Stray A Share Market Needs Registration System Pilotage

< p > the problems arising from the new round of the new round of IPO in the current round of policies have brought about a shadow over the registration system, and the voice of registration system has been suspended and there are no realistic conditions for four.

Indeed, the image of IPO marketization reform is not good enough, and the problems of "three high", money collection and interest pmission have been widely criticized.

The capital market is going on and off, and the marketization of IPO issuance has become the outlet of market sentiment.

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The chaos in the new deal of < p > IPO indicates that there is no Utopia of marketization and registration system. The registration system can not be built on the basis of copying the mature market mode, and the highly marketization clauses such as self distribution and stock issuance are not acclimatized.

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< p > but emotion can not replace reason.

The crux of the A share market is not the marketization of IPO, nor the new deal of IPO. There is no mistake in the general direction of marketization. The root of the problem lies in the non marketization of the two tier market, which is the conflict between the IPO market and the non market oriented two tier market.

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The problems in the new deal of < p > IPO can not become an excuse for negating registration system.

On the contrary, registration reform should go forward in a difficult way, forcing two level market reforms, creating conditions for promoting registration system, thereby improving the two level market ecosystem and echoing IPO market reform.

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< p > registration system has a strong forced mechanism.

Investors often regard the narrow sense of registration as a relatively long term IPO system, but this recognition ignores the huge role of registration system, and its real significance lies in the forced mechanism.

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< p > registration system will force the capital market to carry out a comprehensive reform, which will gradually purify the A share market. This is the real role of registration system.

To continue to breathe in the air of the current two level market, the whole capital market will become mist, and the lost A share market needs to get out of the fog.

No fundamental reform of the two tier market will be made, no basic system construction and rule of law construction will be carried out. Instead, we will deny the market orientation of IPO reform. Our capital market will always be a casino without investment value.

It is probably not the blessing of the capital market that the theme stocks and junk stocks are launched by the name of emerging industries.

Some of the companies that originally planned to go to Hong Kong have returned to A shares because of the larger premium and looser supervision of A shares.

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George Akedof, winner of Nobel prize in Economics 2001 P, has a famous theory of adverse selection. When the seller of a company has more information about the quality of the company than the buyer, it will cause the bad company stock to expel the high quality company stock, resulting in the continuous decline of the quality of the company on the market.

Such adverse selection and serious information imbalance lead to market paralysis or market shrinkage and adverse selection of inferior products.

In a market where information is seriously asymmetric, investors can only reverse choice and choose the cheapest substandard products.

The distortion of this investment concept will inevitably bring about the disadvantages of the speculation theme stocks, the pursuit of junk stocks, the value investment and the lack of long-term investment, and the imbalance of stock price structure.

The registration system with information disclosure as the core is undoubtedly correcting the adverse selection of the A share market.

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< p > a href= "http://www.91se91.com/news/index_c.asp" > registration system < /a > does not necessarily bring about benign changes in the capital market, nor does it automatically purify the lemon market. However, promoting the registration system can reverse the reform of the capital market and gradually complete the net process of the market.

In this process, all kinds of problems in the primary market and the two tier market need to be cleaned up step by step to meet the needs of the registration system.

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< p > promoting the registration system, the basic system of stock market and the construction of the rule of law are important foundations and prerequisites. However, the IPO reform is a breakthrough and a skirmish to advance the registration system, and the details of the IPO reform determine the difficulty of the registration system.

The successful IPO reform can win a good atmosphere for reform and public opinion for registration system.

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The details and measures of < p > < a href= "http://www.91se91.com/news/index_c.asp" > new share reform < /a > need to be carefully considered. The most basic requirement is specialization.

There are many vague terms in the reform of the new round of new shares, such as the pricing of new shares and the "no less than" distribution ratio of new shares under the Internet.

These two "fuzzy expressions" of "no less than" have brought hidden dangers and disputes to the pricing and matching of new shares.

Are the self distribution, stock issuance and Listing Rules on the first day of new stocks been tested and discussed in detail by the industry experts? < /p >

< p > < < a href= > http://www.91se91.com/news/index_c.asp > > IPO > /a > New Deal and the regulation of new shares, regulators should learn more from SEC.

The securities and Exchange Commission consists of lawyers, accountants, analysts and industry experts.

The formulation of the IPO rules and the examination of the listed companies under the future registration system should involve more professional laws, financial professionals and industry experts.

In this way, the rules and measures formulated can be more rigorous, so as to avoid obvious loopholes in the law and system, rather than supervision and regulation, patch patches.

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< p > registration system can neither advance single soldier nor go to another extreme to overcome difficulties.

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< p > clear the direction of the marketization and registration system is firm and resolute. It will not disturb and deceive the IPO chaos and the market clamour. The forced mechanism will push the market reform, correct the adverse selection of the A share market, and create conditions for promoting the registration system. It should be the wise choice of the A share market at present.

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