Registration System Misleading Management

In China's capital market, there are a group of people who are not eating abroad or market fundamentalists.

Regardless of the huge market turbulence, regardless of the market conditions, sing praises for some interest groups, always clamoring for the registration system to be launched as soon as possible, and say what market needs to register system to make shots and mislead management, but this time the government work report is unmoved. More attention should be paid to the registration of tabulation, from the actual situation of China's stock market, from the stable operation of the stock market and from the interests of investors, the author believes that it is worthy of affirmation and praiseworthy.

After all, reform should have the principle of universal benefit, and more importantly, it can not lead to huge fluctuations in the market.

In this year's government work report, we put forward "promoting the reform of stock and bond markets and building a rule of law, promoting the healthy development of multi-level capital markets and raising the proportion of direct financing.

The timely launch of Shenzhen Hong Kong Tong is obviously different from the government's work report last year.

Last year's government work report clearly put forward the "implementation of the stock issuance registration system reform", indicating that the top government has a more cautious attitude towards registration system reform, which is a manifestation of a pragmatic attitude.

I think some experts can stop the clamour, and the government has given a firm and clear answer. (13th Five-Year draft outline of the plan) pointed out: "actively cultivate open, pparent and healthy development of the capital market, raise the proportion of direct financing and reduce leverage.

We should create conditions to implement the stock issuing registration system, develop a multi-level equity financing market, set up strategic emerging industries board, deepen the reform of the second board and third board, standardize the development of regional equity market, establish and improve the pfer mechanism and exit mechanism.

Obviously, registration system reform is the direction of future reform instead of the current implementation. This is consistent with the SFC's repeated clarification. It also puts forward specific work arrangements for establishing strategic emerging industries board and increasing the proportion of direct financing.

The focus of the Chinese stock market at present is to cultivate a pparent and healthy capital market. It is to create conditions for the implementation of registration system reform instead of implementing registration system reform at this stage. I think this is a very correct choice. Therefore, as an expert, a professor is not to drum up the government to implement a policy with no significance at this stage. Instead, it is committed to making plans for the health and development of the market. It is committed to the smooth operation of the stock market and to the protection of the interests of investors.

As a major market reform, it is a systematic project. First, it must be universally recognized by the market before it will advance smoothly. Otherwise, the market will always vote with feet. That is, experts and professors sing the reform of registration system. That is also a matter of exaggerated and useless, and it will also encounter market resistance. Because the market does not rely on experts to maintain smooth operation, but relies on investors to run smoothly, leaving the support and recognition of the majority of investors, it is difficult to carry out the reform.

What is the true situation of the market? Is the market always falling into one?

The market was plummeted by the rumor of the registration system. The SFC had to clarify again and again that the latest one was in February 25th, and the external stock market was strong, but the Chinese stock market once again slumped. At the close, the Shanghai stock index plunged 6.41%, the biggest fourth day decline this year, down 187.65 points, at 2741.25 points, the Shenzhen index fell 7.34%, fell 756.55 points, reported 9551.08 points, the gem fell 7.56%, fell 166.6 points, and reported 2037.14 points.

In terms of volume, the Shanghai stock exchange closed 271 billion 770 million yuan, 394 billion 766 million yuan in Shenzhen Stock Exchange, and 666 billion 500 million yuan in the two cities, which was 80 billion yuan more than yesterday.

The two cities had 17 non ST stocks trading, 1432 shares were down, and only 50 stocks rose.

The reform of capital market needs to follow a principle: "the art of reform is that we must push forward when we have windows, and do not work hard when we have no windows. We can wait and create conditions."

Registration reform can not be carried forward by single soldier, otherwise the bank will easily sink on the bank.

The reason why the Chinese stock market can not implement registration system is that the conditions are not ripe. At this time, pushing the registration system vigorously is going to spoil the growth of the seedlings, which will destroy the seedlings. The corresponding capital market is plunging and plunging, which makes the investors suffer heavy losses. Others seem to have no choice. The conditions do not have the table now. It is because the market has no binding force on the new shares. No matter what kind of new shares, no matter how the texture is, the market will still be robbed.

It's all too much to catch up with. It's only a matter of course to choose the right time to register under the registration system.

Therefore, the implementation of registration system is easy to be understood by the market as the pronoun of large capacity expansion.

Secondly, China's stock market lacks the pricing mechanism and pricing principles of mature markets, and many stocks, especially small and medium-sized ones, still have high valuations. At this time, the liberalization of listing price control and control will result in the reappearance of three high funds and a great waste of valuable financial resources.

The three is that the securities law has not been successfully amended. How to effectively prevent the counterfeiting and listing is a big problem under the registration system. Relying solely on the maximum penalty of 600 thousand yuan is absolutely impossible to put an end to the listing of counterfeiting. The rash implementation of registration system may lead to a large number of inferior companies coming to the capital market, thus forming crowding out effect.

Wu Xiaoling thought

The core is to strengthen information disclosure. On this basis, we should give the initiative of stock issuing to the market. We must severely crack down on the illegal behaviors of securities market such as deception, fraud, insider trading and price manipulation. However, in the existing securities law, the penalties for illegal listing such as fraud are too low.

The four is that the delisting system is still lacking in rigidity, a market that is wide and wide, and the outcome must be a short-term surge in market capitalization, while the new capital increase is relatively scarce, and the result can only be a fall.

Five, the mechanism of investor interest protection still exists short board, not only in the mechanism of class action, but also in the interference of local government protectionism to investors' claims, because the relevant judicial matching is imperfect, and it is difficult for investors to calculate losses.

In the short term, the direction of the work of the government has also been set down, that is, the creation of conditions for registration system, which indicates that there are some restrictive factors in the registration system reform in China. It is not appropriate to blindly push forward. I sincerely hope that those experts will face up to the current situation of China's stock market, do not continue to make silly things like the promotion of the growth of the stock market, and continue to advocate the implementation of the registration system as soon as possible, so as not to let the management be in a dilemma or even mislead the management, so as to prevent the market from fluctuating again and allow the investors to suffer great losses. That is, when Jia Kang, a member of the CPPCC National Committee, accepted the China Internet Financial reporter's interview, he also said that the stock registration registration system reform had not been written into the government work report, which means that we should slow down a bit, and then weigh it carefully. Registration system is not possible based on the immature registration system.

How to build up the basic system of China's stock market and how to make the stock market run smoothly?