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Finance shares why global leading economic prosperity bottom "The stock market is a barometer of the economy". But with annual GDP growth of Super-9%, as a "barometer" of stock markets were not ideal brought investors earnings, it really hard to understand. Not even mopagunda in the stock market more than 10 years of "senior" shareholders, also wonder: China pulling IPO financing comes top, why ROI is always one of the worst？ Expanding market caused severe hemorrhagic crazy the last year, unbroken large "expansion" has played an important influence on the a-share performance. 2009 IPO represented by Guilin sanjin reboot since the stock market in the end how much blood was injected into the real economy? Compared with the real economy entrepreneurs and how to grant shares shareholders a cash dividend? Perhaps by this data willInvestors flounder. Continuous run of a-share market lost when it comes to relationship between stock market and economy, Germany investment guru andelie·kesituolani its image as a metaphor for the "master of leisure and busy puppy. Economy and stock markets is like the relationship between owner and dog. "Every breeding dogs who have experienced this, as with his beloved dog was walking by the River, the dog oftenWill first go to the front, at a certain distance will return to his master's side. Sometimes dogs will play their own interests and left behind, at a certain distance and are going to come to his master's side. Of course sometimes walk side by side with the master. Last dog and the owner and returned home. Master leisurely walked one kilometer, while dogs are busy walked four kilometers. But there is a rule. If you do notAccidents, dog always center around the host before and after the walk. However, the a-share over the past two years and it's "master"--runs counter to the Chinese economy. In the past 3 years, 2009 China GDP grew at 9.2%, per cent in 2010, economic data released this year showed that the first three quarters of GDP growth per cent to 9.4%,Some economists forecast to remain at around 9%. Europe's debt crisis and the United States under an economic recovery is weak, China in the past period still acts as the global economy "engines" role, however, the strange thing is, under the continuous strong economic performance, has kept investors in Chinese stock market down. "2,139", "double dip", Tied up, break words such as very good interpretation of 2011 China's stock market performance. As of November 25, the Shanghai stock index together fell by about 13%, shenchengzhi, fell sharply to 17.8%. With this is that United States Dow Jones industrial average fell 2.76%. According to the access data show, in more than a share of more than 2000 stocks so far this year, 1755 stocks fall but fell more than 30% stock close to 500, which is "If these conditions are" unit 18, Kang Zhi pharmaceutical industry (300,086, closed at $ 14.95) with hanwang technology (002362, closed at $ 16.96) suffered the most, representing a decrease of up to 60%. Time to go back to 2010, China's a-share in BRIC countriesOnly falling market. 45 major stock indices in the world, the Shanghai composite index, CSI 300 index and shenchengzhi taking care of the countdown three, Shanghai 16.23% decline to become the world's worst performing market indices over the same period. Even the birthplace of the financial crisis of United States, the Dow Jones industrial average in 2010 is up about 10.9%, the NASDAQRose 17.5%, standard and poor's 500 index was up 12.8%. Similarly, the debt crises in Europe, Germany DAX index surged 17% France CAC40 index fell less than 2%. What caused China's economy and the stock market go their separate ways? Interviewed by the daily economic news reporter Tibet silver sail investment director Wang TaoThat "expansion pressure too much, from September this year, IPOs ' began to appear frequently break, can say that this is a market for Xinhua insurance, dongwu securities, super large stocks such as Shaanxi coal shares listing and financing of a silent protest. Reviews 2010 a-shares has far exceeded the total financing other mainstream markets in the world, ' blood ' is the raised index the root causes of poor performanceOne of the. "In this regard, in fiscal 2011 new Summit held earlier this month, Goldman Sachs China HA jiming, Vice President and Chief Investment Strategist with respect," comparison of United States 2008 fiscal stimulus, fiscal stimulus for China at that time, nominally fiscal stimulus is actually credit stimulus, deficits did not increase. After this round growth policy is completed,How can the Government actually does not have a fracture, but companies and banks had enough capital, further financing needed to market. In General, is the cost of the stimulus by tax repaid gradually in the coming years, but this situation require shareholders to pay in