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 也谈中国证券市场 |
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erban
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游客
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
The most recent decline in both Shenzhen and Shanghai indicates a dysfunctional equity system needed great overhaul in almost every aspect:
IPO and secondary:
Qualified IPO and secondary should never be interfered by CRSC. The listing process is exchange's jurisdiction. Let the issuers and underwriters take the market risk for timing. If the market is too cold, they will pull back. Interference generates market uncertainty. It is financial psychology 101. Regulatory can set up a fund to buy back volatile stocks in order to stabilize the market.
The recent secondary issue of convertible bonds by one of the banks is the wake-up call for the industry in China. Why does it become such a big deal? If the bank wants to give out equity, let be it. In term of quantity, it is about equal to the secondary by Sohu last summer in Nasdaq. The bonds is not the concern hter. The key is that nobody in the industry has faith about the market, everyone believe that you can issue debt without price, everyone believe the market will never grow again, what you have now, that is! They believe any new issuance is a free lunch....Remember the western old saying: if you dig a hole for yourself, eventually you have to get out by yourself.
Brokerage Dealers:
Brokerage Dealers have to be deregulated and privatized, the sooner the better. Selling stock is no different from selling a car. Dealer is dealer. In order to make money, dealers need products to sell; the products are developed for customers. Therefore you need customers (investors) to make sale pitch, make them happy, and get paid for the services.
Exchanges
Exchanges should be a self-regulatory organization. They provide the auction place and overlook the rules of how to play.
CSRC
Regardless, we have to give CSRC credits for the past decade. It is a governmental agent, technically no body likes it. But they regulate the market based upon the law. They are cops keeping the game played fairly and protecting investors.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 也谈中国证券市场 -- erban - (4016 Byte) 2003-9-29 周一, 06:10 (1350 reads)
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