Hao Xuguang: Careful supervision of stock w88 casino games investment enthusiasm requires new thinking
(Source: Shanghai Securities News 2014Year12month23日）
The new trends in the Shanghai and Shenzhen stock markets have raised a series of new issues for supervision. Under the current w88 casino games conditions, the opinions of all parties in the w88 casino games will differ due to different perspectives and positions. Management must be determined and have opinions on this, adapt to the new normal of rising prices, and fully respect the w88 casino games. There are indeed hidden dangers in the Shanghai and Shenzhen markets. The most obvious manifestation is poor stability and sudden and huge fluctuations without warning. This is an issue that must be paid great attention to in the new normal of stock w88 casino games rise. Therefore, avoiding huge fluctuations in the index should become the most important goal considered by regulatory authorities.
For Shanghai and Shenzhen stock markets,2014This year is an unusual year. Shanghai Stock Exchange2007Year10month16Daily peak6124After clicking, Mianmian Bear City will grow7year, but from this year9From January to last week, the Shanghai Composite Index suddenly gained strength and rose nearly40%;Compare2013Increased nearly50%. The trading volume of the two cities increased again12month5The number exceeded one trillion per day. Looking around the global w88 casino games, the Shanghai and Shenzhen stock markets are composed of2010Year to Year2013years in a row4The year's decline ranked first and the increase jumped to the top.
The author believes that the Shanghai and Shenzhen stock markets are returning to rationality, and management must take more care of them.
The current w88 casino games has only risen for less than three months, and it has already aroused fierce criticism from some w88 casino games participants. The most important reason is that the downward trend of my country's economy has not slowed down, and the macroeconomic situation does not support the rise of the stock w88 casino games; and sky-high volume is always accompanied by sky-high prices, and the index peak has already appeared. This view is questionable.
From a psychological point of view, whether a person does something depends on whether he is able, willing, and dares to do it. In the stock w88 casino games, whether you are willing and whether you dare to invest may be the same question. If you dare to invest, you think you can make a profit, or at least you will not lose money. The question of whether it can be done depends on whether there are funds. In the stock w88 casino games, the key to determining the w88 casino games is how much capital there is (whether it is available) and whether these funds are willing (dare or not) to enter the stock w88 casino games. Some experts estimate that the funds released from real estate and loan sharking are in the trillions. As the risk-free rate of return declines, these funds must find places to make profits. Comprehensive comparison, the cheapest of all assets is stocks. So many bank stocks "broke the net" is a typical example.
In addition to factors such as the decline in risk-free rate of return, reform dividend expectations, financing, leverage ratio expansion, valuation repair and other factors, the more important factor driving so many funds to enter the w88 casino games one after another is that the behavior of w88 casino games participants is affected by expectations. Since the beginning of this year, investors’ expectations for the dividends from reform have been significantly different from those in the past. Everyone expects that this reform will be three-dimensional and comprehensive. Economically, it will include state-owned enterprise reform and stock w88 casino games reform. Politically, it will include governing the country according to law and constitution, significantly reducing approvals, etc. As far as state-owned enterprises are concerned, the pilot reform of state-owned assets and state-owned enterprises and the mixed owner reform have just begun. This must rely heavily on the healthy and stable development of the stock w88 casino games, and the government has also made it clear that it will actively develop direct financing.
In addition, small and medium investors now attach great importance to dividends, and Juling Finance data shows that compared with previous years, Shanghai and Shenzhen listed companies2013The annual report shows a new feature of focusing on dividends. Yes1892Listed companies released annual report profit distribution plans (cash dividends1857homes), accounting for of companies that have disclosed annual reports73.28%, the total cash dividend amount reaches7012.02100 million yuan, plus2013The cumulative mid-year dividend has reached7617100 million yuan, more than2012Year2500The total amount of dividends distributed by multiple listed companies6773.59100 million yuan. Strengthening dividends, especially the dividend mechanism for blue-chip stocks that have entered a stable development stage, will truly distinguish between "value" and "growth" investment styles, thus guiding the stock w88 casino games to gradually move towards maturity and diversification of investment styles.
The U.S. stock w88 casino games focuses on high-dividend "value" investment strategies that can provide relatively stable returns during the rising stage of the w88 casino games, while often providing more obvious protection during the falling stage, which is clearly distinguished from "growth" investment strategies, and inAThe distinction between these two strategies is not obvious. WithAListed companies are becoming more and more aware of dividends, which will gradually diversify their investment behavior and help the w88 casino games mature.
