Category: Money tips Release Date: 2007-07-16
Caused a sensation in China this year to do a lot of repercussions, but I think that is absolutely and ultimately, these two: First, the entertainment industry's Super Girl, and second, the securities market on the split share structure reform. If the former as "entertainment show", then the latter may be called "economic plays."
Super Girl not only makes a few Huangmaoyatou in a short time has become a household name, so that countless boys and girls were in the "entertainment democracy," really experience the star actually lies in your hands cozy also depend on the nerve for some and the body's long-stars in the youth health fade before the dejected. As for the importance of split share structure reform, even to say nothing, and covers a breadth of their interests, deep well-known, shares the success of reform even been referred to the capital market on the "Eleventh Five-Year Plan" the high degree of support.
Worth pondering is the "entertainment democracy" and "market democracy" Almost a dramatic encounter the same problem: vote buying and bribery tickets. The former is by those "corn", "grass jelly" were individuals or to mobilize others to vote with the message: It is said, "Super Girl" fans support the players vote to give money first to customize the text message reply only after the receipt of votes (and the subsequent voting nor is it free of charge). The latter in the event of "voting Gate Incident", the SFC's management issued a "No illegal acts of manipulating the voting results, to prevent the 'voting gate' incident, it was revealed that a serious handling of the" note of caution. Previously only seen in the political textbooks, such as "a glass of wine for a vote" phenomenon began to appear in China's economic life.
Although on the face, "Super Girl" and the shares of the problems encountered by the same reform, but the nature and impact of both is very different. "Super Girl" of vote buying behavior is nothing but mass entertainment business to make money through text messages the game, but rather the share reform of the "vote Gate" incident has not only violated the legitimate rights and interests of shareholders in circulation, but also stocks and a wanton violation of justice reform. New Institutional Economics "state theory" that: "The state contracts, and plunder with the dual attributes, if the potential for violence, an equitable distribution among the citizens have given rise to a contractual; if such a distribution is unequal, it had plundered sex. "In fact, this theory was also introduced into the share reform in a certain reference significance: If it does not guarantee the impartiality of stock reform, there is a strong majority shareholder of the predatory shareholders may be disadvantaged.
Stock reform of the justice who is going to guarantee? Of course regulatory authorities. Some time ago there was the article that the split share structure reform should mind trapped in a "North paradox." Douglass North that on the one hand there is no intervention of state power and agency, property rights can not be effectively defined, protection and implementation; the other hand, has the monopoly of state power and expansion of nature, often make the individual the right to become the aggrieved person. This paradox is indeed worthy of vigilance.
Unit effectiveness of reform depends largely on regulatory authorities in the living well, "the interests of preferred balance beam," he also can provide a fair trading environment. Trading of mutual trust is the prerequisite to reduce transaction costs, increase punishment "vote Gate" and other fraudulent irregularities is to reduce the cost of share reform protection.
