Why refinance? This is related to the management's understanding of the stock market positioning. A considerable number of senior executives believe that the stock market is used for financing. Therefore, in recent years, the stock market has put forward slogans such as serving state-owned enterprises to get rid of poverty and financing small and medium-sized enterprises. However, the function of the stock market is not only financing, but also optimizing the allocation of resources, mergers and acquisitions and other functions. The important function is that the stock market is a place for investment, and investment should pay attention to returns, so that investors can make money in the stock market normally and share the fruits brought about by the rapid growth of the national economy. Without reversing the management's misunderstanding of the stock market positioning, only financing and refinancing can protect the interests of small and medium-sized investors.
Among tradable investors, management protects institutional investors, and institutions are the first thing to consider at present. For example, in this "trial inquiry system", the inquiry targets are defined as "securities investment funds, qualified foreign institutional investors (QFII), securities companies meeting the requirements set by the China Securities Regulatory Commission and other institutional investors recognized by the China Securities Regulatory Commission". You know, this kind of inquiry will eventually allocate 20%-50% of the chips issued by new shares to these institutional investors. Judging from the current situation of China stock market, the primary and secondary markets will definitely be profitable. Why not let small and medium investors participate in the inquiry? In the eyes of management, small and medium-sized investors are not qualified at all and can't make inquiries. In fact, among the 70 million small and medium-sized investors, there are all kinds of talents, and there are also talents who are more accurate than institutional pricing. There are also talents who study the quality of industries and listed companies more deeply and meticulously than institutions, because this is 70 million people, this is the masses, and the masses are the real heroes.
In order to protect the interests of small and medium-sized investors, we should not only change some concepts of management, but also fully understand the role of small and medium-sized investors. Judging from the current situation of China stock market, there are tens of millions of small investors. Judging from the historical and practical contributions, small and medium-sized investors have made the greatest contribution. Since its establishment, China stock market has raised 900 billion yuan, mainly the hard-earned money of minority shareholders. Without the participation of small and medium-sized investors, the China stock market would not have been established, and there would be no today. China stock market is supported by small and medium investors. However, small and medium-sized investors have not received due returns. By the end of 2003, investors paid stamp duty of 654.38+096.5 billion yuan, and listed companies paid dividends of 654.38+084.4 billion yuan, while shareholders of tradable shares only got more than 60 billion yuan, only about 50 billion yuan after deducting 20% personal income tax. Therefore, the dividends of small and medium-sized investors are far less than the stamp duty paid. The overall accounting of small and medium-sized investors is a loss.
Protecting the interests of small and medium-sized investors means respecting history, protecting the interests of small and medium-sized investors means protecting the people, protecting the interests of small and medium-sized investors means protecting the China stock market, and protecting the interests of small and medium-sized investors means promoting social stability.