Category: Money Tips Date: 2006-04-08
Article 19 list of companies awarded a total of 46 stocks to change the company, in time for the quick baked chicken last year alone, a record high number of approved companies, stock reform into the fast lane is an indisputable fact.
Nearly half of stock reform journey, reflection accompanied by far. The earliest voices of reform against the stock while gradually dissipated, but the market for the shares of reform in the new disadvantages as well as the addition of the long-standing abuse is not thinking, but it never ceased. Unit should lay a solid institutional foundation for reform, stocks, policy reform can not be returned to the city there are signs for the success of share reform, can be regarded as such a reflection.
Recently to a "stock reform Dust strong asymmetry between the government and the weak market game" in anger for quite mean.
The authors concluded a share --- the executive power to change the three major characteristics of a large-scale involvement of share reform, the mysterious form of funds to prop up the market's invisible hand, market speculation and the speculative mechanisms desire to be effectively activated; three major shortcomings of the outstanding shares of --- the interests of shareholders, the lack of proper and effective protection for shareholders of non-tradable shares into tradable share reform of the biggest winners, stock reform to improve China's stock market did not become a major opportunity for inner quality. Thus, the authors propose three areas we need to properly stock reform the basic relationship: First, institutional change and market financing relationships; second is to stabilize the market and stability in the desired relationship; 3 is a basic system of the relationship between innovation and market innovation.
Repeatedly read many times think that the author is not pointing its sword towards the total shares of reform, but China's stock market. Notes, the authors put forward by China's stock market are long-standing problem, rather than shares of new issues arising after reform. The author's meaning seems to be that stock reform is a rebirth of the purifier, it should be washed all the dirt on the market, such a view is a bit utopian. Because of this, the author of the proposal although the sentence is justified, but the lack of operational level support. China's stock market had fouling many so-called stock reform with dust "theory also seems exaggerated.
Stock reform is a key step in the reform of China's stock market must be grounded in reality only the market environment both play a part of the purification, but also a natural in this market with the original blot. Authors have advocated in 2004, the net asset value pricing from reducing state shareholding, it is difficult to see this approach as compared with the current stock reform, where else are more conducive to the protection of small investors.
For different perspectives, interests, perspectives, and give rise to different understandings of stock reform, this is a natural. But should we go beyond that, in addition to stock change, there are still no better institutional change in the stock market-based approach? Revert state-owned shares, or state-owned shares "frozen" together?
On the other hand, from the Chinese point of view of the development of the securities industry in various financial institutions are in the "innovation development" now, the stock market decline of capital accumulation and configuration functions, it is inevitable fate of being marginalized. In fact, even some reflection is very logical, but in the central bank's short-term financing bills, Development and Reform Commission of the corporate bond situation, big wang, financing and growing volume of cases, the introduction of state-owned commercial banks, foreign investors have repeatedly broken the theme of Under the marginalized in the stock market has become a looming crisis, most investors and brokerages loss of a securities market can only be put on endless "innovation" The Red Shoes, with the potential dance.
Thus, we see that the regulatory authorities on the one hand stressed the importance of institution building, on the other are inevitable in a specific reform initiatives and the advancing speed, the darkness of issuing new shares and re-financing Theirs. Beginning of this century, the U.S. stock market scandal, explosive attack, U.S. President George W. Bush condemned the cheating on the one hand Jiyanlise persons, on the other hand to allow listed companies re-delivery within a specified period of time the financial statements, this alternative approach may perhaps not be considered for fornication courtesy of listed companies.
A crowd of radicals who came to power who are often turned into sound has its practical reasons. Radicals who would like to achieve the ideal state, and pragmatic constraints are often in reality, under the conditions of the various second best option. Hand inventory, straighten out one side, one side pays the bill, one side open, one side normal standard as the stock market, because this is it.
If the stock market is the policy of the current city that is the transition to a market city in the policy market, although this process can be quite lengthy.
I do not intend to challenge or is well defended, but also can be sure in the long term can not be a regulated market is not promising. But until then, we should establish a vertical axis, will share before and after reform the effectiveness of the specific comparison, this might be more objective.
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