Category: Money tips Release Date: 2007-02-24
- Experience of multi-year investment career,
Change the number of which can fall back off?
Flush of the pan-green camp has chosen to lose in hand
I get no errors and omissions can not explain the pros and cons
Just to buy up sell into it to change I do not know where to be investigated
... ...
One "l" want anything else? Had also tried to short long
Dissipation of a dream every point where this may be fun?
One "l" want anything else? Who care about praise and curse?
I did not realize I have lost all of my torn
... ...
One "l" want anything else? Often decision to give up and have a
... ...
At the end of 1999, after several years of ups and downs of the Stock Market and the "5.19" Quotes of the ups and downs, I will Danny Chan's an old songs, "Yishengheqiu" adapted for "one" l "want anything else", is also regarded as then the sea of their own shares career insights and turn of the century a kind of sentimental feelings sigh. That year, because "5.19" Quotes Zhou Qi, my biggest year yield up to 100% more than once, but year-end inventory, taking to 40% of revenue.
When I look back, the then seven years, during which both China's stock market gains in 2000 won the highest in the world's glory years, has sometimes been referred to as China's stock market, "the disappearance of five years" the long Xiongtu. Since the end of 1996, I entered the stock market, has more than ten years.
The most direct reason to enter the stock market is the central bank cut interest rates. Before this, I would probably pay both the deposit savings banks on a regular basis or purchase of bonds, still remembers the one-year period before 1996 was as high as bank deposit interest rates 10.98%, while the Treasury bill rate is even higher.
I read that the school finance and economics, therefore, almost from the dawn of China's stock market began to care about the stock market, but because the market more aware of the dark side. At that time, I have this new thing the stock market and not much goodwill. Do not you see direct to China will become the rats, while the stock market has always been a virtual capital market, I really do not see how it would to a virtual or even illusory. At the time there are rumors of rich-quick stock investments, but I still have doubts about stock investment.
The central bank cut interest rates seven times in 1996, to continue to keep their capital banks have lost the meaning of finance and investment, and my limited size of funds, lack of other alternative investment channels, so, investing in stocks become helpless choice.
Personally believe that before 2004 most of the time, the overall market valuation of the high side, the vast majority of individual stocks a lack of basic values, an obvious example is that, in the corporate stock market price of 1 yuan transfer of shares, shares in circulation the market, its shares are up to a dozen dollars, or even higher. The more in-depth fundamental analysis of individual stocks, the more they feel the lack of basic values, individual stocks, it is difficult from the market to find yourself feeling a pragmatic basis with the value of the stock.
Today, when we look back to that year's market is not difficult to find, once market-leading coquettish star of many stocks, and now has been largely bleak starlight, and even become a garbage clan. Both blue chip stocks for the year and bright leader in Sichuan Changhong, Haier, Qingdao, Shenzhen Development, deep technology, Dahlman, Lam Tin shares, silver Guangsha, followed by technology stocks star Zhongguancun, Tsinghua Tongfang, Dongtaiepai, day-old Tian-cai, Oriental Electronics, TOP software, or a variety of Internet stocks leading shares, Haihong, Shanghai Maling, all these people who had worked Guangmang great success, eye-star stocks are like meteors as the ultimate fall of the stock in the subsequent Bear in spared to cut re-cut, some even to delist the curtain call.
As the saying goes the stock market on behalf of a Niugu out, each leading the trend in 2012.
The market ten years, much experience. Entering the stock market the first two years, both stocks to buy shares shortly after the double surprise, but also nearly cut the painful price. While, overall, in terms of some revenue, but the fluctuation of the market and individual stocks fluctuating, more on the market awe and helplessness, a sense of mind often treading on thin ice. The current short this market which enjoys a long and fictions of corporate announcements, bewildering insider news, rumors Yizhenyihuan performance, passion overflowing rating on articles and twists and turns of the price-fixing each other, they cause dizziness, it is difficult self-sustaining.
Feeling particularly deep points are: listed companies, over-packing, two city Zhuanggu rampant, market regulation lagging equity investors can not be effectively protected. Exposure to the market, often have a look around my heart the feeling of loss.
Since the early days of China's stock market opened into an invisible cycle: twists and turns of rotation. The Shanghai Composite Index since the early 1990s it once jumped 1500 points, however, in the next 10 years has always been in that line of struggle, an important reason for this is the cornerstone of a stock market listed companies in a serious over-packaging, the quality uneven, and the disclosure of information is hard to determine the authenticity of.
