The capital market is of great significance for the high -quality economic development，One of the requirements for building a high -level socialist market economy system is to improve the function of capital market。The Central Financial Work Conference held a few days ago was clearly proposed，Highway the road to financial development with Chinese characteristics，Accelerate the construction of a modern financial system with Chinese characteristics，Continuously meet economic and social development and the growing financial needs of the people，Constantly open up a new situation in the new era of financial work。The capital market helps the formation of social capital，Stable social capital is a prerequisite for promoting the accumulation of wealth of a country。At the macro level，The capital market can accelerate the development of enterprises through promoting financing and investment，Increase the total social wealth; at the micro level，The capital market provides an opportunity for investors to share corporate value value -added，Can promote the growth of personal wealth。Continue to promote the construction of the capital market system，It is a prerequisite for better use of the capital market's hub function。

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The development of China's capital market has experienced more than 30 years，The continuous system reform continues to inject vitality into the market。Where，Three major reforms，strongly promoting market forward。

Founded in the Shanghai and Shenzhen Exchange in 1990，is the official start of the Chinese capital market。In the early stages of reform and opening up，Planning financing of traditional commercial banks basically occupies a decisive position in terms of corporate financial channels，Until the Shanghai and Shenzhen Stock Exchange was approved for establishment bet365 live casino games and centralized transactions，It marks the official opening of the Chinese capital market，Inject new vitality into the whole society's financing。Large -scale direct financing listed through the IPO，Become a new financing selection of enterprises。With the opening of the capital market，Society is clear about the property rights of state -owned enterprises、Reforms with clear power and responsibility and separation of government and enterprises have generated self -motivation。Investors entering the market in the market to share the economic development dividend becomes a new fashion，The stock market has since become an important choice for residents' investment，and strengthened the attention and supervision of investors' attention to enterprises and economic development。At the regulatory level，With the establishment of the State Council of the State Council and the China Securities Regulatory Commission (after the merger) in 1992，The framework of the securities market management system with Chinese characteristics is established here。

Introduction of equity separation reforms in 2005，The transformation from the Chinese capital market from "semi -circulation" to "full circulation"。At the beginning of the establishment of the Chinese capital market，In order to prevent the loss of possible state -owned assets and the privatization of state -owned enterprise stocks，Designer creatively proposed the method of equity separation，That is, according to "the stock is not moving，Increased circulation "ideas，Only the stocks that are allowed to be listed on the market will be traded on the stock exchange，and the original state -owned enterprise shares are prohibited from circulating in the secondary market。Equity is divided into important contributions in China from the process of derailment of the planned economy to the socialist market economy，But，With the continuous development of the market，The reality of equity separation and the prosperity of the capital market cannot be fully matched。For this，The China Securities Supervision bet365 live casino games and Administration Commission officially launched a reform of equity distribution with the goal of full shares，The core is to reasonably determine how the circulation cost of non -circulating stocks is divided between non -circulating shareholders and circulating shareholders。until the end of 2006，The equity separation reform of most listed companies is basically realized，The corresponding stock market value exceeds 98%of the total market value of the Shanghai and Shenzhen cities。The reform of equity splitting is a large number of non -exchanges in the capital market to inject strong vitality，Realize price discovery for the capital market、Resource allocation、Risk management and other functions provides prerequisites。

Registration system reform opened in 2019，It laid the foundation for the effective support of high -quality development in China's capital market。Since the establishment of the stock market，my country's stock issuance system has gone through the approval system、Approve system and the registration system currently implemented。During the approval system，The China Securities Supervision bet365 live casino games and Administration Commission is the first to formulate stock issuance indicators of each local or ministries and commissions every year，Then the list of enterprises that are planned to be listed by local governments or ministries and commissions，Finally submitted to the CSRC for review。After 2001，The approval system transitions to the approval system，The recommendation of the IPO company adopted a more market -oriented way，Recommended by a qualified securities company。But，A subjective tendency for the audit process、Frequent suspension of policy uncertainty caused by restarting IPO、Frequent problems such as shell resources caused by the limited listing，Approve the promotion of the high -quality development of Chinese enterprises, especially high -tech enterprises, is significantly insufficient。For this，In 2019, the registered science and technology board was officially opened，2020 Shenzhen Stock Exchange GEM announced the pilot registration Bet365 lotto review system，Comprehensive registration system officially implemented in China on February 23, 2023。Compared to the approval system，Registration system is adjusting and relaxing the hard conditions of the listing of enterprises、Enhanced information disclosure、Enhanced the marketization of the issuing underwriting mechanism、Enhance the responsibility of the intermediary、Based on the system，major adjustments to the listing process，Established two links of the exchange review and the Securities Regulatory Commission，That is, the enterprise that intends to IPO must submit an application to the exchange first，Review and listed conditions by the exchange; then review and register by the CSRC，Review focuses on whether it is in line with national industrial policies and plate positioning。System adjustment of the listing process，strongly promoted the market -oriented reform of stock issuance。

