Senior people talk about 7 suggestions for improving the investment environment in China's stock market

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Author: Department of glycopyrrolate · Stone saw cloth

After the New Year's Day in 2017, the stock market in addition to the SSE 50 standard stocks is holding, most of the company's stocks have entered a period of decline, while the European and American stock markets have been bulls for many years, despite the overall good social and economic situation in China.

The current bad start of the stock market has led many market participants to believe that the stock market disaster 4.0 model has been opened. As of January 13, nearly 2,000 stocks have hit new lows, especially small and medium-sized ones have become the hardest hit areas, and many stocks have hit the lowest position in early 2016. The market is shrouded in fear and grief. In particular, after the stock market crash of 1.0, the stock market disaster 2.0, and the stock market disaster of 3.0 in early 2016, the market has fallen into the deep haze of the stock market disaster 4.0, which has affected the people's heart and the possible social stability and unity. In the current unfavorable situation of the international environment, if we do not pay attention to it, timely adjustment and improvement of the relevant securities regulatory system will definitely affect the transformation and upgrading of the Chinese economy and the consumption upgrade of the whole society, and even more likely may affect The hearts of the people back!

Therefore, individuals believe that the stock market should be considered and developed in the overall strategic situation of the country's economic security. IPO is a way for companies to reduce leverage and is part of a national strategy. However, if large-scale IPOs do not have a complete securities system, it will ruin the implementation of the national grand strategy, ultimately harming the national interests and the interests of the people, and may oppose the country and the people. This is the regulatory layer to think deeply. For the regulatory decision-making departments that directly implement the national grand strategy, higher requirements are also put forward. If deviations in the implementation methods lead to the damage of most investors, it is easy to confront the country and the people. It’s not worth it.

In any case, a market that allows investors to lose money and lose hope is unattractive and hopeless. Even if the casino has to make some people profitable, good casinos know about improving services and advertising to attract customers. .

First, why should we improve the investment environment of China's stock market?

Improving the investment environment of the stock market is conducive to the formation of a positive feedback mechanism for the Chinese economy. At present, the negative feedback mechanism of China's economy, stock market, exchange rate and foreign exchange reserves is relatively serious. This requires China's highest level of concern. To solve this problem, we must first fundamentally change the investment environment of the stock market, so that the stock market after the stock market will maintain a growth rate of at least 10% in a year, so that investors can maintain a certain profitability and gradually deposit funds in China. Reducing the loss of funds is to reduce economic blood loss and gradually restore the confidence of the Chinese people to the Chinese economy. This is a very important positive feedback mechanism.

In the past two years, the majority of investors have invested in the stock market to continue to lose money, especially in the recent IPO of 3 IPOs. It is unprecedented in history and rare in China and foreign countries. It is called the big leap forward in the market. This has caused a serious imbalance between the supply and demand of the stock market. Or the initiative to choose to cut meat, the performance of small and medium-sized enterprises continued to decline and the stock price since the stock market since the stock market low, which makes many social idle funds are afraid to enter the stock market.

What are these withdrawal funds going to do? At present, both funds may choose to exchange foreign exchange, resulting in greater pressure on the loss of foreign exchange reserves. It is impossible for the country to maintain foreign exchange reserves, so that the pressure on the RMB exchange rate will be greater, foreign exchange reserves will be lost, and the economy will lose blood. More lack of confidence will eventually seriously affect the stock market's support for the development of the real economy.

In other words, the current stock market system needs to be improved as soon as possible. If it is not perfected, it will only be a desperate IPO. It will speed up the domestic funds to be taken over for the European and American stock markets, and to support the US economy. This negative feedback logic management It should be considered.

On the contrary, we will improve the system construction of all aspects of the stock market as soon as possible, maintain a reasonable rhythm of new share issuance, let the stock market run healthily, and the stock market will get better, and the pressure of capital outflow will be small. At present, the practice of 3 IPOs in the IPO is partly due to the stagnation of the stock market, which is basically the rhythm of catching money out. Therefore, the mechanism of negative feedback on the economy, the stock market, the exchange rate, and foreign exchange reserves has no solution. This requires the highest level of attention in China.

Second, how to improve the investment environment of the stock market

For the securities market supervision layer, the stock market has three main bodies: the listed company, the intermediary company, and the investor. The trinity needs to take care of the supervision layer. If it is not the case, it will not be a healthy one. market.

At the current stage, we believe that we need to balance the following six aspects: (1) cancel the futures index 500, and cautiously open the period refers to 500; (2) the stock market cannot be a purely financing place for the country; (3) improve the listed company The regulatory system, the reduction of listed companies should match the dividend financing, and must increase the holding time; (4) The state should understand the contribution of investors to the capital market and the real economy from a strategic perspective, and the shareholders cannot be speculators. Barbarians (especially senior managers); (5) Appropriate execution of the delisting system in the stock market, or equity transfer or asset restructuring within a limited time, is conducive to the promotion of state-owned enterprises, reducing the excessive speculation of companies with poor performance, and gradually guiding the establishment of The concept of value investment; (6) Maintaining the principle of the three public, actively paying attention to and handling the risk return of the secondary market and the risk of the investor.