the short term. Economy can grow very quickly, but the stock market hemorrhage because of excessive overdraft, you may not be the economyConsistent growth. "Huge" expansion "peak has had in fact, from 2009, Guilin sanjin (002275, closed at $ 14.16) open again since IPO gate, the a-share Fund" pool "gaps have been cut. According to the Wind information display, 2009 totaled $ 504.6 billion a shares totals raised funds, includingThrough IPO initial financing amount up to $ 202.2 billion. And by 2010, the a-share IPO financing has reached record highs, raising the vast world. There were 348 companies directly from the stock market reached $ 491.1 billion. If the rights issue, convertible bonds, and SEO, China a-shares into global best "cash machine", a total of 531 companies successfully withdrawing money$ 1 trillion. Three years from 2007 to 2009 a total of 310 companies listed on the first episode, far more than the blue-chip benchmark 2007 years worth of intensive-listed IPO financing records, a record high. New share issues up at the same time, as represented by the banks of large stocks start the refinancing boom. 2010 total about 11 publicly traded Bank completedRefinancing, total financing exceeded $ 400 billion. Let us turn their eyes to 2011, as of now, directly through the IPO financing was quickly dropped to $ 252.5 billion, but on the issue and allotment after refinancing tools, such as, total financing reached 673.2 billion yuan. Hong Yuan securities chief strategist Shao Yu believes that macroeconomic austerity policies of repression so that enterprisesCommission financing – bank credit is blocked, and the company bond market had also been evident under the background of the effect of, IPO will become the Organization's most valuable and most rare of financing opportunities. Market at high prices, high inflation environment, direct financing to meet the financing needs of the enterprise, and to avoid increased liquidity in the market, this is for the overall economy in terms of kill two birds with a good thing,But no doubt enormous on the secondary market of "blood"-impact, fall is expected. At the same time, under the impact of high finance, new yields are showing a trend of falling year by year. As of 25th of this month, 259 stocks listed on the first day of the average price of 22.2%, and online purchase, the average yield on the first day was just 14.7%. Looking back at the world's firstLargest economy United States, although the United States has not fully emerge from the financial crisis of 2008, but the last four years United States markets IPO price was showing a steady recovery trend from the first day. Interviewed by the daily economic news reporter's investment in a foreign capital company director Zhou Qian said: "United States issuance of securities is a pure market behaviour, can fully reflect the investor's financial statusAnd expectations for the future, while the domestic market mainly to see money supply. This year's United States suddenly dropped in new stock market yields 13%, partly under the influence of the European market, but more importantly by ' units ' collective dragged down. "It is worth noting is that even though China has experienced high speed for 5 consecutive years" expansion "in order to rate securitization of insurance, banking as the representative of the State-owned enterprises50% has been exceeded, however, rates of domestic securities of small and medium-sized private enterprises are still less than 20%, follow-up of SMEs is expected to relay to become "expansion" of the main force and beneficiary groups. According to the study on industrial Global Fund shows, on the one hand, with large stocks in recent years have listed, securitisation of State-owned enterprises rate calculated in accordance with operating income has more than 50%, with the financial and EnterpriseIndustry, then the ratio close to 60%, large market sectors (banking, insurance, oil) the important enterprises have basically completed the IPO process, part of the core industries (coal, nonferrous metals, real estate, machinery and equipment, steel) of securities rates are close to or more than 30%, so stock rate of State-owned enterprises still have headroom, but no longer centralized mass listing. However,Industrial Fund forecast the securities of the highest rates of private enterprise that does not exceed 15%. Infer, the securities of private enterprises still has a lot of headroom for future "expansion" will focus on the gem and the main force of junior. Important economy comparison: China dominate in fact, the Chinese economy is not bad at all, it is worldwide one of the best few. 2009 years to protect themselves in 2009, is the first year after the global economic crisis. This year there have been too many things, such as the Federal Reserve in March of that year announced the introduction of the first round of quantitative