129784668065835000_13Liu jipeng: six defects of stock keeping social security into the stock market to improve management
Capital research center of CUPL to Liu jipeng (Twitter): stock keeping system defects six local social security into the stock market should improve management monitoring mental "power of love", "love for the ocean" thinking complex interference. "Power of love" complex reflected in the missing right of administrative examination and approval, "love for the ocean" complex is to ignore China's national conditions, blindly copy Western "monetary policy and regulatory policy defectsWill have a great impact on the stock market, but it is generally unstable to see monetary policy on stock market disturbances
tera gold, often ignoring the institutional defect of regulatory policy. "Liu jipeng
tera gold, a few days ago the Director of research center of China University of capital securities Journal said in interviews, should seize the favorable opportunity of the perfection of capital market system. He also believes that, before the social security fundShould improve the management system. China's stock market in the past two years decreased by irregular securities daily: experience twice the financial crisis of the United States the Dow recently back to 10,000 points, breaking a record high reached 13,000 points. And Shanghai in China, from 3000�� fell to lowest point six points, now recovered, but the increase is still insufficient. What do you think? Liu JiPeng: in crisis, our overall situation is good. Areas of finance is the highest level of competition, it should be said that in the worst of times of others, the high ground we occupy, but the result is that we are much worse than they. Over the years, China's stock market performance for most lose money in the stock market. I do not think this is normal, it contravenes the basic law. China's macroeconomic situation is good, growing at 9% Or more, is a growing force in the world's most powerful countries; the quality of listed companies and the growth of good, continued to hold up well since 2008, operating income and net income levels continue to improve. International environment we are the opportunities outweigh the challenges, United States, European crisis on its own fatal injuries, but China has the opposite and independent, and on the financial firewall, allows us not inThe two financial crises. Three factors can explain the market's weakness, the influence of nature is the only reasonable interpretation of the policy. In fact, monetary policy and regulatory policy shortcomings will have a great impact on the stock market, but it is generally unstable to see monetary policy on stock market disturbances, often ignoring the institutional defect of regulatory policy. To solve first the stock market sixDeficiency in system security journal: in the past, the stock market as long as the open gate of the capital
tera power leveling, and everyone applauded. But the pensions market, investors did not appear one-sided situation, what do you think this is? Liu jipeng: I think the two core issues: a Chinese stock market is its own problems; another is the problem of the social security fund system. Six exists on the system of stock market imperfection: firstAnd supervision thought was "the power of love", "love for the ocean" interference of complex thought. "Power of love" complex reflected in the missing right of administrative examination and approval, "love for the ocean" complex is the disregard of China's national conditions and blindly copy Western. Gem distribution system as an example: in the scale did not let go, supply and demand are not real cases, blindly engaged in stock market quotation and copied overseas "sponsorAdding direct investment "mode, resulting in a severe hyper-raising" three-high ". Second, regulatory work in style without problems in a down-to-earth manner. Some regulators emphasized education for investors, it ignores on their own education. Existing shareholders as being controlled by the object or even a speculative elements. No matter how China stock market problems, are all pushed to the head of investor and market, notSelf reflection. Third, the "stock sequel" long-standing Chinese stock markets. 3-5 years in the future, reducing pressure in the market will be very large. The four, family business dominating without constraint. As an example, the gem: 290 listed companies as of now, there are 276 are husband and wife, brother, father and son jointly owned family business, listed on the second board company 95%, which listed the former largest shareholder stake to an average of 54%, listed as 41%. Reduction of family business shareholder and completely different State-owned shares, and benefit from the reduction of its subject is in line with a strong motive to decrease. Gem of a single shareholder, bad for the Board of governance structure, their ownership and right of use patterns, masteringInterest to control the Board, high buy low completion of capital operation, on China's stock markets down long-term risks. Needs attention of regulators. The five, the lack of protection of shareholders ' interests really. Shareholders as "monk meat" food for all, is one of the problems should be solved in China's capital market. The six, there is a bi-directional ring money, reduction of both ends. Bi-directional ring, on the oneCompanies through IPO and refinancing in money, is another major shareholder through the reduction of cash money. Two reduction, reduction of State-owned shareholders, reduction of State-owned shares of local governments to increase financial revenue; family businesses will face a reduction of large shareholders. In this context, the core problem is not the lack of money in China stock market, systems and policies of the conflict is not resolved. Local social security fund should firstPlus institutional securities journal: your analysis of China stock market's own problems, the social security fund system, what are the problems? Liu jipeng: called the national social security fund, this is just the Reserve Fund, as war reserve, forces of the front battlefield support is not it. The national social security fund into the stock market, I have no objection but advocates on local positive take on defense tasks of social security fundTo enter the market, there would be opposed. Problem is, now of the social security fund system is very confusing. Who in these funds work? Local social security who in management? At this point no matter which level of local government, have full responsibility for social security responsibilities. System itself has not straightened out, you turn to the social security fund to participate in the stock market unless absolutely sure, otherwise, who says only managementExperience, to whom the package, I see no preferable. Social Security Fund who is going to organize? Who assume market risks and benefits? This question is not clear, not into. Security News: it seems that you are not in favour of local pension market now. But if you want to enter the market, which variety do you want social security funds should be involved in? Liu jipeng: can moderate the social security reserve fund into the stock market, but the positive commitment of combatLocal pension market is too risky for the task. Social security funds to buy government bonds, I agree, but should be limited to buy blue-chip benchmark conditions. If you can buy blue-chip stocks, allows each local social security funds of their own out of funds transfer, choose the management company of the Fund into the stock market. Losses of local government responsibilities, vulnerabilities and holes not the Central plug. If you now by the national social security FoundationGolden agent into the stock market, whose funds fail, who must fill, responsibility and become unclear. News: stock keeping system defects six local social security into the stock market should be finalised well managed pension market manager in Guangdong investment programme mainly to stock
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