Yang Zhiyong: The Rediscovery Of The Function Of The Stock Market

The market is changing. It is normal for a listed company to enter and withdraw from the stock market.

However, in the past twenty years, the delisting of listed companies is rare.

There is little value that companies that should have delisted may sell high prices with "shell" resources.

Even companies who disclose false information and commit major violations remain in the stock market.

The existing delisting regulations are virtually useless.

There are various reasons why listed companies are not easy to quit.

There is no doubt that lobbying by vested interests is unavoidable here.

The reason for being grand is not only social stability, but also the loss of state capital.

It doesn't matter what the reason is, as long as it depends on it, as long as the value of the merger and reorganization can be reproduced.

If the market order is taken off or not, the stock market can be regarded as an important part of the capital market, and the efficiency of resource allocation can be imagined.

The gap between the demand and the decisive role of the market in resource allocation is still very large.

The positioning of the stock market started off somewhat.

At that time, under the background that "shareholding system" could be understood as capitalism, the stock market developed in the name of "SOE".

State owned enterprises are out of difficulty and financing depends on the stock market.

All kinds of supervision should not keep up, and the stock market is effective.

The function weakened.

If it is packaged properly, the money will come to hand, and everything will be OK.

Under the influence of administrative regulation, the stock market can make "black chicken become phoenix".

Behind the news of mergers and acquisitions, administrative power is in trouble.

The stock market is even ridiculed as a "casino".

Some of the participants in the stock market are "gamblers" who make a fortune.

Short term behavior is common.

Under normal circumstances, an efficient stock market should be a valuable company with a high share price.

But in reality, the valuation deviates from the value of the company.

Company value does not mean valuation.

As long as speculation is made, the valuation of junk stocks is more likely to be high.

The serious distortion of the stock market price is due to a series of touching and seductive future stories, but in essence the abnormal operation of the capital market.

This trend must not last long.

Even if it can be sustained for a while, the effective allocation of funds in the stock market can not be realized.

China's financial structure is mainly indirect financing, and the banking system plays an important role in it.

An efficient financial structure should achieve a relatively reasonable combination of direct and indirect financing.

Generally speaking, the cost of direct financing is lower than indirect financing.

However, if there is no prosperous stock market, then direct financing can not really develop.

To flourish the stock market, we must start with the problems existing in the stock market.

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The mandatory delisting, which is emphasized in the opinion, is to restore the order in the stock market, and eliminate the illegal factors that affect the normal operation of the stock market.

It is not easy to heal.

The delisting rules were not before.

Having been put aside, in a sense, is worse than no provision, because it is destroying the credibility of the regulatory authorities.

The new version of "delisting opinions" can be understood as a further improvement of the system.

Next, the key is to implement and let the system be truly implemented.

This not only requires regulatory authorities to exercise due diligence, but also requires all sectors of the community to effectively supervise the conduct of regulatory authorities.

An efficient stock market should give investors the confidence that the law-abiding listed companies can be fully encouraged to let the illegal listed companies and individuals get the proper punishment.