The Spring Of A Shares Is Expected To Arrive. China'S Stock Market Is Inseparable From "Heavy Financing And Light Return".

Although the new policy of refinancing still needs to be perfected, it shows the importance of management to the excessive financing of the stock market.

It can be expected that with the introduction of a series of supporting measures, the problem of excessive financing in the market is expected to be improved.

By then, the spring of A shares is expected to come.

In fact, in the past 2016, the A share market was awarded the first year of financing in the history. IPO financing plus refinancing, the annual stock market financing far exceeded market expectations.

The passing rate of IPO audit has been reduced, and the pace of issuing new shares has slowed down after the Spring Festival.

At the same time, with the substantial progress of the pension market, the market has boosted the popularity of the market, and the willingness of the medium and long term funds to enter the market has also increased significantly.

And excessive financing has become the most worrying problem in the market.

Take IPO financing as an example. Since the second half of 2016, IPO's publishing rhythm has basically reached the speed of two batches a month.

However, since November of this year, the pace of issuance has increased again, and basically maintained the speed of issuing a batch on Monday. The scale of monthly financing is as high as 20 billion yuan.

The issue of stock refinancing is not going down.

Over the years, the stock market refinancing almost every year is easy to break trillions, and fixed refinancing and stock rights refinancing measures emerge in an endless stream, which greatly aggravates the pressure of blood withdrawal from the market.

As we all know, compared with IPO financing, stock market refinancing is fiercer than tiger, which speeds up consumption and investment function of the stock market.

In this way,

Without the balanced development of financing function, the result of excessive financing is to speed up the diversion of stock funds and divert the stock market trend, which aggravates the situation of "short bear and long bear" in stock market.

As for the institutional capital that had previously been involved in the fixed increase, once the lifting of the ban was made, the profit maximization of the small investors could often be achieved by means of clearance and selling, and the vital interests of small investors could not be guaranteed.

Recently, the introduction of the new refinancing policy still needs a lot of improvement, but at least it can be seen that management attaches great importance to the problem of excessive financing of the stock market.

It can be expected that with the introduction of a series of supporting measures, the long-term financing problems in A share market, such as excessive financing and willful financing, are expected to be substantially improved.

By then,

The spring is expected to come.

From the restriction of the upper limit of the 20% financing ratio to the time interval of 18 months, and the limitation of the benchmark price of the non-public offering stock, the new policies strictly regulate the Refinancing Behavior of the listed companies.

In the past, with the help of refinancing to supplement liquidity or purchase financial products in a disguised form, it is also expected to be standardized.

Since the introduction of the new policy of refinancing, many listed companies have begun to make corresponding corrective actions to try to cater for the requirements of the new deal.

Among them, adjust the base date, cancel matching, and even terminate directly.

Such measures are also the rectification pressure brought by the new deal. Stock market pressure has been slowed down stage by stage, and indirectly beneficial to the healthy development of the stock market.

In the past, A shares were too fast and the phenomenon of capricious financing was frequent. It is not a good phenomenon indeed. It will also aggravate the unequal distribution of wealth in the stock market.

However, as the problem of excessive financing has been taken seriously, it is also a good start for the development of the A share market.

At the same time, with the acceleration of long-term funds such as pensions to enter the market, in fact, it implies that the underlying market of the stock market has basically gained market recognition.

Maintaining the balanced development of stock investment and financing functions directly tests managers' wisdom of managing the market, and will also affect the future trend of stock market operation.

In fact, for a healthy and mature stock market, maintaining the balanced development of stock investment and financing functions is indeed very important. The financing function is important, but the continuous and effective upgrading of investment function is also the best proof to enhance the attractiveness of the whole market.

For more information, please pay attention to the world clothing shoes and hats and Internet cafes.