Fraudulent financial reporting or over-packaging is a means for misappropriating the direct motive, including issuing new shares and additional shares, allotment and so on. To meet the conditions of the stock issuance, some companies devote so much energy into all of the financial statements into the whitewash, and even at forgery, fair without and foul within. Listed counterfeiting and have been investigated and dealt with, such as red light industrial, Daqing friendship, sea tech, MACAT and so on, some companies even after many years of finding out his sponsors listed on shareholder funding not in place. Listed after "year of blue-chip, two years Ji-ping, three-loss" has become a universal phenomenon, some companies might wait for less than three years of becoming a loss of market share that year. After 1998, when the issuance of refinancing as a way to introduce the stock market when the market is regarded as a scourge, investors often hear "by" pale, the company announced plans to increase issues, the market tend to notice the date that is down stop mode to respond to. The facts also show that a considerable number of companies issuing new shares, after the second year in additional losses, typically TOP software, Genius Company, Shandong anti-medicine, deep Konka.
In the last century, during the debt-equity swap is not state-owned enterprises, the market had circulated a joke: many state-owned enterprises in hand, two sets of statements, a report losses reach the objective of debt-equity swap, the other set of statements is profitable, of course, in order to listing and financing.
Financial reporting fraud Another important reason is to cheat and hollowing out listed companies. Prior to 1998, listed companies are basically the mainstream state-owned holding enterprises, the illegal invasion and occupation of a malicious act of funds of listed companies is not yet a common phenomenon, however, after 1998, with the so-called "asset reorganization", "capital operations" prevalent, a number of private capital in the name of false re-entered the listed companies, the illegal invasion and occupation of a listed company interests of the show followed, as have not been effectively curbed, and some local state-owned enterprises and even the central holding enterprises have begun to follow suit, hollowing out the conduct of listed companies becomes stronger, gradually became Liaoyuanzhishi, and eventually flooded. These enterprises generally through related party transactions and other means to whitewash the company's financial data, after the successful issuance of the financing means for misappropriating, and through the amount of funds used, related-party transactions and other big embezzlement of assets of listed companies, many listed companies owned by large shareholders, accounting for hundreds of millions of illegal and even more than 10 million and to related parties bear substantial responsibility for the security of listed companies are often so overwhelmed, and ultimately lost their ability to continue operations. A typical software, such as the TOP Sichuan Changzheng backdoor listing and issuance of 30-odd high price, financing just over one billion, after a brilliant short soon after reduced to trash stocks, and to withdraw from the market in the end.
In addition, with the main speculation is the performance of listed companies to manipulate the direct motive: The Makers Jiancang period, the release bad news to suppress stock prices, in the main shipping period, then the good pouring in, typically, such as shares of Lam in 1996.
October 10, 1996 Board of Directors issued a public notice Lam said: its wholly owned subsidiary of the severe floods suffered Bainianweiyu, the company has suffered as of about 10 million yuan.
Notice 1, Lam Tin investors terrified, stock heavy volume fell sharply in just a few days notice before the stock price from the 16.28 yuan fell within the 10.98 yuan, investors suffered heavy losses, while the Unit during this period the cumulative turnover of close to 100 %, almost a bargaining chip in the hands of individual investors have also been a clean sweep. In late November, Lam shares land sky, and even pull Changyang, in just 16 yuan within a week to return to the top of end of 1996, under the control of the policy side, a jittery stock markets in Shanghai and Shenzhen, the vast majority of the stock three consecutive trading days closed prison daily limit, while shares of Lam after experiencing a lower limit under adverse income-yang, a "green housewives, 10000," a small number of a red landscape, so that a "disaster ridden", so that investors stay away and not fear and How can a stock at this time, gone against the tide trying to flaunt? However, a more surprising still to come, on the Shanghai and Shenzhen stock indexes lower in the valley amid lingering hesitation, Lam Tin price not even pull Ju-yang, a new record high Diego in less than three weeks time, the stock has jumped 20 Yuan high, January 9, 1997 stock price of 24 yuan on the touch. Subsequently opened a mystery published annual report: 1996 Lam year net profit rose 115.9 percent, earnings per share reached 0.61 yuan, while the distribution of the program is to meet the needs of the market at the time, get 5 shares for every 10 shares of stock Zhuanzeng 5 . Tin immediately become the market shares of hot stars, but this time, the main has been lucrative, naturally, happy to be distributed.
Institutions in power, and ultimately we have a profit out of, as the dealer holds the funds, and information superiority and get with the listed companies, therefore, generally speaking, individual investors follow suit must be more profit less loss. It is also difficult for many years on the market most of the retail profit because, even in this bull market in 2000, only 30% of the number of investors took profits.
As the market in general, a lack of basic values, prevailing winds of speculation, institutions in power, individual investors follow suit, they become the market mainstream, and formed a unique set of China's stock market Zhuanggu culture: "shares is not good, there Zhuang Ling . " Quite a long time in the Zhuanggu rampage, the market-related Zhuanggu rumors vivid, institution name sectors are also common, "banker Jiancang completed, pulled around the corner" and other stock analysts. Impression, 1999 "Securities Act" before and after, as the "Securities Law" in terms of punishment is related to stock price manipulation, institution name sectors of the section relating to the wording of Zhuanggu had scruples, but then will be restored as the old, and with the 2000 round of funding-driven bull market unfolds, China's stock market has also been interpreted to Zhuanggu times the ultimate ... ...
