Category: Money tips Release Date: 2007-01-14
Ten years ago I was in school, when a bald professor in Hong Kong gave us a lecture on the topic of accounting information. He first told a story to the effect that there is a man and a woman two students, classmate for several years, each have a crush, but never to each other than confession. Other students have also already seen this, it is encouraged that boy to take practical action, so the boys and girls finally decided to declare. That night, study up after the boys and girls walking around, girls were also vague feeling what is going to happen, so they have no place to walk. Finally, the boys stopped to the girls said: "The one thing to tell you." Bald professors when that stopped, looked at us and said that the boys if you want the girls believe that their own feelings for her is true, he was will be how to do? We guess at a lot of answers, professors are not very satisfied with the final, Professor gives his own answer. Professor said that this may not be full of boys, so boys told the girls they used all the money to buy a diamond ring, and now must这枚diamond ring given to her. If the boys wanted to deceive the girls, his loss is very large, so that girls can believe him.
Perhaps we all understand that the theme of this story is not about love, it's about trust, at least it tells us two things. First, the trust is in fact not very easy to set up, just like Shanghai and Shenzhen stock market for so many years, and we can either make a determined effort to do the split share structure reform, but also could develop a perfect system and regulations, but no one can make a major shareholder and a small among shareholders, so that between the company's management and shareholders, so that the old white name and the fund managers to establish a trust relationship between the overnight; and if the absence of such a trust, Shanghai and Shenzhen stock markets there can be no good development , such as the current market valuation is more reasonable, investment is much greater than the value of bonds, but to ordinary people's deposits into the fund still is difficult. Therefore, from this perspective, shares the core of reform is certainly not the "right price", because if the operation through the share reform, A-share market can set up rules of the game based on trust, investors receive the benefits must be than the "right price" much higher.
This story also tells us that trust is not something to talk about can get by, and investors, especially small shareholders, born at a disadvantage, even if the Fund such as institutional investors and major shareholders of listed companies are still at a very vulnerable position, this , in fact, even after full circulation will not be changed, so vividly that the circulation of the shareholders bought the stock as an old Chinese saying, "Marry a chicken with the chicken, marry a dog with the dog" to buy a company's stock, only be able to hopes that the company's management and all staff can have sound, so that companies have good development. But the story above, it also tells us a truth is not trust between people can not be established, on the assumption that people are selfish, based on the rational design of a mechanism will allow the trust built up, which is why the equity-based incentives, restricted stock and full circulation is a necessary condition for the healthy development of the stock market. From this point of view, if the current shareholders of the relevant departments or major changes in the stock itself to making below market expectations, when the "right price" program, also is not conducive to establishing a market consensus and trust; and if there is no such trust in the long run there is no side will become the winner.
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