129773160485156250_83Editor's Note: yangchun sanyue, sunny has started "the waking" and the "vernal equinox".
Farmer's saying: "?t?a waking of vernal equinox, kinds of deep fertilization of cultivated land".
The Chinese stock market, over the dull after many seasons, also reveals a new spring in the spring. This AIT is a season. The China Securities Regulatory Commission launched a series of thoughts on intensive. The China Securities Regulatory CommissionDay wide channels through which criticisms and suggestions may be communicated also asked Liu jipeng, Cao Fengqi, six prominent economists such as Tan and discuss financial reform in China stock market. Perfection of China's stock market system of the curtain is opened. Then, issue system how to change? Investment returns and how to protect the rights and interests of investors? …… Has an interview with this newspaper yesterday to Liu jipeng, Professor and Cao Fengqi, trying to find a stock "ecological" improvement of roadDiameter. Liu jipeng: sponsor the China Securities Regulatory Commission supervision and examination of separation and solid wide channels through which criticisms and suggestions may be communicated recently asked Liu jipeng, Cao Fengqi, Tan and six well-known economists and discuss financial reform in China stock market. Recommended by such experts on stock system reform in China?
An interview with reporters yesterday the capital Research Center Director Liu jipeng, CUPL. Reporter: you on the reform of China's stock marketRecommendations are what?
Liu jipeng: reform issues, I mention three: the first is about the bonus issue, should be emphasized value investing right, but must act in line with the big match, we can in a specific way, for example, refinancing and debt the company taking into account the dividend rate, push on it, is not the core issue. Second, delistingSystem is very important, but the issue is the key. Delisting system is aimed at the gem, internationally, the NASDAQ General back two hundred or three hundred per year is common, however, we are not starting from issue system, but delisting system all day long total gem. In gem can now return it? We now more than 290 companies on the gem, the GEM listing standards on an average of 40 profit more than originally envisaged in the gem is the low threshold, but now is not the gem on small and on. According to the enterprise's material, up to raise up to $ 250 million per company, at best, that is, more than 60 billion, so we gave them 198.5 billion, Super-raising funds of more than 120 billion, it can do back? Lies a 700 million on average each account, whoAccount lies a 700 million of funds withdrawal? Shenzhen Stock Exchange also was hard to charge Super proceeds.
Since delisting, the gem can not return at all, not to use the delisting as a main direction of the reform of; the gem is not delisting, and release. Gem distribution system in China is not solved, just talking about delisting system does not work. On the basis of the reform of distribution system in overcoming the two complexTo to market and China conditions combination up, Western approved system is not do value judge of real review, but do form sexual and-in rules sexual of authenticity review, a to China approved system also became has substantive approval, this approval in issued Department to right, sponsor people underwriting commercial to Lee, we made trial Committee in there essentially is a shield, has to has a session a years of point, mostAfter no one bear all risk, right? Wrong who does not bear the responsibility, sponsors get high salary to bear responsibility? Comrade which took power to bear responsibility?
Such a system is the essence of the problem. China is the sponsor of the happiness in the world, signed a 1.2 million words, online disclosure of top sponsors received nearly 30 million last year. In addition, prices fromPoint of view, we said from the ceiling to the floor, but this is false from the ceiling to the floor under the market economy, because your supply and demand is not true. China now has 500 enterprises in queued to be listed, and you happened to open such a small mouth, dishes are so small, interest and so associated, broker's interests, the interests of the shareholders, PE, sponsor direct investment interests in it, but alsoNot to push the issue price to heaven?
Therefore, such a demand is not real, but you did not supply and demand price, this is the most basic common sense economics error. Also raise problems for three superb gem, regulators would think it is not fair, and low on the efficiency of the special, it is important for understanding, understanding is a prerequisite for solving problems. If the three superbPlacement is not recognized, what to talk about solving? Most important is, huge potential hidden gem is a family business dominating, key is the major shareholder of underweight; we must realize that this is something more terrible than the financing. They use the stock market to high buy low, performance do they decide, this is where the internal injuries of Chinese capital market. Therefore, I propose as soon as possibleFamily business the largest shareholder of pre-IPO listing compress to 40%, listing between compression to-30%, this is a long term strategic considerations. Reporter: in your opinion, what is the key to the stock system reform?
Which aspects should be to reform the existing system? Liu jipeng: this system is key to the reform of examination and approval flow, risk free, believe the market,Liberate themselves.
Education Publisher, used education investment in people, but actually the issuer should be taught. On reform, I made 16 characters. "Decentralization of the supervision and examination of separation, the Tribunal", which is the first eight characters. The Commission's job is to catch the bad guys, if we are supervision and examination does not, put all her energies on the approval, supervision is bound to do well. From international practice and Chinese situationSee, might as well put the gem on the Exchange.
