A Shares When To Bid Farewell To "Money" Notorious

This year, the mainland of China

Over the past 20 years, China's stock market has listed companies.

Although the financing function is one of the basic functions of the securities market, the reason why the market reacts strongly to the listed companies is that the essence of the listed companies is the governance of the listed companies, which leads the market to think that the refinancing is to collect money.

China's capital market once had a bad reputation of "money market".

There are some listed companies that are facing difficulties in running their business by issuing shares with the help of capital market financing mechanism, which leads to a "bear long cow short" in the stock market.

Although the domestic IPO approval is stricter, the refinancing approval is relatively loose.

In the context of the global economy not yet out of the doldrums, many listed companies are stuck in the neck of capital, so they invariably rush to the "easy to escape" and "Cheapest" export market.

In fact, listed companies have no choice but to refinance the stock market on the basis of their own development needs.

From the perspective of the development of A shares over the years, many listed companies have successfully refinancing through issuance and other ways after listing, and investment projects have also brought considerable returns to shareholders.

But refinancing how to melt and melt, there are not only interests but also a "degree" problem.

That is to say, the refinancing of listed companies needs to grasp the market's "heat" and take into account the interests of investors.

Refinancing is not only beneficial to listed companies, but also conducive to investors, but also conducive to the healthy development of the stock market.

Otherwise, it is possible for some listed companies to take advantage of the policy gap and regard the stock market as a "cash machine" for large-scale issuance of "money".

Although many people are optimistic about China's stock market in the future, especially the favorable factors of China's economic fundamentals and RMB appreciation have not changed.

But the Chinese stock market can still maintain a fluctuating upward trend. The urgent matter for the regulatory authorities is to halt the act of "vicious money" immediately.

In particular, at present, new issues such as IPO, refinancing and the lifting of restrictions on restricted shares may still be an important factor in promoting the reversal of market supply and demand. Raising the threshold of IPO is a pressing matter of the moment.

The conditions for refinancing of listed companies should be stricter. They not only require the profitability of listed companies to reach a certain level, but also require that their returns to investors reach a certain standard, and the interval between refinancing should be lengthened, so as to prevent frequent "money collection" actions and lead to the sharp expansion of A share market pressure.

Shi Jianxun, a professor at the school of economics and management of Tongji University, believes that the financing of the stock market has changed the supply and demand relationship of the stock market, destroyed the confidence of investors in holding shares, and led the stock index to go up and down, forming a vicious circle in which the market capitalization is 100 billion, and the market value of the two market loses trillions.

Therefore, Shi Jian - Sheng appealed to the management to reposition the basic functions of the stock market, to change the financing market, to lay equal stress on the market for investment and financing, and to pform from "money market" to "investment city", "harmonious city", "inclusive city" and "share market".