国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

Stable listing rules key to boosting real economy

By Liu Xiaolei | China Daily | Updated: 2024-03-23 08:46
Share
Share - WeChat
[Photo/VCG]

Serving the real economy is the inherent duty of finance, which in turn facilitates the high-quality development of the stock market. Statistics show that more than half of A-share listed companies and 80 percent of high-tech enterprises in China have benefited from private equity financing. And given the government's focus on technological innovation as the core driving force of economic development, the role of private equity financing in boosting the real economy has become even more important.

In China, the primary channel of private equity investment is through initial public offerings (IPOs). This means one of the crucial ways the stock market supports the real economy is by offering a stable investment channel for private equity funds.

Private equity investments often encompass lengthy investment periods, with earlier and smaller investments requiring longer commitments. This long-term nature necessitates that investors foresee the safety and feasibility of their investment channels, or exit strategies.

Frequent shifts and arbitrary tightening of listing review standards can seriously undermine investor confidence and dampen their eagerness to invest. The history of China's stock market is dotted with instances of severe tightening or even halting of IPO issuance for one year or more.

To foster the development of the biopharmaceutical industry, China introduced a fifth set of listing standards in the STAR Market, allowing high-tech companies, including unprofitable biopharmaceutical and medical equipment-making enterprises, to go public. This move significantly boosted private equity's interest in the biopharmaceutical sector.

But, unfortunately, by mid-2023, this listing rule was suspended, reportedly due to the poor performance of some companies which had listed under this regulation, leaving many biopharmaceutical companies seeking financing in a bind.

High-tech and biopharmaceutical companies, with their cutting-edge and innovative technologies and methods, often come with high risks, including a higher failure rate. Such failures are not necessarily due to fraudulent behavior. It's important to distinguish between premeditated fraud or deceit and the normal risks associated with research and development and business operations. But while the government must accept the inherent risks associated with R&D and business, it must impose severe penalties for financial fraud and other illegal activities.

Despite the increased fines for securities law violations following the 2020 amendment to the Securities Law, penalties for serious illegal activities such as financial frauds still seem insufficient. To ensure market fairness and justice, therefore, the government must increase the punishment for fraud and deceit, making violators pay a heavy price. But it is equally important to understand and accept the normal risks faced by high-tech companies during their development and provide them with sufficient maneuvering room and support for innovation.

Given high-tech companies' high risk of failure, equity investment has emerged as the most suitable financing method for them. Although discussions are ongoing on using traditional means such as bank financing to propel technological development, it is crucial to understand that the inherent nature of debt financing does not suit high-risk enterprises.

In the realm of private equity investment, recent years have seen a withdrawal of high-tech investments by US dollar-denominated private equity funds, due to increasing Sino-US tensions and US investment restrictions.

On the other hand, the proportion of investments from Chinese government-backed private equity funds has been on the rise. According to Zero2IPO Group data, in the first three quarters of 2023, State-owned organizations and industrial capital accounted for more than 60 percent of the committed capital, with the figure being higher for larger funds.

State-owned funds benefit from relatively flexible exit timelines and the advantage of guiding the development of core industries. But the systems designed to prevent the loss of State-owned assets, and ensure lifetime accountability and retroactive investigations, while effective in risk prevention, significantly constrain the operation of State-owned funds, leading some to adopt "pseudo-equity, realdebt" investment models. This low tolerance for failure limits the role of State capital in high-risk, high-tech projects.

Therefore, the more critical role of State capital should be to guide industrial development, make clear government-supported industrial chains' role, and help direct market investment trends.

And real, large-scale investments should be left to market-driven funds with higher tolerance for failure. This combined government-market approach is the optimal financing structure to support the development of high-tech enterprises.

Besides, it is imperative to recognize the indispensable role of private equity funds, especially those privately owned, in supporting the real economy and financing high-tech companies. To ensure the healthy development of the private equity market, maintaining the stability and continuity of listing rules is essential.

Hence, arbitrary tightening of IPO review standards must be avoided to ensure private equity investors can engage in long-term investments within a stable and predictable policy environment. This stability forms the bedrock of the stock market's support of the real economy.

