Adhering to the standardization of goods and the securitization of assets is the only way to develop a market economy.In the process, it is not allowed to securitize and alien the commodity market.The assets are not allowed to commercialize assets as the target in different capital market trading links as commodities.
Industrialized society, standardization of goods and asset securitization are two basic characteristics.However, in the process of industrial development in China, there are two very strange phenomena: one is the securitization of commodities; the other is the commercialization of assets.This special industrialization will inevitably lead to distortion of the entire social resource allocation.More importantly, it will increase social transaction costs and harm consumers' interests.
The most typical example of commodity securitization is that the phenomenon of securitization of moon cake production and consumption in the Mid -Autumn Festival.Many operators do not produce moon cakes, but issued commodity coupons.After the purchase of enterprises and institutions, it is issued to employees.Many coupons worth 400 yuan are not directly used to buy goods, because most employees do not need to buy moon cake consumption in designated institutions.They transferred the substitute for substitutes issued by the unit to the acquirers at a relatively low price, usually 200 yuan per copy.The acquirer transferred the coupon to the operator, and obtained a handling fee of 50 yuan or 100 yuan.The operator obtained a profit of 100 yuan or 150 yuan through the issuance coupon.
This is a typical performance of commodity securitization.In accordance with the implementation of the implementation of the Consumer Rights Protection Law of the People's Republic of China, this is a typical illegal act.However, as people see, whether they are operators or acquirers, whether they are units or consumers, they think their own interests have not been damaged. Therefore, the Mid -Autumn Festival moon cake securitization consumption is popular.Because the operator's moon cakes are not used for consumption, they are used as markers for securities transactions. Therefore, operators are accustomed to profitable vouchers through sales.A special securities market formed between operators, middlemen, and consumers.In this securities market, each subject seems to have obtained benefits from it, but the consumer market has been distorted.
Contrary to the securitization of commodity, the phenomenon of commodity in China's securities supervision.The commercialization of the so -called securities market is not the securitization of assets, but the commercialization of assets.Typical characteristics are that venture capitalists use assets as goods or marks, and speculation through commercialization, so that asset prices continue to rise.
Venture investors have been commodized through assets, and with the help of asset evaluation, assets are constantly frying asset prices.In venture capital again and again, the scale of corporate assets expands rapidly.Investors do this to obtain more venture capital income.Later investors expect to socialize the risks they bear. Therefore, they will do everything possible to win the listing of enterprises and pass the risks they bear to the entire capital market.
This is not difficult to understand why some venture investors apply for listing listed on the stock exchange in various ways and means.After listing, venture capitalists can use the trading rules to get rid of the shell.The founder of the enterprise has obtained huge benefits from the assessment of venture capital assets.In various ways, they can avoid legal provisions and transform the shares held in their hands into cash.
On the surface, the listing of enterprises is the result of asset securitization, but in essence, companies applying for listing just treat their assets as commodities.And the first -level market, get huge income from it.After the successful listing, enterprise investors will do more benefits from the Securities secondary market.
The most common approach is to rent or mortgage their shares to financial institutions and pick up cash directly.In order to obtain more benefits, some securities institutions have conspired with the actual controller of the listed company. They can obtain illegal benefits through the price of the stock market, or to manipulate the stock market price.
Although the departmental regulations issued by the China Securities Law and the departments issued by the securities regulatory agency have strictly stipulated this, China Criminal Law was convicted of criminal acts in securities transactions.However, due to the profits obtained by the asset commodity beyond imagination, some speculators do not hesitate to take risks and make huge profits.
Securities regulatory agencies hope to reduce the hype of all aspects of the enterprise listing.However, whether in the first -level market or in the secondary market, the operating behavior of the speculators of listed companies is invincible.There are two ideas of solving problems: First, securities regulatory agencies have defense layers to severely crack down on illegal transactions; and the other is to use the market operating mechanism to give full play to the decisive role of the market in resource allocation.The specific method is to apply for registration and listing directly, break the boundaries between the primary market and the secondary market, and let the venture investors directly face social investors.If venture capitalists think that after the company they invest, they can get social investment, then they can apply for listing to the Stock Exchange.The Stock Exchange is no longer a substantial review.However, investors applying for listed companies must promise that shares holding shares will not be transferred within several periods.In other words, you must not buy, rent, or pledge the company's shares.This forced them to become "patient capital" and advance with listed companies.This aspect can prevent corporate risks from being transmitted to social capital through listing before listing.On the other hand, it can also transform risk capital into long -term capital by constraining the speculative behavior of venture capital.
Adhering to the standardization of goods and the securitization of assets is the only way to develop a market economy.In the process, it is not allowed to securitize and alien the commodity market.The assets are not allowed to commercialize assets as the target in different capital market trading links as commodities.
To solve the problems existing in the current economic development of China, we must return to the general laws of the market economy.Only in this way can we ensure that the Chinese market economy will not deviate from the right direction.
Our suggestions are: First, conscientiously implement the Consumer Rights Protection Law, as well as administrative regulations promulgated by the State Council. During the supervision processThe market price fluctuations will not harm consumers' interests.During the law enforcement process of market regulatory agencies, strict management shall be implemented on the so -called substitution issuance issued by the operator.If violations of regulations, punishment should be punished in a timely manner.Acquisitions participating in illegal selling commodity coupons shall also be punished.
Secondly, gambling in the context of risk investment in the securities market should be cleaned from the root cause.On the one hand, reducing regulatory rules and encouraging enterprises to apply for listing directly.On the other hand, the risk investment behavior similar to the Ponzi scam should increase transparency in accordance with the law.If the corporate assets are rising rapidly in risk investment again and again, the phenomenon of bubbles that may occur in it should be alert.If an enterprise applies for listing, the enterprise shall be required to disclose asset appraisers at different stages of corporate venture capital, clarify the legal responsibilities of asset appraisers, and prohibit the banner of risk investment and falsify in the asset evaluation link.
One of the important reasons for the low price of the comprehensive index of the Chinese stock market is that investors pay attention to the "concept" and "chase high and low" of listed companies, and as a result, the listed company has lost its investment value completely.The core of asset securitization is that the asset evaluation must be announced and disclosed that investors after asset evaluation can only make social investors see the truth and invest cautiously.
The author is the former dean and professor of the Institute of Intellectualized by Zhongnan University of Economics and Law
