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• Put the development of direct financing in an important position，Need to expand the scale，We must also improve the resource allocation efficiency of the capital market

In recent years，Listed companies are increasingly enthusiastic about purchasing financial products，Especially this year。Data display，As of early September，More than 900 A-share companies have participated in purchasing financial products this year，The cumulative scale is nearly one trillion yuan，More than 20% higher than last year’s figure，There are also some companies whose financial income exceeds their own main 188bet app business profits。The financial management scale of listed companies reaches a new high，Attention from all parties，There are also some disputes。

Some opinions，Purchasing financial products by listed companies is “not doing their job properly”。This statement is too general。Cash is the most liquid asset，Holding a certain amount of cash，Is the basis for the daily turnover of the enterprise or normal operations，It can also ensure that enterprises can respond calmly when emergencies are needed。Therefore，Most companies operating normally，It is inevitable that there will be some idle funds for a certain period of time，The company starts from the actual situation of capital turnover，Use spare money to buy with controllable risk、Financial products with higher returns，Conducive to the interests of all shareholders。

Some opinions，Some companies that have just raised funds also go to financial management，Indicate that it does not urgently need funds，But still "trap money" from the market。This statement is too absolute。Generally speaking，Project investment needs to be carried out in batches and step by step，Or the original investment project has idle funds due to changes in market conditions，Listed companies use the money for financial management，Comply with current regulatory rules。Previous years，Regulatory authorities have appropriately relaxed the use of raised 188bet Online Sports Betting and Casino funds，Allow listed companies to use idle raised funds to purchase products with high security、Liquid investment products，The original intention is also to leave room for listed companies，Improve the efficiency of use of raised funds。

There are other opinions，A large amount of money from listed companies is not used for operations，But invested in the field of financial management，It will cause funds to "displace real money into virtual money"，This needs objective analysis。Judging from the situation in recent years，Funds raised by bank financial products，The vast majority still flows to the real economy。Although it is not ruled out that there may also be idle funds、Possibility of avoiding supervision，But it is only a minority phenomenon。Therefore，Financial management of listed companies will not cause large-scale withdrawal of funds from the real economy。

However，Although the financial management behavior of listed companies is reasonable，But in the face of the financial scale that continues to hit new highs，There are many issues worthy of attention。

From the perspective of listed companies，Investors buy shares of a company，For the prospects of its main business，Instead of letting listed companies "manage finance on behalf of customers"，If a company takes money raised from the market，But he has been "indulged" in financial management for a long time，Not working hard to expand the main business、Development of physical projects，It cannot create real wealth for shareholders and society。And，Financial management products are not always guaranteed to make a profit，In the past two years, bond default trust products have been unable to be 188bet app redeemed from time to time，A considerable part of bank financial products flow into bonds、Trust，The risks of investment and financial management of listed companies cannot be ignored。For these cases，Need supervision to correct deviations，Guide enterprises to focus on their main business、Prevent risks。

From the overall market perspective，Financial resources are still precious。On the one hand, companies with urgent financing needs cannot be met，On one side are listed companies holding spare money for financial management，If this situation becomes common，It may mean that the resource allocation efficiency of the market is still not high enough。In addition，Although these financial management funds eventually enter the real economy，But the capital circulation chain has been lengthened，It will increase the financing cost of the real economy。This reminds us，Put the development of direct financing in an important position，The main point is to expand the scale，Increase the proportion of direct financing，But in terms of improving the efficiency of financial resource allocation，How to play bigger、A more active role，It is also a test faced by the capital market。

*Source of this article:People’s Daily, author: Wu Yan,Original title:《Should listed companies manage finances (Jinhaiguanchao)》