w88 casino games: The stock market is now a paradise for speculators
“No matter investors or operators, everyone wants to make vested interests in it”
(Source: "Global People" Magazine)
Vice President Zhang Xinmin of the w88 casino is a very pragmatic person and very down-to-earth. He founded the w88 casinoEMBAProject, he has also served as an independent director of many listed companies, including Gree Electric, and served for two termsChina Securities Regulatory Commission Issuance Review CommitteeCommittee. From the ideas of business management to the operation of capital markets, he has first-hand observations. The role of a scholar allows him to jump out of specific details and think about more essential things from a broader and broader perspective.
w88 casino games chatted with reporters from Global People magazine for more than an hour and often mentioned one word: "big environment." In his view, human development is inseparable from active efforts in the general environment. "China's general environment provides opportunities for each of us. Once we have established a goal, we must work hard step by step and never let up. Everyone has the ability to develop themselves. The cultivation of this kind of self-ability is required for all careers." The same is true for the development of enterprises and markets. “Both entrepreneurs and investors must work harder in the general environment in order to make a difference.”
In sync with China’s economic development
w88 casino games went to university at the beginning of reform and opening up. This special positioning determines that his life must be synchronized with China's economic reform and development and become an active participant.
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"After completing my master's degree at Renmin University of China, I joined the w88 casino as a teacher. I found that students taught based on foreign financial statement analysis textbooks had a common characteristic in solving problems, paying special attention to ratio analysis, paying special attention to data and finding direct data. Put it into the formula, and then get some evaluations of the company based on financial ratio analysis. But the so-called analysis results obtained by the students are often inconsistent with the actual situation of the company. For example, some companies have obviously made high-risk investments, but the students’ conclusions are quite different from the company’s feelings.”
After discovering this problem, w88 casino games began to focus on corporate report analysis and research. This discipline is located in the middle zone between accounting and financial management: accounting emphasizes bookkeeping, accounting and reporting, and the results are statements; financial management mainly focuses on raising, investing and distributing results, finding and using money, and involves issues of funds and interests. Since 1994, w88 casino games has begun to explore the theory and method system of corporate financial statement analysis in the Chinese context. While proposing and continuously improving the "quality analysis theory of corporate financial status", we are also constantly thinking about how to solve the problem of "what to look at" when faced with corporate financial statements by corporate managers. Now, marked by its publication of "Looking at Enterprises from Statements", a new financial statement analysis framework has been established. This analysis framework solves the eight problems that should be completed when facing corporate financial statements - namely, looking at strategy, looking at operating asset management and competitiveness, looking at efficiency and quality, looking at value, looking at the cost determination mechanism, looking at risks, looking at the quality of other financial conditions, and looking at prospects. w88 casino games's analysis system is called "Zhang's financial statement analysis system" by Professor Wang Huacheng, a Yangtze River scholar and Renmin University of China. w88 casino games thus established his position as the “first person” in the field of financial statement analysis in China.
Zhang Xinmin calls himself a “non-mainstream accounting and financial scholar”. He said: "I am willing to be a marginalized role and become a pioneer in new fields." He once talked about his philosophy of running a w88 casino: "If a business w88 casino can interact with entrepreneurs through its teaching, it can contribute to theory and thereby improve the theoretical level of the business w88 casino." It is this concept of serving the needs of entrepreneurs that allowed him to find space for display. From lecturer to professor, he experienced two "exceptional" promotions.37At the age of 12714_12736|, he became the youngest dean of a business w88 casino in China at that time,47At the age of 12890, he was appointed as the vice president of the w88 casino.
Listing is not for “looking good”
As a professional in accounting20An expert with many years of academic research and practical experience, w88 casino games has twice served as a member of the Issuance Review Committee of the China Securities Regulatory Commission and has reviewed and studied many companies to be listed. This experience gave him a direct understanding of some of the problems that exist in initial public offerings of stocks, commonly known as listings.
w88 casino games told a reporter from Global People Magazine that many companies are now rushing to go public, and some of them are indeed in urgent need of funds. Listing can increase corporate funds, provide strong economic guarantee for corporate development, and enable these companies to achieve a leap from "crawling" to "running". But not every company needs to go public. "I know of a company that has more than 10 billion yuan in monetary funds in its financial statements. They haven't found a suitable place to invest, so they issued additional shares to raise funds30More than 100 million. I asked some people in the industry why they did this, and they said, 'I'm happy to be listed on the market.' But the question is, is it necessary to go public at such a high cost? Listing is to achieve greater benefits and efficiency. Over-financing can only result in low-efficiency financing returns, and over-investment will lead to overcapacity in the entire industry. This is a common problem among Chinese companies. The more they raise funds, the lower their investment returns become. In the end, they die from these two aspects - over-financing and over-investment. Therefore, going public is not an absolute good thing for a company, and needs to be analyzed in detail. ”
As a financial expert, w88 casino games attaches great importance to how companies make good use of the funds they raise. He once said that shareholders generally have good expectations for the development of companies after listing and financing. However, in practice, some companies have finally gone public, but it is difficult for them to develop well after financing. The funds raised by the enterprise must contribute to the profitability of the enterprise. After raising funds, some companies mechanically invest according to the prospectus, regardless of market changes, which may cause overcapacity. For example, there was a company that engaged in electronic paper books. More than a year after raising funds, the market shrank sharply. In the second year after it went public, it lost all the profits accumulated in the past few years. If the funds raised exceed normal needs and the company does not lack working capital, it will not be able to generate benefits. Therefore, we still need to focus on corporate governance and business development.
