Article/Xiong Jinqiu, columnist of Sina Financial Opinion Leader (WeChat official account kopleader)
At present, the threshold of qualification for fixed increase of listed companies is too low. Only by completely denying the refinancing qualification of poor performance and mediocre listed companies from the system can the efficiency of market refinancing be maintained.
Recently, the market of "demon stock" and "junk stock" in A-share market has attracted a lot of attention. The market popularity has been completely activated, and hot money has made a comeback. The author believes that the regulatory authorities should take a clear stand to guide market value investment, reflecting a fair and positive regulatory value orientation.
In the early stage, the market continued to decline. The regulatory authorities proposed that they would reduce trading resistance and enhance market liquidity. However, some hot money may "misunderstand", thinking that it can be hyped or even manipulated at will. In the author's opinion, hot money speculation in shell stocks is just based on these shell stocks as a carrier to harvest leek investors. The more hot money earns, the more investors lose, and the market will lose more blood. Some people proposed to rescue the market with hot money speculation, which is tantamount to drinking poison to quench thirst. Therefore, in the opinion of the author, the regulatory authorities optimize transaction supervision, only no longer implement unnecessary interference in normal transactions, but for abnormal transactions, or violations of laws and regulations, they must be strictly supervised as always.
The reason why the stock market fell is that many stocks lack intrinsic value. The higher the junk stocks rise, the worse they will fall in the future; People can't fall twice in the same place, so can stock market supervision. In the future, we must be highly alert to the speculation of shell stocks. Hot money speculation is not a rescue, but a dangerous act of lifting the stone to the top of the mountain again.
Of course, the A-share market is indeed undervalued at present, but this is mainly due to the undervaluation of blue chips and blue chip stocks. As Huang Mengfu, the former chairman of the All China Federation of Industry and Commerce, pointed out, "We look down on ourselves, and we run away quickly". If the bold hot money investors transfer their funds to the value discovery of blue chip stocks and blue chip stocks, this will not bring any risk to the market, but it will be a matter of great merit. The market will resume its normal price discovery function, so that it can play its role in optimizing the allocation of resources to you. Otherwise, the price of junk stocks will be higher than that of blue chip stocks, which will only cause waste of resources.
From the perspective of supervision, the academic community believes that the structure and function of the market supervision system fundamentally depends on the value orientation, which constitutes the space for the choice of market supervision value, that is, it answers the basic questions of what to supervise, how to supervise, and who to supervise. At present, the popular formulation of securities market supervision is "investor protection oriented supervision", but in my opinion, this formulation is still empty and has not been promoted to the level of values or value orientation; If standing at the height of value orientation, securities supervision and management should reflect a fair and positive value orientation. Its core is to maintain the three principles of "fairness, justice and openness" in the market. Protecting the interests of investors can only be to protect their legitimate and fair interests.
In the previous A-share market, junk stocks and monster stocks lived much better than blue chip stocks. Shell resources were not only rare and expensive to sell, but also from time to time large amount of refinancing from the market. Investors in junk stocks and monster stocks also often received much higher returns than those in blue chip stocks. Some investors commented that "junk stocks are for a while, and blue chip stocks are for a lifetime", It has much to do with the previous lack of fair values in the A-share market and the deviation of supervision guidance. Obviously, the valuation of garbage stocks and demon stocks is high, and investors are happy to get high returns. This is at the cost of huge risks for subsequent investors. Such vested interests have no value for protection and are not suitable for protection.
The market firmly believes that the regulators should not make value judgments on stocks, and investors should be allowed to make value judgments. The author believes that the regulators do not make value judgments on the intrinsic value of individual stocks, but this does not mean that regulators should not be value oriented when supervising. Value orientation is not for the individual, and the behavior encouraged by the regulatory authority is defined by setting a benchmark and rewarding excellence; Junk companies live better than high performance companies. This orientation will only lead to bad money driving out good money, and eventually lead to the collapse of the A-share market. In the face of major issues related to the survival of the A-share market, the regulatory authorities should take a clear stand to establish a fair and positive value orientation, so that blue chip high performance stocks become popular and junk stocks are spurned, and guide listed companies to strive for the top and do a good job in enterprise management, This is the due responsibility of the supervision.
The establishment of a fair and positive value orientation by the regulators should also be reflected in other aspects of the regulatory and market mechanisms. For example, in terms of delisting system, listed companies with a P/E ratio of more than 300 times for two consecutive years should be delisted directly. Stocks without investment value should not be abandoned because they have stayed in the market for a long time, monopolized listing resources and harmed shareholders.
For another example, in terms of refinancing, there is a trend of relaxation at present, but it should be targeted to relax the listed companies with excellent performance and standardized governance, rather than to relax the listed companies with junk stocks or a mess of fundamentals. At present, the threshold of qualification for fixed increase of listed companies is too low. Only by completely denying the refinancing qualification of poor performance and mediocre listed companies from the system can the efficiency of market refinancing be maintained.
(The author of this article introduces: senior market commentator.)
