Stock Market Situation: Changes In The System Will Fundamentally Produce Chemical Reactions.

The decline of the growth enterprise market has led to complaints and heavy anger among investors. Stabilizing the top-level design of gem or the breakthrough point of institutional reform is not how to pfer from three boards to gem.

Instead, we should first consider stepping down from the growth enterprise market to the third board.

Why can the United States regard NASDAQ as the top level of the huge OTCBB, and the good enterprises in the training period grow up in OTCBB and grow well. There are agencies involved in the pition from OTCBB to NASDAQ, and of course there are many listed companies that do not go through OTCBB. Some of the more famous enterprises are naturally invited to the door, and stockbrokers will fight for the underwriters.

That is, we can not keep up with the short selling incentives, so the value discovery function is not strong. What we see is the seller's report, even if the buyer's report has certain tendentiousness, so that when you are listed, you will make him appear on the market according to the profit of eighty million of the financial statements. There is no eye for him at the time of listing. How can you do it? No one will look at it. There will be a lot of them. Although the Commission is generally efficient, at least in the present stage, there is a barrier to audit for those companies that make financial fraud. Once the registration system is not registered, the fraudulent listed companies will be everywhere. But the students who advocate the three board pfer board have seen a wrong link.

In addition, as the top level of the three boards, the main purpose of the gem is to consider today.

The big problem of delisting, especially the state-owned enterprises, is the loss of state assets, and how the SASAC can bear it.

So the purpose is to let some illegal listed companies, some listed companies that meet the delisting conditions, keep their market value away, because they do not perform well, so they restrict liquidity in the new three boards, so that they can solve the existing problems themselves, and there will be no collapse in bank pledge and credit.

The existing zeroing delisting, such as the time to suspend trading before delisting, including the ST stage can be cancelled.

It is suggested that the new three boards can be kicked in two years if the performance is not up to standard, and the market value of the new three boards can be less than several hundred million, and the new three boards can be automatically kicked off, including state-owned enterprises.

Then the new three Board companies fill it up.

Before delisting is zero, the reason may be to vacate market space for the static market, but after all, delisting is not a failure, and it is more reasonable to take the market value to the new three board trading.

Of course, this brings another problem, that is, the qualification of new three board investors.

Those who are passive because of delisting into the third board are temporary resident.

Or to cancel the threshold of new three boards to become long-term investors of new three boards is a question to be discussed, but it is very effective and intuitive compared to today's tedious delisting.

Sometimes changes in the system will fundamentally drive the market to produce chemical reactions. Although the views are different, the quarrel itself is conducive to market progress. Of course, we hope that there will be another reform, that is, the SFC can maintain enough neutrality, that is, the stock price will be reduced as little as possible and the purpose should be reduced, such as the purpose of financing, the market led stock market and the central bank dominated banks are totally different.

Since China is a practitioner of Keynes doctrine, we should understand that

It can lead the market to the extreme, and the wealth effect can sometimes achieve prosperity.

For example, good expectations can bring financing and enhance brand image, which can improve the performance of listed companies, while the performance improvement of listed companies can continue to drive the expected increase and share price rise.

But on the contrary, if management suggests that there is a risk in today's stock market, the price will fall, the funds will be further reduced, the financing will be reduced, the products will be unsalable and the reputation will be damaged. Then the Davies double kill will happen. The price performance will decline and finally will strengthen the anticipation. This is probably one of the reasons for the decline of the gem.

Therefore, some people call for supervision from the general manager of the securities company, because managing banks and managing the stock market requires different risk management methods, and banks are risk averse to prevent risks from lowering leverage.

And stock market risk prevention is a high risk preference by raising confidence.

What about the financing of the stock market? Following the natural and market rules, the short selling mechanism is often regarded as a poison.

But if they are short of state-owned enterprises, are you guilty or meritorious?

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