February 14, 2000, the Western tradition of Valentine's Day, Chinese New Year is China's stock market opening after the first day, the management of China's stock market presented a huge bouquet of red roses: the placing of new shares and to allow the stock market value of the two mortgage finance favorable policy introduced. Whole line the same day in Shanghai and Shenzhen stock markets, stocks closed mostly in the daily limit, thereby igniting a full-fledged after "5.19" market, various types of funds flocked into the market, capital-driven bull market in this connection to start pouring money into the sector and the market negligent management, and has led to the proliferation of Zhuang Gu, China's stock market in the spectacular village in thousands 1000! This is one of the most classic when the number of Yiankeji. ST Hanny Holdings through the acquisition of, bookmakers Luo from the foreground into the background, and the renamed Yiankeji, in line with share prices pulled up, through a variety of ways frequently announces positive, when the stock price aspirations to hundred dollars later, the press conference and even open to the stately Great Hall. Although the market questioned voices from the dealer eventually calm shipment.
However, most bankers do not Luo so lucky in 2001, long after the bear market, the number of funds have Zhuanggu strand breaks and frequently staged high-profile diving tragedy, more than 10 consecutive lower limit to which ship with the retail village no one to turn, was eventually reduced to making sacrificial lambs. When the number of which the most famous entrepreneurs in the Division: the famous banker Luliang, less than 10 million yuan of its own funds more than half a billion brilliant achievements of the financing speculation in Section 1:00 of the business, but because of their perdition the abyss! Among subjects start to unload the halo past, people were astonished to realize that it is nothing but a chicken farm on the verge of bankruptcy! The subsequent collapse of the DeLong system is hitting a record of tens of billions of illegal financing!
Whether there is a listed company earnings, such as packaging, performance water injection, a major shareholder and other issues of illegal accounting for funds, or the secondary market Zhuanggu rampant price manipulation and other issues, have exposed the problem of insufficient market regulation. Regulatory lag due to the serious, the interests of investors can not be effectively guaranteed.
As early as the occasion of hundred Yiankeji a breakthrough price, the market doubts the cries, however, the main force of calm until the ship after an 100 million, the management only come forward surveys, nearly 10 billion when the huge ticket out, the dealer had to carry large sums of money fled, missing. The Department of Zuozhuang Delong is an open secret that the market early in 2003, the Department of Internet resources on the chain when Deron rumors about broken, however, until the Department of youngest Delong shares collapse after their illegal financing, Zuozhuang conduct will have been investigated.
Supervision of listed companies, was extremely impressed with the Lukang Pharmaceutical counterfeiting case: When Lukang Pharmaceutical be issuing new shares, two managers real name within the company to report to regulatory authorities, accusing the company's financial fraud, losses serious, do not meet the additional conditions, a listed company executives have vowed: report untrue, libel slander, the company is not only profitable real and attractive prospects for additional projects; the two sides confront the media caused a good emotion, the end result, additional allowed to report suspected corruption by a body stuck in prison, another person Fugitive. However, more than a year later, Lukang Pharmaceutical Pre-losing announcement turned out to stock price fall! The so-called earnings outlook has become Suigetsu Kyoka.
Performance of listed companies fraud, a major shareholder funds of illegal invasion and occupation of chaos, Central Health, the secondary market Zhuanggu rampant, regulatory lag, the investment can not be effective in protecting the interests of the other hand, the interests of investors damaged, safeguard their rights, claims difficult, Six years ago, silver Guangsha faked exposure, however, until last month, only part of the investment were obtained by judicial means of a small amount of compensation. In most cases, damaged the interests of investors simply can not be compensated.
In recent years, with the advance of split share structure reform, as well as a series of securities market laws and regulations related to the amendment, the stock market there have been some positive changes, and the stock market in 2006 triggered a bull market, the market most of all walks of life who are optimism, "three-year bull market," "golden years" of the optimistic projections are often hit the newspapers. I personally think that the basis for the bull market is still weak: In general, listed companies, disclosure statements and related information there is no obvious improvement in the quality and, with the emergence of a bull market, the winds of speculation Zhuanggu a tendency to spread, despite the new criminal code financing of large shareholders, accounting for issues such as the provisions of a more severe punishment terms and formally implemented early this year, but still rare in the recent relevant investigation reports, investor rights protection and the interests of the protection mechanisms not yet formed. Only when the investor's legitimate rights and interests can be an effective safeguard the conduct of listed companies can be an effective norms and constraints, the overall quality of listed companies can continue to improve and improve, the market will usher in continued prosperity, rather than into a surge after the collapse reincarnation.
(The author is the Department of Individual Investors)
