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Li Zhilin: Ending The Bear Market Requires Unconventional Measures.

2014/6/7 8:35:00 26

On the morning of Friday, P was shocked by the news that the European Central Bank decided to implement negative interest rates and stimulate the economy, triggering a surge in European stock markets.

Overnight, the US stock index and the S & P hit a new high.

You know, the economic growth rate in Europe and the United States is only 0.5 - 1.5%, but all its investors are not only in the financial crisis and the European debt crisis, but also earn a lot of money.

It is really a super ability to save the market and people oriented!!

China's stock market not only thrive in the financial crisis, but also 7.5% of GDP growth is still proud of the world.

However, the stock market did bear the world for 7 consecutive years. So far, the stock index has only fallen 1/3 before the financial crisis, and the stock market has been losing 13 years. Hundreds of millions of investors can not expect the Chinese dream, but they are losing money and have been trapped in the cold market for many years.

In the past few years, management often used the "financial crisis as a result of the decline in China's stock market" prevarication, how pale it is!

No one has publicly apologetic to the shareholders, listening to the market's useful advice, and putting forward the real measures to save the market until P.

On the contrary, when the government rescued 4 trillion of the financial crisis and the burden of more than ten trillion debt that the local government had followed up, it actually called the stock market and the majority of investors to pay the bills, and continued to pay the new shares by issuing new shares.

now, the stock market margin has been reduced from 600 billion which lasted for more than 1 years to 515 billion 500 million at the end of May, and the volume of daily turnover has continued to shrink to about 50000000000, and 2000 points are at stake.

Not only is the management not eager to find a good way to save the market, but to make an effort to expand the stock market's new capital, and still focus on the early issuance of new shares, is really unthinkable!

In the face of the stock market's long way to bear, the crisis is very heavy and it is hard to get back to P. I think it is necessary for management to learn the way of dealing with crises in the United States and Europe, and try to save the market with unconventional measures.

Here are two suggestions:

first, decisive restrictions on stock index futures are adopted.

I recall that before the opening of a href= "http://www.91se91.com/news/index_c.asp" and stock index futures < /a > in April 2010, there was a strong objection from the market. The reason is: in view of the lessons learned from the excessive use of derivatives in the United States, the stock market futures will inevitably exacerbate speculation and undermine the stability of the stock market.

but at that time, the senior managers of the SFC tried to defend publicly the stock index futures: "why does the Chinese stock market fall from 6124 points to 1664? The reason is that there is no stock index futures.

If we have stock index futures, it will not fall so bad that we can ironing the volatility of the stock market, reduce the speculative nature of the market, advocate rational investment, reduce market risks, maintain the stability of the stock market, and maximize the protection of the interests of small investors.

so who can object to this? However, four years of practice has proved that since the opening of stock index futures, China's stock market has not gone up very well, and even the wave band of the past 20% increase does not exist, up to 10%, and the time is short.

Stock index futures have become the main culprit of the stock market decline, which is totally contrary to the original intention of the management.

the main reason;

one is, the trading rules are not equal, the organization is limited to 600 hands, and the hedging is unlimited, resulting in the short selling of the organization.

two is the implementation of the T+0 system index, using the same day and again to do speculation, to destroy the T+1's spot market, forcing investors to open short the next day.

three is that every kind of media exaggerates the huge amount of empty space held by institutions every day, exacerbating the strong market atmosphere and causing the stock market to fall.

four is, < a href= "http://www.91se91.com/news/index_c.asp" > futures trading < /a >, lacking the agency's multi power action, unable to resist the short selling strength of the organization, and repeatedly manage every good, including the "new country nine" and so on, that day collapsed to "bad".

five is that the stock market itself is seriously oversupply, which is good for short selling.

The current market value is as high as 19 trillion and 400 billion, while the stock market margin is only 515 billion 500 million.

Coupled with the expansion and refinancing of new shares, the size of the shares has been constantly reduced.

Therefore, there is only one way to win the stock index futures trading.

The index market like "P" is not available in the whole world.

It is not only beneficial to the stability of the stock market, but rather harmful.

at the 2000 point, "policy bottom" is at stake and market confidence is seriously lacking.

It is suggested that the management can refer to the practice of the index futures restrictions adopted by the European and American countries in the financial crisis, and limit the opening of the stock index futures for 3 months, forcing the huge number of empty single positions to turn over, and the index and the stock index will soar together.

Second, requiring queuing to be a href= "http://www.91se91.com/news/index_c.asp" > Listing < /a > enterprises to carry out the reform of ownership structure according to the requirements of modern enterprises.

2005, through the share price reform, the problem of split share structure of old listed companies was solved.

However, after 2009, the more than 1000 new shares listed on the market did not receive the right to pay the right.

This is also an important reason for investors to lose money, lose confidence and have a deep stock market crisis.

in view of the ongoing reform of state assets, the problem of "single dominance" of major shareholders is being solved. For example, after the investment of greenbelt group Jinfeng has been listed, the shareholding of large shareholders is only 30%.

Drawing on the shareholding structure of public listed companies in overseas markets, such as Bill Gates controls only 15% of Microsoft's shares, Jobs only controls 8% of Apple's equity, Robin Li controls only 16% of Baidu's shares, Ma Huateng controls only 11.2% of Tencent's shares, Ma Yun controls only 8.9% of Alibaba's shareholding, and it can be seen that the decentralization of shares is the minimum requirement of public listed companies and a reasonable norm of ownership structure of modern enterprise system.

therefore, the more than 600 listed companies that are queuing up now can no longer be allowed to be listed on the face of family businesses. They can no longer allow the 60% to 70% of large shareholders to exist. Before the listing, they must carry out the reform of the ownership structure, and the major shareholders must use the preferred shares for a long time to lock in shares other than 30%.

At the same time, it can be stipulated that under the same conditions, the listed companies with large shareholders holding preferred shares can break the queuing order and give priority to the listing.

I believe that this will surely lead to many listed companies who want to come to the stock market and take the cash out of the stock market to cancel the listing application, so that the listed companies who really want to optimize their allocation of resources and invest in industry for a long time will be able to optimize the environment of IPO, improve the quality of the companies on the market, eliminate the fear of investors' reduction in size and eliminate the "fear of expansion" in the market.