The author is a professor at the Guanghua School of Management, Peking University.The views don't necessarily represent those of China Daily.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

 

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
在线成人免费视频| 91网页版在线登录入口| 天天综合网色中文字幕| 久久99久久99精品免观看粉嫩| 亚洲一级一级97网| 日韩精品视频免费| 亚州精品国产| 国产三级在线| 九一在线视频| 国产原创av在线| 电影在线高清| 国产免费av在线| 国产毛片av在线| 成人精品福利| 电影av在线| 日韩欧美小视频| 看黄网站在线观看| aa在线视频| 欧美极品少妇videossex| a天堂中文在线官网在线| 国产鲁鲁视频在线观看特色| 美女写真理伦片在线看| 欧美一级二级三级区| 黄色一级大片在线免费看产| 国产在线高清理伦片a| a级片国产精品自在拍在线播放| 嫩草在线视频| 香蕉成人app免费看片| 午夜伦理在线视频| 91超碰免费在线| 九九精品调教| 日韩经典一区| 成人51免费| 粉嫩久久久久久久极品| 欧美变态挠脚心| 欧美手机视频| 亚洲澳门在线| 亚洲国产综合在线看不卡| 亚洲免费观看| 全国精品久久少妇| 另类欧美日韩国产在线| 国产一区二区三区四区大秀| 精品国产美女| 99视频精品全国免费| 欧美91视频| 免费视频一区| 久久成人免费网| 成人免费视频视频在线观看免费| 91啪九色porn原创视频在线观看| 国产欧美中文在线| 一区二区三区日本| 在线免费av一区| 欧美一级黄色大片| 欧美激情福利视频在线观看免费| 九九热视频这里只有精品| 午夜精品免费视频| 日韩欧美在线视频一区二区| 99成人国产精品视频| xfav资源| 在线看片线路1| 久cao在线| 高清在线视频不卡| 四虎国产精品免费久久| 日本国产精品| 欧美久久99| 美女视频免费一区| 久久新电视剧免费观看| 一区二区三区在线影院| 色婷婷av一区二区三区之一色屋| 777奇米成人网| 亚洲一区av在线播放| 欧美精品福利视频| 国产成人禁片免费观看视频| 99热在线看| 久草在线青青草| 末成年女av片一区二区下载| 精品午夜视频| 色综合色综合| 日韩高清在线电影| 99精品视频一区| 国产精品夫妻自拍| 在线精品亚洲一区二区不卡| 亚洲福利视频二区| 欧美第一页在线| 国产精品久久久精品a级小说| av电影免费看| 欧美偷拍视频| 麻豆视频在线看| 国产一区调教| 伊人精品在线| 国产成人精品亚洲777人妖 | 中文日韩在线观看| 亚洲女人天堂a在线播放| 黄瓜视频18免费观看| 色鬼7777久久| 忘忧草在线日韩www影院| 久久亚洲黄色| 99pao成人国产永久免费视频| 国产成人自拍网| 亚洲免费在线观看视频| 欧美精品视频www在线观看| www.xxxx欧美| 欧美77777免费视频| 国产二区三区四区| a在线免费观看| 日韩在线亚洲| 黄色国产精品| 99久久伊人精品| 天天色天天爱天天射综合| 亚洲第一免费播放区| 成人aaaa免费全部观看| 国产精品视区| 99精品国产视频| 黄色一区二区在线| 亚洲欧美福利视频| ㊣最新国产の精品bt7086| 九七伦理97伦理| 成码无人av片在线观看网站| 久久9999免费视频| 亚洲黄色影院| 久久久蜜桃精品| 欧美系列在线观看| 久久躁日日躁aaaaxxxx| 青草视频.com| 98在线视频| 