Category: Money tips Release Date: 2006-07-22
The area of investment there is a long time "V culture" (ie, "Value Cul-ture", advocating the value investment philosophy, emphasizing fundamental analysis) and "Q culture" (ie, "Quotation Culture", advocating the price investment approach, emphasizing technical analysis of stock price) two distinct investment philosophy. China's Stock Market "V Culture" in the split share structure reform pilot program launched at the same time, it was faced with a from the "Q culture" challenge: a pilot program for one-way compensation for shareholders the market focus; investors confusion of a hasty departure regardless of cost; index point position and the historical point performance of the investment behavior of the marked increase in the role of psychological suggestion; investment behavior of government policies and measures to rescue the market expectations and reactions significantly strengthened; the market's degree of attention the grapevine and the rapid increase propagation speed ... ...
How to split share structure reform program implementing the "V culture" can serve as a measure of the reform proposals do comply with the standard long-term interest investors in this standard, bear the risk of the cost of the original non-tradable non-tradable shareholders and pay high premiums in circulation the flow of investment costs, shareholder interests will be harmonized. The reform program under the perspective of the concept, consider the following questions focused.
First, the light of the price of re-pricing, that light of the price of a one-time cash, re-implementation of the long-term equity pricing. Can only provide short-term benefits to the price of compensation, but different investors holding funds due to the nature, purpose and costs are different, understanding of risks and benefits of different investment horizon different, leading them to the valuation of the enterprises are also different, so all-round one-time right price in the actual operation difficult to achieve. On the price of the underlying long-term initiative to pricing is the key to achieve the interests of equality, and that the functioning of markets is the rules of the game to ensure the smooth operation of the rules, rather than determine who the winner.
Second, the light-floating weight control, that is the purpose of state-owned shares of light and heavy improvement of corporate governance mechanism. Just as the same as stock investment, the investment rate of return and investment levels are not dispersion showed a positive correlation between the absolute value of enterprises is also the key to growth and the decentralization of shares is no absolute correlation. Full circulation was not intended to enhance the liquidity of shares or decentralized level, but rather the underlying liquidity of governance checks and balances through the tradable share reform and achieve the same with the right to maximize the management of enterprise multi-faceted public oversight role in ensuring the Enterprise benign operation.
Third, the light-compensation re-value, that is light to solve the historical cost of compensation, re-development of the uncertainty is expected to clear away the shackles. As said earlier, the main body of the historical cost of different investment is difficult to be settled one by one, they can hardly unified compensation, should be noted that hinder the long-term stable development of the market, is hidden the uncertainty is expected to reform the rules, and because the special characteristics of equity component The relative valuation is expected to lead to uncertainty. From an investment point of view, the risks necessary to compensate for the uncertainty, resulting in decreased relative valuation, at present a number of broad market relative valuation level of blue-chip line with international standards, I believe that reform of the rules to eliminate the uncertainty is expected to be on the one hand to make the investment decline in the valuation difficulty the other hand, valuation of environmental stability will also help boost the domestic stock market's relative valuation.
