Category: Money tips Release Date: 2007-07-07
Editor's note: this article published in the gold line does not mean that agree with the statement or description, just to provide more information and does not constitute any investment or other recommendations.
You are in the economic field in many branches of academic attainments and works quite rich economists, is China's few respected by the world famous economists; but you is unable to bear a lonely, love in public, public appearances, talking-shop, casual comments scholars. This gives younger people feel as you do not understand is the motivation and starting point is. Generally speaking, for a rigorous scholarship, and has a high reputation and credibility of the experts would not be easy to focus on their own are still not familiar with the non-Besides, we are like the stock market this extremely sensitive area of the public to express their views; and you On the contrary, I wonder if you have to weigh the consequences of doing so.
Recently, you and the Jinling Evening News interactive conversation, it's getting good news sensational effect. Although you do not think subjectively, but objectively speaking, to make your reputation on the one step further; but unfortunately when you on the stairs, it may be the same as the stock market in the past and then the next step.
It carefully read the press you and Jinling dialogue. Talk to you is the central theme: "The SFC has already split share structure reform of the decision-making power to the circulation of the shareholders, so that flow into the market a strong shareholder group, you can easily ask for more compensation, which is non-negotiable unfair to shareholders. For non-tradable shareholders of injustice is injustice to the people across the country. "After you do one, said a serious matter. Seems to split share structure reform, State Department made a decision to harm the national interests of the people; made a purchase 7,000 shares of China with 13 billion people in positions opposed to the decision, so that the split share structure reform, not only failed to put in circulation the interests of shareholders and non-tradable shareholders unified, results in a greater antagonism: 7000 million people and opposition among the 1.3 billion people. People evaluate you often say something Yujingsizuo words, it really is true that this time again so that we dumbfounded. Say something like that out of an economist's logic? You really want to say something like that of China's stock market and share-trading reform leads where. You are in the promotion of reform is still pulling shares of stock to change back. At this point, do not actually let people think you have published in 2001, China's stock market "gambling theory", "bubble theory", with the attendant drop in its share price crashed. Subsequently, they reported an interview with your reporter. A reporter asked: "Do you advocate bank listed as a whole can not be separately listed, then the assets of the securities market such a big bank can accept it?" You replied: "it is up to the securities market that do it? I do not understand this matter, as if all the The purpose is to maintain the current stock price, stock market is to open this?! "I do not know whether it was purely coincidence, shares were also down.
Over the years though you are not holding, not stocks, but you are always singing empty. When the stock price at high levels, they passed on this, but also on the pull down that bring the stock price can not be; even at the lowest price at the time did not forget to sing empty, encouraging policy-makers do not consider the affordability of care about shareholders, stock prices fell on the it slid better. Gives the impression that the stock market seems to fall more deeply the more you are satisfied across the hidden like. You say you are a concern for the fate persons, this may just be you subjectively think so; but objectively speaking, your comments have hurt the development of the market and thus hurt the countries and peoples.
As everyone knows, China's stock market was originally state-owned enterprises out of their poverty, to raise funds for the purpose of set up. 15 years in circulation for the A-share market shareholders to raise nearly 900 billion of funds, together with stamp duty and commission funded a total of 13,000 billion yuan. How much to save the verge of collapse and much-needed financial support to enterprises, so that their access to survival and development, created employment for millions of workers re-employment opportunities; for the country contributed to the number of tax and fiscal revenues to support the national construction and development so that countries have the ability to help the tens of millions of poor farmers embarked on a well-off. In this regard a number of up to now no one dares to deny; as an economist you, this account will certainly viable. Chinese investors for economic development has made great contribution was there for a total of gambling; but the market you never heard the old note in this regard. Irrefutable proof of the fact that 7000 shares of China and between the interests of 1.3 billion people is entirely consistent. But you are now using some inflammatory remarks inciting the relationship between them. Is not it? Now within and across markets, the circulation of shareholders and non-tradable shareholders react to your comments diametrically opposed to the formation of the opposing factions. We have no reason to blame the ordinary people, because they can not afford from a rational perspective of the role and functions of capital markets, as well as shareholders who have served and will have to make a contribution. This should have been like you need to divert economists; but you are now trying to mislead the market for share-trading reform obstacles for the market as quickly as possible obstacles to restore financing function.