First of all, it is recommended to ban the index 500 with more loopholes. Before the system is perfected, the index 500 must be carefully released. The futures index introduced by the United States is also based on the relatively mature large and medium-sized companies with good liquidity. The CSI 500 is synonymous with China's new economy. It lacks liquidity and has high valuation. This is caused by historical reasons. We hope to reduce the bubble through development and growth, rather than causing turmoil through the needle of the index 500. Futures are based on spot, according to the current valuation of the spot, if the index is released 500, most of the small and medium-sized stocks may continue to fall by -30~-50%, leading to the failure of the 2016 rescue results. In fact, the trinity that led to the deep stock market crash last year was: the former SFC's violent de-leveraging, the futures index 500, and the guidance of public opinion. This trinity is the root cause of the constant thousand-day falling limit in the 2015 stock market crash. Overseas hedge funds return about 15% a year. Our index here can earn 7 billion yuan a year for 3 million yuan. There must be a huge loophole in this. If you do not summarize the lessons of the index period during the stock market crash, but eager to open the index, it is bound to lay a huge hidden danger for the future capital market, and it will be a very major blow to innovative enterprises. Therefore, it is recommended to ban the period of 500, and cautiously release the index of 500.

Second, we must rationally use capital market means to reduce leverage. The current reduction of leverage is the primary task of the state to ensure economic and financial security, and the rational and orderly development of capital markets is an important means of current leverage reduction. For the real economy, through innovation, organic capital can be upgraded, labor efficiency can be improved, and capital return rate can be improved. But innovation needs capital support. The capital that supports innovation needs to have a capital exit channel, that is, listing. Therefore, it is very necessary to vigorously develop a healthy capital market. Then we need to make the stock market a win-win market, but not A purely national financing facility.

Third, the capital market should let the people have the effect of making money, and make the stock market into a negative game. Then people will not come slowly. If the stock market, housing market, bond market, and foreign exchange market are unprofitable, the people will have to change. The negative feedback mechanism of remittance, which leads to great pressure on foreign exchange reserves, unrecognized exchange rate and economic blood loss, must be taken seriously by policy makers. Therefore, the capital market must not be a purely national state financing place, that is, to make the people have a profit-making effect, only the financing function, the market without investment function and profit function is unhealthy. Only wins will last long. At present, in the past two years, investors in the stock market have continued to lose money. As a result, many investors have chosen to cut their meat, and other social idlers are afraid to enter the stock market. Why? Both funds may choose to exchange foreign exchange. The pressure on the loss of foreign exchange reserves will be greater, and it will be impossible to maintain foreign exchange reserves. As a result, the pressure on the RMB exchange rate will be greater, foreign exchange reserves will be lost, the economy will lose blood, and the people will have less confidence. . The domestic funds will be driven out to take over the US stocks, and the US dollar will be supported to support the US economy. This negative feedback logic management should consider this. Only the new shares will be sent slowly, the stock market will be better, and the pressure of capital outflow will be small. The practice of three IPOs in the IPO is to a certain extent, and it is basically the rhythm of catching money. Therefore, the mechanism of negative feedback on the economy, the stock market, the exchange rate, and foreign exchange reserves has no solution. This requires the highest level of attention in China.

Fourth, the stock market is not a bank. The price-earnings ratio of listed companies is a relative concept. There is no uniform standard in the world, especially in emerging markets, while allowing the stock market to have a certain bubble. This is a premium for investment in innovative ventures. Statically, how high or high the current P/E ratio is, it is necessary to judge whether it is an innovative enterprise. The bubble in the stock market should require the growth of the real economy to reduce. The angel investors in the early stage of the development of innovative enterprises are subject to huge risks, and giving a certain bubble premium is a practice that is conducive to innovation. For example, Jingdong has been losing money for many years, but it has always had a market value of more than 200 billion yuan. Amazon in the United States is also a long-term loss, but both maintain a high market value and price-earnings ratio, and become a great company with the help of capital. Therefore, the valuation must be dynamically viewed and developed. Just as the national team rescued the city, some people said that the 3,300 national team entered the city to save the expensive, but in fact, as long as the economy is healthy, 5000 points may be cheaper than 3000 points. However, if the economy continues to lose blood and growth continues to decline, then 2000 points may be more expensive than 3000 points. Therefore, it is very terrible to dynamically and correctly distinguish the stock market from expensive and cheap, and to look at the problem statically and mechanically, which will fall into the loop of death. The problem must be solved in development, and it cannot be killed directly by a stick.

