The current industrial structure of our city does not meet the requirements of economic development, with outdated equipment, backward technology and low product grade. About 70% of large and medium-sized enterprises need overall transformation, and the task is very heavy. During the Eighth Five-Year Plan period, our city plans to invest 6.7 billion yuan for technical transformation. Under the current financial difficulties and credit scale control, there is a big gap. At the same time, the city's "partial" industrial structure is also seriously restricted by funds. How to raise funds and improve the use efficiency of limited funds has become the key to the current investment system reform and promote the economic development of our city.
The traditional investment system can no longer meet the needs of the current economic situation: the national financial investment is getting less and less, which can not solve the capital demand of enterprises; And the bank's working capital loan has prompted enterprises to increase their dependence. In this case, it is unsustainable to continue to rely on increasing financial investment and bank loans to promote economic development. It is necessary to implement financing securitization, promote enterprises to directly raise funds in the market, and take the road of diversification of investment subjects.
The so-called financing securitization refers to the financing method that the fund demanders directly raise funds from the public by issuing various securities (including stocks and bonds). Through securitization financing, we can change the single financing pattern and realize the diversification of investment subjects; Enterprises should bear their own financing risks, change their excessive dependence on banks, harden investment constraints, and promote enterprises to improve their management and economic benefits; It can not only solve the capital demand of economic development, but also avoid the inflation that may be brought by simple bank loans and financial investment; It can also weaken the dependence of enterprises on the government, promote enterprises to enter the market, become independent commodity producers and operators, and realize the transformation of enterprise management mechanism.
Objective conditions for implementing financing securitization in our city
Financing securitization has started in China. The number of pilot joint-stock enterprises in Shanghai has expanded to 20, with a total share capital of 2010.50 billion yuan, especially the initial issuance of special shares of 654,380+0 billion yuan, which has created the fourth way to attract foreign investment. During the Seventh Five-Year Plan period, 20% of Shenyang's investment in technological transformation was raised by issuing bonds, making it the largest city in China. From the macro development point of view, continuing to expand the pilot joint-stock system, actively encouraging qualified enterprises to participate in securities market financing, and promoting the marketization of securities issuance will certainly create a good external environment for the implementation of financing securitization.
Judging from the actual situation in our city, the conditions for promoting financing securitization and accelerating the formation and development of the securities market are becoming more and more mature. First of all, with the rapid economic development of our city, personal income and household savings in urban and rural areas have increased substantially. 199 1 year, the savings balance of urban and rural residents in the city reached 122 billion yuan, an increase of 30.2% over the previous year, and the amount of cash and social idle funds held by residents was also considerable. This laid a solid foundation for the development of securities financing in our city. Secondly, the securities market in our city has developed to a certain extent. There are four securities institutions 14 in the city, such as Dalian Securities Company, Dalian Financial Securities Company and Dalian Unicom Securities Company. By the end of 1990, a total of 850 million yuan of enterprise technical transformation bonds had been issued at the same time as the issuance and trading of government bonds. Third, our city will expand the pilot joint-stock system of enterprises this year, and preparations are being stepped up. This will prompt some enterprises to issue shares to the society and embark on the road of market financing. In addition, the residents' awareness of financial management in our city began to increase, and their desire to invest in bonds, stocks and other securities appeared.
Measures to promote financing securitization
In order to promote financing securitization, we should further do the following work:
1. Actively and steadily expand securities financing in our city and increase the supply of securities market. At present, mature enterprises should be encouraged to issue securities and carry out securities financing. In the aspect of shareholding system reform, we can adopt the principle of walking on two legs. First, speed up the expansion of the pilot joint-stock enterprises and transform some qualified state-owned enterprises into joint-stock enterprises; Second, select a group of Sino-foreign joint ventures and transform them into joint stock limited companies. At the same time, we should also make full use of Dalian's favorable climate and geographical location and actively carry out international financing. In short, we should expand the supply of securities market in our city from many aspects, channels and forms.
2. Correctly guide the demand of securities market. We must make full use of various media and propaganda tools, popularize financial knowledge, improve financing skills, and encourage collectives, enterprises, organizations and individuals to invest in securities in order to raise funds and develop the economy. Institutional investment, including professional investment institutions and various banks, will play a certain role in promoting and stabilizing the securities market. Therefore, we must attach importance to the cultivation of institutional investors.
3, establish and improve the securities market intermediary institutions and management institutions. According to international practice, we should establish and improve the intermediary institutions and management institutions of the securities market as soon as possible to lay a good organizational foundation for the normal operation and development of the securities market. When the conditions are ripe, a stock exchange will be set up in our city to introduce securities trading into a fair, reasonable and scientific operation track.
4. Improve market regulations. First of all, the relevant legislative departments should speed up the legislative work of the securities market, formulate the Securities Law and the Securities Exchange Law, and regulate market behavior. Second, do a good job in the standardization and legalization of the shareholding system reform of enterprises, and formulate laws and regulations such as company law, bankruptcy law, credit evaluation regulations and asset evaluation methods, so that the shareholding system reform of state-owned enterprises has laws to follow and rules to follow.