　　The direction of the deepening reform of the capital market 

To a certain extent，The comprehensive implementation of the registration system allows the Chinese capital market to reach new steps。In order to better play the function of the capital market hub，Promoting stock issuance registration system to go deeply，Still need to carry out a series of supporting systems and environmental continuous reforms and improvement。

First，Continue to promote the comprehensive improvement of China's capital market system。Stock issuance system is a key system in the capital market，The boundary of the IPO distribution should be grasped，Control the sharing of the risk of listing of the enterprise，To better implement the policy of serving the capital market for the real economy。In addition，The capital market also needs a comprehensive system design to ensure its efficient operation。First is the information disclosure system。Information disclosure is the core of the registration system，Only public、Transparent、Timely、Reasonable information disclosure，can investors normally evaluate the value of different enterprises。bet365 Play online games Followed by the delisting system。The implementation of the registration system will inevitably accompany the growth of the number of IPO companies in the capital market，Strict delisting system is the guarantee of market capital liquidity。Once again is the pricing underwriting system。The registration system emphasizes the price and screening of the IPO of the listed company by investors，This requires a more market -oriented distribution pricing decision mechanism，Treatment of inquiry、Price、Sales and other series of problems，Avoid market failures such as "institutional holding prices"。Last trading system。Including the daily limit system、The suspension system、Frequent financing lending、"T+1" transaction、Stock trading system, including zero -stock transaction, etc.，Not only may it change the stock price fluctuations directly、Transaction scale、Market liquidity、Investor emotion、Information efficiency and other market micro -structural features，It is more likely to make constraints on listed companies in this time，Then affect the company's decision -making。

Second，Continue to expand the high -level two -way openness of China's capital market，Coordinated openness and safety。Modern capital market must be a two -way open market，High -level openness will not only help guide the orderly flow of funds，Can more stimulate market vitality，Provide a broad platform for enterprise development and innovation。It is necessary to guide and supervise the overseas listing of Chinese companies，Organic balance of overseas listing benefits and risks。Since the operation of Shanghai and Shenzhen，Investors in the Mainland have obtained the opportunity to directly invest in overseas high -quality stocks，The mainland stock market has entered more international thinking investment funds and enhances liquidity，Make the price efficiency of the stock market significantly improved，It is necessary to further expand the Shanghai -Shenzhen -Hong Kong Stock Connect、Shanghai London、GDR and other target scope，Gradually Bet365 lotto review expand to more overseas mature markets。In terms of the creation and interoperability of cross -border financial products，On the one hand，You can consider opening financial derivatives such as stock index futures for the Chinese capital market，Reasonable use of international funds to improve the ability to discover the price of the Chinese stock market; on the other hand，You can further expand the range and scale of cross -border ETF interoperability，Optional investment tools to strengthen the capital market。At the same time，Vigorously advocate development majors、Mature、Active institutional investors，Further QFII、QDII, etc.，and expand the optional standard in the allowable range。

third，Continue to strengthen the construction of the rule of law in the capital market，Comprehensive protection of the legitimate rights and interests of investors。Investors are the most important participating entities in the securities market。Current，The number of investors in China's capital market has exceeded 200 million，More than 90 % of them belong to small and medium investors with a market value of less than 500,000 yuan in assets。Considering that small and medium investors are often at the disadvantage of information compared to listed companies and institutional investors，and the effectiveness of professional knowledge and analytical ability is lower，It is necessary to protect the legitimate rights and interests of investors through a complete legal system。In recent years，Breakthrough progress has been made in the construction of the legal system in China，Basically built the "four beams and eight pillars" of the capital market legal system，Formed an appropriate sex management cover for investors、Holding rights、Compensation first、Multiple dispute resolution、Comprehensive investor protection system that supports litigation and representative litigation，Constructed "Legal Protection、Regulatory protection、Self -discipline protection、Market Protection、Self -Protection "investors bet365 live casino games protect the" line of defense "，Established administrative law enforcement、Civil compensation、Accountability System of Criminal Responsibility。In the future construction of the capital market, it will need to pay attention to the implementation of policies、Increase accountability、Improve illegal cost，The construction of a complete financial regulatory system can boost investor confidence、Stimulate the vitality of the capital market。

　　(Author is an associate professor at the School of Economics Management of Northwest University; PhD in School of Economics Management School of Economics Management)