Fifth, at the level of listed companies, the lock-up period of major shareholders is very necessary to extend, and it is necessary to impose mandatory dividend conditions and control over the reduction of holdings, which will be beneficial to the improvement of market supply and demand. Before 2008, the companies were all changed. After that, the company did not have a share reform. Some major shareholders were desperately pursuing a clearance-type reduction and transferring funds to go abroad, leaving a local feather, which was a great erosion of the interests of the country and the people. . During the current period of economic transformation and upgrading, many enterprises are eager to develop financing is also the truth. The major shareholders of the listed companies are desperately reducing their holdings, which is also very expensive to consume in the market. Therefore, the reduction of the majority of the listed major shareholders will help the entity. The help of the IPO will undoubtedly be great. Therefore, the reduction of the majority shareholder should also give way to the current IPO supporting the real economy. Looking at the entity, after going public, I don’t want to run my own company for more than 10 years. Therefore, it is not inappropriate to lock the holding time to 8 years. This is also an important aspect of the need for economic and financial faltering. Moreover, the listing itself has given a policy dividend, so it is very reasonable to extend the lock-in lock time, otherwise the first- and second-level spreads will not be understood. Therefore, it is impossible for the major shareholders of listed companies to reduce their holdings and let the stock market become the cash machine of a few major shareholders. It can be stipulated that the major shareholders can not reduce their holdings within 5 to 8 years after the listing, and the dividends equal to the financing amount are allowed to be reduced in batches. The investor is to help the controller to achieve his career. He must let the controller pay dividends. After he reaches the level of listing financing, he can only allow him to reduce his holdings. He can't let him go and leave a shell company. For private bosses, if you manage your business well, you will have a dividend, and the lives of the major shareholders themselves and their families will not be problematic. Therefore, the large shareholder's voluntary reduction of this aspect requires the supervisory layer to make a determination to change this trend, so that the market can form a real listing of good people can be more profitable. In short, the shareholding reduction of major shareholders is linked to the creation of value/performance. This is a systemic issue that the securities regulatory authorities really need to improve, and do a good job in benefiting the country and the people and revitalizing China!

Sixth, the CSRC should take the lead in revising the rules that make the stock market long-term and long-term, and the decrees should be consistent, rather than open-minded, violent supervision, and arbitrary change rules, which will make the market and investors feel at a loss. We must start with the improvement of the regulatory rules of the main body of the stock market, such as the perfection of the rules for the reduction of major shareholders, and the introduction of the necessary delisting system. The US delisting system is to create a function that not only allows excellent companies to finance, but also allows investors to have a function that excellent companies can invest in, so it is a win-win situation. If a listed company does not operate, and does not reorganize and integrate innovation and development, it must be allowed to withdraw from the market. This is also a warning and punishment for unbelievable companies and investors who are indiscriminately investing. If the poor performance company does not want to withdraw from the market and choose equity transfer or restructuring, then the management must formulate relevant regulations for the backdoor restructuring (in line with the State Council's supply-side reform, state-owned enterprise reform and support to encourage the restructuring of listed companies' assets), which requires institutional regulation and guidance. Pay special attention to insider information and insider trading to encourage listed companies to become bigger and stronger.

Seventh, the reform of the capital market can, but must maintain the relative stability of the major system, and can not be too high-spirited and rushed. A very important reason for speculation in the market is that the system always changes. Therefore, the system must be relatively stable, and policies should be sustainable, coherent and predictable. Any human color and management system that does not comply with the securities laws and constitutional principles should be banned.

Third, summary

IPO direct financing is a way for enterprises to reduce leverage, and is part of the national grand strategy, but it is not for the major shareholders to short-term reduction after the listing, and the rich and the rich will leave. If the daily IPO is not perfect, it will ruin the country. The implementation of the strategy will ultimately harm the national interests and the interests of the people, and may oppose the country and the people. Therefore, the IPO financing must be moderate, and you must not make a big leap forward! This is the supervision layer must be vigilant and in-depth reflection. For the regulatory decision-making departments that directly implement the national grand strategy, higher requirements are also put forward. If the wrong decision or implementation bias causes the majority of people to suffer damage, it is easy to confront the country and the people, and it will not be worth the loss.

In short, only the securities market system is stable, and various functions will gradually recover. Therefore, it is necessary to test and supervise the wisdom of multi-level supervision at the regulatory level, severely punish securities crimes, safeguard the market's three public principles, and restore the healthy development of the securities market. Investors have a benign investment environment, taking into account the return of investors (secondary market profit and dividends, etc.), and gradually recover from the nightmare of the stock market disaster, which is fundamentally beneficial to residents to keep funds in the country instead of trying to find ways Transferring money into exchanges also fundamentally supports the development of the capital market and supports the development of the real economy, which is conducive to the healthy declining leverage under the current economic environment and the economic and financial benign operation.

The new year has begun again, with a return to the beginning and the renewal of Vientiane! China's capital market needs a harmonious ecology. Chinese investors should have a Chinese dream, and the Chinese market should also have Chinese red!

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