You forget that year said: "The state shares in circulation after the first repayment," the idea; and you are now saying: "Give the outstanding shares of compensation? How fill! Compensation to whom? Because shareholders of the company's circulation is not the year shareholders of the company's distribution "Are you implying that" also compensate for what! "In fact, all reluctant to give compensation for the circulation of non-tradable shareholders, the shareholders are saying this. You should know that this is a Repudiation say, is a non-compliance with the credibility to say. Who supplies? Have made important contributions to recharge but still hurt by the market to stay the circulation of the shareholders in the market! A year is because investors do not hold unis now been replaced by another who Tsinghua Tongfang, B shareholders holding Tongfang year now for holding unis, it is neither to A nor to B shareholders investors compensation. Change of ownership is not to write off debt; it is only the A creditor of shareholders to the B shareholders; B shareholders of the claims transferred to the A shareholders only. Mr. Wu you say, right? You then say "first post-debt flows" do not that mean! In fact, in our social life in such a situation be found everywhere. Such as the National Housing supplement for older workers, regardless of how many units you have changed, but also whether you go to the ends of the earth (if you're the world's words) are paid to you according to the standard Yi Gai room supplement. Now in stock reform should not the issue of compensation, but rather complement the number of issues. If you press your "debt first, after the circulation of" compensation should be calculated on how much it is also reasonable? Whether or not to increase interest rates. You are the economists, the most economic accounts will be counted, and by you to calculate how much should be also?
In fact, White said, the "debt", "compensation", "right price" are not an end, but for the market to build a unit with the same rights, same price, fair, just and equitable criteria for trading the market share of this ultimate aim of reform . Let both the inside, outside investors to see that our markets are fair, just, bright, healthy, and regulate a market and set up their confidence to invest in stocks, this is the interests of people throughout the country.
You have repeatedly said: "To do this the stock market, the stock market is to finance service", but you did not allow the management to manage stock price decline. Said that "it slid down on the good." In saying so, you are also a just to investors, obtained from the predators do not want to return to investors. You say that such a market can be held? You say it slid down on the good! Now Dao Hao, the market has been falling to suffer so much, not much love has been financing a year's time. Currently in the OTC has accumulated more than 1,000 companies waiting in line to the stock market for their financing of it! They are not financial capital, can not get project to improve and expand their operations can not be laid-off, retrenchment, not expansion of employment, the state will not be able to obtain revenue from them. This situation will be how to achieve your concern for the fate idea.
You are a frequent suggestions to the government, to build a policy scholar, well aware of the power of the policy. Policies are inter-related, stock compensation reform so they give shareholders the circulation, we should also do justice to the market so that investors will see for yourselves that our markets are fair, it could build up their confidence in investing, the money invested in the stock market in the past, financing of funds by those who want to have a financial guarantee; so long as the financier of funds can melt into a big go .... Thus a vicious circle can be put into a virtuous circle. This is the 7000 shares the interests of the people, but also the interests of 1.3 billion people (sorry, I seemed to speak with a high school student. So is an open letter to you, that is, for the people throughout the country; because you have an interview for China's the people).
You worry that the Government put into circulation a strong shareholder support groups, which not worry about the medium and small shareholders are always vulnerable groups, countries in the world like this to protect the interests of small investors, is a worldwide government functions.
What I am most worried about is your body, your energy, whether in your areas of focus to continue the success. As for the stock market you do not have to bother. I understand that you devote. The birth of China's stock market when you have 60 years of age, you are not the direction of academic research in the stock market, and no practical experience in the operation of the stock market, how can you match the study focused on the stock market and strong year-fu expert knowledge on the stock market was Deep it! Your comments on the stock market they are able to produce a sensational effect, one of your fame, the second is that China has a large number of superstition and blind admirers, especially those sincere internal organs are not booing the officials of the deep. You have a deep analysis of its own, lifting his long, to avoid their weaknesses. The higher the prestige, the greater the reputation, if done something wrong to society, the greater the impact on the country. You hear a few large state-owned enterprises and listed companies, independent directors, or quit bar! On the year of your order, energy and expertise have allowed you to cum. Do not let others put you as a vase for decoration and not to the fame and wealth. Let's want a real, real, truth and sincerity. If you change the stock market and stocks do have good suggestions and ideas can be put directly to the decision-making, let's not have this sensational effect. To know that you are still an influential figure, not like us, little effect on ordinary people have done something wrong, you probably does not. Should be tried to stay to maintain later years, not only is your own business, but also related to the countries and peoples. Stay alert bar!
