证监会最新发声 事关“十五五”资本市场投融资改革

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of the "14th Five-Year Plan" period for advancing capital market reforms, focusing on risk prevention, strong regulation, and promoting high-quality development [1] Group 1: Capital Market Development - The CSRC aims to enhance the institutional environment for long-term investments, increasing the scale of market entry for various long-term funds and enriching products and risk management tools suitable for long-term investment [2][14] - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year [2][8] - The CSRC is committed to deepening reforms in the Science and Technology Innovation Board (STAR Market) and the Growth Enterprise Market (GEM), as well as reforming refinancing processes [2][8] Group 2: Investor Protection and Market Integrity - Protecting the legitimate rights and interests of small and medium-sized investors is a top priority in promoting coordinated investment and financing functions [4][12] - The CSRC has taken measures to maintain market fairness, responding promptly to investor concerns and cracking down on various illegal activities, including financial fraud [10][12] Group 3: Corporate Value Enhancement - The CSRC is focused on encouraging listed companies to enhance their value creation capabilities, emphasizing the importance of cash dividends and supporting companies in improving their operations [9][15] - Last year, cash dividends from A-share listed companies reached a record high of 2.55 trillion yuan, double the scale of IPOs and refinancing during the same period [9] Group 4: Regulatory and Institutional Reforms - The CSRC plans to continuously deepen comprehensive reforms in investment and financing, improving the adaptability and inclusiveness of the system to better promote qualitative and quantitative growth in the capital market [14][15] - The CSRC aims to strengthen the regulatory framework, enhance investor education and protection, and ensure strict enforcement against severe violations [15]