easing, directly promoting the rebound in New York shocked the world. Again, the world's three largest rating agencies downgraded Greece sovereign ratings, marking the "European debt crisis" was born. United States, for example swtor credits, in 2009 the first twoQuarter, decline in their GDP per cent respectively and 6.1%. Financial markets, however swtor power leveling, because the Fed continuous blood transfusions, plus the automobiles, employment in the second half of fiscal stimulus policies, United States economy has shown remarkable recovery. Three or four quarters of the year, its GDP per cent growth and 3.5%, respectively. Nevertheless, the United States economy still bear the pain of the deep recession.This mainly blamed three market weakness in employment, consumer and real estate. In terms of employment, United States in 2008, from 5% near the yilupansheng until the end of the 6.7%. This means that 1 million people will be added 20,000 people out of work. To understand this is not difficult, United States enterprises after substantial decline in profit, first do is layoff, not to mention recruitmentNew employees. Apart from this part of the unemployed, a United States many families are experiencing "deleveraging", is about to wage income to pay down debt, which means that they don't have the capacity to carry out more consumption. In this way, naturally weak consumer market. That year, United States Michigan consumer confidence index from the beginning of 80.5 dump until the end of 59.1. When people areUnemployment when you do not have money to spend, naturally it will be difficult to buy a new House. Let us consider the European economy leading Germany's performance. More dependent on exports to the eurozone that growth pattern, Germany in quarter four of 2009 economic recession. Statistics show that its nominal GDP growth per cent respectively-5%,-,-5.8% and-cent. China's economyClearly much more fortunate. We not only avoided the daunting "hard landing", even in the first quarter of 2009 will usher in the bottom early. According to the first quarter GDP rose 6.6%, soon rising to 7.5% in the second quarter. IV quarter, GDP growth also has more than 9% per cent, to 9.2%. Many thanks to the "base figure"The reason. But it is not to be ignored, 2008 monetary policy turn to in a timely manner to a certain extent the Chinese economy. In September of that year, the Central Bank announced it would cut its benchmark interest rate by 27 basis points. The same month, and cut the deposit reserve rate 1%. Subsequently, the Central Bank has introduced a series of loose measures, including continuous cut benchmark interest rates and reserve requirements. This also means thatAfter years of monetary tightening, towards easing overnight. But this does not seem to explain why China's economy can quickly recover, far better than the performance of the economies in Europe and in the same period. A compelling reason is that China's economic growth pattern is different from Europe and America. United States GDP60% by consumption, there is no consumer would be difficult to create employment. But China has relied onExports, consumption, investment, troika, especially Government-led investment played an important role in the growth pattern. In November 2008, the "4 trillion" stimulus was officially launched, including accelerating the construction of affordable housing, rural infrastructure construction, speeding up railway, roads and other infrastructure projects. 4 trillion in funds, the Central Government provided $ 1.2 trillion,More than $ 3 trillion is financed by local government and corporate bond financing. So, these 4 trillion has played a major role? 7.7% economic growth in the third quarter of 2009, investments have contributed 7.3%, consumption 4%, a negative net exports contribution. 2010 is slower than who ended up 2010 year of the global economy, more like a farce. Lian MeiFederal Reserve Chairman Ben Bernanke on his own to display their "reality distortion", he believes that United States economic growth do not need to print money. Instead, you should note the risk of inflation. This was then considered to be a joke. In February of that year, elaborates on when the Fed policy blueprint in "withdrawal policy". It is understood that, when measures discussed included a rise in rates of excess reserves, asset salesDebt assets such as a table. After 3 months, fed Vice Chairman Kohn said the Fed is careful planning at the appropriate time to cancel the stimulus. If the increase in inflation, inflation expectations will become unstable. The Fed raised rates of excess reserves, will help its tightening financing conditions and prevent inflation flare up. The fact is, far from being taken out of the Federal Reserve, or even take the QE2。 