国产免费区一区二区三视频免费| 欧美日韩精品免费观看视频完整| 国产成人亚洲综合a∨婷婷图片| 洋洋av久久久久久久一区| 亚洲福利视频网| 四虎国产成人免费观看| 波多野结衣中文字幕在线| 中文在线免费二区三区| 久久精品国产www456c0m| 国产一区二区在线免费观看| 亚洲综合在线视频| 亚洲欧美日韩天堂| 国产麻豆麻豆| 国产一区二区三区视频在线| 天堂中文在线视频| 亚洲精品午夜级久久久久| 天天色天天草| 在线欧美三级| 影视先锋久久| 国产自产视频一区二区三区 | 欧美国产精品va在线观看| 狠狠色丁香婷婷| www在线视频| 日本天堂一区| 国产一区二区精品久久| 福利一区福利二区微拍刺激| 最近日韩中文字幕中文| 美女被艹网站| 欧美人与牲禽动交com | 91精品国产自产拍在线观看蜜| 国产成人免费视频网站 | 天天看天天操| 24小时免费看片在线观看| 成人看的视频| av不卡在线观看| 制服.丝袜.亚洲.中文.综合| 久久久久亚洲精品| 最新av电影| 日韩在线激情| 久久久人人人| 亚洲资源在线观看| 日韩有码视频在线| 成人漫画网站免费| 午夜娱乐在线| www.亚洲免费视频| 日韩av中文字幕在线| 一色屋色费精品视频在线看| 日本私人网站在线观看| 国产精品一区二区美女视频免费看 | 欧美理伦片在线播放| 久久精品国产色蜜蜜麻豆| 婷婷一区二区三区| 色综合91久久精品中文字幕| 91在线电影| 国产一区二区三区黄网站| 91视频在线观看免费| 国产香蕉久久精品综合网| 精品少妇一区二区三区视频免付费| 最近中文字幕第一页| 精品视频一二三| 欧美三级自拍| 成人18精品视频| 日韩精品影音先锋| www.国产| 草草在线视频| 亚洲国内精品| 天天操天天干天天综合网| 久久久久国产精品免费| 天堂在线中文字幕| 亚洲理论电影| 久久午夜免费电影| 亚洲美女视频网| a级黄色毛片| 一级毛片久久久| 久久亚洲电影| 在线欧美小视频| 亚洲精品aaaa| 暖暖在线中文免费日本| 色视频在线看| 2020中文字幕在线播放| 国产精品日本一区二区三区在线 | 韩国中文字幕在线| 国产精品99久久精品| 国产精品久久久久一区二区三区共 | 国产欧美日韩在线| 在线观看日韩视频| 免费观看黄色网| 9l亚洲国产成人精品一区二三 | 国产精品视频一区视频二区 | jvid福利在线一区二区| 久久免费精品视频在这里| 中文字幕成人av| 日韩中文字幕网址| 最新国产在线| 秋霞在线一区| 久久综合狠狠综合久久激情| 亚洲精品网站在线播放gif| 成人亚洲精品7777| 成人性生活视频| 蜜臀国产一区二区三区在线播放| 欧美日韩综合不卡| 国产成人免费视频app| 欧美性suv| 久草在线在线精品观看| 欧美一二三四区在线| www亚洲天堂| 欧美美女福利视频| 国产精品影音先锋| 亚洲成人教育av| eeuss影院95999部| 嫩呦国产一区二区三区av| 成人av网站在线观看| 亚洲最新视频在线| 在线免费观看黄色片| 成人黄色av| 亚洲午夜久久久久| 最近更新在线中文字幕一页| 美女网站视频在线| 日韩成人伦理电影在线观看| 制服丝袜中文字幕亚洲| 美女被c网站| 亚洲国产aⅴ精品一区二区| 91色乱码一区二区三区| 久久久精品国产亚洲| 国产在线日本| 黄色成人在线网址| 欧美日韩三级一区| 2色视频网站| а√中文在线天堂精品| 欧美国产乱子伦 | 日韩不卡在线| 懂色一区二区三区免费观看 | 秋霞午夜理伦电影在线观看| 国产精品mv在线观看| 在线视频你懂得一区二区三区| 日本三级电影在线看| 99精品美女视频在线观看热舞| 99视频国产精品| 日韩中文有码在线视频| 午夜国产福利在线| 久久久精品性| 亚洲国产欧美一区二区丝袜黑人| 