完善多层次资本市场服务体系 加力支持民营企业发展

Core Points - The "Private Economy Promotion Law" will take effect on May 20, 2025, focusing on addressing the financing difficulties and high costs faced by private enterprises [1] - The A-share market has seen 38 new listings this year, with 33 being private enterprises, accounting for 86.84% [1][2] - Private enterprises issued 312 bonds in the exchange bond market this year, with a total issuance amount of 104.336 billion yuan, a year-on-year increase of 23.46% [1][4] Group 1: Capital Market Support - The capital market serves as a crucial platform for the growth of private enterprises, with nearly two-thirds of A-share listed companies being private [2] - The introduction of the "Merger and Acquisition Six Guidelines" has led to significant mergers and acquisitions in the private sector, exemplified by the approval of a major new energy vehicle acquisition project [2][3] - The overall R&D intensity of private listed companies is 4.19%, significantly higher than the market average, indicating strong innovation vitality [3] Group 2: Bond Financing - The bond market is expanding to support private enterprises, with measures such as the introduction of a "Technology Board" and risk-sharing tools for technology innovation bonds [4] - The enthusiasm for bond issuance among private enterprises is rising due to declining interest rates and supportive measures from regulatory bodies [4][5] - The first batch of 36 technology innovation bonds has announced an issuance scale of 21 billion yuan, with private enterprises accounting for 6.3 billion yuan [4] Group 3: Institutional Mechanisms - The "Private Economy Promotion Law" aims to enhance the financing environment for private enterprises by establishing a multi-level capital market system [6] - Regulatory bodies are expected to introduce more policies to support private enterprises, focusing on improving market inclusivity and transparency [6][7] - Continuous engagement with private enterprises by regulatory authorities is anticipated to boost confidence and drive development [7]