Big shots on the innovation layer Three key words: policy dividends Dodging thunder Audit Responsibility

[paragraph]One recent major event in the New Third Board market is none other than2017The official announcement of the list of innovative teams for the year. What impact will the re stratification of the New Third Board have on the entire market? How should investors adjust their investment strategies? What are the opportunities and risks for the new generation of innovative enterprises? Daily Economic NewsNBD）The reporter interviewed representatives from various aspects of the market and talked freely about the events after stratification.
Fu Lichun, Director of the Northeast Securities New Third Board Research Center: Policy dividends for the innovation layer should not come at the expense of sacrificing the basic layer
NBDIn this innovation layer adjustment, hundreds of enterprises entered and exited, with a relatively large flow. Is this also one of the reasons why the hierarchical differentiation system has not been launched yet?
Fu Lichun: There is a certain relationship. The time for the introduction of innovation level standards is relatively short, and there are some areas that are not fully mature. For example, the hierarchical standards are not unified, and the three sets of standards screen out three types of enterprises; The difference between new and maintained standards leads to differences between new and old enterprises.
In addition, many New Third Board companies are in the growth stage, with relatively small scale and high uncertainty, and weak risk resistance. Even if the stratification standards are relatively mature, it is normal for the list to fluctuate or become unstable due to the reasons of the companies themselves. In the context of the need for improvement in hierarchical standards and varying entry times for enterprises, it is difficult to launch unified policy pilot programs and institutional dividends.
Apart from the issue of institutional design, our core consideration is that if we blindly promote the so-called institutional dividend, it will concentrate the existing market liquidity resources more on innovative enterprises, and the likelihood of the vast majority of basic enterprises obtaining funds and resources will be greatly reduced. Basic level enterprises are the key entities of the New Third Board, and when they face severe challenges, it means that the entire market of the New Third Board will also face challenges. Therefore, the policy dividend for the innovation layer should be exogenous and incremental, introducing new resources into the innovation layer rather than allocating them from existing resources.
NBDThis year, the innovation layer has been iterated and completed. How far is the selection layer that the market is looking forward to?
Fu Lichun: As of now, there is no more substantial news about the launch of the selected layer, and it is estimated that the possibility of launching it this year is not very high. However, the market urgently needs it because the complete set of liquidity solutions behind the selected layer is of great significance. Last year, the performance growth of many companies on the New Third Board was not ideal, and with the addition of leverage, it was more difficult for companies to obtain financing, which had a significant impact on development. The most in need of money in the real economy are the growing enterprises on the New Third Board, which need to introduce funds as soon as possible to support their development. However, as the saying goes, the house needs to be cleaned before treating guests. Currently, there is still room for improvement in the standards for the innovation layer. Only by improving the market, regulating it well, and standardizing it can we be more suitable for launching the selected layer.
NBDSince the beginning of this year, there have been some changes in the market making pattern of the New Third Board, with some market makers shrinking their market making business while others continue to expand. What opportunities can market makers see in the new innovation layer list after it is determined? What impact may it have on the overall market making pattern of the New Third Board?
Fu Lichun: Firstly, market makers provide valuation and liquidity for market making enterprises, which is the original purpose of market making; Secondly, in selecting market making enterprises and market size, market makers have their own set of standards and tend to choose relatively high-quality enterprises, and one of the high-quality standards is to use the innovation layer as a reference. After the announcement of the new innovation layer list, it can be seen that many innovation layer enterprises and market making enterprises overlap. So whether it's providing liquidity or selecting high-quality enterprises for investment, this kind of market making will ultimately focus on fewer and fewer enterprises. So, as the number of companies being market makers becomes more concentrated or fewer, market makers may adopt different strategies, such as long-term value investment strategies, and layout leading companies with potential growth and explosive industries; Alternatively, a short-term valuation enhancement strategy can be adopted. When liquidity is good and valuations are rising, market makers can identify short-term policies or trends and quickly move in and out, similar toAThe investment philosophy of stocks. In addition, due to factors such as different business focuses and strengths of market makers, they may exhibit different behaviors and behaviors, leading to greater differentiation in their market making business.
Zhang Chi, Chairman of Xinding Capital: Institutional investment strategies are not affected by hierarchical adjustments
NBDDo you usually pay more attention to innovative companies when making investment decisions? What is your opinion on the results of this innovation layer adjustment?
Zhang Chi: When I invest, I don't pay special attention to whether the enterprise is at the basic or innovative level, but rather focus on the growth and value of the enterprise, which is the core. I believe that most investment institutions prioritize value investment, and the innovation layer is just a bonus, not a determining factor.
I think the results of this innovation team adjustment are basically in line with expectations. It was originally expected that the innovation team would undergo a major overhaul this year. Because during last year's stratification, the overall number of listings did not reach a stable level, and now more than 10000 are relatively stable. After this stratification, the innovation level enterprises will remain relatively stable in the coming years. For investors or investment institutions, investment decisions can have a certain degree of dependence.
NBDInnovative companies have always been highly sought after by investors. In the eyes of institutional investors, what is the value of innovative companies? Is your ideal company on the innovation team list?
