The capital bet365 champions league is of great significance to high-quality economic development，One of the requirements for building a high-level socialist bet365 champions league economic system is to improve the functions of the capital bet365 champions league。The central financial work conference held recently clearly stated，Unswervingly follow the path of financial development with Chinese characteristics，Accelerate the construction of a modern financial system with Chinese characteristics，Continuously meet the economic and social development and the people’s growing financial needs，Continuously create a new situation in financial work in the new era。Capital bet365 champions league contributes to the formation of social capital，Stable social capital is the prerequisite for promoting the accumulation of wealth in a country。At the macro level，The capital bet365 champions league can accelerate the development of enterprises by promoting financing and investment activities，Increase the total social wealth；At the micro level，The capital bet365 champions league provides investors with opportunities to share in the appreciation of corporate value，Can promote the growth of personal wealth。Continue to promote the construction of capital bet365 champions league system，Is the prerequisite for better functioning of the hub function of the capital bet365 champions league。

　　The capital bet365 champions league system continues to improve

China’s capital bet365 champions league has developed for more than 30 years，Continuous institutional reforms continuously inject vitality into the bet365 champions league。Among them，Three major reforms，Powerfully driving the bet365 champions league forward。

Established Shanghai and Shenzhen Stock Exchanges in 1990，Is the official beginning of China’s capital bet365 champions league。Initial stage of reform and opening up，Traditional commercial bank planned financing basically occupies a decisive position in corporate financing，Until the Shanghai and Shenzhen Stock Exchanges are approved for establishment and centralized trading，marks the official opening of China’s capital bet365 champions league，Quickly inject new vitality into the financing of the whole society。Large-scale direct financing through IPO listing，Becoming a new financing option for enterprises。With the opening of the capital bet365 champions league，The society has clear property rights for state-owned enterprises、The reform of clarifying powers and responsibilities and separating government and enterprises has generated spontaneous power。It has become a new trend for investors to enter the stock bet365 champions league in order to share the dividends of economic development，The stock bet365 champions league has since become an important investment choice for residents，And strengthened investors’ attention and supervision of enterprises and economic development。At the regulatory level，With the establishment of the former State Council Securities Commission and China Securities Regulatory Commission (the two later merged) in 1992，The securities bet365 champions league management system framework with Chinese characteristics has been established。

Launched share split reform in 2005，Realized the transformation of China’s capital bet365 champions league from “semi-circulation” to “full circulation”。At the beginning of the establishment of China’s capital bet365 champions league，In order to prevent the possible loss of state-owned assets and the privatization of state-owned enterprise stocks，The designer creatively proposed the method of share splitting，That is, according to "the stock does not move，The idea of ​​“incremental circulation”，Only stocks issued by listed companies are allowed to be traded on the stock exchange，It prohibits the circulation and transfer of shares of original state-owned enterprises in the secondary bet365 champions league。Separation of shares has made important contributions in China’s transition from a planned economy to a socialist bet365 champions league economy，However，With the continuous development of the bet365 champions league，The split share structure cannot completely match the actual needs of the prosperous development of the capital bet365 champions league。To this，The China Securities Regulatory Commission officially launched the share-trading reform targeting full stock circulation，The core is to reasonably determine how the circulation costs of non-tradable shares are divided between shareholders of non-tradable shares and shareholders of tradable shares。By the end of 2006，The share split reform of most listed companies has been basically realized，The corresponding stock bet365 champions league value exceeds 98% of the total bet365 champions league value of Shanghai and Shenzhen stock markets。The share-trading reform has injected great vitality into the smooth entry of a large number of non-tradable shares into the capital bet365 champions league，Enabling price discovery for capital markets、Resource configuration、Functions such as risk management provide prerequisites。

　Registration system reform launched in 2019，Laid the foundation for China’s capital bet365 champions league to effectively support high-quality development。Since the establishment of the stock bet365 champions league，my country’s stock issuance system has successively experienced the approval system、Approval system and registration system currently being implemented。In the period of approval system，The China Securities Regulatory Commission takes the lead in formulating annual stock issuance targets for various regions or ministries，The local government or ministries will then determine the list of companies to be listed，Finally submitted to the China Securities Regulatory Commission for review。After 2001，Transition from approval system to approval system，Recommendations for companies planning to IPO adopt a more bet365 champions league-oriented approach，Recommended by a qualified securities company。However，Human and subjective tendencies in the review process、Policy uncertainty caused by frequent suspension and restart of IPOs、Frequent problems such as shell resource speculation caused by restricted listings，The approval system is obviously insufficient in promoting the high-quality development of Chinese enterprises, especially high-tech enterprises。To this，The Science and Technology Innovation Board, the first to implement a registration system in 2019, was officially launched，Shenzhen Stock Exchange GEM announces pilot registration system in 2020，The comprehensive registration system will be officially implemented in China’s A-shares on February 23, 2023。Compared to the approval system，The registration system is adjusting and relaxing the hard conditions for companies to go public、Enhanced information disclosure、Enhancing the marketization of issuance and underwriting mechanisms、Improve intermediary responsibility、On the basis of sound system，Major adjustments to the listing process，Set up two links: exchange review and China Securities Regulatory Commission registration，Companies planning to IPO must first submit an application to the exchange，Listing conditions reviewed by the exchange；Reviewed and registered by the China Securities Regulatory Commission，The focus of the review is mainly limited to compliance with national industrial policies and sector positioning。System adjustment of listing process，Powerfully promoted the bet365 champions league-oriented reform of stock issuance。

