Reflecting On The Stock Market Crash Is The Key To Grasp The Essence.

When the market has gone through the stabilization stage and self repair stage, and has entered the reconstruction stage, many investors are asking: is the rare stock market disaster really gone by? What lessons and lessons learned from the stock market disaster management summed up?

I think.

These are the problems that we must face up to in the reconstruction stage.

If not properly resolved, rebuilding the stock market will also become empty talk.

1, Tsinghua Research Institute's "report" on stock disaster is still insufficient.

In November 19th, the National Finance Research Institute of Tsinghua University announced for the first time the 18 million words Research Report on the current stock market crash, namely, "improving the system design and enhancing market confidence -- building a long-term healthy and stable development capital market" (hereinafter referred to as the "report").

Wu Xiaoling, the joint Dean of the Research Institute, delivered a keynote speech at the forum, and talked about the five reasons for the report's stock disaster.

First,

Excessive, disorder and imperfect supervision magnified the defect of capital type.

Second, the mechanism of air and space is unbalanced, losing the ability of market self balance, resulting in unilateral rise and unilateral decline.

Third.

Lack of effective fusing mechanism, the price limit system has affected the clearing of the market.

Fourth.

The defects of the system result in new funds, which are short-term shocks to stock market pactions.

Fifth, investors' structure is irrational, and the tendency of retail investors is serious.

However, the "report" is a bit of a matter of avoidance. It does not touch on the nature of the long-standing existence of China's stock market and its concentrated outbreak in the stock market crash, nor has it touched on the problems exposed by the CSRC to a number of SFC officials.

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Under the new IPO rules, the impact on the A share market will outweigh the disadvantages and benefit the long-term healthy development of the stock market.

However, when IPO is restarted, management must also summarize the useful experience of the previous stock market turmoil and flexibly control the rhythm of IPO issuance so as to ensure that the A share market can go steadily and healthily.

In the four quarter, the A stock market showed a significant rebound trend.

Up to now, taking the Shanghai Composite Index as an example, the market has risen nearly 20% in the four quarter, and the space from the 4000 point integer pass has been shortened.

However, the reasons for the rising stock market during this period have aroused heated debate among the parties.

Among them, there are more comments that the acceleration of the fourth quarter stock market is to restart escort for IPO.

It is undeniable that the suspension of IPO in the early July of this year is also inseparable from the huge fluctuations in the market.

Affected by this, in the period of IPO stop, it also accelerated the trend of market stability and created a better policy environment for the recovery of investment confidence.

Today, the stock market has basically gained signs of stabilizing stages, and in such a big context, it has also won a better market environment for the restart of IPO.

Then, what will be the impact of the new IPO rules in the future on the A share market?

In fact, there are many bright spots for the new IPO rules.

Among them, much attention has been paid to the cancellation of the pre payment mechanism and to the form of payment after the signature.

In the actual operation, under the background of the abolition of the pre payment mechanism, investors do not need to sell stocks in advance for the purpose of making new investments, so as to make money to deal with the problem of advance payment.

So far, it has greatly improved the effective utilization of market funds and provided investors with more operational flexibility.

At the same time, it substantially slowed down the impact of IPO on stock market and maintained the vitality of trading in the stock market, which also brought tangible benefits to investors.

However, from another point of view, as the A share market is about to enter the new era of universal competition, the success rate of new investors will be greatly reduced in the future.

At the same time, with the sharp increase in the number of new fighting groups, the new comprehensive annualized rate of return in the future is expected to continue to decrease.

In this context, in fact, it will also force some institutional funds or market funds to go back to the two tier market, or to accelerate the search for more investment channels with more value added effects.

It is worth mentioning that in the current round of IPO new regulations, investors also signed a certain restrictions.

Specifically, it is required that the winning parties must ensure that there are sufficient new subscription funds in their capital accounts before 16:00 T+2, while the less part is regarded as waiver of subscription.

At the same time, for the 3 time after the signing of the lottery, insufficient payment will be included in the new blacklist, which will bring certain constraints to the successful investors.

In addition, under the mode of abolition of the pre payment mechanism, more new players will be added to the new ranks in the future.

In accordance with the relevant rules, the same investor's participation in the purchase of each new share on the same day will be determined according to the daily average market value of the 20 trading days (including T-2 days) of T-2.

As a result, for new players, it is more necessary to meet the relevant market capitalization conditions so as to achieve a new purpose.

At this point, taking into account the risks of market volatility and stock price differences and other factors, in the future, more investors will be allowed to raise their shareholding ratio of blue chips to meet their new demand.

Overall, under the new IPO rules, the impact on the A share market will outweigh the disadvantages and benefit the long-term healthy development of the stock market.

However, when IPO is restarted, management must also summarize the useful experience of the previous stock market turmoil and flexibly control the rhythm of IPO issuance so as to ensure that the A share market can go steadily and healthily.