The fourth quarter of that year, the Federal Reserve officially announced it would buy $ 600 billion of government bonds from the beginning in January 2011 in order to push down long-term interest rates. Unlike QE1 's goal is to prevent deflation, the incentives targeted directly at the housing market. Mr Bernanke, only after long-term mortgage rates are down, people will be more interested to buy a House. Further, will promote the consumptionTwo major market and employment. Conversely, why the Fed will dramatically from "exit" to "loose"? A large reason is that for fiscal stimulus such as cars and there is no continuity. Popular to say that it is like to call a terminally ill patient dolantin, only address short-term problems. Data show that the 2010 four quarters, United States GDP per cent respectivelyGrowth, 3.2%, and 2%. By contrast, it has been far lower than in 2009 fourth quarter GDP5.7% growth. Looking back at China, its economic growth experienced similar difficulties. 2010 four quarter GDP growth, 11.9%, and 10.6%, respectively. The reason and policyControl. Central banks from January continuous increased Bank reserve requirements, to reserve up to 6 per cent rate times when in December of that year, to 3%. At the same time, central banks prudential regulation and credit line limit check added too rapid credit growth. More is not to be ignored, that year, the State Council announced a series of real estate regulation policies, it also marks China's real estate market-by-Gradually enter into a "watershed". Even after high and low scenarios prior to GDP growth, 2010 China were better than the General level of economic growth in 2009, it is also in the economy and the us with different signs. 2011 global economy of the eurozone as the biggest losers in 2011 in a wrestling match, China was caught in the eurozone and the United States. Above that layer isUnited States, its growing success out of the "smile curve"; the bottom level is the eurozone, mired in debt crisis and recession at any time; sandwiched in the middle of China, ate sweet but not greasy. In fact, even many overseas institutions clamoring for China will face a "hard landing" (economic growth fell back to 4%~5%), but this risk seems to have been overestimated. The first three quarters of this year, China's GDP still continued the lower lower trend, namely 9.7%, and 9.6%. Continuous higher to curb inflation, the Central Bank has been tightening. The first 6 months of this year, the Central Bank has 6 times in a row to raise deposit reserve ratio, and 3 times in a row raising interest rates. Although this is believed to cause the financing difficulties of SMEs, but in the fourth quarter of this yearOf the former, tight monetary policy has not shaken tone. Nomura estimated, under the influence of slower subsidized housing starts and housing market turning points, the Chinese economy is likely to moderate in 1 quarter of next year to below 8%. But then the possible policy adjustments and subsidized housing starts accelerating, when the economy could usher in the bottom. Still, this is much better than the eurozone. According to the third quarter of this year,Eurozone GDP quarter rate was only increased by 0.2%. While Germany and France relatively strong growth, however, a number of other countries such as Greece, and Portugal, and Ireland, dragged down by a serious debt crisis, the serious problems in the economy. By contrast, 1 quarter of the year, eurozone GDP quarter rate of growth had reached 0.8%. According to another survey of EU economic policy research centre of the eurozone economyOr in November for the second consecutive month of recession. Last look at United States, thanks to the QE2, and a series of financial incentives for unemployed, its economic life. The first three quarters of this year, GDP growth, 1.8% and 2.5% respectively. In this regard, livelihood security macro-Zhang Lei, a researcher at the economic daily news said ChinaLeading global economic growth can continue, to a large extent, thanks to an investment-led growth model. For micro-subject in this way, you can in the short term to stimulate the economy, but the medium and long term, may cause other problems. From a marketing perspective, the stock market decline reflects more pessimism. Although the total money supply in the market, not low, but due to lack of money effects, very little into the stock market. At presentState financing is still dominated by indirect financing, but the proportion of direct financing in the future also is expected to continue to enhance. Sea stock Zou Lu macro researcher believes that China's economy was better than overseas, due to the former at least on the balance sheet than those of Europe well, very low debt ratio of residents, therefore, Chinese consumption has been relatively strong. For now, compared to China's economic health there is a lot of Europe, the stock market while the anti-Reflecting economic but institutional factors compounded the downturn, such as constantly issuing new shares.