SFC: Low Returns On The Stock Market Is A Problem With The System.

　 　 Market system Problems in mechanism

"The volatility of China's stock market has been very large in recent years, and then it has gone down sharply. In the last two years, investors are losing a lot of money because of continuous decline, especially small investors generally do not make money." The SFC's response to reporters' questions started with investors' most concerned about the issue of return on investment, and pointed out that the fundamental reason is that China's capital market structure is not reasonable enough. The function of optimizing the allocation of resources has not been brought into full play, the market constraint mechanism is not strong, and there are still many problems in the system and mechanism of market operation.

For example, the reform of the distribution system, the dividends and delisting system of listed companies that are closely followed by the market, and the establishment of the system. Investor The appropriate system is crucial. The phenomenon of "hot new shares", "three high" of new shares, "stir fried stocks" and "small selling stocks" are all related to the above institutional arrangements and regulatory issues. These problems have greatly damaged the interests of investors.

　　 Investor suitability system is not discrimination.

Some time ago, Guo Shuqing, chairman of the securities and Futures Commission, once persuaded low-income earners not to invest in the stock market. Recently, he advocated the idea of investing in blue chips. There are some misunderstandings in the market. First, it is a kind of discrimination to think that low-income people should not invest in the stock market. Two, we believe that investing in blue chips is a specific investment proposal. In this regard, the SFC will respond appropriately to investors in answering reporters' questions. system The angle is explained.

Advocating investment blue chips is essentially advocating rational investment. value Investment philosophy is not specific. shares 。 According to statistics, at present, the Shanghai and Shenzhen 300 index companies account for 65% of the total market value, accounting for 74% of the total operating income, and net profit accounts for 84% of the total. These data indicate that blue chips are the main body of the market and the real value of the stock market.

Guide ordinary Investor There is no compulsion to invest in products and fields commensurate with their own risk tolerance. It is the regulatory authorities in good faith to remind investors and protect investors from the perspective of warning risks.

Investor suitability system is a protective measure commonly adopted in mature markets abroad. It is not a simple investor to block out, but a risk control from the perspective of protecting investors. It is also a necessary measure to adapt to the diversified development of investors and investment products. Investors' appropriateness management helps to form the risk consciousness of "buyer's conceit", and is also the main starting point to supervise "seller's responsibility", so that securities companies can better serve investors and recommend products that meet their risk tolerance.

At present, the gem, stock index futures, margin trading and so on have initially formed a relatively mature model. Next, the bond market, the construction of the OTC market and the standardized development of intermediaries will integrate into the concept of investors' appropriate management, and form a multi-level investor suitability management system.

　 Delisting system can not pay for irrational investment.

In the long run, the delisting system helps to form a dynamic balance between the market and the new ones, which helps the continuous improvement of the overall quality of listed companies, thereby protecting the interests of small and medium investors from the source.

The delisting system will give full consideration to protecting the legitimate rights and interests of investors, especially small and medium investors, but it can not be understood as "investors' irrational investment behavior". Investors should have a clear understanding when they invest in bad stocks. They should establish a sense of "buyer's conceit" and cultivate a sense of stop to control the overall risk of assets. When a listed company leads to delisting due to macroeconomic factors, industry factors and business factors, investors should bear the consequences of investment judgment on the premise that the listed companies fulfill their obligation of disclosure according to law. It is not practical to expect irrational investment behavior to be paid by the state.

In addition, in the aspect of information disclosure, the SFC is considering promoting the establishment of an independent third party assessment agency. From the perspective of service investors, it will further interpret the prospectus and other materials to reveal the contents of risk.