It Is An Indisputable Fact That China'S Stock Market Is Too Fast Financing.

Today, with the accelerated pace of IPO issuance, A shares IPO dammed lake problem has been rapidly released.

At the same time, under the background of helping the poor in the stock market, many enterprises also changed the registered address under the banner of poverty alleviation, trying to get the green channel of IPO.

With the widening of the market access channels, more and more enterprises are able to complete the listing target.

In essence, the stock market itself belongs to the place where wealth funds are redistributed.

However, when some groups get rich overnight in the stock market, it means that the wealth of other investors will be affected.

The downward movement of the focus of stock market operation is also a true portrayal of new liquidity which can not resist the pressure of drawing blood.

Only by improving the investment function of the stock market can we better serve the stock market financing function.

China's stock market has won the title of "bear and crown global" for many years, and the stock market has been in the short run for a long time, and investors have not been able to get a real return on investment from the market.

At the same time, the phenomenon of "heavy financing and light return" and "difficult to withdraw from the listing" is a true portrayal of China's stock market for a long time, and this has also strengthened the characteristics of the stock market "bear long cow short".

Although China's stock market has opened the new IPO regulation mode since 2016, that is, the cancellation of prepaid purchase has slowed down the diversion pressure of new shares on stock funds, but the superposition of IPO financing and refinancing scale is a huge financing figure.

At the same time, enter the second half of 2016, along with

The speed of issuance of IPO has gradually increased from two months to 20 billion months.

Up to now, China's stock market basically has 3 new shares to purchase on every trading day, and the issuing rhythm is also out of the expectation of the market.

In 2016, it can be called "the first financing year in history", and the annual financing scale of over 1 trillion and 600 billion has also exceeded market expectations.

In this regard, I believe that the new IPO regulation can indeed slow down the diversion of new shares to the stock market to some extent, and moderate IPO issuance rhythm will not be the stock market stock.

Too much diversion.

However, the pace of issuance will suddenly increase, and the impact will also be enhanced.

It is worth mentioning that IPO's impact on the market is not only due to its issuance and listing process, but also to the intensive lifting of restricted shares, the reduction of cash holdings and even the pressure of refinancing.

As a result, with the number of A share listed companies breaking through 3000, the huge lifting pressure on restricted stock, intensive cash holdings and the demand for refinancing increase will bring a long-term impact on the market.

The successful listing of enterprises has greatly increased the corporate value, and large shareholders and executives of listed companies can easily get rich overnight.

However, under the temptation of huge wealth, they have extremely low cost advantages and have begun to reduce cash holdings.

What's more, in order to avoid the policy constraint of reducing cash holdings, we should make preparations for resignation ahead of schedule so as to meet the purpose of reducing cash holdings in advance.

With the increase of this phenomenon, the risk of "dereal to virtual" in the market has been further aggravated.

"More SMEs and less financing channels" is indeed a true portrayal of the domestic market.

But for wealth funds the most concentrated.

Driven by huge profits, once the successful listing of enterprises means a substantial increase in the value of money, which is much easier than making money honestly, and when the market continues to emerge, there is a continuing impact on the market.

The financing function is important, but the investment function should not be taken lightly.

Only by continuously enhancing the investment function of the stock market can we better serve the financing function of the stock market. This is also the importance of balancing the development of the stock market's investment and financing function, so that we can form a win-win pattern, which is conducive to the sustainable development of China's stock market.

It is an indisputable fact that China's stock market has been over financing. The downshifting of the focus of the stock market operation is also a true portrayal of new liquidity which can not resist the pressure of drawing blood.

Obviously, at this time, we must face up to the problem of excessive financing in China's stock market. We need to adjust the rhythm of IPO issuing in a timely and appropriate manner. At the same time, we still need to raise the threshold of refinancing audit more clearly and reduce the scale of refinancing.

In addition, in view of the continuous reduction of cash flow, it is necessary to formulate targeted policies to restrain them, reduce their impact on the market as far as possible, and put the vital interests of investors in a more important position.

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