　　The direction of deepening reform of the capital bet365 champions league

To a certain extent，The full implementation of the registration system has brought China’s capital bet365 champions league to a new level。In order to better exert the capital bet365 champions league hub function，Promote the deepening and solidification of the stock issuance registration system，There is still a need for continuous reform and improvement of a series of supporting systems and environment。

First，Continue to promote the all-round improvement of China’s capital bet365 champions league system。The stock issuance system is a key system in the capital bet365 champions league，We should grasp the boundaries of IPO issuance，Control the sharing of corporate listing risks，Better implement the policy of capital bet365 champions league serving the real economy。In addition，The capital bet365 champions league also needs a full range of institutional design to ensure its efficient operation。The first is the information disclosure system。Information disclosure is the core under the registration system，Public only、Transparent、In time、Reasonable information disclosure，In order to allow investors to properly evaluate the value of different companies。The second is the delisting system。The implementation of the registration system will inevitably be accompanied by the increase in the number of IPO companies in the capital bet365 champions league，Strict delisting system is the guarantee of bet365 champions league capital liquidity。It’s the pricing underwriting system again。The registration system emphasizes the IPO pricing and screening of listed companies by investors，This requires a more bet365 champions league-oriented issuance pricing decision-making mechanism，Process inquiries in a targeted manner、Pricing、A series of issues such as placement，Avoid bet365 champions league failures similar to “institutions group together to lower prices”。Finally, the trading system。Includes price limit system、Suspension system、Margin and securities lending、“T+1” transaction、Stock trading system including odd lot trading，Not only may it directly change the stock price fluctuation、Transaction size、bet365 champions league Liquidity、Investor sentiment、bet365 champions league microstructure characteristics such as information efficiency，It is more likely to indirectly constrain listed companies，In turn affecting company decisions。

Second，Continue to expand the high-level two-way opening of China’s capital bet365 champions league，Coordinate openness and security。The modern capital bet365 champions league must be a two-way open bet365 champions league，High-level opening up not only helps guide the orderly flow of funds，More able to stimulate bet365 champions league vitality，Provide a broad platform for enterprise development and innovation。We need to guide and supervise Chinese companies’ overseas listings in a targeted manner，Organically balance the benefits and risks of overseas listing。Since the launch of Shanghai-Shenzhen-Hong Kong Stock Connect，Mainland investors have gained the opportunity to directly invest in high-quality overseas stocks，The mainland stock bet365 champions league has attracted more internationally minded investment funds and increased liquidity，Making the stock bet365 champions league pricing efficiency significantly improved，It is necessary to further expand Shanghai-Shenzhen-Hong Kong Stock Connect in the future、Shanghai-London Stock Connect、Scope of GDR and other targets，Gradually expand to more mature overseas markets。In the creation and interoperability of cross-border financial products，On the one hand，You can consider opening financial derivatives such as stock index futures targeting China’s capital bet365 champions league，Reasonable use of international funds to improve price discovery capabilities in China’s stock bet365 champions league；On the other hand，The scope and scale of cross-border ETF interoperability can be further expanded，Optional investment tools to strengthen capital markets。simultaneously，Strongly advocate the development of majors、Mature、Regulated institutional investors，Further comments on QFII、QDII and other quotas will be increased，And expand its investment options within the allowed scope。

　Third，Continue to strengthen the legal construction of the capital bet365 champions league，Comprehensive protection of investors’ legitimate rights and interests。Investors are the most important participants in the securities bet365 champions league。Currently，The number of investors in China’s capital bet365 champions league has exceeded 200 million，More than 90% of them are small and medium-sized investors holding assets with a bet365 champions league value of less than 500,000 yuan。Considering that small and medium-sized investors are often at an information disadvantage compared with listed companies and institutional investors，And lower effectiveness of professional knowledge and analytical skills，It is necessary to protect the legitimate rights and interests of investors through a complete legal system。In recent years，China’s capital bet365 champions league legal system has made breakthrough progress，The “four beams and eight pillars” of the capital bet365 champions league legal system have been basically established，Formed to cover investor suitability management、Exercise rights on holding shares、Pay in advance、Diversified dispute resolution、A comprehensive investor protection system that supports litigation and representative litigation，Constructed "Legal Protection、Regulatory Protection、Self-discipline protection、bet365 champions league Protection、Self-protection” investor protection “line of defense”，Established administrative law enforcement、Civil compensation、Accountability system for criminal liability。In the future, capital bet365 champions league construction needs to focus on the implementation of policies、Intensify accountability、Increase the cost of violating the law，Build investor confidence with a complete financial regulatory system、Stimulate the vitality of capital bet365 champions league。

　　(The author is an associate professor at the School of Economics and Management, Northwest University；Ph.D. candidate at School of Economics and Management, Northwest University)