Category: Money Tips Date: 2007-07-27
Source: thoughtful Southwest Securities
Since the beginning of this year's volatile stock price index. 1 to 5 months, Shenzhengchengzhi followed by 14.83% on gains, 5.33%, 6.34%, 27.10%, 19.13%, Shanghai Composite Index rose month followed by 4.14%, 3.40%, 10.51%, 20.64%, 6.99%. After entering in April, the density of the risk management tips has improved significantly. According to Xinhua news agency, the Ministry of Finance decided to adjust the rate of stamp duty purposes is "to further promote the healthy development of securities markets." In early June, the stock index significantly after adjustment, and gradually stabilized. The author believes that the Government's basic attitude of the current stock market and stocks, bonds, new trends in supply and demand will become a trend in the stock market affect the future of two important factors.
Concerned about the Government's basic attitude
The Government's basic assessment of the current stock market What is this? June 6, the People's Bank of China Deputy Governor Wu Xiaoling participation in International Private Equity Forum, said: "The healthy development of the stock market will affect the macro-economic stability, but the recent volatility in China's stock market will not have such an impact." This is a adjust the stamp duty rate has been the highest-ranking administration officials have publicly addressed the stock market. In my opinion, this statement by no means Wu's personal views, but rather reflects the Government's basic views on the current stock market. Combination of Xinhua News Agency on adjusting the rate of stamp duty on stock reports, I believe that the Government has two basic attitudes: First, adjust the stamp duty rate is conducive to the healthy development of securities markets, thus avoiding a negative impact on macroeconomic stability; Second, including the substantial correction that has emerged, including the stock market fluctuations will not affect the macroeconomic stability, and therefore does not belong to the stock market unhealthy development factor. Unhealthy development of the securities market harm is much greater than the collapse of the negative impact. This can be seen as the Government's basic attitude. The lesser of two evils. This shows that the adjustment of stamp duty rate will lead to the decline is worth it. Thus, despite a rebound in the index process, the market is conducive to multi-party talk on the stamp duty on stock transactions, but a reality in the short term the possibility of almost non-existent. In addition, the Government introduced the policy, we must maintain relative stability. With regard to the policy of stamp duty on stock transactions as well.
When looking at the rate of adjustment of the stamp duty is concerned, to avoid emotion. Online circulating a joke: "stock market crash. Wife in a bad mood, always finding fault. Night, she was lying in bed unable to sleep over and over again, up and incumbent, bed sheets. Husband wondered. My wife said: 'I would like to replace the Su-surface sheets. Printed sheets lying on the bed, easy to let me think of stamp duty. ' "This is probably the impulsiveness, extreme manifestations. People's Bank of restructuring of commercial bank deposit reserve rate, deposit and loan interest rates, belonging to the Government of monetary policy adjustments; the People's Bank has also adjusted its exchange rate policy. But people do not think that the government intervene in the market through administrative means. There is no widely circulated Internet related jokes. But it is public opinion that the Government to adjust the stamp duty rate, does not belong to the market means to control the stock market. Therefore, some public opinion on government financial policy, there is a double standard. In fact, tax policy and market regulation governments commonly used methods. In this regard, the absence of a clear understanding of fear of harm to the people already.
Balance of supply and demand will soon be
Increase the supply of shares will be not far off. The face of 4,5-month stock index rose, public opinion calls for more supply to meet demand. In fact, only one company in May, "I would go," three starting SME board companies. Some recent developments indicate that this situation has been quietly changing. In addition to China COSCO (601919.SH, 1919.HK) return, the future increase in stock supply, basic system, but also coming soon. It is reported that "foreign-funded holding listed companies in the territory of the pilot approach to initial public offerings (Draft)" has been in the industry for comments. Red-chip company to apply for initial public offerings in the territory, should meet four conditions: The stock has traded on the Hong Kong Stock Exchange for more than a year; the stock market value of not less than 200 billion Hong Kong dollars; the last three fiscal year, cumulative net income is not less than 20 billion Hong Kong dollars; more than 50% of the operating assets in the territory, or more than 50% of the profits from domestic operations. At present, meet the above criteria a total of 21 red-chip companies. At the same time, the GEM has identified the establishment of the general idea and establish a program has been drafted and is the industry's wide range of advice. According to the draft, the threshold should be lower than listed on the GEM SME board. Also, GEM will set up large-cap stocks within the market until conditions are ripe, listed companies and then be appropriately reduced sales revenue and profit standards, the creation of the GEM small-cap stocks in the market? This also relates to the size of the stock supply. In addition, the agency share transfer system into a national, unified under the supervision of non-listed public companies and high-tech company's shares offer the transfer platform, there will be new at all. Xi'an Hi-tech Development Zone, is expected to become the new board's second three pilot parks.
In addition, the bond market will also have a new breakthrough. The new "corporate bonds Regulations" modified finished soon be formally introduced. The development of corporate bond market will become tradable share reform in China after the capital market is another major move. Fan Fuchun, vice chairman of China Securities Regulatory Commission made it clear that regulators would soon start issuing bonds of listed companies. It is understood that listed companies issuing debt will be issued by the company's debt, "the essay" move.
