Category: Money tips Release Date: 2007-04-06
In the United States, Europe, Hong Kong and other international mature stock market, more than 5% of the crash a few years are very rarely seen, in the event, heads of government will have to come out position, the rescue package. But in China the stock market, the past two years, especially this year, 3% of the surge is very rare, but 4-8% of the crash has become commonplace, and by the previous once a month, into the recent several times a week, or even several days; from the previous weekend, the end, evolution for the whole week, whole month at any time. This shows that China's stock market healthy operation of the management control and inadequate capacity to poor stability of the stock market and protect the interests of medium and small investors have done very widely in place.
Thus I believe that the regulation of the stock market should be the focus of management from the curb up, squeeze the bubble, the transition to governance customary fall.
1, should abandon the man-made index "policy of the top." Last year, from May to July, a four attacked the authority of the media market "irrational up" Review reporter, no less than 1750 points, became a Jiu Gong "policy the top." Early August, Mr. Tu made by Vice-Chairman of the SFC "SFC before the tube index up or down, now, no matter, and the future regardless of" commitment, it broke through the "policy of the top." This commitment, however, was still being deserted. This year from January to March, 3000 points, became strong "policy-top" is attributable to a 46.4% increase in 06 annual results, was able to resolve. Now, "5.30" Stamp Duty storm and the "6.20" after the "five bad" are all above the release point in 4300, so 4300 points, became well-known "policy the top", "M the first Policy Top" . By my count, 4-8% decline occurred in the intensive released one after another bad cast of "policy-top", after, or the market "policy-top" to reach a consensus when, especially at weekends and the end of the month. 17 years of "policy market" now reached the point of culmination is clearly in violation of the laws of the market economy. In the overseas stock market, for example, the Russian stock market from 2002 to now, up 1800%, the Brazilian stock market rose 547 percent since 2002, the Indian stock market from 2003 up 500% so far, where the government has never been a "policy-top" one said, where the investor never used to consider or worry that the Government of "policy-top" on the stock market out of negative pressure. In contrast, Chinese investors is to live tired, too sad.
2, bad regulatory policies should be introduced to make an accurate interpretation of the market clear expectations. For example, the recent cancellation or reduction of interest tax news Gang Chu, a number of media and the network is used in headlines: "abolition of interest tax is equivalent to raising interest rates seven times." In another example, the Ministry of Finance issued 1.55 trillion yuan special treasury bond news, the media processing is: "the equivalent of 10 times to raise bank deposit reserve ratio, the stock market will be blood." Such exaggerated, heightened market fears triggered a continuous fall. In fact, the reduction of interest tax of listed companies not to increase borrowing costs, but will deposit proceeds; not only increase the income of residents with deposits, but also to improve the stock market returns of funds Yinzhengzhuanzhang head households; not only not bad, but is good. As for the special treasury bonds, because interest rates higher than deposits, most of the difference will be as high as 10 trillion of savings and loan giant sweep of commercial banks to improve bank earnings, the stock market is not bad, but is good. However, the policy-making department is not prepared to explain the work of propaganda, as well as causing misreading the market has become the pressure the stock market's "blockbuster."
3, right when the stock price plunged transaction in violation of regulations should also strengthen supervision of the investigation down. At present, management supervision over the market investigation violation, the main emphasis was on the way up to do, the price surge in stocks. In fact, the crash will be when the main stock all the way down to do when the violation is also not inferior to rise abruptly. Such as "5.30" drop in the stock third consecutive five lower limit, one-third of the stock three consecutive limit down, the main body and the approaches adopted is to use right down, thrown pressure, since the sale to buy other manufacturing since the shock to increase the chip doubled profits in the future. In foreign stock markets, which fell down on the way to do a breach, to sentencing, while in China's stock market is large, such as unhindered, and no case has been investigated, this wind has intensified the trend, resulting in 500 multi-month stock price has been cut short.
4, officials should be careful assessment and the stock market bubble in the number of high and low price-earnings ratio. On several occasions this week, the stock market crash and the central bank governor comment is closely related to price-earnings ratio and foam. However, its evaluation of the premise has been plunged into a series of errors. (1) price-earnings ratio as the sole criterion for valuation. (2) with the United States and Hong Kong stock market, and 36 samples of 30 stocks 16-20 times the average price-earnings ratio as a yardstick, cutting China's stock market 36 times the average price-earnings ratio of all the stock is too high, the subject matter made a mistake. (3) did not say clarify that it is on the SSE 50 Index, Shen Chengzhi price-earnings ratio than foreign stocks, or H shares a high price-earnings ratio, while the Shanghai Composite, the average price-earnings ratio than the weighted average price-earnings ratio of foreign stock markets lower. (4) the performance of listed companies up to 40% of the annual growth rate of China's stock market standard, the average price-earnings ratio should be exactly the amount of uncertainty about themselves. (5) a market offering will be priced unusually high price-earnings ratio (such as life 97 times, Ping An Insurance, Industrial Bank 75 times the pay line, 58 times China CITIC Bank, China's ocean-going 98-fold), malignant means for misappropriating, turn a blind eye , silent, but ignored the secondary market 36 times the earnings criticized in every possible way. This double standard for judging the valuation of China's government has consistently opposed the "double standards of human rights," as absurd.
5, should be to protect national interests and the wide medium and small investors interests first. From June 2005 -2,007 years in May, non-tradable shares of listed companies, value-added 9.2 trillion in 2006, 157 central enterprises 3.9 trillion in net assets, 2.35 times. However, "5 .30" drop four half days of non-tradable 3 trillion in market value evaporated, resulting in loss of state assets; circulation of 1.2 trillion in market value evaporated, along with "6.20" drop date, a considerable number of small and medium investor's profits this year wasted 4-May the market of new investors were fitted more than 30%. Seriousness of the problem is: the policy on top of bad hair, is one after another, they become real, while the sharp fall in a row without a substantial profit after the introduction of more than just editorial issued to investors to correctly understand and correctly treat is just hollow, said: "upward trend has not changed"; collapse is a continuous limit-down style, and stormy, while the rebound is only intermittent, modest of. It is reported that the United States Securities and Futures Commission of the gate erected a sign that read: "Wall Street's purpose is: to like the Rotary seventy to eighty year-old woman crossing the road so be careful to protect the broad interests of medium and small investors." I ask, in the face occurred 20 times in the first half of this year 4-8% decline, wide medium and small investors were seriously hurt the grim situation, we should not the focus of the management of governance "habitual slump," and come up with really really In the development?
