On July 24th, after the Central Political Bureau's meeting proposed "active capital markets and boosting investor confidence", the policy dynamics continued.Recently, the CSRC stated that the time of studying appropriately extend the transaction time of A shares.

After the transaction time may be announced or the extended statements have caused heated discussions on the Internet.Aside from emotions, we need to look at the reasons behind the current series of reforms.Why do we need to extend trading time?Is it useful to extend the transaction time?From an objective point of view, the measures for "active capital markets, boosting investor confidence" and extending trading time are at least to a certain extent meet the requirements of the first half.

Why do we need to extend the transaction time?

Regardless of the market bidding period before the market, the current A -share transaction time is divided into two hours in the afternoon, for a total of 4 hours.The morning period is 9: 30-11: 30, and the afternoon period is 13: 00-15: 00.The arrangement of this time has been used for 16 years since the adjustment and establishment in 2007.Compared with other mainstream markets in the world, the transaction time of the A -share market is the shortest, and in the opening and closing time arrangement, there is a large difference in time for other markets.

Insufficient overlapping of A shares in terms of trading time with the global trading system is not only not conducive to the dominance of the Shanghai -Shenzhen Exchange's pricing power on the pricing power of listed companies in my country, but also directly affects the attractiveness of A shares to high -quality investors in the world.

With the implementation of the registration system, the total number of A -share listed companies has exceeded 5,000. With the volume of my country's economy and the development rhythm of the securities market, A shares will continue to expand in the future, and market investors will increase a lot.For investors, if the stock market transaction time is too short, it may lose the best transaction opportunities due to conflict between transactions and working hours.

For the SFC's statement of extending A -share trading time, many investors have expressed their incomprehension on the Internet, and they are even worried that it will increase the loss of losses. Is this really the case?

The answer is no.In fact, due to the asymmetric information caused by the insufficient trading market, it will increase the cost and risk of small and medium investors.With the continuous acceleration of the two -way opening process of the capital market, the relationship between A shares and global capital markets, especially Hong Kong stocks, has continued to increase. However, due to the factors of trading time difference, investors sometimes appear due to the asymmetry of transaction time and information asymmetry.loss.Taking the Hong Kong stock market as an example, the daily trading time of Hong Kong stocks is 5.5 hours, more than an hour more than A shares.The time difference of this transaction for more than an hour can easily lead to the emergence of information asymmetry, including the frequent occurrence of some arbitrage transactions, which has increased the transaction information costs and transaction risks of investors, especially small and medium investors in the A -share market.

How should we scientifically extend the trading time?

In fact, the discussion on extending A -share transactions has begun a few years ago.Considering that the current market structure is still based on personal investors, and the adjustment of the transaction time can indeed be simply copied to the institutional arrangement of mature capital markets. According to the current market conditions, it is recommended to promote it in two steps in two steps.The first step is to ensure that the order of capital market transactions is basically controllable, and at this stage, we first aim at synchronizing with the Hong Kong stock market to make adjustments to A -share daily transactions.In the first stage of the first step, the closing time of the A -share transaction in the afternoon was delayed to 16 points, realizing the transaction synchronization between the A shares and the Hong Kong securities market, and a certain transaction time intersection with the European Stock Exchange.(In the afternoon transaction period, the time is delayed for an hour. During the mainstream working hours, the cost is low and easy to implement).On the basis of the first stage of adjustment, extend the closing time of the A -share transaction in the morning to 12 o'clock to achieve synchronization with the daily closing time of the Hong Kong Stock Exchange daily, and the daily transaction time is 5.5 hours.Synchronous.The second step is to further enhance the degree of integration with other mainstream exchanges around the world on the basis of enhancing the synchronization of A shares and Hong Kong stocks.At present, Tokyo, Australia and South Korea's stock markets are opened at 8 am in Beijing time, and the stock markets in Singapore and Taiwan are opened at 9 o'clock in Beijing time.On the basis of the first -step adjustment, the A -share market can open the market in the morning to 9 o'clock to achieve the transaction time of major Asia -Pacific stock exchanges with Singapore and Japan.After this step of adjustment, the daily transaction time of A shares will be extended to 6 hours, close to the York Stock Exchange's length, which will further shorten the long gap with the trading duration with major European exchanges and strengthen the linkage with the international market.

The skin is not existed, will Mao be attached?

More important than adjusting the trading system

In fact, whether it is T+0, "100+1" in the recent market, or the extended transaction time today, it is just a superficial change.question.

After the July Politburo meeting proposed "active capital market and boosting investor confidence", a series of measures aimed at improving the vitality of the capital market were launched. At present, it is still concentrated in the optimization of the trading system, such asThe Securities and Futures Commission plans to adjust and improve the qualification access conditions of the municipal business business in accordance with the characteristics of the Beijing Stock Exchange, and the minimum settlement of the stock business of China's settlement and the minimum settlement of the stock business.

In addition, it is necessary to further refine the appropriate management of investors, vigorously develop institutional investors, promote long -term funds such as social security funds, pension funds, and enterprise annuity to enter the market.Participate in the investment in the capital market.While protecting investors, let the "more patient" market run more efficiently, thereby more effectively inspiring innovative enterprises to carry out research and development activities and improve the real "gold content" of listed companies.

The old saying is the old saying, only it is difficult to go, it is uphill.

Compared with the "cure" method, the focus should be focused on finding the "root cause" strategy.The perspective of the in -depth optimization system supply and top -level design, effectively improve the quality of listed companies, improve relevant laws and regulations, and implement the interests of investors to implement it. This is the only way out of the long -term healthy development of my country's capital market.