A Large Number Of Investors Vote With Their Feet Away From The A Share Market.

In the first half of this year, in the face of the dangerous stock market situation, regulators on the one hand indicated that there will be some adjustments in the supervision mentality, and on the other hand, they are also trying to restore the confidence of shareholders and show that they have something to do.

Last month, Liu Shiyu, chairman of the securities and Futures Commission, attended the seventh general meeting of the Shanghai stock exchange to convey to the outside world the strict supervision and regulation.

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From IPO to mergers and acquisitions, and then to private placement, the storm of regulation will touch all levels of the capital market, increase accountability, and be strict and strict.

It can not be denied that strict supervision will have a certain effect on the current problems, but a temporary solution is like a round of circle and back to the original point.

This reminds me of a story about a group of monks in the ancient temple in the mountains, because the porridge is uneven, and there is no peace for a long time.

To this end, they thought a lot of ways, just started by virtue of high hopes to divide, gradually fraudulent.

Some people suggested that we should strengthen supervision over porridge people and send someone to stare at it. Day after day, more and more regulations are being carried out, and the mode is becoming more and more complicated. Penalties are becoming more and more severe. But there are always some flexible ways to come out. The results are not good enough, leading to monks fighting for a long time without eating hot gruel.

Later, an expert from abroad pointed out that the logical thinking of this regulation was problematic, and only needed the simplest system: let the porridge man take the last bowl himself.

Since then, there have been no more points and fewer wrangling. All contradictions have been solved, simple and efficient.

At present, the domestic A share market has made a narrow concussion around the 3000 points. The turnover has shrunk sharply, the market atmosphere is light, and the market amplitude has hit a new low.

According to statistics, tens of millions of households have stopped trading in the past six months. They are either stuck at high positions or have cleared out. The continuation of this market eventually leads to a large number of investors voting with feet and keeping away from the A share market.

How can we break the current market situation of light trading and not to last? Looking back at our regulatory thinking is exactly the same as before.

In the eyes of corrupt bureaucrats in the past, only more supervision could bring more power, so that more rent-seeking opportunities could be found. On the surface, it was also a good illusion for ordinary shareholders to strengthen supervision.

In fact, the best regulatory logic is decentralization and decentralization. When the new FTA is set up, the audit system will be changed to a filing system.

Do not commit the harsh judgement in advance, but achieve the standard.

Before the corrupt elements did not have the opportunity to rent, they were all equal before the law.

It is not like the regulator now participates in the game as an opponent, and is caught in a dilemma. Then the whole market will naturally improve.

If there is no big adjustment in regulatory logic, China's capital market will still be short bear, soaring and plummeting, and speculation will prevail. Investors will never be able to mature.

Without registration system, value investment is difficult to become a consensus in the market. The market is always band operation and institutional behavior is scattered.

This is the most critical threshold for A shares, which will lead to the real spring of capital market.

Second, yes.

The throes of devaluation.

In addition to facing the serious problem of asset bubbles in the local currency, the current RMB is also facing the challenge of liquidity from the rest of the world.

How to deal with internal and external challenges is not only related to whether the A share market can revive but also affect the operation of China's macro-economy.

After China's entry into SDR, it has become the potential reserve currency target of all countries in the world. However, whether it can be realized in practice is still facing great challenges.

During this period, we should not only face the pressure of capital outflow imposed by the continuous increase in US dollar interest rate, but also face the pressure of the burst of asset bubbles in China.

With the gradual opening of capital controls, how to reduce domestic asset bubbles has become a test of the decision makers' ability to govern.

The current market atmosphere has generally formed a consistent expectation of RMB depreciation, which is not conducive to the good performance of RMB assets.

Breaking this consistency expectation and going through this painful period will largely affect the future direction of A shares.

Finally, the value investment pition period.

The mainstream investors of mature capital markets in Europe and America mostly pursue value investment and avoid high risk market speculation. The fundamental reason is that they are adopting

Instead of the audit value, the intrinsic value of the listed company is determined by the investors themselves, profits and losses are conceited, the market participants are educated, and finally the enterprises that only invest in value are formed.

China's market is controlled by regulators to check for investors, deciding which companies can go public and which companies can not be listed.

This practice is not only easy to cause power rent seeking, but also makes investors develop the habit of relying on regulators. As long as listed companies have supervisors' credit endorsement, the problem will naturally reduce the credibility of regulators.

We should let our investment participants gradually keep away from speculative operation and form the concept of value operation. Supervisors should learn to let go of the right to make decisions.

All these require regulators to reduce the intervention and judgment before listing, strengthen supervision and investigation afterwards, and let the law itself play a role instead of replacing the law by itself.

We should really straighten out the logic of capital market construction, grasp the key to the problem, break away from the interests of our own interests, unswervingly push forward decentralization and decentralization, and push forward the registration system, so that more enterprises can finance in the capital market through performance rather than relationship, so that the capital market can really shoulder the heavy responsibility of financing the real economy development, and the burden of debt risk of the traditional banking indirect financing will be unloaded, thus becoming the mainstay of China's real economy development and growth.

Only in this way, will the capital market usher in real prosperity and great development.

A shares can only brush out the sense of existence only after overcoming these three phases.