Liu Wanjun: Dividend And Trap Of Rising Stock Index

Which country, the development of the stock market is mainly to shift the risk of banks, to establish direct investment and financing channels of capital supply and demand, and to increase capital gains and reduce financing costs. For our country, there are more reasons for developing the stock market. For example, for the country, a large amount of idle funds do not need to concentrate on the financial system, and then invest in the real economy through loans, which can guide some savings directly into the listed companies, all of which are promoting economic development. Obviously, they are directly invested in the stock market to bypass the bank intermediaries, so that the funds are indeed invested in the listed companies, and for enterprises, through the listing, they can use funds freely, and even the most basic dividends are not done. In fact, no matter what

As for the stock market, because of the high returns of the stock market, many people who are strong in risk and pressure can invest their money into the stock market in order to get a good return. In fact, Chinese people have the habit of gambling, and the Chinese stock market is like a gambling field. Even if they are willing to invest in high risk, you can see that the old man has put money into the stock market. In fact, there has been a huge loss in stock investment in the past few years, but there is no such thing as a raging exchange.

However, I think that in such a political and social environment, the motives of listing a large number of listed companies are not pure, so they are not listed for financing the development needs. Instead, they are losing money from the market through listing, which undoubtedly makes the stock market lose its basic functions and become excessive over the short term frequent buying and selling. Speculative market As a result, the price and trend of stocks do not depend entirely on the fundamentals of the company, but on the institutions and brokerages who have the right amount of capital. On the one hand, they have the advantage of capital, and then they have the information superiority, and their every move will also cause the herd effect, which will make the stocks and even large plates fluctuate more sharply. Obviously, investing in the stock market should establish a long-term goal, and the listing mechanism in China should be improved.

In addition to breaking the stock market information It is more important to establish an exit mechanism and enhance the quality of listed companies through competition mechanism, so that the market can really leave behind the listed companies with technology and development prospects, so that they can get in capital and enjoy low financing costs.

　　當下的股指較快速度的上漲，我想管理層面起到了推動的作用，意圖不言而喻就是在實體經濟低迷，企業資金鏈緊張，消費不振的情況下，通過提振股市，來使局部市場煥發活力，進而引導部分銀行儲蓄和市場閑散資金入市，在享受政府推動股指上漲的紅利的同時，為股市，為上市公司，為經濟增長及時補血輸血，一方面上市公司獲得資金或可以度過難關，或可以追加投資，而對于個人來說，股指上升，收益增加，自然會提振消費，但是經過較短時間的上漲，由于上市公司的不爭氣，市場投機力量的分化，價格又會明顯的回落，然后尋找新的炒作題材，如此反復，最終不僅使存量資金難以解套，增量資金也進出難舍，也就是當下的股指上漲對股民來說既是紅利，又是陷阱，當然經過6124高點之后，這幾年的中國股市一直表現不如意，主要是 New shares 發行和老股增發吸納了太多的資金，同時上市公司數量眾多也稀釋了資金的推動力，從這方面上看未必是壞事，因為即使得更多公司得以上市融資，又不至于出現個別股票價格，乃至局部市場異常大幅波動，但是另外一方面大量公司的上市也使得質量千差萬別，而一般很難有信息辨別，而等吃虧時為時已晚，所以上任郭樹清主席說IPO可不可以不審，通過退出機制讓市場和股民自發選擇和淘汰，但是很有可能許多股民要接受一次次虧損的教訓了都不可能對個股慧眼識珠，提高上市公司的質量和建立確保其努力生產和經營并對股東負責，受股東監督的體制機制建設需更進一步，當然作為資金的蓄水池，通過股市帶動，可以起到四兩撥千斤激發整個市場活力的作用!