Category: Money tips Release Date: 2007-02-19
Since the reform and opening up, China's rapid economic growth, booming, attracting worldwide attention. But in recent years, China's stock market is bucking this trend, getting worse, complete loss of the role of China's economic weathervane. To this end, in promoting China's economic development virtuous Chinese government, have been introducing measures in an attempt to change the situation. However, the Chinese stock market over the past few "policy market" Characteristics of the government's initiatives, or indifferent to, or response to short-lived decline in more than the tens of millions of dollars of wealth is still a day away from the Chinese stock market evaporated, so that the Chinese stock market the parties involved who suffered heavy losses.
So far, who is the biggest in China's stock market losses? Perhaps we may have coincidentally pointed out, the Chinese stock market investors, the biggest losers.
Is not true. China's stock market investors, divided into two categories, one category is not tradable shareholders, and the other is the outstanding shares of the investors, these two types of investors in China's stock market in very different investment cost per share. On the whole, as long as China's stock market value per share (or net asset value) has not dropped below a dollar, non-circulating shares of the investment in China's stock market will not be wasted on the fundamental, not only preservation, but also may profit, loss of can only be the outstanding shares of investors.
Of wealth from the money point of view, the greatest sufferers of the outstanding shares of China's stock market investors, however, from a financing point of view, but it is intended, or has been listed on China's stock market offering of listing state-owned enterprises, because they can no longer business as usual, cost-efficient financing of the. China's stock market financing functions greatly reduced.
I remember when, as a state enterprise reforms, the reform of state-owned enterprises to raise much needed funds quickly, is to create China's stock market one of the purposes, for offering the program in China's stock market has set up a share-trading system.
Looking back at history, fairness, and equity-trading system has been the outstanding shares of China's vast support and backing of investors, shareholders, in order to quickly create China's stock market, high-speed development, and state-owned enterprises reform in the short time a lot of money to raise much-needed set of major contributions toward the full realization of the establishment of share-trading system in mind.
Today, tradable state-owned enterprises still rely on the system, low-cost rapid in China's stock market to raise much-needed large amounts of funds to promote reform, the completion of restructuring do? It seems impossible. Because, in the right time to invest in China's stock market value assessment system, people have to share-trading system just does not exist, and share-trading system "totally useless", in other words, share-trading system is now in name only.
Share-trading system, why would "totally useless"? Why would exist in name only? Some people say it is intended, or has been listed on China's stock market prospectus offering the economic benefits of state-owned enterprises listed on the result of poor. However, every year China's economy growth, generally recognized that to be listed or have been state-owned enterprises listed on the overall economic benefits are poor, the reasons can not be established. It was said that "due to the dominance," "major shareholders lose their integrity, hollowing out listed companies", causing people to lose confidence in China's stock market. Be "due to the dominance," "major shareholders lose their integrity, hollowing out listed companies", does not own proprietary system of tradable shares the characteristics of the phenomenon, in fact, the rest of the world there is no system of tradable stock market is also not uncommon.
In accordance with the share-trading system, listing the state-owned enterprises, non-circulating shares of the investment is one dollar a share, while the outstanding shares of the investment shareholders are several million yuan a dozen or even dozens of dollars a share, a stock not yet listed, offering complete later, without management, state-owned enterprises are not immediately tradable shareholders, the investment has been a huge value-added, not only absolute guarantee that post-IPO outstanding shares of state-owned enterprises are not the absolute controlling shareholder status, but also so that ventilation is not good for under the equity shareholders, rather than the proportion of dividends based on actual investment the enormous benefits. However, the flow of investors do not feel that a disadvantage because, according to the system, non-tradable shares in circulation will be a good opportunity for the outstanding shares in China's stock market has created a "largely rebutted," the opportunity, that is representative of China's stock market and reflect the actual market the company's overall asset value and profit and loss situation is not a listed company's total share capital, but the outstanding shares. The role of the outstanding shares and volatility is magnified, circulation investors in China's stock market to win the spread (or Yue speculation), the chance greatly increased. As a result, circulation of shareholders, "added Di Wai Tsutsumiuchi loss," loss of interest in the company can use the stock market get the chance to make up. In fact, the early dividends of listed companies are mostly Zhuanzengguben, non-negotiable shareholders take the initiative to abandon the interests of cash dividends, but also increased the spread to win the stock market (or Yue speculation) the opportunity, so China's stock market as a whole forty or fifty PE washed times is not surprising.