The author has interviewed dozens of highly educated professional investors. An important criterion for them to choose stocks is whether the listed company pays dividends. Therefore, the increase in the number of dividend-paying companies this year has greatly improved the "iron rooster" image of companies listed in Shanghai and Shenzhen in the past. This also highlights the increasing attractiveness of the Shanghai and Shenzhen stock markets from another perspective.
As for the huge amount of transactions, there is no comparison with before. As of last Friday,AThe total w88 casino games value of listed companies is41Trillion, exceeded2007Year10month16日6124At the highest point35.54Trillion. This is related to the rapid growth in the number of listed companies in the two cities. Someone has statistics,2007Year10month16日6124Listed after clicking1000Multiple companies, the total w88 casino games value has reached as high as now14.5Trillion. If this part is deducted, the original1586Current w88 casino games value of companies26.5Trillion, distance6124Pointed35.53There is still a big gap between one trillion and one trillion. And that doesn't take into account inflation.
The new trend of Shanghai and Shenzhen stock markets has raised a series of new issues for supervision. To sum up, there are roughly several aspects: clarifying regulatory objectives, using administrative means with caution, improving proactive prevention, establishing a credible punishment mechanism, and strengthening the timeliness of supervision.
Under the current w88 casino games conditions, the opinions of all parties in the w88 casino games will differ due to different angles and positions. Management must have determination and opinions on this, adapt to the new normal of rising prices, and should not always try to cool down the normally operating w88 casino games. We must fully respect the w88 casino games and do not interfere in the normal operation of the w88 casino games at will. The sustained, stable and healthy development of China's stock w88 casino games plays an important and irreplaceable role in the development of the entire Chinese society. It is crucial to maintain the hard-won slow bull w88 casino games. The regulatory authorities take safeguarding public interests and maintaining the stable and healthy operation of the securities w88 casino games as the starting point in everything they do. From the perspective of public interests, they keep their eyes on violations and w88 casino games manipulation. Efforts should be made to prevent and punish violations of laws, regulations, and fraud, maintain the smooth operation of the w88 casino games, and guard against systemic risks in the w88 casino games.
Needless to say, there are hidden dangers in the Shanghai and Shenzhen markets. The most obvious manifestation is the poor w88 casino games stability, which will suddenly cause huge fluctuations without warning. This is an issue that must be paid close attention to in the new normal of stock w88 casino games rise. Therefore, avoiding huge fluctuations in the index should be the most important goal considered by regulatory authorities and try their best to protect small and medium-sized investors from fraud. However, the stock w88 casino games can only be regulated by laws and regulations, and cannot be "regulated" by administrative means. Direct intervention in the stock w88 casino games through administrative means actually strengthens the w88 casino games's "policy w88 casino games" expectations. Regulators must avoid a utilitarian orientation, let alone raise taxes or increase supply when the stock w88 casino games rises sharply, because these measures intended to cool down the w88 casino games often become one of the sources of violent w88 casino games fluctuations.
The original intention of promoting proactive preventive supervision is to emphasize that regulators should focus on warning of illegal behavior beforehand, rather than just punishing afterward. Although post-event supervision can punish illegal activities and make the perpetrators pay the price, it cannot recover the sunk costs; while preventive supervision activities can nip problems in the bud to the greatest extent. Therefore, when formulating laws and regulations, we should not just focus on the immediate future, but also consider the long-term impact on the w88 casino games, possible side effects in the future, and reserve space for future development; we should predict how w88 casino games participants and executors will react once regulatory measures are introduced, and what resistance there will be during the implementation process; we should study and formulate alternative regulatory plans in advance in response to new situations and problems that may arise in the future w88 casino games; and formulate penalty provisions for prohibitive regulations.
To improve the effectiveness of supervision, it is also necessary to establish a credible punishment mechanism, and the timing of formulating and promulgating policies must be appropriate and timely. Especially when dealing with market irregularities, there should be no delay. To this end, regulators should establish detailed data files, establish an early warning indicator system to monitor market changes, and establish a leading indicator system to monitor market violations and the accumulation and outbreak of market system risks. (The author is a professor at the w88 casino of International Business, w88 casino)
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