Pi Haizhou: The Rapid Development Of Gem Is Obvious.

At present,

The issue of amendment has become a bottleneck in the development of China's stock market. This problem needs to be solved as soon as possible.

Otherwise, the healthy development of China's stock market, including the healthy development of the growth enterprise market, is just empty talk.

The gem which officially opened in October 30, 2009 is 7 years old today.

Reviewing the past seven years of gem, the development of gem is obvious to all.

Since the first 28 companies listed on the market in October 30, 2009, by October 30, 2016, there are 545 listed companies on GEM, and the rapid development of gem is obvious.

Moreover, because of the listing of gem, the development of GEM listed companies also clearly reflects the principle of becoming bigger and stronger.

For example, the average income of GEM companies has increased from 305 million yuan in 2009 to 1 billion 104 million yuan in 2015, the annual compound growth rate has reached 23.9%, and the average net profit of GEM companies has increased from 58 million 220 thousand yuan in 2009 to 120 million 750 thousand yuan in 2015, an increase of 107.4%.

Gem has become the most dynamic market in the A share market, and it has also been favored by investors.

However, the so-called results can not be said that they can not run away.

Looking back at the development of the gem for seven years, the achievements made by the growth enterprise board are obvious to all, but the problems faced by the growth enterprise board also need to be squarely faced.

In fact, looking at the A share market, gem can even be regarded as the most prominent problem.

At least in these three aspects, the problem of gem is very prominent.

First, the problem of high price earnings ratio.

That is, the high valuation of gem.

Compared with foreign mature stock market, the A share market is undoubtedly a high valuation market.

But the gem's P / E ratio is the highest in the A share market.

By the end of October 27th, the average price earnings ratio of the Shenzhen listed companies was 42.9 times, while that of the gem was 79.02 times.

Such a high price earnings ratio, on the one hand, shows that the gem is full of speculation and speculation; on the other hand, it makes gem investment risk significantly higher.

Therefore, the issue of high valuation of gem is the most prominent in the whole A share market.

Two, the gem is a serious disaster in the A share market.

Fake listing is

A big cancer has become a focus of market concern in recent years.

In recent years, a number of fraudulent issuance cases have been investigated by the regulatory authorities.

Among the four typical companies that have been investigated and dealt with, apart from the green land, the three companies of Wan Fu Sheng Ke, Hai Lian Xun and Xin Tai Electric Company are listed companies on GEM.

This is also enough to prove that GEM has become the most serious disaster in the A share market.

The three is,

It is a serious disaster area in the A share market.

The size of non cash, especially the large shareholder cash, has become an important problem that plagued the A share market.

The market is always in a state of bloodshed in the face of large and small volume, and this kind of cash market has further exacerbated the stock market downturn in the market downturn.

Moreover, for the sake of large and small non cash pactions, especially for large shareholders, all kinds of gray pactions and interests pfer happen frequently.

For example, it is common for large shareholders to cash in, and listed companies offer high delivery and pfer programs.

Some are even proposed by the major shareholders themselves.

This is an open pfer of interests and self enrichment.

This kind of non cash problem is undoubtedly very prominent in the growth enterprise market.

On the one hand, GEM companies are mainly private enterprises and private enterprises.

And executives have cash requirements.

On the other hand, gem is the highest level of stock valuation in the A share market, which further increases the impulses of size and non cash.

In fact, many private and private enterprises are listed for the purpose of size and non cash.

This is most evident in the liquidation of some major shareholders.

This practice is obviously not responsible for enterprises and investors.

One of the most important reasons for such problems is that the system in the A share market is not perfect, and many systems are actually serving the state-owned enterprises. This makes the private enterprises in the gem take advantage of the private sector.

For example, the issue of fraud issuance is not effective enough.

Because the power of fraudulent listing of state-owned enterprises is insufficient, even if fraud occurs on the market, it is also a state owned enterprise, and the advantage is still in the country.

Including the reduction of state owned shareholders. First, the reduction power is insufficient. Two, reduction is controlled. Three, the sense of responsibility of state-owned enterprises is stronger than that of private enterprises.

How to change this situation is, of course, the right remedy.

For example, high price earnings ratio, of course, to curb speculation in the market.

In particular, we must strictly investigate and punish illegal activities such as manipulating stock prices and insider trading.

For example, the problem of fraud should be increased by striking. It is necessary to make the counterfeiting company directly withdraw from the market, and at the same time, to compensate investors for losses.

Another example is cash flow, which requires limiting the number of large shareholders' annual holdings.

Of course, this involves the amendment of the securities law, which is also needed to be actively promoted by the regulatory authorities.