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Wu Xiaoqiu: Nine Major Problems In China'S Growth Enterprise Market

2011/1/11 13:48:00 84

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Director, Institute of Finance and securities, Renmin University of China

Wu Xiao Qiu

It is believed that China's gem should be given a positive evaluation in the past year, but there are 9 questions that we need to think about.

The first is the phenomenon of rent-seeking shareholders' assault on shares, which is quite serious. I have created a word "rent-seeking shareholders". It means basically not to take part in a risk taking process of enterprise growth. The purpose is very strong and directly rise in high capital returns. This pay share has seriously damaged the fair principle of the market, seriously damaged the core value concept of capital value, and brought the basic criteria of wealth.

Second, there is a serious correlation between the direct investment of securities dealers and the sponsor system of listed companies. This system is being adjusted as if it is being studied recently because it has impair fairness.

Third, the phenomenon of excessive fund raising is serious. The biggest problem of overfund raising will really ignore the entrepreneurial ideals of enterprises, which will obscure the contradictions and problems that enterprises undertake and will affect the effectiveness of enterprise management and will greatly reduce the rate of return on capital.

Fourth, the phenomenon of high price earnings ratio is very serious.

The high price earnings ratio of the growth enterprise market is not sustainable. Behind it, investors have a dreamlike expectation of the growth enterprise market. Most of this dream period is expected to end, so there is great risk.

Fifth, frequent resignation of executives has seriously damaged market confidence, and there must be a curve of system design.

The Shenzhen Stock Exchange

problem

They are perfecting the system.

The sixth information leakage is quite serious.

Because this gem is generally considered to be information leakage.

The seventh is delisting mechanism dystocia.

The delisting mechanism is one of the core rules of the gem.

High efficiency

The delisting mechanism will not succeed. This is his basic premise.

Without efficient delisting mechanism, the risk structure of the gem can not be established. The so-called high-risk market can not be formed, and speculation can not be stopped. Efficient delisting mechanism is very important, and is one of the most essential differences between the main board and the main board.

The eighth is the distorted wealth creation effect, which is mainly caused by distorting wealth created by rent-seeking shareholders overnight.

The ninth is a strong willingness to complain. These aspects seem to me to be some problems in development. Some are imperfect systems, some are defects in the system.