Su Peiko: What should China really reflect on the Chinese stock market is why the regulatory authorities were not fully soliciting market opinions and blindly launched various claims?Policy randomness and variability are the biggest uncertainty in the market.
As the Sino -US trade conflict has intensified, the global stock market is full of storms, and the A -share market is even more sluggish. In the face of such a complex internal and external environment, Liu He, deputy prime minister of the State Council, Yi Gang, President of the Central Bank, Guo Shuqing, Chairman of the Banking Regulatory Commission, Liu Shiyu, Chairman of the CSRCWhen they stood up to support the stock market, but the A -share market did not seem to be appreciated, and I was still doing it.
Although this kind of shouting market rescue has not played an immediate effect, at least the current high -level decision -making departments and financial management authorities have begun to pay attention to the capital market and financial issues.Incorporating the stock market into the framework of macro management, management also began to understand that the wealth effect of the stock market needs to leverage the vitality of China's economy. Otherwise, at a critical moment of economic structure transformation, high housing prices, low stock markets, and economic prospects expected to be pessimistic are not conduciveCopy the current trade conflict.
Creating a good A -share market environment has obviously become the consensus of the high -level decision -making department. Therefore, the China Securities Regulatory Commission issued a statement during the transaction period on October 30: First, to improve the quality of listed companies, focus on the capital market reform, and create conditions to encourage listed companiesPurchasing and mergers and acquisitions; the second is to optimize transaction supervision, reduce unnecessary intervention in trading links, and allow the market to clearly expect supervision; the third is to encourage value investment and guide incremental and medium -term funds to enter the market.
After the announcement of the Securities Regulatory Commission was released, there were two great contrasts in the market. Those designated information disclosure media replaced various tricks to praise. It seems that the Securities Regulatory Commission has finally done it.The measures adopted by the former Securities Regulatory Commission are completely opposite to the statement in recent years.
For example, various restrictions on mergers and acquisitions and reorganizations and flickering reorganizations, for example, reduce unnecessary intervention in trading links. In fact, window guidance has been adopted before.The harmfulness is improving the field, obviously a little facing, so the sections in the market began to ridicule all kinds of ridicule, making a serious policy funny.In fact, this statement is actually rectifying the past regulatory behavior, allowing the market to return to normal, and there is no need to have a fuss.
What should really reflect on is why the regulatory authorities advocate change?Why did it be launched blindly at the beginning?The randomness and variability of policies are the biggest uncertainty of the market. To guide market expectations, there must be a stable, persistent, and rational policy. OtherwiseMarket ignores.Therefore, in order to truly boost market confidence, you must have enough sincerity and measures.
In fact, when we look back, the market rescue measures in the A -share market are all related to the real introduction of incremental funds. The high -level shouting is just a signal that condenses the attitude of consensus and release the decision -making department.If the funds are promoted, if the incremental funds cannot enter, the market supply and demand structure cannot be effectively balanced, and the market is still difficult to get out of the predicament.
From a macro -global perspective, there is no doubt that it really needs a positive and attractive stock market.At present, we can no longer use the management bank to control the stock market, which should let the capital market release market vitality.
First of all, the A -share market should have an appropriate wealth effect. Otherwise, investors will leave the market after lack of confidence. At the same time, in addition to creating the positive and game conditions of the dividend return, the legalized market order must be improved.The non -market -oriented distribution behavior of vested interests and streamline the interest distribution mechanism of the stock market, otherwise it will only be difficult for investors to donate money.
Secondly, more incremental funds should be introduced to relieve the cash -limited sales pressure.
The A -share market is a fund -promoting market. Without a large amount of liquidity, the market is inevitable that the supply and demand are unbalanced, and it is difficult for the market to fundamentally reverse.In addition to expanding incremental funds, I have also suggested that the market -oriented secondary sale mechanism for the implementation of sales restricted shares has been repeatedly recommended.A victory gate that survives the fittest can restrict some companies' performance as soon as they go public.
With the second release mechanism, it will further promote major shareholders to do a good job in listed companies.Here, the secondary release mechanism is equivalent to a mechanism of interest constraints and guarantees.
Third, improve the cost of illegal regulations, improve the ability of active supervision and cross -border supervision.
I suggest that when you save the stock market, you can learn the experience of the US government in recovering investor confidence.After the U.S. stock market revealed Shitong's counterfeiting and Enron scandal, Shitong's own stock price fell from a maximum of $ 64 to a minimum of $ 0.9, and the company cut 17,000 employees.As a result, the outbreak of these incidents and scandals caused a great blow to the stability of American society and the confidence of American investors, and the US stock market also had a crisis of trust.
At this time, in order to regain investor confidence, the US government passed SARBANES-OxleyACT, which was signed by the US President Bush at the US Congress on July 30, 2002, and in terms of financial reporting responsibility, the bill, the billThe CEO and Chief Financial Officer (CFO) of listed companies are required to make a written guarantee to the company's regular reports submitted to the US Securities Regulatory Commission, and the company's financial reports should be reviewed and commented on them.
If the CEO and CFO do not follow or know the criminals, they will face criminal punishment of fines and imprisonment.Since the Solks Act, the internal control and investor confidence of listed companies in the United States have improved significantly.
In response to several listed companies' fraud, we introduced a law to make up for the dead sheep. In fact, it is the confidence of saving investors. Why can't we learn this kind of rescue behavior?In the A -share market where listed companies are faked frequently, why do we have no such way of saving the market?
Fourth, reduce the cost of transaction and reduce the divesticks of trading links.
For example, reduce the transfer fee of the registration company, the rules of the exchange, the supervision fee, the stamp duty, the commission of the securities firm, etc.
Fifth, it is necessary to clarify the functional positioning of the Chinese stock market, strengthen the resource allocation function of the stock market, allocate limited funds to places that really need money, and reduce the money for large companies that have sun red. The capital allocation should be allocated to new technologies and new commercials and new commercials.Cultivate the potential hope of China's economy as soon as possible, so that the stock market and multi -level capital markets will restore vitality as soon as possible.
Reduce the over -financing of listed companies, allow the market to reasonably allocate resources, close the IPO green channel, and allow the market to restore the reasonable functions of investment, financing, and resource allocation.
Sixth, it is recommended to introduce a collective litigation system and rule the city according to law.
Due to the incomplete legal system in China, incomplete institutional rules, lack of collective litigation mechanisms, and long -term barriers to judicial frontal procedures, many victims in the financial market want to complain to have no door and tolerance.
This not only promotes the illegal people, but also exacerbates the deterioration of the financial environment.In order to fundamentally change this situation, in addition to vigorously transforming the market environment, improving market rules, and improving participants, the introduction of a collective litigation system is urgent.
Seventh, improve the delisting mechanism as soon as possible to allow the stock marketThe ability to regulate the fittest to ensure the rational prosperity of the market.
A mature market needs to be retired, rewarded, and inferiority, rather than adopting good or bad rotten stocks that are worthless in the stock market ZTE, and breed the structural bubble of the stock market, which leads to the imbalance and injustice of macro regulation and control.Essence
Eighth, reform the current regulatory system allows regulators to accept supervision and constraints, allowing markets and investors to give opinions on regulators, so that they can fully implement the supervision functions. Don't just be responsible and regardless of market and investor feelings.
(The author is chief researcher at the Institute of Public Policy Research of the University of Foreign Economics and Trade. The author WeChat public account: CJMRPING. This article only represents the author's point of view.)
