Cao Zhongming: IPO Audit To Restart What Is Too Urgent?

The capital market is an investment and financing market. The emphasis on the two is the basis for their healthy development. After the year November 2012, the issue of "IPO" is suspended, and the wholesale listing of 48 Enterprises in January this year is not a normal phenomenon in the normal market. However, these abnormal phenomena appear in A shares. For the A share market, there is a need for a continuous flow of new shares, but we must take into account the affordability of the market. Investor Of course, we must also pay attention to the situation of the market.

Over the past few years, the US stock market, which had once been the source of the financial crisis, has gradually got rid of the haze. The Dow Jones index has been making a historic high. European stock market, which has been deeply troubled by the European debt crisis, has also been strong. However, the growth rate of GDP in China's capital market, which is at the forefront of the world, has been as low as the devil. Compared with the European and American stock market, the stock market is quite different. The stock index not only oscillate around 2000, but also hit a new low of 1849 in the past five years in June last year.

Actually, this round. IPO After the restart, 48 were issued in January this year. New shares Investors have been fearful, and the pre disclosure of more than 100 enterprises breaking the rules has brought enormous pressure on investors' psychology. However, the IPO audit re established after the company's pre disclosure is a blow to investor confidence. Therefore, the decline of stock index last week is both a response to this and investors are voting with "feet".

The regulatory authorities can not shout slogans to protect the interests of small investors while ignoring the voices and feelings of small investors. The stock market has been sluggish in recent years, and the regulatory authorities can not ignore the basic reality that there are many problems in the market.

IPO means that it will draw blood from the market. Even though the amount of IPO financing is far less than the amount of refinancing of listed companies, its impact is mainly on investor confidence. In fact, under the banner of supporting economic development and transformation, listed companies' behavior of "money collection" has become unscrupulous, all of which are erroneous positioning of the stock market, and are the product of serious protection for the interests of small and medium-sized investors.

Therefore, we will see that in order to be successful in listing, packaging and whitewashing is popular in the issue of new shares, and fake listing has become a "landscape". In order to better serve listed companies, the threshold of refinancing has been greatly reduced, and the refinancing method of private placement which is simple, easy to go, cheap and favored by listed companies has also been introduced. It is no exaggeration to say that even if there is no big size reduction and the impact of the new IPO "blood pumping effect", only the listed companies' crazy refinancing behavior will make the market breathless.

The quality of the first 48 companies has been dared to "flatter" after the "baptism" of IPO's special financial verification last year. Of the 48 companies, more than 1/3 of their performance has declined, and the appearance of the "face changing" market has been repeated again, while the stock has become the "King changing face". The 48 companies are still the same. Regulators should not rush to start the IPO audit. What is the point in addition to putting pressure on investors again?