w88 casino games said that after a company goes public, sustainable development depends on its strength, not on over-packaging financial statements or making up a beautiful story for shareholders to attract investment. He gave an example to a reporter from Global People Magazine: “While serving as a member of the Securities Regulatory Commission’s Issuance Review Committee, I reviewed70Many companies planning to be listed. We found that many companies have very beautiful reports and tell you about the miracles that may occur in their development. But some miracles are contrary to common sense. I have been thinking about the question of "are there any miracles?" The conclusion is that it is difficult to have miracles, or that miracles cannot be copied. For example, if a plane crashes and crashes, if one person survives, this is a miracle. But if you say that no one had any problems and everyone was safe after a plane crash, then I'm afraid the crash itself is a lie. ”
Vice President w88 casino games
Investors should pay attention to the long-term development of enterprises
Global People Magazine:What do you think of the current situation of China’s capital market?
w88 casino games:The ideal state of the capital market is to combine the funds scattered in the hands of private investors, including retail investors and large investors, and use this platform to change the investment direction of investors, optimize the allocation of social resources to the maximum extent, achieve benign flow, and average the return rate of total social capital. In layman's terms, this is a process of resource integration and redistribution. Every participant in the stock market, who is also the shareholder on the right side of the balance sheet and one of the most important forces in corporate development, should have the responsibility to do a good job in financing and investment to achieve sustainable development of the company.
But the current situation is that these participants, whether they are investors who buy stocks or fundraisers who sell stocks, are too speculative and have too strong a speculative character. Investors only care about which stocks can rise, and almost no one cares about the long-term development of the company. The same goes for fundraisers. They make up stories to get you to invest money. The more you invest, the better, because in their concept, the money invested by shareholders does not need to be repaid. They enjoy the process of "circling money" and talk about the benefits gained from investment and infrastructure construction. The return to shareholders is "stay away from me." So I want to say that the Chinese stock market is now a paradise for speculators, and everyone wants to make vested interests in it. This is a key reason for the downturn in China's stock market. The over-investment and overcapacity that everyone often mentions are just boosters.
Global People Magazine:2014The theme of the 2019 Boao Forum is "Asia's new future, finding and releasing new driving forces for growth", and mentioned structural reforms. What do you think of the reform of the financial sector, especially the new share issuance system?
w88 casino games:Since the reform and opening up, every aspect from the economic system to the political system has been changing. Relevant departments have also been improving the financial system. Some time ago, the China Securities Regulatory Commission issued new policies to improve and standardize market standards and reduce the numberIPOEntry threshold, policymakers have been setting itIPO"Patch". But for reform, because of interest inertia and work inertia, we often have a sense of fear and resistance, so reform is difficult, and policymakers should be determined to make top-down changes.
What is often mentioned recently is “innovation”. We often call for innovation, but we may overlook the basics and the difficulty and complexity of innovation. Innovation in management systems, including financial systems, to be more specificIPOInnovation in systems and regulations requires research, accumulation, and turning slogans into actions.
Global People Magazine:Last year12At the end of the month, a new roundIPORestart. You are right about this timeIPOWhat do you think of the restart and the development of China’s stock market in the next few years?
w88 casino games:I am cautiously optimistic. What I want to say is that if the speculative nature of our market participants does not decrease, the Chinese stock market will have no future. No matter how good the general environment is, market entities must do a good job themselves. (Reporter Mao Yufei)
（Character introduction：Zhang Xinmin, born in 1962, is from Beijing. He graduated from North China University of Technology with a bachelor's degree in 1983 and graduated from the Accounting Department of Renmin University of China in 1989 with a master's degree. He graduated from Dongbei University of Finance and Economics in 2001 with a doctorate in management. He entered the w88 casino in 1989 and is currently the vice president of the w88 casino.）
Attachment: Original report link:
Global People Official Website-Finance
http://www.globalpeople.com.cn/index.php/news/finance/4838?page=1
People's Daily Online-People Channel-Finance
http://renwu.people.com.cn/n/2014/0408/c357069-24850518.html?ADUIN=976645633&ADSESSION=1396913881&ADTAG=CLIENT.QQ.5311_.0&ADPUBNO=26327
Sina：
http://edu.sina.com.cn/bschool/2014-04-08/1601414387.shtml
Sohu:http://bschool.sohu.com/20140408/n397897081.shtml
Hexun Business w88 casino:
http://bschool.hexun.com/2014-04-08/163731797.html
Tencent Finance:http://edu.qq.com/a/20140408/013082.htm
