China's Stock Market Starts To Look At The International Mature Stock Market.

This week, the market has hit a new high for 4 consecutive days, and the four indexes are all on the weekly line. In response, many people exclaimed: China's stock market has bid farewell to the past 20 years of skyrocketing and tumbling and ups and downs, and began to keep up with the mature international stock market and move towards a healthy and stable stock market, so China's stock market has long been optimistic. Liu Shiyu's achievement in running the city for one year is worth affirming. I listed Liu Shiyu's policy of the year in his chosen position.

It has implemented the most perfect way of issuing new shares in the history of China's stock market -- the sale of new shares by market value. It avoided the frequent and large fluctuation of market caused by the huge amount of capital investment in the past week, forcing most institutions and individual investors to consciously lock in the market value, thus strengthening the stability of the stock market and improving the issuing efficiency of the new shares.

Taking the "strict supervision" as the top priority of the SFC, we should crack down on illegal activities such as manipulating the market, insider trading and information fraud with extraordinary strength. Promulgate new regulations to curb market fanatical speculation and the restructuring of false assets, purify the investment environment of the market, and guide the market center to value investment.

We must firmly control some of the venture capital and use huge sums of money to raise the "tide of cards" frequently. In conjunction with the CIRC, the insurance fund is not allowed to carry out the new regulation of equity investment, so that it can return to the track of value investment and financial investment. Those responsible for individual violation of venture capital institutions shall be removed from their posts and banned from entering the market for 10 years. A new regulation has been set up for regulating the private fund and the standardized operation of information management fund.

It amended the daily practice of issuing 3 new shares per day in December and January this year. The radical solution to the "barrier lake" of more than 700 IPO queuing enterprises in a year is changed to "2 to 3 years' time to solve the IPO barrier lake". The super high speed rhythm of issuing 15 new shares per week will slow down to 8 to 10 new shares per week. We corrected the previous "new stock issuance acceleration and the stock market decline", stressed that "to grasp the corresponding relationship between stock index stability and financing intensity", and noted that the expansion of the market should consider the affordability and the stability of the market index.

After correcting the "registration system of new shares issued by the SFC", the SFC will no longer examine the performance of listed companies without setting the threshold for listing performance, and only examine the authenticity of the information disclosed in the listing. This extreme view has caused extreme panic in the market and directly led to the two fusing. Instead, "do not oppose the registration system and the administrative approval system. The core is to do well the quality audit of issuing shares of listed companies, and to stabilize the capital market operation". For the first time, it is clear that registration system should strictly examine the performance.

Last week it was promulgated again. Refinancing The new regulation: the scale of refinancing is not more than 20% of the share capital. The two financing needs 18 months' interval. The previous financing is not allowed to refinance the refunds, and the four new strict regulations are issued on the first day of the refinancing pricing. It has greatly suppressed the impulse of blind refinancing of listed companies, avoided frequent overrefinancing, prevented the rapid expansion of market scale and improved the market's endurance to IPO. This new regulation can be said that in recent years, whether the market stability or the protection of the interests of investors, the greatest positive.

Following the opening of Shanghai Hong Kong Tong and Shenzhen Hong Kong link, recently, together with the Ministry of human resources and social affairs, the pace of the pensions entering the market has been officially opened, which is of great significance for promoting the stability of the stock market, strengthening the concept of value investment, and having siphon effect and multiplier effect on social capital.

The above strategy of Liu Shiyu not only effectively made the Chinese stock market go out of the mire of a rare stock market crash in 2015, but also greatly strengthened the stability of the infrastructure and trend of China's stock market, which is worthy of praise from all sides in the market. However, the A share market is far from the international standard of mature stock market. First of all, there are still inherent defects in the ownership structure of listed companies including new listed companies.

In accordance with the requirements of the modern enterprise system, enterprises must become public listed companies after they are listed. Generally speaking, the proportion of controlling shareholders should not exceed 1/3. The excess share of a controlling shareholder, or when it is issued on the issue of new shares, or converted to a preferred stock for a long time, can only be paid dividends instead of being thrown into the market.

