Liu Jipeng: The rise of a great country must be in capital finance. Without capital finance, there is no pricing power
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Topic: Sina Finance 2023 Annual Meeting and 16th Golden Kirin Forum

  新浪财经2023医药与资本论坛12月21日(周四)北京隆重召开,谭勇、李玲、moment information website刘国恩、俞熔、钟勇、Anny Liu、刘纪鹏、马雪娇、moment information website尹烨、蔡磊、劳志明、林Garden, Zhu Guoguang, Luo Jiarong and other big coffees gathered together to talk about high -quality development and investment opportunities in the pharmaceutical industry.

  Liu Jipeng, dean of the Capital and Finance Research Institute of China University of Political Science and Law, delivered a keynote speech entitled "The Rise of the Rise and Capital Finance". He said that the gap between the rich and the poor in the stock market was the most obvious.For the common prosperity, big shareholders should be able to take small and medium shareholders to do a good job of listed companies.200 million shareholders and 600 million citizens, if they put up their property effects, this is undoubtedly a good thing for our country's macro strategy.

  Liu Jipeng also pointed out that today's capital market is in a difficult period, and calls on the government to come up with the courage to save the city. The rise of the great power must be in the battle. Without capital finance, there is no pricing power.Due to the option futures in capital finance, the products bought and sold in the manufacturing country and the prices of selling products.Therefore, the rise of the great power requires dual chain. One is the industrial chain of high -tech representatives, and the other is the value chain of the capital market representative. The two chains can achieve the Chinese dream.

  The following is the lecture record:

  Liu Jipeng: Good afternoon.Today this sector is a pharmaceutical and basic market. I want to set my speech as the problem of transformation in the capital market, how to transform from a financing market to an investment market.In fact, we have also talked about this topic for many years, 33 years of stock markets, and 45 years of Chinese reform. In a field, we are the most distinctive in the difference between the differences between the rich and the poor, that is, the stock market.In this market, the financing party, especially the major shareholders, can not be listed regardless of the bear market or bull market.Because the door is always seven or eight hundred.

  However, this situation has changed recently. More than 400 companies have terminated listing.Therefore, from the perspective of this market, most of the 200 million shareholders have no wealth effect, so most of them lose money.Therefore, this is a market with a big difference in the rich and the poor.However, this topic has not attracted close attention from leadership. Especially today, when the financial work conference emphasizes the two characteristics of the people's people and politics, it should also make the common prosperity in this market.Large shareholders should be able to bring small and medium shareholders to make a good listed company and use the money given by shareholders, not just paying attention to their own reduction of holdings.

  Therefore, in the market, the first topic is also to express. The capital market should be a pioneer of common prosperity, and it is necessary to make an example in reflecting the people's people.Therefore, the 200 million shareholders and 600 million founders in this place are undoubtedly a good thing for our country's macro strategy.

  Of course, this market has been 16 years old, wandering around three thousand points, wandering up and down.According to incomplete statistics, it has been 54 times, which is also rare in the world. It seems that it has not seen such a market, and it has been hovering for 16 years.What is the symptom?So I was also thinking that the stock market in 16 years, in 2007, was the first reform of equity separation. From the reduction of market prices to the reform reform, I completed a macro transformation.National conditions have taken out the road of financial development with Chinese characteristics.So we won.

  Of course, because tactics are generally adopted in tactics, three grades, ten free three, and ten free three in terms of consideration reform, the interests of time are not reflected at the same time, but the major shareholders, the non -circulating body becomes circulating, it takes three years to three years laterIt is the policy of the famous lock 1 climbing two that year. It flows 10%in 24 months, and it can only flow out in 36 months.So in this context, the stock market fell back in 2008 and 2009, reaching more than 1,600 points.In the future, it was 2015. Because it was hovering at 3000 points for a long time, the regulatory authorities were also anxious from top to bottom. It proposed the idea of the state stream, so the stock market exceeded more than 5,100 points.But then a stock market disaster.To this day, it has been eight years, and it is still at 3000 points.Of course, it is still good today. The stock market has become popular, and it has reached more than 2910 points.

  But what is the reason for this phenomenon?It is worth analysis.Some people say that it is a macro reason, some say it is the cause of the cycle, and some people say that the reason is too little.We talk about macro reasons. Perhaps private enterprises may have some concerns on the issue of capital, but the whole 16 years has gone through a complete economic cycle. What era is it in 2007?It is a crisis in the United States, the financial tsunami around the world, and China is known as an oasis in the desert and the beacon in the dark, and is the engine of the world.Four trillion stretch.But at that time we wandered at 3000 points.So this also illustrates that we have to find a reason for the construction of the micro -system.

  Therefore, in this sense, on the one hand, it is necessary to respect capital and revitalize the stock market. This is the best choice to reverse the current economic downturn.That is, the rising one thousand points can bring 25 trillion wealth.Yesterday, there was a material. Yesterday's stock market had reached 76 trillion, and the market value was too low.This is not commensurate with the status of the great country.Therefore, how to make the stock market is not just an increase in wealth. It is important to boost the confidence of the Chinese people, drive consumption, and drive investment. This is a package plan.

