Shanghai University of Finance and Economics' Liu Liya: Linking refinancing interest rates with the actual repurchase performance of enterprises to dynamically control moral risks through differentiated interest rate stratification.

On May 10th, Liu Liya, a member of the Party Committee and Vice President of Shanghai University of Finance and Economics, stated at a seminar on the reform and development of China's capital market and the theoretical logic of China's capital market that the implementation of structural monetary policy has had a positive impact on the share buyback behavior of listed companies, promoting market liquidity enhancement and a significant increase in active repurchases. At the same time, she pointed out that there is still room for improvement in guiding enterprises to operate in a standardized manner. "Some companies only stay at the announcement level of buybacks without implementing specific plans, showing a tendency towards 'advertising'; at the same time, the market's response to the buyback behavior of some companies with vague qualifications is tepid, reflecting investors' lack of discernment," Liu Liya bluntly said. In response, she suggested optimizing policy design mechanisms, linking re-lending rates dynamically to the actual buyback performance of enterprises, restraining moral risks through differentiated interest rate tiers, and constructing a credit rating system for listed companies, prioritizing financing support to companies with good governance standards and performance records to strengthen policy precision and incentive effects, and help promote a healthy cycle in the capital market.