Category: Money tips Release Date: 2006-03-27
July 11 is a good introduction of the history of China's stock market up to one day. Including allowing fund companies to use shares as collateral financing; increase the social security fund and state-owned insurance companies entering the market strength; 4 billion U.S. dollars in the current QFII quota on the basis, and then an additional 60 million lines; based independent investment-related business requirements will be abolished The Government of the state-owned enterprises to invest in the stock market and other restrictive provisions of Article I, including 20 positive at the same time, "package" came out, its great strength it is unprecedented.
Management's determination to rescue the large, thus abundantly clear.
The market has emerged once so passionate. In the relevant departments will gradually be implemented in the recent series of measures to promote the stock market, spurred by news the stock market opened higher yesterday morning there have been sharp movements, Shanghai Composite Index opened to 1026.79 points, 8.81 points higher than last week's close 5. In the next three minutes, and other indicators of Sinopec shares led the market quickly, on impulse Mogao 1043.21 points, or up to 2.48%. Unfortunately, in this third species of the passion in the past, the stock has resumed its weakness in the true, stock all the way down, a wave less than a wave, to close down 6.48 points, Hu Zhi, turnover 4.784 billion yuan, the stock market downturn state remains the same, 1000-point mark at stake.
Good of the "package" came out, management is no doubt placed a great deal of hope. May be why it came out positive of the package, the stock market it is still not see improved? This is indeed a question worth considering.
First, the good the lack of new ideas, mostly in the same old tune. Today's positive, as if the management in the hands of "white powder", whenever the stock market downturn, management is always using "white powder" to stimulate some. This is exciting more times, the market's immunity is also enhanced. Therefore, in this case, the management, if not get a new color varieties, to stimulate the market also become more difficult. However, the current management are faced with such a situation. Packaged with yesterday came out of good example, although the number of good variety, but there are very few new ideas of good, most good all belong to the same old tune. Market was thus a lack of passion also inevitable.
Second, the positive minimal and the lack of relevance, not by treating the stock market, "impotence" and "Viagra." For example, the current stock market is not a lack of funds, but the lack of investor confidence issues. As long as investors have confidence in the stock market, the stock market capital would have not been invited. But in recent years, management has been back at the end of this trend, and not make efforts to boost investor confidence, has been addicted to foreign capital entering the market, the result is more money into the stock market, the more index decreases, that is, those who have been Most of the money management introduced in a state of inaction. This time derivative introduced in the management of packaged good, the foreign capital entry into the market is one of the main content. Therefore, this has been the market proved to be futile policy, to save the current stock market what good do? For example, the current split share structure reform, many problems, which seriously damaged the interests of a broad medium and small investors may be management does not stop, non-serious summary of it has to be promoted on this basis, this kind of "open bow arrows do not look back," How can investors not to shoot a bloody? And because of this, the market, how can the management will be launched to promote the comprehensive reform of the work to cheer it?
Third, the good the bad in the mixture of factors, so that investors are deeply afraid of. Zooming the stock market also has two functions. When the stock market bull market and reduce the bad good zoom, the bear market is just the opposite, enlarge and reduce the bad good. The rampant in the current bear market that, even if there is a little bit bad, it might be possible to enlarge the stock market. Moreover, introduction of packaged good yesterday, where the only bit of bad mixed with the bad, but a significant negative. For example, the new from the old, according to a new mechanism issued shares of the issue, which involves a resumption of issuance of new shares issue, which for the current depressed stock market, it is clear means that the market's "loss of blood." Another example is the unfinished split share structure reform of listed companies to withhold any further financing to complete share reform which also means the company can be Ruyuan carried out in refinancing, and this way, additional means for misappropriating tide of listed companies also come back once again , because in the current pilot companies, some of these companies all have a considerable desire to refinance. Again, the use of a variety of financial institutions to encourage the sponsor of innovative tools designed to adapt to different situations of listed companies tradable share reform program, which means that a listed company's share reform program will be increasingly to be acceptable from the investors, Major Holders, Sugu, such models are represented, while the warrants and other "Huyou" of investors on the price of the program would rise, wide interests of medium and small investors also have little or no protection. In addition, the ratio on the minimum shareholding requirement that they prevent the non-tradable shares to tradable shareholders, the shareholders of the "right price" to pay, while not conducive to protecting the interests of the outstanding shares of the shareholders, and so on. And it is based on the existence of a number of reasons, good came out of the package can not be inspiring investor confidence, it also reasonable that the.
So, what good can save the current stock market do? There is a saying, mountain is not high, but the immortal name; water does not have to be deep. Similarly, to save China's stock market's good, not many and care about precision and care, "the immortal", "dragons" in the right medicine. First of all, in the current split share structure reform is necessary to shoot accurately, "bull's eye." As Shang Fulin said, the current split share structure reform is "open-bow arrows without looking back," but "open arrow in the bow," be sure to shoot quasi-bull's-eye, if it is deviated from the bull's-eye of the meal, "indiscriminately", and that the Arrow of course, is the most vulnerable stocks of medium and small investors had widely. Right now, the fact that is true. Although the "National 9" explicitly states that the effective protection of investors, especially the legitimate rights and interests of public investors, the management has repeatedly said it would protect the legitimate rights and interests of shareholders of tradable shares. However, the current pilot the company's share reform plan shows that share reform is actually protected the interests of non-tradable shareholders, shareholders of the outstanding shares of the stock contribution to the history of the reform was completely negated. The outstanding shares of the stock market does not give the shareholders to be compensated. This is what led to the current depressed market sentiment, an important reason. Therefore, to save the current stock market, we must face up to stock reform to the existence of this problem, we should shoot quasi-bull's eye. And this bull's eye is to improve the share reform in the "right price" ratio, a clear compensation for the bottom line, the non-tradable shares to compensate 50% of the outstanding shares of shareholders (the history of non-tradable shares tradable shareholders, value-added contribution of more than 50%) , so that shareholders of tradable shares and non-tradable shareholders in a relatively equal position. Second, it is cited stabilization fund into the market, boost market confidence. After 14 years of stock market development, this period has also been a number of large and small, the management policy to rescue the market, especially through the most recent years of continuous management of rescue, for the management of "oral" rescue of Investors have gotten a lot of power can be said that, investors have been reluctant to do this kind of "verbal rescue" the victim. Thus, again to save the market, management must come up with real money Caixing. If you can not put up real money to rescue the city in a way that shows a lack of management's confidence in the stock market itself, in this case, then how can the investor confidence in the stock market do?