  Looking at the United States since 2007, the crisis is because the stock market does not fall, so it has come out again today.Judging from the second point, our stock market lacks two things. Why is the stock market like this now?Since it is not a macro, it is not a problem of less cycles and funds, so what is the reason?One is the lack of capital supply, and then the lack of institutional supply.The so -called capital supply, the current stock market is nearly 5,400, MR is 2.91 trillion, residents' savings, urban and rural residents savings of 113 trillion, and more than 300 trillion yuan in money.Many.However, in the entire currency investment, there are more currencies in short -term, fewer currencies used for investment for a long time, and less capital.The strict investment of currency is equal to the basis of basic currencies plus currency multiplication. By last year, the currency multiplication has reached eight times. After the loan, the consumption must be converted into deposits.

  The deposit of the next stage becomes a loan and deposit. This process has been repeatedly eight times, and there are more regular savings in MR.So in this case, how to increase long -term capital supply?In the current situation, the short -term currency capital of capital and currency needs to be transformed in the current situation.

  Of course, in the final analysis, how can the current market get up?Specimen and cure.For example, a patient has a high fever, and he has to press the ice cubes first, reduce the temperature and find the cause.What is this process?Do you need to save the market?If you don't save the market, when will it come naturally, when can it come?This is what everyone is concerned about, where is the bottom.

  So my attitude is very distinctive, that is, I should save the market.China's current point, more than 2,900 points, P / E ratio, President Zhong also talked about this problem. Shanghai is only 112 times.Value depression.Everyone looks at the house. Now about 67%of the wealth is a house. If the house stays at the beginning of the reform and opening up, what is the situation?What is the situation now?

  Therefore, the next way of relay should be the stock market. China has also reached this condition.So in this sense, since the city is rescued, it should be decisive like the Bank of Japan. Their central banks have basically rescued for more than 20 years.All commercial banks hold stocks of the real economy, as well as ETFs, and last year, it also worked.In this case, rescue is not a family, 30 billion, 500 million such rescue, should be a big fanfare, that is, it is necessary to put all flowers into the city, including social security funds, including insurance funds, and should be put together.Give 5%of courage.If 80 trillion 5%are, this is a kind of spirit.From the current point of view, the major developed countries around the world have passed the difficulties of the stock market, which are basically very successful, and ChinaThere is no shortage of money, the main lack of confidence is driven.I think the country is necessary.In this market, the government needs the courage.

  Therefore, in this sense, this is the capital supply I talked about.The second talk about the supply of the system, and I have always talked about the supply of the system. It may be related to a unique essence today.A independent problem, more than 5,300 listed companies, more than 1,000 are state -owned, 3,900 are private. There are many listed companies with a large number of couples and brothers. The average shareholders are more than 5 billion.From the stock of five or six cents, I did an investment bank. I knew that they had undergone a third-level magnification, asset evaluation, premium issuance, and the listing method.P / E ratio, in this case, such a high shareholding ratio, then do you say who will not reduce your holdings?

  Therefore, the reduction of the shareholders of the listed company's major shareholders surpasses the momentum that the listed company must do well.Because reducing holdings is the distribution of stock wealth, other shareholders accept stocks at high prices, while listed companies do well as large shareholders with small and medium shareholders.So be sure to guide this.Of course, in this process, since 2012, the GEM opened in 2009. After three years, the amount of social reduction in the annual social reduction, the amount of outflowing out of the stock market is greater than the amount of IPO inflow, has been more than ten years in a row.

  Therefore, in this sense, a unique thing is a unique thing in the Chinese stock market, and it is also what we should pay attention to.Of course, in the context of a unique stream, there is a problem with the governance structure of the board of directors, because now its mission is to restrict professional managers and protect all shareholders in the context of high equity., To launch the fundamental purpose of independent directors.But in China, China is a unique place, so it has changed from protecting all shareholders to a major shareholder who restricts a unique shareholder. Because the major shareholders are also operating in the front desk, can independent directors restrict the people who hire him?IntersectionBecause the board of directors hired independent directors, the board of directors was the major shareholder holding.So this is a paradox.The governance structure of listed companies is not good. How can I do it?

  Of course, I also want to mention it here that it is necessary to treat both the symptoms.I said earlier to rescue the market. In fact, in 2007, the United States rescued the United States in 2007. Also the US government also adopted a place that is different from their market standards, and they also went to rescue the market.The U.S. Treasury's buying is universal.It always accounts for 80%of Citi.

  Therefore, in the context of today's stock market, you want to see it fast, four or two pounds.There are almost no China in the world's stock companies, and they are unique.Therefore, in this context, the capital market is to cultivate modern enterprises, not to cultivate second -generation family enterprises.Of course, I also want to mention that there are other ways, but my point of view is no longer expressing the time relationship. In short, today’s capital market is in a difficult period.Capital finance must be played, without capital finance, there is no pricing power.Due to the option futures in capital finance, the products bought and sold in the manufacturing country and the prices of selling products.Therefore, the rise of the great power requires dual chain. One is the industrial chain of high -tech representatives, and the other is the value chain of the capital market representative. Only the two chains can realize the Chinese dream. Thank you!