The SFC Wants To Attack: Ending The Curse Of The Money Trap City

The Chinese stock market has long been regarded by many investors as a money market. I think there are three aspects. On the one hand, IPO is not tempered, ignoring the actual situation of issuing new shares, resulting in a serious mismatch between incremental capital and new market value. The stock market has been falling down for a long time. Secondly, it is more common to counterfeit listed companies, but it is difficult to eradicate them. Three, companies that do not meet the requirements have sought to cash in the market.

China's stock market is becoming a market for money, and it is not a phenomenon in a healthy market. Management should resolutely put an end to the name of the market. It is only the first step to crack down on the market. It is also necessary to limit the lack of financing.

As the rhythm of new shares, there are many disputes in the market, and the government's excessive intervention is reasonable. This article will not discuss. After all, there are certain financing tasks in the capital market. This paper will discuss the following two aspects.

First of all, fake listing, counterfeiting and listing are obvious harm to the market. The sponsors, accounting firms and other participants, dress up a pile of broken cotton batten and use a red sandalwood box to put it up. It seems to be a rare treasure in the world, so that investors can buy a pile of scrap metal with the money of buying precious jade, so it is hard to estimate the natural loss. Cracking down on counterfeiting and listing is a shortcut to protect investors' interests and a good way to protect it.

And cracking down on counterfeiting need to crack down on issuers and brokerages and other intermediary agencies to achieve good results. A spokesman for the securities and Futures Commission, Deng Ge, said 17 days ago that the SFC was mainly concerned about the existence of ill reporting by the first companies, and firmly excluded enterprises that did not meet the requirements of the issuance of IPO. In particular, there was a major flaw in the letter, and the company would not take the initiative to withdraw the matter.

Deng Ge pointed out that the issuer is the first person responsible for the declaration. He must consciously overcome speculation and luck baggage and cooperate with the intermediary's due diligence to ensure the authenticity and accuracy of the letter. The sponsor should conduct due diligence in accordance with the law, abide by the diligence and professionalism, and carefully publish the sponsor's opinions, make sure that it meets the requirements of the law and the letter, and the sponsor must also pay constant attention to the change of the issuing conditions of the issuer. Once the distribution conditions are not met, the sponsor must withdraw the materials in time, and the intermediary organizations such as the law firms shall independently publish their audit opinions.

Secondly, according to the spokesman's statement, it is very important to firmly exclude enterprises that do not meet the issuing conditions outside the IPO and crack down on the listing of counterfeiting. However, it is not only limited to the counterfeiting companies, but it is necessary to extend the extension to exclude the enterprises that do not need to raise funds, because the capital market is not only a financing place, but also shoulders the important task of optimizing the allocation of resources, which is to maximize the role of the valuable funds and bring the best returns to the investors. "IPO"

Because there are so many queuing companies, it is necessary to pay more attention to the future growth and better control the use of steel. Therefore, the author believes that the following aspects need to be further clarified.

It is necessary for enterprises to lack development funds, and the shortage of funds has affected the progress of the project, or there are some problems in the balance sheet, so it is urgent to directly reduce financing and improve the debt table. Therefore, the debt ratio of the listed companies can not be much lower than that of the same industry. If the debt ratio of the industry is much lower than that of the same industry, the loan financing of the credit industry is very easy. The urgency of listing and financing does not exist. It is also unnecessary. Since there is no shortage of money, the motivation of listing is not pure, because the share of the original shareholders will be diluted, and all kinds of shareholders will be willing to finance their own shares when they are not short of money. This is a kind of irresponsibility for their own businesses. 1 prohibit the listing of companies with low debt ratio and the key to listing and financing enterprises.

2, the ban on the utilization of the original capacity is not high.

It is a major index for measuring the necessity of expansion of enterprises. The key to the expansion of production is the capacity of production, which determines the key to the expansion of financing. Some enterprises have low utilization rate of original capacity, or even 50%, and have to rush to the capital to expand production. There are huge problems. The original capacity can not be effectively digested by the market, one is how to keep up with the sales, and secondly, how to generate proceeds from the fund raising. The original capacity can not guarantee normal operation, and it also needs to raise funds for large expansion. Is it not clear where to buy a bunch of machines? Where does it rust? Where does it rust and how does it produce benefits?

The immediate consequence is either to create a surplus capacity, or to change the investment projects or to delay the construction of investment projects.

Only when the original capacity is running at full capacity, the capacity release is far lower than the market demand, and enterprises lack capital expansion. At this time, financing expansion is necessary, which can bring good returns to investors.

3 prohibition of excess industry companies

Some enterprises, which are clearly targeted by the industry, are still raising funds and expanding their production. This is very wise. The overcapacity of the whole industry is serious. Once again, the enterprises will increase the output of capital raising, which will only create a large number of excess capacity and exacerbate the disorderly competition in the market, resulting in the increasingly fierce competition and the healthy development of the whole industry, resulting in the failure of the investment projects to produce the expected benefits, and even become a burden for the listed companies to get rid of.

Iron and steel, shipbuilding and other industries are seriously overloaded with

Excessive support is hard to escape, resulting in losses in the whole industry and a huge financial crisis, which has made the banking industry unlucky.

In a surplus industry, some enterprises have a stronger sales channel. There seems to be no sales problem, but this is only temporary. As the competition intensifies, the rest of the market will compete with you for the users through price cuts and other measures. If you have no eggs to finish, you will not be able to continue your good life. The survival of the industry is to reduce production capacity and hold cash. Expanding production will only make enterprises face the problem of survival faster.

4 more attention to social responsibility, listed companies not only bear financial responsibility, but also to shoulder social responsibilities, so I believe that we should properly limit the listing of wine enterprises, and limit the listing of listed companies with environmental protection problems. What is the social responsibility of an environmentally friendly enterprise, and it is also easy to induce business risks, such as being ordered to suspend production and rectification by environmental law enforcement, limiting the industry's excess signs, such as the current thermal power generation, lithium battery, vehicle, game, film and television entertainment.

To restrict the listing and financing of real estate industry, whether there is a huge bubble in the real estate industry is controversial. However, the high housing price is undeniable. There is a great relationship between the birth of the emperor and the financing of the market. A large part of the listed companies are listed companies.