Beijing, August 1981. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

Accepting the suggestions of the traversers, various reforms aimed at promoting the development of the emancipated productive forces in China have been continuously introduced.

For example, financial reforms.

Finance itself does not create value, but it can allocate resources more effectively, so that resources can be allocated in a more promising direction, and pierce into the development of productive forces.

When the monster of finance was very small at the beginning, much smaller than the scale of industry, it was very effective in promoting the development of the economy and productive forces.

As for the monster of finance, it is not only not beneficial to industry, but also harmful. That's when the industrial market is saturated, and there is simply no reliable project to accommodate the growing surplus capital of the financial system. As a result, money is reversed within the financial system, constantly blowing bubbles.

However, we should not stop developing financial markets because of the harm of the future. This is because the financial market is now of great help to the development of productive forces.

Even if, in a sense, the accelerated development of many financial instruments is essentially an overdraft of the future, but in many cases, if the future is not overdrawn and the development is accelerated, there is no future at all!

"In the area from Fuchengmen to Fuxingmen in Beijing's West Second Ring Road, a national-level financial management center will be built, and the headquarters of state-level banks and non-bank financial institutions will be arranged in a centralized manner."

"Approved the establishment of the Beijing Stock Exchange, and the business scope of the exchange is the listing and issuance of stocks, bonds, futures and other securities and financial products."

In this way, a new financial street has been planned, which shows the country's determination to develop the financial industry.

……

The Beijing Stock Exchange, located in the newly planned Financial Street, was established on August 1, 1981.

On the first day of the exchange, there were no equity issues, but two bonds.

In fact, this is also to imitate the experience of exchanges in developed countries, for example, exchanges in the United States, which were developed not because of stocks, but because of bonds. In the early days, the stock market was more dominated by bonds. It was not until later that the issuance of shares gradually began, but the size of the bond market was still comparable to that of the stock market.

Bonds and stocks are just a means of financing. There is little difference in nature, however, the bond sets an interest rate and the principal and interest are repaid according to the contract. The creditworthiness of bonds issued on the exchange is much higher than that of over-the-counter lending. In most cases, the probability of default of bonds issued on the exchange is extremely low, and if the bonds are held in a diversified manner, the default will only reduce the income of the year, and it is difficult to discount the principal.

In the stock market, the rate of return on investment depends more on the development of the company, as well as the ethical level of the company's management. The gap between good companies and bad companies can be huge over time. Some good companies, from small to large, may bring investors a compound rate of return of thousands of times. However, some poor companies will not even produce benefits if they are held for a long time, because their companies are not developing, but constantly losing money, and with the development of time, even companies that originally had a lot of assets have become insolvent negative assets.

Therefore, the Beijing Stock Exchange, which has just been established, first began to engage in the bond market, and then gradually raised the stock market.

The two bonds are also carefully selected, namely Shijingshan Power Bond, with a maturity of 5 years, an annual interest rate of 16%, and an issue size of 100 million yuan.

The other bond is issued by Fengchao Real Estate Company, which is also 5 years, with an annual interest rate of 20% and an issuance size of 50 million yuan.

The interest rate on this bond is actually not too high, because the 80s were originally an era of high inflation and extremely high interest rates. Including the United States, the bond interest rate exceeds 10%~15%, and even some banks offer a deposit interest rate of 20% to absorb deposits.

On the first day of issuance, the two bonds sold less than one million yuan. However, with the continuous publicity and coverage of the domestic media.

The interest on bonds far exceeds the interest on bank deposits. In addition, at this time, the trading price of the bond after issuance is even lower than 90 yuan, and the face value of the bond is 100 yuan. After maturity, the principal is repaid at face value, and interest is also paid at face value. In other words, if you buy at the price at this time, the real interest rate is higher!

This has attracted a lot of savvy investors to start saving and moving, entering the capital market, and buying these better-yielding corporate bonds.

Of course, people in this era are more conservative, and they are a little worried about even keeping their money in the bank. Not to mention, the purchase of bonds. However, bonds are not for the average retail investor in this era, but for investors who dare to take risks.

The issuance of bonds must not be politically conscious and require investors to sacrifice, which is completely inconsistent with the logic of the capital market. Therefore, bonds are completely attractive for safety and high interest rates.

Security includes China's national defense and security, at present, there is naturally a gap with the United States, the rear country of the Americas, but China has been fighting with the beta for so many years, and the defense line has basically stabilized, which also gives many investors great confidence.

In addition, there are the operational, financial and integrity issues of the company that issued the bonds.

In this regard, the bonds of the Shijingshan Power Plant have been endorsed by the state's credit, and if the Shijingshan Power Plant is unable to repay, the government guarantees that it will be fully covered.

As for the bonds of Fengchao Real Estate Company, the bonds are mainly used for real estate development. The company plans to carry out land auctions and development in Shenzhen, Guangzhou and Hainan. The guarantee of the bond is the Phoenix Nest Building in the capital. And the asset quality of the Phoenix Nest Building is very good.

The real estate prices in the capital began to rise month by month after the commercial housing policy was released.

As a result, many local people in Beijing who could not afford to buy houses began to buy bonds of Fengchao Real Estate Company. After all, the interest rate of phoenix nest bonds is very high, and holding bonds is equivalent to sharing the soaring dividends of the real estate market.

As for the issuance of the bonds of the Shijingshan Power Plant, the employees of the power plant heard the news and bought more than 30 million yuan of the bonds. The remaining part of the bonds is also because a large number of experts and skilled workers who came to Beijing to learn the subcritical technology of the Shijingshan Power Plant, and those who have money have also come to buy the bonds. These insiders, after a little calculation, know that the benefits of the Shijingshan Power Plant are very good, and it is impossible to pay the principal and interest. In these years, there are no reliable investment projects that don't need to hurt the brain, so bonds are recognized by the industry, which can be regarded as their vision.

As for the issuance of bonds, the exchange currently takes a 1% issuance fee. It is also two bonds, and the exchange earns a handling fee of 1.5 million yuan, which is charged to the company that issued the bond.

In order to activate the market, at present, the Beijing Stock Exchange does not charge investors on-exchange transaction fees, transfer fees and other fees for the time being. At the same time, the state temporarily exempts the bond market from interest tax, stamp duty and other tax rates.

The reason for this is that the current exchange can directly finance projects paid by the state.

Even if you forget about real estate, although that thing can make money, it still doesn't have enough weight compared to power plants! And there are too many projects that the state needs to allocate funds, and it is impossible to patronize one project of Shijingshan Power Plant.

The Shijingshan power plant can be financed through the issuance of bonds without the need for additional state funding, which in a sense, also reduces the burden on the state. In addition, enterprises borrow money to do things on their own, which is also more market-oriented, which is also the direction advocated by reform and opening up.

In addition, with the help of financial leverage, the project that originally took several years of profit accumulation before it can be put into production is put into production in advance, as long as the future profit prospects of the project are reliable, then it is equivalent to an accelerator for enterprise development.

At present, Wang Tianxing, the general manager of the Beijing Stock Exchange, is ambitiously announcing: "Let the exchange become an important engine for economic development." To be a good enterprise, scale up faster. ”