会负责人表示,“不干预”不等于放任自流,要坚持敬畏法治,依法依规办事,重视预期管理,这与日常监管并不矛盾。这一论述言之成理,关键是“日常监管”的内涵是什么,在此问题上,须格外注意对股市涨跌保持定力。

It should be noted that the aforementioned policy is a unified and organically connected whole with three mutually complimentary parts. Some commentators have doubts about the boundary between nonintervention and zero tolerance. But the head of the CSRC has said that nonintervention does not mean giving the board a completely free rein. We must respect the rule of law, act in accordance with regulations, and focus on predictable management. This does not contradict daily regulation, but requires us to define what constitutes daily regulation. On this, we must pay special attention to maintaining detachment toward the ups and downs of the stock index.

在九字方针中,“建制度”是基础。目前,创业板的交易制度成为热议的话题。有市场人士建言,尽快恢复“T+0”制度,取消涨跌停限制。我们认为,这一目标即使不能立刻实现,也应成为不懈努力的方向。A股市场现行的“T+1”、涨跌停板制度,其设计初衷是减少炒作、防止股票暴涨暴跌,但是,实际操作中往往适得其反,“T+1”交易限制很容易被机构、大户突破,涨跌停板制度往往成为最低成本的“韭菜收割机”,这在当前的中小股炒作中尤为突出。尽快恢复“T+0”制度,正可增强交易便利性、市场流动性和市场活跃度。

Building a system is the foundation of this policy. At present, the trading system of ChiNext is a hot topic. Some market participants hold that the “T+0” system should be restored as soon as possible and limits on price fluctuations should be lifted. We believe that we should unremittingly strive toward this goal, even if it cannot be achieved immediately.

The A-share market’s current “T+1” system and price limits were originally designed to reduce speculation and prevent stock prices from rising and falling sharply. But in practice, they are often counterproductive. “T+1” trading restrictions are easily broken by institutions and large investors. The price limit system often becomes the lowest-cost way for large investors to vacuum up smaller ones, a particularly prominent trend in the current speculation. Restoring the “T+0” system would enhance transaction convenience, market liquidity and market activity.

当然,由于中国股市以散户为主体的投资者结构,与境外成熟市场相比,A股市场的公平性存在缺陷。先进的电子交易制度看似公平、高效,但是,由于散户与机构投资者天然存在资金、信息等不平等,现有交易方式会放大信息不平等,便利资金充裕者对散户的掠夺。这一格局改变起来不容易,改善A股市场的投资者结构需要一个长期过程。不过,倘若一味盯住投资者结构,则未免胶柱鼓瑟,看不到边际改善的希望。完善和执行信息披露、发行、退市等基本制度,打击违规违法行为,均可为“T+0”的推出起到铺路搭桥作用。一个法治化的市场环境才能鼓励中长期资金开展价值投资。

Of course, because retail investors dominate the Chinese stock market, the fairness of the A-share market is flawed compared with mature overseas exchanges. The progressive electronic trading system seems fair and efficient, but because institutional investors have better funds and information than retail investors, existing trading methods will simply amplify inequality and allow those with enough capital to plunder smaller players.

This pattern is not easy to change, and improving the investor structure of the A-share market is a long-term endeavor. However, blindly focusing on the investor structure will prevent us from seeing hope of marginal improvements. Improving and implementing basic systems like information disclosure, issuance, and delisting, as well as cracking down on legal and regulatory violations, can pave the way for the launch of “T+0.” Only a laws-based market environment can encourage medium and long-term capital to develop value investments.

只要符合资本市场的法定规则,投资者的交易行为就不应被干预。证券监管部门须公平对待每一类投资者,必须接受正常的股价波动,特别要对散户的盈亏保持定力,否则,一些投资者存在的“巨婴症”就难以治愈。“卖者有责,买者自负”的投资者教育也需要在真金白银的市场搏杀中逐渐完成。只有投资者切身感受到市场的风险与机会后,其投资行为才会趋于理性,监管喊话、动辄暂停合规交易终非长久之计。

As long as investors trade according to the rules of the capital market, we should not interfere in their behavior. Securities regulators must treat each type of investor fairly and accept normal stock price fluctuations. In particular, retail investors must accept losses, as well as profits, or we will struggle to cure the “giant baby syndrome” of some of them.

We also need to gradually complete the investor’s mantra that “buyers bear the seller’s responsibility” in the actual market. Only after investors feel the risks and opportunities in the market will they make more rational decisions. Warnings from spokespersons or official organs and suspending transactions are not long-term solutions.

零容忍自有“红线”,这就是内幕交易、虚假申报、财务造假、欺诈发行等违法违规行为。对此,监管者不能手软,必须予以严惩,且对于花样翻新的“擦边球”行为要及时调整规则。

Zero tolerance has its own “red line,” namely insider trading, false declarations, financial fraud, fraudulent issuances and other legal violations. Regulators must severely punish such actions and move to adjust the rules when tricksters try to skirt them.

尽管存在种种不足,中国股市已对资本要素的配置发挥着枢纽的作用,目前又在按照高水平对外开放的原则,加速国际化进程。创业板的开通为成长型创新创业企业,尤其是中小科技企业满足融资需求、完善公司治理提供了舞台。万事开头难。按照“建制度、不干预、零容忍”的九字方针,推动信息充分披露,全面净化市场生态,建设诚信守法资本市场,创业板才能行稳致远。

Despite various shortcomings, China’s stock market has played a pivotal role in the allocation of capital and productive elements and is now accelerating the process of internationalization in accordance with the principle of high-level opening up. The opening of the ChiNext market sets the stage for growth-oriented, innovative, entrepreneurial companies — especially small and midsize technology firms — to finance their needs and improve corporate governance.

Beginnings are always hard. In accordance with the policy of system-building, nonintervention, and zero tolerance, we must promote full information disclosure, comprehensively purify the market ecology, and build an honest, law-abiding capital market. Only then can ChiNext have a stable and far-reaching impact.

The Chinese version of this article was published in Caixin Weekly on Sept. 28, 2020, and is only available for Caixin Global’s app users. To unlock more bilingual articles, download the Caixin app.

如果你对中英文报道感兴趣,欢迎订阅财新双语通。

If you are interested in our bilingual articles, subscribe to the English & Chinese Combo Pack.

Share this article
Open WeChat and scan the QR code