To Curb Excessive Financing Of Listed Companies Needs To Face Squarely.

Although buying financial products is a matter for listed companies to decide independently.

However, from the perspective of refinancing, we should limit the refinancing of such companies, and stipulate explicitly that listed companies should not raise funds for investment and financing (except investment listed companies).

On this issue, it is necessary for the securities and Futures Commission to issue the "end of 2012"

Regulation guideline No. second -- regulatory requirements for the management and use of funds raised by listed companies "should be perfected to block the way to raise funds and invest in financial management.

In the last press conference held before the Spring Festival, Zhang Xiaojun, spokesman of the securities and Futures Commission, made it clear that the excessive financing of listed companies should be suppressed.

Zhang Xiaojun said, the next step, the SFC will take measures to limit the frequent financing of listed companies or the excessive amount of single financing.

To curb excessive financing behavior of listed companies, we need to face squarely.

Data show that the refinancing amount of listed companies reached 1 trillion and 490 billion yuan in 2016, which is more than 10 times of the initial financing amount of IPO 138 billion 100 million yuan.

While the huge refinancing of listed companies at the same time, listed companies will invest huge sums of money in investment matters such as financial products.

Statistics show that in 2016, a total of 767 listed companies purchased financial products, amounting to 762 billion 876 million yuan, accounting for more than 50% of the refinancing amount of Listed Companies in the same year. The necessity of refinancing of listed companies was questioned by the market.

In particular, some listed companies, the front foot to implement refinancing, the back foot to buy financial products.

While some listed companies on the one hand, a large number of funds idle or invest in financing, on the other hand, they are refinancing.

If there is a company.

In 2015, the implementation of private placement financing nearly 5 billion yuan, and in 2016 the amount of money used to purchase financial products exceeded 20 billion yuan.

The company's financing has become a typical behavior of money collection.

Against this background, the SFC's sword fingers

Refinancing is clearly targeted.

However, how to curb excessive financing behavior of listed companies is worth discussing.

Zhang Xiaojun said that the SFC will take measures to limit the frequent financing of listed companies or the excessive amount of single financing.

This is, of course, very necessary.

On this basis, I think it is necessary to check the rationality of the refinancing of listed companies. For the unreasonable refinancing of listed companies, even if the amount of single financing is not "too big" or "too big", we should also close the door of refinancing.

For example, in 2016, a total of 767 listed companies invested 762 billion 876 million yuan to buy financial products, and management should clearly limit the refinancing of these companies.

The rationality of such companies' refinancing is questionable.

Because such companies will spend a lot of money on buying financial products, which shows that these companies are not short of money. On the other hand, they also say that these companies are not working properly, and that such companies use funds to buy financial products. This is obviously a "departure from reality" and is contrary to the policies of the state.

Therefore, the Refinancing Behavior of such companies should be limited, and companies that purchase financial products are strictly prohibited from refinancing.

If such companies are allowed to refinance, this is encouraging the listed companies to collect money.

This is actually the optimization of stock market.

The function is contrary.

Of course, to further curb overfinancing behavior of listed companies, it is more important to regulate the Refinancing Behavior of listed companies from the perspective of system.

Due to the lack of necessary threshold setting, the current private placement system has become a sharp weapon for listed companies to draw money, and it is also the culprit leading to over financing of listed companies.

Therefore, to curb excessive financing behavior of listed companies, we must improve the system of private placement.

For example, we must strictly control the private placement of listed companies.

Private placement is limited to mergers and acquisitions of listed companies, that is, the acquisition of assets by means of issuing shares.

And the cash payment will be carried out through rights issue or public issuance.

And through the public issuance of financing, we must give priority to the needs of the old shareholders of the company, and earnestly protect the interests of the old shareholders.

Moreover, the cash control of listed companies must be subject to total amount control, which stipulates that the amount of financing of listed companies must not exceed two times the total dividends paid by Listed Companies in the past three years, and the listed companies will give investors two times the total cash dividends since they have not exceeded the previous financing.

As a result, the over financing behavior of listed companies is hard to happen, and it is even more impossible to make a lot of money to buy financial products.

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