Like all systems the same advantages and disadvantages of co-existence, equity split systems also exist (significant) defects. But the share-trading system, the relative fairness, this is to her government's reputation of China's stock market investors to maintain the relative balance of interests, so that the circulation flow of investors and non-shareholders are properly complement each other.
However, the substance of this system, in the subsequent development of China's stock market has been shaken, and in 2001, after being completely destroyed.
First of all, not the outstanding shares of state-owned assets in different intersubjective transfer of shares to make the so-called "non-negotiable," exists in name only, though limited in scope, the real had been "in circulation", which requires the non-state-owned assets transferred between the main voices also a matter of course. Second, the non-tradable state-owned enterprises also use the system of listing, to raise a lot of money to make the huge investments which do not flow to shareholders after the value-added, non-shareholders to use dividend distribution, rapid legitimate return on investment, resulting in non-negotiable shareholders interests and the government's reputation damaged, there is suffering can not tell. And the most destructive force in China's stock market at market prices (or net asset value) for so-called "state-owned shares," are actually undermining the relative share-trading system, a fair basis, which result in the creation of share-trading system to the flow of investors to win the spread (or Yue speculation), opportunities are disappearing, unilateral damage to the interests of investors in circulation, and have no institutional compensation. Share-trading system in name only, totally useless for the reason why.
Should be pointed out that the share-trading system, in China's stock market during these years the prospectus, the form has never been implemented before interruption or change. Pre-split share system in the latter part of the relative success and fairness of shaken and destruction in recent years, the Government and all relevant departments, through policy, regulations, rules and regulations and the various measures "to prevent the loss of state assets to ensure that state-owned assets" as well as "Effective protection of the interests of shareholders in circulation" in the consolidated results, it can be said that the results of the rule of law.
However, this result, initially for the Chinese stock market investors are feeling just now is not the case, at least in circulation investors feel unfair to them. This has forced people to the Chinese government in the development of share-trading system, especially in the last few years, the stock market policy measures enacted in the impartiality of suspicious.
The Chinese government is China's stock market regulators, but also the formulation of policies and measures China's stock market who is also China's stock market investors, because she is the ownership of state-owned assets to invest in China stock market representatives. In China's stock market policy measures, that "to prevent the loss of state assets to ensure that state-owned assets," and "effective protection of the interests of shareholders in circulation," the slogan of the appropriateness, setting aside, China SASAC and China on China's stock market policies and measures jointly issued a document, no can be avoided to make people feel: China's stock market regulators, policy makers and the stock market and some investors (such as state-owned shareholders) a confusion of roles, interests tied together.
To solve the problem of measures share-trading program, why do not always favor the circulation of shareholders? Linked to the year advocating the "state-owned shares" of the authorities, and now the release of China's stock market closed just forget the idea, which allow circulation of shareholders have to worry about: in the end China's stock market capital fund-raising venues, or from the shareholders at making money in circulation, compete with the people of the place? Demolition stalls, is not prepared to allow the non-negotiable shareholders "fishing for the left"?
Market, any investor is free and equal. Any market managers and the management of the market based policy measures must be of equal protection of market investors, maintain the market justice. Only in this way, the market will naturally reflect the efficiency and fairness. Otherwise, the investors not to participate or withdraw from the market freedom, the result is naturally shrinking of the market, efficiency and fairness can not exist.
From this point of view, at present China's stock market the biggest losers of the Chinese stock market regulators - the Chinese government, because of 50 years, the Chinese government set up a fair profit from the image of the people in China's stock market has been questioned .
Tsinghua University Professor Qin Hui, once told us: It is often said "The market economy is an economy ruled by law" ... ... these words than the words "market economy is a fair economy," more precise. Justice first, efficiency and fairness are among them.
China's stock market system in place around the stock split phenomenon, confirmed the above-mentioned words of Qin Hui.
