Wu Xiaoqiu, Vice Chairman of the Academic Committee of Renmin University of China, Dean of China Capital Market Research Institute
Produced | Sohu Think Tank
Edit | Yuan Changyou
Wu Xiaoqiu, vice chairman of the Academic Committee of Renmin University of China and dean of the China Capital Market Research Institute, said in a guest program of “National Wealth Lecture Hall” recently that an important sign of the success of capital market reform should be among the top 10 listed companies in China by market value. , There are at least 5 high-tech companies.
Wu Xiaoqiu said that the capital market focuses on growth. In the past, the capital market paid too much attention to traditional industries and confuses importance and growth. Therefore, one of the important signs of the success of the capital market reform is that among the top 10 listed companies in China by market value, there are at least five high-tech companies.
“At present, Moutai and financial companies rank relatively high. Although financial institutions are very important, they are the country’s important tools and towns, but in terms of industrial competitiveness, investor returns and asset growth, high-tech companies are more important. It is important.” He said that if the current policy guidance allows commercial banks to flow 400-500 billion yuan into high-tech companies from the profit of more than 1 trillion yuan, then the market value rankings of listed companies will undergo major changes in the future.
Wu Xiaoqiu said that without the intervention of new finance, the process from new technology to new industry will be very slow. To this end, we should fully realize the role of finance in promoting the transformation of new technologies into new industries. The role of finance is not only to provide loans for enterprises, but also to incubate the emergence of new enterprises and promote the transformation of new technologies to new industries. This is the deeper meaning of financial services to the real economy.
“Although traditional markets are easy to manage, they have weak functions, a single unit, and low efficiency. China’s financial development to the current prosperity is the result of persisting in reform and opening up, marketization, and the integration of technology and finance. We cannot Let it return to the era of traditional finance.”
Wu Xiaoqiu emphasized that China’s financial market competition is not yet sufficient. It is necessary to promote financial market competition through financial disintermediation reforms and technological reforms. At the same time, appropriate financial policies must be provided so that the high-tech real economy can obtain more profits.
He pointed out that the valuation of technology companies can reach 50-70 times, while the average value of the banking industry is about 5 times. The highest valuation of China Merchants Bank is only 10-12 times. “If profits can flow to high-tech companies, the value of China’s capital market will not only be 80 trillion, but may reach 120 trillion or more. This will help us reach the goal of a securitization rate of over 100%.”
[Sohu Think Tank: Gather the wisdom of scholars and entrepreneurs to get the pulse of economic trends. If you are interested in contributing or contacting on-site reports, interviews, and program cooperation matters, please send an email to [email protected]]
You must log in to post a comment.