Zhang Chi: Generally speaking, because the threshold is high, innovative enterprises are of higher quality. Therefore, whether it is industry status, profitability, growth potential, or market attention, the innovation layer surpasses the foundation layer. Relatively speaking, its investment value is greater. The good companies in my mind have basically been allocated to the innovation level, and some have not been allocated because their profits have not yet reached the standard. They may be allocated next year. When we invest, the company may not necessarily be in the innovation layer, but after one or two years of growth, a good company can definitely meet the standards of the innovation layer. When investing, it has not yet been discovered, and if it enters the innovation layer, the valuation will definitely be different.
NBDWill your investment strategy be adjusted accordingly with the adjustment of the innovation layer list?
Zhang Chi: My investment strategy will not change, and I will still look for leading companies in segmented industries with high growth on the New Third Board, regardless of whether the company is in the innovation layer. For example, some companies in the innovation layer have a high level of popularity and attention, resulting in high prices, but they are not our investment targets. And those that can be divided into the innovation layer at the basic level in the next two years are the truly valuable investment targets for us.
The enterprise is in the innovation layer, which proves that it has been screened and verified by the market, and the valuation is generally more expensive than the basic layer. Investing in innovative enterprises may be less risky for the general public, but for institutional investors, the price is relatively high. What we value more is the growth value, industry position, and valuation of a company, regardless of its hierarchy.
Zhou Yunnan, founding partner of Nanshan Investment: It's too difficult to invest without stepping on landmines Six moves to prevent risks
NBDAfter the first stratification last year, the New Third Board market was boosted by news and experienced a wave of upward trend. But this year, from the initial selection list to the official announcement of the list, the reaction of the secondary market has been relatively flat, and the market making index of the Third Board is lower than6month1Day after day, it hit a new low. Are secondary market investors not paying much attention to the list of innovation layer?
Zhou Yunnan: As a professional investor in the secondary market of the New Third Board, my personal focus is mainly on whether the companies I hold or the companies in my self selected stocks are in the innovation layer. Because this year's innovation team has1393Home enterprises are selected according to three different criteria, among which there are also a mix of good and bad. (I) can only focus on what I care about.
NBDThe list of the new innovation team has been announced. Will there be any changes in your investment strategy?
Zhou Yunnan: In my personal opinion, the current New Third Board is still a policy city and is most affected by policies. So the overall investment strategy is to closely monitor policy trends and select growth stocks. There have been no changes in the policy for this round of stratification, so there will be no changes in my personal investment strategy for the time being.
NBDWe have seen that there were also many "black swans" among innovative enterprises last year. How should we avoid stepping on landmines when investing in the new generation of innovative enterprises?
Zhou Yunnan: Last year, there were indeed many black swans in the innovation layer, and I believe there are still hidden "black swans" in this year's innovation layer. But after strict supervision and regulation by the regulatory authorities since last year, there may be fewer black swan incidents this year.
It is too difficult to invest in the New Third Board without hitting a mine, so we can only try to reduce the probability of hitting a mine as much as possible. I personally think we can start from six aspects: first, try not to participate in companies with financial abnormalities; Secondly, try not to participate in companies with non-standard management; Thirdly, companies that try not to participate in market value manipulation; Fourthly, try not to participate in star companies in the secondary market as much as possible; Fifth, try to invest in companies that you are familiar with; Sixth, try to invest in companies that you have researched before.
Ding Huiren, Director of Beijing Zhonghuiren Certified Public Accountants: Audit Standards Regarded as Listed Companies The probability of financial reports being questioned increases
NBDThe Ministry of Finance issued a document,2018The audit standards for innovative enterprises on the New Third Board should be treated as those of listed companies. What kind of changes do you think this will bring to innovative enterprises?
Ding Huiren: I believe that the new standard audit report will bring positive changes. Firstly, it can increase the information content of audit reports and enhance the relevance of decision-making; Secondly, it will enhance the value of audit reports and increase transparency; Finally, it will strengthen audit responsibility and improve audit quality.
NBDNew generation of innovative enterprises2018Will the implementation of auditing standards for listed companies in the coming year bring pressure to enterprises?
Ding Huiren: The audit standards, which are regarded as those of listed companies, are both honorable and stressful for innovative companies. It is honorable that,1393Enterprises squeeze into the innovation layer from tens of thousands of listed companies, which is10%Many excellent companies are even better than those listed on the main board. Getting closer to the standards of listed companies will make oneself more excellent, standardized, and powerful. However, there are also some companies that feel pressure because innovative companies are subject to the same supervision as listed companies, but they do not enjoy the treatment of listed companies. In addition, the innovation layer can be moved up and down, and can be moved in and out. We are also very concerned about the side effects of innovation layering, as it may bring about a new wave of counterfeiting.
NBDWill the new audit standards also bring pressure to intermediary institutions such as accounting firms?
Ding Huiren: For accounting firms and other intermediaries, financial audit reports are more likely to be questioned or even sued. Accounting firms should work and audit more meticulously, because your work and results are highly valued by society. The pressure is not scary, but what's scary is not working hard!
Taobao New Third Board