This is the purpose of forcing large shareholders to enter the market from the system. capital market We should enhance the scale and quality of operations and run businesses for a long time instead of collecting money and cash in cash again and again. At the same time, the shareholding ratio of 1/3 of controlling shareholders will avoid the disadvantages of non frequent reduction in the future. With a slight reduction in the number of major shareholders, it is easy to lose control of shares and be marketed.

Secondly, the existing size of listed companies such as non frequent reduction, illegal reduction, fraud reduction and liquidation reduction become the public nuisance of the market.

The latest data show that the current size of non reduction is the average daily cash flow of more than 1 billion yuan, and is based on the rule of reduction and illegal reduction co-exist. This trillions of cash and trillions of cash show is a wonderful satire for "quickening the IPO to better support the real economy", which has done great harm to the stability of the market and the interests of investors.

Therefore, following the new regulation of refinancing, the most urgent expectation for the market is that management layer Referring to the experience and practice of the international mature stock market, we should widely listen to the opinions of all parties in the market and introduce new rules for further regulating and limiting the non reduction of the size as soon as possible. If we extend the period of reduction, limit the proportion of reduction each year and issue a notice three months in advance, the reduction price should not be lower than the issuing price. Only in this way can the market have the real "three heroes".

Thirdly, it is necessary to revise and improve laws and regulations. In addition to giving administrative penalties to listed companies and underwriters, accounting firms and law firms, they should also practise class action system and punish them for bankruptcy. This will greatly purify the authenticity and quality of information of listed companies, and make people feel safe to invest.

China's stock market has not embodied the function of "barometer" for a long time. Over the past 26 years, China's economy has been developing at an average annual rate of about 9%. However, the Chinese stock market only emphasizes the first function of financing, ignoring the economic barometer function and investment function of the stock market, and does not allow the vast number of investors to share the fruits of economic development and reform.

Especially since the global financial crisis in 2008, the bull market of the US stock market has grown from 8 to 20810, or 221.6%, in the past 6470 years. The European stock market has also been a cow for 7 years. Even the Japanese stock market, which lasted for 20 years, has been in the market for 6 years.

Only the economy is thriving in the world. Chinese stock market But bear bears 8 years in the world. Until 2016, the four index of China's stock market was still at the bottom of the world, and the growth enterprise market fell by 27.7%. Investors who are loyal to support and support reforms and make significant contributions to the stock market are still unable to escape the bad luck of the stock market in successive years.

Why do the US, European and Japanese stock markets benefit from the revitalization of the stock market to revive the economy? Why should it not be worth learning from Chinese management?

Why are Chinese authorities willing to move huge social capital to the housing market, causing high housing prices and sharp increase in bubbles, and not effectively guiding the capital into the stock market? Why can't China's stock market achieve the balance of synchronous expansion of funds at the same time of high speed expansion? Why can't we allow investors to make money, improve their lives, promote private investment and develop the economy through making money in the stock market?

Therefore, the top priority of China's stock market is to restore the function of its barometer, maintain the balance between supply and demand, and do everything possible to safeguard the steady and steady growth of the stock market.

At present, more and more people are optimistic about China's stock market in 2017, largely because the stability of the stock market has been strengthened. In the past year, the first battle to repair the stock market disaster has been completed. That is, the market has bid farewell to the 2800 - 3200 points of the old box, and has begun to enter the new 3200 - 3500 point. In my opinion, this new box is also the goal and task of this year's "Chun Sheng" market.

The national "two sessions" will open in early March, and will make significant plans for 2017's economic and social development goals, fiscal and monetary policies, supply side reform and state assets reform, which will have a far-reaching impact on future economic and large class assets. Because demand credit and reform exceed expectations, the performance will also exceed expectations. Strategic look at many A shares, 2017 is expected to usher in structural slow bull market.

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