A Share Issuers And Regulators' Education Is A Hot Topic At Present.

The theory and practice of investor education in China's capital market has been controversial. Who is the educator and the educated in the market? Actually, from the current situation of Chinese stock market, education for issuers is a "top priority", and education for regulators is also "imminent."

The issuer's education is based on the listed company as the core, with securities companies as the leading companies, including lawyers, accountants, sponsors and exchanges.

In this series of chain, there are not only the hype of brokers, but also the frauds of listed companies and intermediaries, as well as the bad habits of administrative monopoly of exchanges and the combination of bad habits of running and listing.

China's emergence of a series of problems in the normal stock market and rescue market has fully exposed the importance of issuer education.

At the same time, publishers' education has always been linked to the education of regulators.

Under the Chinese system, regulators and all kinds of education around the publisher

There are all kinds of connections. This is the chronic disease of China's capital market.

The concept of investor education was first put forward by the vice chairman of the securities and Futures Commission in 2001. However, if we continue to repeat the concept of investor education over the past 15 years in such a situation of lack of education for regulators and investors, it will be very difficult to trace the source of education simply by focusing on the regulators and issuers to educate investors.

In the biosphere of capital market, in

The three subjects, issuers and regulators, have long regarded investors as the target of education.

In fact, the market just won't read a few books because you know some investment skills, and a rational investor can successfully avoid losses.

The loss of investors under the abnormal fluctuations of the market is far greater than the loss caused by the lack of investment skills, which is largely due to the imperfect system of China's stock market.

Just as the profound lessons of the current stock market volatility show to people, the immature capital market in China is due to internal institutional and policy factors.

It includes the existence of a large family business in China's capital market, a high price earnings ratio, and a large shareholder in the gem and small and medium-sized board.

The average price earnings ratio of the 484 enterprises in the two tier market has reached nearly 150 (the average price earnings ratio of the gem is 147 times, which is the time when the stock market was the hottest in June). At the same time, the average price earnings ratio of the first listed more than 200 gem companies was more than 70 times, and the average issue price was more than 30 yuan.

When the regulatory authorities began to curb the issue of price earnings ratio, there was a continuous trading of stocks. The market value growth of the two tier market obviously did not match the profit growth.

Even under such circumstances, because of the man-made hunger and the monopoly of examination and approval, various private and public funds in the market are chasing such enterprises and making huge profits through "sitting".

Because of this, the stock market is an important battleground for China's rise, but in some people's eyes, it is regarded as a speculative casino.

The core of solving this problem is to first solve the education of issuers and supervisors.