黄页网站在线播放| 一区二区三区午夜视频| 欧美在线综合视频| 国产激情一区二区三区桃花岛亚洲| 色综合视频在线观看| 麻豆91免费| 亚洲性视频在线| 亚洲欧美日韩在线| 四虎国产成人免费观看| 久久亚洲国产精品尤物| 久久久精品国产99久久精品芒果| 91精品国产91久久久久| 欧美少妇网站| 不卡av免费在线观看| 欧美另类暴力丝袜| 国内高清免费在线视频| 国产乱国产乱300精品| 视频在线观看99| 制服丝袜中文字幕在线| 久久精品国产99久久6| 91国内精品久久久久| 蜜桃视频动漫在线播放| 国产精品18久久久久久vr| 日韩中文字幕在线| 丁香花在线高清完整版视频| 99久久www免费| 色婷婷综合久久久中文字幕| 九九热免费视频| 亚洲黄页网站| 欧美性xxxx极品hd欧美风情| jizzjizzjizz中国免费| 沈樵精品国产成av片| 一本大道久久精品懂色aⅴ| 免费高清成人| 久久久久久久久久久久久久久久久久| 欧美性猛交xxxxxxxx| 日韩限制级电影在线观看| 羞羞免费视频网站| 国产韩日影视精品| 在线成人免费观看| 亚洲一区二区三区成人| 香蕉久久久久久久av网站| 国产视频精品免费播放| 免费**毛片在线| 国产激情视频一区二区在线观看| 欧美成人精品一区二区三区| 极品视频在线| 欧美激情综合在线| 国产欧美日韩专区| 午夜欧洲一区| 欧美日韩精品一区二区三区四区 | 久久久久成人网| 成人黄色免费观看| 亚洲美女屁股眼交3| 人与牲动交xxxxbbbb高清| 国产一区二区精品福利地址| 欧美日韩视频在线一区二区 | 91在线不卡| 国产激情一区二区三区| 91国语精品自产拍在线观看性色| 色综合一区二区日本韩国亚洲| 亚洲在线观看免费视频| av色影在线看免费| 成人看的羞羞网站| 欧美大片在线观看一区| 日本精品在线| 99久久免费视频.com| 人善交vide欧美| 亚洲成aⅴ人片久久青草影院| 欧美三级电影一区| 美丽的姑娘在线观看免费动漫| 麻豆国产欧美一区二区三区| 欧美激情视频一区| 精品视频在线播放一区二区三区 | 99视频有精品| 欧美性在线视频| 欧美一区二区三区色| 91精品国产色综合久久不卡98口 | 国产高清不卡二三区| 91黑丝在线观看| 亚洲三级av| 色狠狠综合天天综合综合| 青娱在线视频| 麻豆精品新av中文字幕| 97精品国产97久久久久久免费 | 肥婆老bbb肥婆bbbbb| 久久在线免费| 欧美精品一区二区在线观看| caoporn97在线视频| 国产亚洲精品精华液| 91麻豆精品国产91久久| 久久久91麻豆精品国产一区| jizzjizzjizzjizz日本老师| 成人动漫免费在线观看| 精品国偷自产国产一区| 欧美1—12sexvideos| 国产精品国模大尺度视频| jizz免费看| 亚洲一卡久久| 欧美激情精品在线| 最新国产精品精品视频| 欧美日韩一级黄| 午夜小视频在线| 久久精品一区二区三区不卡 | 国产经典中年夫妇盗摄| 欧美美女视频| 日韩福利视频在线观看| 中日韩脚交footjobhd| 亚洲一区二区在线播放相泽| 992tv在线观看| 精品午夜一区二区三区在线观看 | 亚洲狼人综合| 欧美综合一区二区三区| 9191在线| 亚洲国产电影在线观看| www.99色.com| 日本成人在线电影网| 色先锋av男人资源先锋影院| 波多野结衣在线播放一区| 亚洲欧洲免费视频| 久久夜色精品国产亚洲aⅴ| 久久久成人av毛片免费观看| 97精品视频| 亚洲人成电影在线播放| 久久精品国产福利| 欧美一a一片一级一片| 操你啦在线视频| 亚洲人成网站在线| 欧美风狂大伦交xxxx| 成人午夜激情在线| 美乳美女在线观看香蕉| 久久久久久夜| 青青青青久久精品国产一百度|