In recent years, global investors have paid more attention to the Japanese and Indian markets, and the experience of market system construction in "Asia Neryles" is worthy of reference.In terms of the Japanese market, the growth of stable corporate profitability is the basis of the market operationLucknow Stock. The Tokyo Stock Exchange requires that listed companies to publicize and implement the measures to improve the company’s value plan.In terms of the Indian market, in addition to the improvement of the economic growth center driven by factors reform and the expected improvement of exchange rates, the strong delisting strength, flexible trading system and the derivative system of the Indian market are equally worthy of attention.At present, my country’s capital market reform has entered a new cycle, attaching importance to investor returns.In combination with the above -mentioned overseas market experience, the A -share market has followed up in improving the value of listed companies, strengthening dividends and repurchase, improving the market value assessment of state -owned enterprises, and increasing the intensity of delisting. Investors are expected to continue to improve.
资 In recent years, global investors have paid more attention to the Japanese and Indian markets.In addition to the US stock market, the market system construction experience of "nearly neighbor" also has reference value.
东 Japan’s stock market: Tokyo Stock Exchange requires listed companies to publicize and implement measures to improve the company’s value plan.
The Japanese stock market has accelerated since 2023, and it is jointly promoted by the following factors.
1) Stable corporate profit growth is the basis for the operation of Japanese stocks. In the past ten years, Japan has passed a positive financial policy, flexible fiscal policy, and the "three arrows" strategies that stimulate private investment to regain endogenous growth momentum.Enterprise profit growth has continued to rise; in addition to the domestic economy of Japan, Japanese companies also enjoy the globalized incremental profit space through overseas business.
2) Tokyo Stock Exchange launched a planning improvement plan for the governance of the listed company in January 2023, requiring the municipal net ratio to publicize and implement the specific plan for raising valuations for a long time.Listed companies in the market and standard markets have planned and implemented plans to improve the level of stock price and improve capital use efficiency.From the perspective of market response, the above plan’s boosted effect on market confidence is immediate.
3) Buffett showed a strong willingness to invest in Japanese stocks when he visited Japan in April 2023, and also attracted the attention of overseas investors.
强 India’s stock market: strong delisting strength, flexible trading system and derivative system are worthy of attention.
The Indian stock market has risen for eight consecutive years and has reached a record high in 2023. The following factors have jointly driven the Indian market to operate.
1) From the fundamental point of view, benefiting from the factor reform promoted by the Modi government and the "Indian manufacturing" plan, the Indian economic and corporate profit growth center has increased;It is promoting the improvement of exchange rate expectations.
2) From the perspective of the system, the Indian market has a large delisting strengthPune Stock. For example, 2,250 new listed companies in India and Mumbai Exchange in 2013-2023, with a delisting of 1,725, the number is relatively balanced; the Indian market trading system is also more flexible, derivativesThe system is also relatively developed.
3) From the perspective of funding, foreign capital continues to inflow into India. In the past eight years, India’s proportion of India’s MSCI emerging market index has increased rapidly from 7%to 18%; India’s domestic fund industry has also entered a rapid growth period, and some foreign capital outflows out of some foreign capital outflows.During the period, it played a role in supporting the market.Agra Stock
市场 At present, my country’s capital market reform has entered a new cycle, attaching importance to the improvement of investor returns.Bangalore Wealth Management
In order to accelerate the construction of a capital market that is safe, standardized, transparent, open, dynamic, and tough, and enhances the role of the capital market, the Securities and Futures Commission on March 15, 2024 has released the "strictly improving the distribution and listing access level from the source.Opinions of the quality of listed companies (trials) "" Opinions on Strengthening the Supervision of Listed Companies (Trial) "," Opinions on Strengthening the Supervision of Securities Companies and Public Fund to Accelerate Promoting the Construction of First -class Investment Banks and Investment Institutions (Trial) "and" Trial) ""Four policy documents of the Opinions of the SFC’s own construction of the SFC’s own construction of excellent abilities and strong winds.
市场 Based on the above -mentioned overseas market experience, the A -share market subsequent reforms in improving the value of listed companies, strengthening dividends and repurchase, improving the market value assessment of state -owned enterprises, and increasing delisting efforts are worth looking forward to. Investors are expected to continue to improve.
The following four aspects of reforms help promote the return and improvement of investors in the A -share market.
1) Refer to the reform experience of Japan’s Dongzhi Institute on improving the value of listed companies. In the future, policy or establishment of A -share listed companies to improve the long -term investment value mechanism, component stock companies and net companies or policy layers to strengthen market value management starting points and efforts to strengthen market value managementpoint.
2) Compared with overseas markets, the proportion of A -share dividends is relatively high but the dividend continuity is insufficient, and there is still much room for improvement in the scale of repurchase. Future policy or the institutional constraints of dividends are promoted to promote multiple dividends a year, guidance and more guidance moreMulti -company repurchase cancellation shares.
3) Compared with overseas markets, state -owned enterprises are an important part of my country’s capital market. Recently, the policies of the valuation of state -owned enterprises have attracted great attention from the capital market. In the future, policy or further research will incorporate market value management into the performance assessment of the person in charge of the central enterprise. Enterprises can boost the valuation level by increasing dividend repurchase, implementation of equity incentives, and promoting mergers and acquisitions and reorganizations.
4) Reference to the Indian market experience, in the future may improve the delisting system, strengthen various types of delisting standards, especially the trading category for mandatory delisting standards to achieve balance in the first and secondary markets and the improvement of investor returns.
▍ Risk factor:
The risk of downward economic growth; the policy is not as good as expected; the capital market is not as good as expected.
This article originated from the selection of brokerage research reports
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