If in the future the international open, the right to the Shanghai Stock Exchange, junior and the Board can still stay in the SFC, decisively out of the system innovation of the first step
buy swtor, rather than staying technically Netherlands is United States, discussions on the amount or incremental, in order to succeed. Back in these words is "true supply and demand, solid recommendation".Responsibility should be made clear in the future sponsor (Underwriter) and sponsor representative who, sponsor representatives and sponsors are divided into three levels of sponsor channels if the deficiency will reduce, to the public; if false, sponsor qualification is revoked, issued recommendation to stop brokers a year, serious or criminal penalties. Issue can be packaged on the issue, 50 at a time, I do not believe that pricesDoes not go under. If 50 is not enough, we can also on the 100 and 200, is able to guarantee the supply of resources now listed. I would like to stress that this is not an expansion, release the price down to $ 200 billion in the same ration of 1000 or even 2000 companies, there is no more money on the one hand, on the other hand issue price down to make room for secondary market developmentSpace, solves the problem of issuing import, export and delisting are ripe. Issue problem solving, and exit system is naturally solved, China's stock markets fall a year 100 is a normal thing. NASDAQ fall one year 300
diablo 3 gold, 500 this year of more than a year.
This is my overall reform. Cao Fengqi: improving the system of inquiry enhancedRed restraint Cao Fengqi, Director of finance and Securities Research Center of Peking University said when interviewed by reporters yesterday, China's capital market many of the root causes of the problem is the lack of investor protection, in particular systems and mechanisms of protection of small and medium-sized investors. He believes the IPO system should improve the system of inquiry, for the higher earnings release should be limited, he also stressed the need to strengthen the dividends of aboutBeam system.
Reporter: do you think the IPO system where is the way out? Cao Fengqi: first of all, should improve the system of inquiry. Inquiry now is to consult the issuing price, to closely consult with the company
diablo 3 power leveling, the listing broker of the company as a sponsor, sponsors sought, must conclude that high price issue. Should further improve the inquiry system, expanding the scope of consultation,High prices should be covered. Secondly, for the higher earnings release should be limited. Companies issuing earnings of more than 100 times, said investors need 100 years to recover the cost of investment (return), am I not be limited? Securities regulators should prompt a reasonable price range, for example, the issue should not exceed 30 times forward earnings times; if you exceed this range, Should be strictly examined. This means instead of going the administrative management of the market, but to stabilize the market, investor protection initiatives.
Implementation of the principles of the stock issue market step by step. Some people suggested that can control the amount of control over high raise. That is, according to the prospectus proposed to control the amount of funds raised by the project on, for example, needs to raise $ 100 million capital, issuing up toCannot be raised above the $ 100 million Fund, in order to determine the number of shares and price per share. This is one way, but there are two issues needed to be addressed, a securities law requiring public offering of shares to more than 25% of the total number of shares of the company can only apply for listing of the company, if the unit number of the legal unit, single stock prices may be low, issuers will not accept; if dHigher prices will reduce the number of shares, would require amendments to the securities law. At the same time, to improve the trading system.
On the secondary market as China debut the fall stop systems limit, so stir very prominent on the first day. On price than the opening price on the first day of new listings were mixed for the first time 10% the above provisions of the temporary suspension, I think fried new shares notMuch good. Because someone is sure to match prices, the opening price may be 100% higher than the offer price. Should be to limit the opening price. May provide that the opening price and the issue price compared to fall 30% the implementation of temporary suspension system. In order to prevent second deal by not opening or not, require the broker price shall not exceed the price of the price of the 29%. After the fall10% over for interim suspension system.
This high debut price problems can be solved.
Reporter: in your opinion, how should establish mechanisms to protect investors? Cao Fengqi: protection of investors, the most important is to strengthen the construction of information disclosure system. Listed companies to give investors a clear, detailed and correct information allowing investors to determine whether or not to invest. Some listed companies putMonroe information tends to be specious information to investors, or to disclose some of the information should not be disclosed in advance, or are simply disclosure of false information, which is misleading for investors, is a deception of investors, is on the violation of the rights and interests of investors. Therefore, information must all publicly listed companies, such as corporate governance, earnings, assets and liabilities, significant financial meansAnd other major issues all public disclosure, giving investors a clear message, this is the greatest protection to investors.
On the disclosure of false information and the unlawful disclosure of information the company misled investors, increase the intensity of punishment.
Reporter: SFC made clear perfection of listed company's dividend system, you should think how to improve? Cao Fengqi: I am referring to "enhanced dividend system" does not refer toExecutive to compel a dividend of listed companies, but should establish a transparent, fair and reasonable returns on investor system of listed companies. Unconsciously dividends of listed companies and investors in the market are not return cases, establishing enhanced bonus system is the standard behavior of listed companies, is the system of protection of investors. Listed on the prospectus of shares of the company shall undertakeHow dividends and dividend ratio. As far as the dividends of listed companies, according to statistics, 21 years, ordinary investors cash dividend accounted for 13% less than the ratio of the total amount of financing.
Follow the one-year deposit rates now 3.5%, compound interest calculations, after 21 years of return on savings of up to 105.9%. There are two benefits of equity investments, is to return (dividend)And the other is the market return (post receipts). Internal revenue is long-term profitability, steady income. Markets post gains, high income, but with higher risk. Any money on the secondary market are a few, most people lose money, because in the case of funds does not change, some high income is built on top of some loss. If a listed company to investors5% investment dividends is proportionate to the amount in the above, is the investment income over 5%, exceed the savings deposit interest rate, that could give investors the loyalty, from stock market speculators into long-term investors. Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, riskYour own.
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