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China stock market shock therapy case.
From the middle of 20 12 to April of 20 13, the hot spots are constantly changing in the ups and downs of the stock market, but the issuance of new shares has always been the focus of the market. First, it is recognized as the chief culprit of the continuous decline of the stock market and criticized by all parties. Later, after its suspension, it created a "dammed lake" in the stock market.

Since the second quarter of 20 12, the stock market has been in a continuous downturn, and investors can't see hope. However, in sharp contrast, the enthusiasm of corporate IPOs has not diminished, and the queues are getting longer and longer. Investors don't make money, financiers follow suit. This contrast exposes the disadvantages of heavy financing and light investment in the A-share market.

Many people believe that the continuous listing of new enterprises has taken away the stock market funds and affected investors' expectations and confidence in the future. We should immediately suspend the IPO and let the stock market recover. With the continuous decline of the stock market, this voice is getting louder and louder. Economic cycle and market rules are the most important factors leading the rise and fall of stock indexes, which cannot be forcibly changed and reversed through the rhythm of IPO. The suspension of IPO interferes with the normal procedure of market operation, which not only hinders the function of direct financing, but also intensifies the panic of investors.

Protecting the legitimate rights and interests of investors is the top priority of the regulatory authorities. Investors' losses are often the reason to suspend IPO, but fundamentally speaking, the reasons for investors' losses are that China's securities market is immature, the degree of marketization is low, concept speculation is endless, and investors blindly follow suit.

Suspending the issuance of new shares is a distortion of the functional orientation of the capital market. The contradiction between administration and marketization will really hurt the interests of investors, and investors' panic about the expectation of opening the gate will really affect the market psychological expectation and the trend of the stock index.

At the same time, the temporary issuance of new shares has aggravated the "financing difficulty" of small and medium-sized enterprises, and the queuing enterprises have paid a huge cost for the shareholding system reform and corporate governance of listing. On the one hand, suspension increases the financial cost of enterprises, on the other hand, it is easy to make the financing expectation of enterprises slim and the capital chain in a hurry, which is tantamount to adding insult to injury to many small and medium-sized enterprises.

It is impossible to straighten out the contradictions in the stock market overnight. The "shock therapy" of suspending the issuance of new shares can not only solve the original contradictions, but also aggravate the formation of new market problems. "The problems in development need to be solved in development", and the problems in China stock market need to be gradually explored and improved in development, so as to finally find a road suitable for China's national conditions.