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Liu Chen, a researcher at China Banking Research Institute, believes that stock repurchase and refinancing have opened up a new path for listed companies or major shareholders to maintain the company's value and carry out market value management. The convenience of exchange has improved the ability of market institutions to obtain funds and increase their stock holdings. The use of these tools will help to enhance the inherent stability of the capital market and boost market confidence.It is also an important measure to improve the expected management mechanism and incorporate the impact assessment of major economic or non-economic policies on the capital market into the framework of macro-policy orientation consistency assessment, so as to exert the joint efforts of many parties and enhance the internal stability of the capital market. Tian Xuan, president of Tsinghua University National Finance Research Institute, suggested that in the stage of macro-policy-making, we should establish and improve the communication mechanism between policymakers and relevant parties to prevent policy misinterpretation from the source; At the same time, pay attention to market information, establish a long-term policy consultation feedback mechanism between the government and enterprises, and improve policy predictability.Zhang Yuewen, director and researcher of the Capital Market Research Office of the Institute of Finance, China Academy of Social Sciences, believes that measures should be taken to enhance the attractiveness of the capital market, increase the strength of long-term capital entering the market, and strengthen the incentive and guidance of long-term value investment behavior from the perspective of facilitating long-term investors.

On the one hand, multi-departments exert joint efforts to ensure good laws and good governance in the capital market from the system. In June, the Basic Rules of Administrative Punishment Discretion of China Securities Regulatory Commission (Draft for Comment) was publicly solicited for comments; In July, the General Office of the State Council forwarded the Opinions of the CSRC and other departments on Further Improving the Comprehensive Punishment and Prevention of Financial Fraud in the Capital Market; In August, the Economic Crimes Procuratorate of the Supreme People's Procuratorate issued the Answers to Relevant Questions on Handling Financial Fraud Crimes and the Provisions of the State Council on Regulating Intermediaries to Provide Services for the Company's Public Offering of Stocks (Draft for Comment) for public comments.On the other hand, multi-departments should strengthen the joint efforts of law enforcement and build a three-dimensional disciplinary restraint system of civil compensation, administrative punishment and criminal investigation. Lv Chenglong, an associate professor at the Law School of Shenzhen University, said that taking financial fraud as an example, the CSRC and relevant departments have further established a comprehensive punishment and prevention system, strengthened penetrating supervision, encouraged whistleblowers to report, and tightened the "gatekeeper" responsibilities of investment banks, auditors and other intermediaries, bringing together the joint efforts of inter-ministerial coordination and coordination between the central and local governments, and continuously improving the three-dimensional closed loop of accountability.Recently, the CSRC has strengthened inter-ministerial coordination and actively cooperated with the implementation of relevant monetary policy tools such as facilitating the exchange of securities fund insurance companies, stock repurchase and special refinancing. According to Wind data, as of December 9, 182 A-share listed companies disclosed that their companies and important shareholders were supported by repurchase and increased holdings of loans, with a total amount of about 38.94 billion yuan.

Deepening the coordination between the central and inter-ministerial departments, intensifying the joint crackdown on securities and futures crimes, and consistently exercising strict supervision and management are powerful guarantees for promoting the healthy development of the capital market and boosting investors' confidence."Recently, the regulatory authorities have highlighted the whole process of supervision and law enforcement, kept the' entrance clearance' and the' exit end' open, and urged and warned the' gatekeepers' to return to their duties. These measures have effectively protected the legitimate rights and interests of investors and protected market confidence. " Lv Chenglong said. (End)Deepening the coordination between the central and inter-ministerial departments, intensifying the joint crackdown on securities and futures crimes, and consistently exercising strict supervision and management are powerful guarantees for promoting the healthy development of the capital market and boosting investors' confidence.