Institutional Reform

In the past few years, when the market was good, countless people blindly followed suit, and took out all their savings or even borrowed money and stocks. Finally, there was a man with a fixed salary of several thousand yuan per month. He sold his house in early 2009 and sold it for speculation. shares Quilt, housing prices doubled after a year, so far, the man is still renting.

In addition, the latest Shanghai stock exchange research shows that the Shanghai stock market from 2009 to 2011 4 listed on the first day due to abnormal trading was temporarily suspended trading of new shares data show that small and medium investors are the main force in the chase, of which 90% of the loss. The irrational investment behavior in the market, such as blind "speculation", "frenzy", "bad speculation" and frequent transactions, are the main reasons leading to the long market downturn and investors' losses.

Like these investors, no reason can be said, no one can protect it. I believe that no matter what capital market How to improve the system can not save them, but such people are not uncommon. Especially on the Internet, they are everywhere called curse. They seem to be losing money and blame the government. The system is not perfect, but they have never found a subjective reason. Such a person is not only speculant in stocks, but also hard to succeed in other investments. Therefore, the author believes that small and medium investors must think clearly before entering the stock market and be responsible for themselves.

Of course, from the philosophical perspective of "existence and rationality", the complaints of small and medium-sized investors are also reasonable. There are still some problems in China's capital market that need to be improved by the government, especially in the near future.

The fundamental principle to be followed in the reform of IPO should be " Marketization reform This foothold. The current IPO system is being seen because the market thinks that it is "not marketable" at all. For example, some people think that the price of new shares can be determined by the market itself. The price is the result of the transaction of the main body of the market, and the price of the new shares should be issued by the listed companies and shareholders. Even if the price is too high or too low, as long as a willing person is willing to fight a willing deal, there is no violation of the law, the relevant departments should not manage it.

In addition to the issue price, the IPO system still has many imperfections, and the author has no intention to discuss the details of the specific proposals here. I believe that any system can not be born perfect, no reform can be touched, investors should see that this year, regulators are in order to launch a new round of IPO reform: from February 1st onwards, the pre disclosure time from the 5 day before the issuance of the trial to a month or so, and for the first time to open the IPO audit process and declare the list of enterprises; in February 3rd, the SFC announced that it is studying the strengthening of the supervision process of the inquiry process, urging the agency rational offer. In March 7th, the SFC convened six market participants for advice.

In March 8th and 9th, the Shenzhen Stock Exchange and the Shanghai Stock Exchange issued a number of technical measures to curb speculation. Shenzhen new stock exchange on the first day of over 50%, Shanghai Stock Exchange on the first day of hand over 80%, the immediate implementation of intraday suspension, and stop until the end of the last 3-5 minutes before the resumption of trading. In addition to the Shanghai Stock Exchange, the other 6 new stocks listed on the two day were "temporarily halted" while the other 5 were on the first day of the change, with the highest increase of 56.44% in the Sino Thai bridge (002659) and the lowest share in the Zhongwei stock market by 6.9%, and the initial sale of the new stocks was initially curbed.

Such targeted measures, though impossible to completely inhibit high pricing, have increased the cost of frying. The Shanghai Stock Exchange and the Shenzhen Stock Exchange to curb new speculation, will frantically reduce the overall efficiency of the market speculation, converted into value investment, gradually weakening the interests of new shares issued the first step. This is a good start for future reform, which will break the interest chain and conform to the wishes of most investors.