多措并举提高上市公司质量 促进资本市场投融资功能协调

Group 1 - The core viewpoint emphasizes the importance of improving the quality of listed companies as a key factor in enhancing the coordination of investment and financing functions in the capital market [1][3] - High-quality listed companies are essential for the capital market's healthy development, serving as a "hub" that connects investment and financing, thereby directly influencing resource allocation efficiency and investor confidence [3][4] - The China Securities Regulatory Commission (CSRC) plans to focus on optimizing corporate governance, enhancing shareholder returns, improving operational efficiency, and standardizing information disclosure to systematically promote the quality of listed companies [2][5] Group 2 - The new "National Nine Articles" has led to a series of reforms aimed at improving the value creation ability of listed companies, with significant achievements in cash dividends and market activity [4][5] - By 2025, cash dividends from A-share listed companies are projected to reach 2.55 trillion yuan, marking a historical high and indicating a substantial increase in investor returns [4] - The CSRC aims to enhance the value creation capabilities of listed companies through measures such as deepening merger and acquisition reforms, strengthening internal governance, and promoting sustainable shareholder returns [5][6] Group 3 - The CSRC has implemented the revised "Corporate Governance Code" as of January 1, which aims to improve the governance standards of listed companies [6] - Future efforts will focus on enhancing the role of listed companies in modern industrial systems, improving governance levels, and encouraging institutional investors to engage in active shareholder practices [6][7] - The emphasis on "three transformations"—governance modernization, sustainable returns, and regularized delisting—will drive a balance in investment and financing dynamics, transitioning the capital market from "scale expansion" to "quality improvement" [5][6]