The New "Three High" Of The Stock Market Is Still A Disease.

"Three high" is a morbid state. In fact, the "three high" of the stock market is also true. What is the "three high" of the stock market? This is closely related to the issue of new shares, that is, the "three high" issue. It is a general term for high issue price, high price earnings ratio and high raise. This "three high" is a major chronic disease and cancer in China's stock market. How to restrain the issue of "three high" by means of marketization is still not effective in stock market. Even in this year's IPO, management has to use the hand of administrative intervention to conduct "window guidance".

So what is the new "three high" of the stock market? This is a symptom of the stock market in the recent period, and it is also a disease.

The so-called "three high" stock market, first, the stock index is high. Since July, the stock market has gone out of the trend of rising, the Shanghai Composite Index has hit a new high year, and by October 9th, the Shanghai Composite Index reached a peak of 2391 points, the highest point in nearly 19 months. Of course, on this basis, it is not possible to identify the "high index" as a symptom. In fact, this rise is what investors expect, and the 2391 point is just at the foot of the mountain. So this new high is only a phased one, or just a relatively high point.

The two is that the restricted shares are showing a new high. With the gradual increase of stock index since July, the size of the stock market is decreasing. Data show that from September 1st to September 30th, there were 497 shareholders in the two cities of Shanghai and Shenzhen to reduce their holdings, and 3 billion 58 million shares were accumulated, and 36 billion 200 million yuan was accumulated in cash. The total net holdings of 1 billion 585 million shares and 16 billion 396 million yuan of cash in 297 companies in August were nearly double.

Three, fixed increase financing and high innovation. Statistics show that as of the end of September, a total of 301 listed companies successfully implemented the fixed increase this year, raising the total amount of funds up to 478 billion 615 million yuan, not only exceeding the equity refinancing scale of 407 billion 408 million yuan in the A share market of last year, but also created a new high level of the annual equity refinancing scale of the A share market after 2010, the highest record in the history of A shares. In a single month, a total of 57 A share listed companies implemented a private placement scheme in September, a substantial increase of 235.29% compared with the 17 in August, and the refinancing amount reached 112 billion yuan, up 190.46% compared to the same month.

On the one hand, the stock market is strong, and the stock index has reached a new high. On the other hand, the size of non reduction and the private placement financing have also hit a new high. On the surface, it is a "win-win" or even "win win", but in fact, it is a morbid state. It shows that the stock market has become a real cash machine. It is not only the ATM of the listed company, but also the ATM of size and non size. The higher the stock market is, the more severe the withdrawals of listed companies are. Because of this, the new "three high" of the stock market at least illustrates these problems.

First, the biggest beneficiaries of the stock market rise are listed companies and large and small companies. In the stock market downturn, the issuance of listed companies will often be frustrated, listed companies to reduce the price increase or even cancel the issuance of the plan often happens. With the rise of the stock market, the issuance of listed companies can not only be done as they wish, but can even be issued at a higher price. Although the reduction of size will not be blocked due to the downturn in the market, the price reduction will naturally be much lower when the market is depressed. On the contrary, the stock market is rising, and the size of the stock market can be reduced at a higher price.

Secondly, equity market The bull market is unlikely to last for too long. Although the current rally is what investors expect, it is even encouraged by policy, but it is based on the fact that it is based on policies. Listed company And the size of the stock market as a cash machine because of the rise in the market, the stock market more blood loss. This undoubtedly shook the foundations of the stock market's rise. The rise of the market is driven by capital, so once the capital flowing into the stock market is reduced and the stock market loses blood, the market will die.

Third, the higher the stock market is, the more investors will pay. On the one hand, when the listed company and the size of the non blood drawing are continuous, we must promote the upward trend of the market. Investor We must pay a higher price. On the other hand, as the market goes up, the price of the additional price and the non reduction of the size will also rise. Investors must pay a higher price for this. Once the market is blocked, investors in the two tier market will pay the bill.