2 thoughts on “I have passed the status quo and existing problems of the securities industry”
Camille
The status quo of the securities market in my country is as follows: Is after the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China, China has entered a new era of reform and opening up. With the continuous deepening of the economic system reform, the securities and securities markets have also been restored and developed. On December 19, 1990, since the reform and opening up of China, the first stock exchange of Shanghai -Shanghai real equity was officially opened according to the exchange. On July 3, 1991, the Second Stock Exchange -Shenzhen Stock Exchange also officially opened. This It also marks the formal formation of China's securities market after the reform and opening up. From 1981 to 1987, the average annual government bond issuance scale was only 5.95 billion, and in the 1990s reached hundreds of billions, and in 1997 there were reasons for all aspects. The scale of government bond issuance reached 24.12 billion yuan. Practice is the only criterion for the truth. The road of reform and opening up is a correct choice. The rapid development of my country's national economy has created good conditions for the exertion of the securities market. Reform has promoted the improvement of my country's economic structure, thereby promoting the rapid and stable development of my country's national economy, and provided strong support for my country's continuously creating the world's GDP growth rate first.
The existing problems are as follows: It undergraduate thesis of Shandong University of Science and Technology
, the size of the securities is too small However, from the perspective of the overall scale, there is still a large deficiency. Compared with developed countries, it seems very immature. Taking the stock market as an example, the average proportion of the total number of people participating in the stock investment is about 8%, which is developed, and it is developed. The countries such as Britain and the United States are above 20%. In addition, from the proportion of the total market value of the stock market, the average world is about 30%. It can be seen that the size of my country's securities market is small, and there is a big gap between the objective requirements of the national economic development, but it can also be seen that the size of my country's securities market has great potential to develop. The picture below is a comparison between China Securities Corporation and other countries in 2006.
. The types of capital are insufficient Cocal types and financial derivatives cannot meet the needs of investors with different risk preferences, and they cannot meet the large -scale financing needs of domestic enterprises in my country. In the capital markets of developed countries, there are many types of capital markets. Taking the Hong Kong capital market as an example, more than 80%of capital categories in the international market have been adopted. In the stock market, not only the futures finger. Futures. Investment species such as options, certification equity, etc., and even financial derivatives in the United States have undergone financial derivatives. Such financial derivatives have a momentum that exceeds the spot market. The fundraising form of Hong Kong listed companies in the bond market is also sampled. On the basis of three forms of bills, bonds, and deposit certificates, there have been various forms such as changing tools, floating interest tools, and credit card receivables. The derivative tools listed and sold for the Stock Exchange will increase to 129 species, while the securities markets in mainland China have almost no transaction tools in except for stocks for more than 6 years, and the types of capital products of 1 to 5 years have been restricted. The proportion of stocks is much larger than in developed countries, which is not conducive to the effective allocation of resources. In most mature markets and some emerging markets, in addition to the spot trading of stocks and bonds, exchanges also have stock index options, futures products, and a large number of individual option futures products. Structural products such as equity certificates and reserve certificates are very popular, exchange trading funds (ETFs) have grown rapidly, and asset securitization products and real estate trust fund products (REITs) are also very developed. Relatively speaking, the Chinese securities market transaction varieties are too little
three, my country's securities market system is not sound If securities market system is the foundation of the efficient and fair operation of the securities market, including information disclosure system. Interest guarantee and implementation system. The information disclosure system in my country's securities market has not been disclosed in terms of the system itself and from the perspective of implementation. Information disclosure of violations of laws and regulations is investigated. Recently, the information disclosure of the eight listed companies can be disclosed in illegal and violations. In my country, it is absolutely not only illegal and illegal acts in the eight listed companies. It can be seen from this. The interest guarantee and implementation system refers to a system that investors are given the income of securities investment periods after obtaining relevant information. The benefit of my country's securities market is guaranteed and realized that the system is not sound, which makes investors face great risks when investing, which seriously cracks down on investors' enthusiasm. The regulations did not form a complete system, which caused the links of some securities transactions to be unable to follow. In addition, the enforcement of the promulgated laws and regulations was not effective, and the illegal and violations of securities transactions occurred from time to time.
four, financial fraud and information disclosure of listed companies It from the perspective of related market signals, various aspects, related news, financial fraud, deficiency increase profits, information disclosure and other issues still compare protrude. A few days ago, the China Securities Regulatory Commission notified Qin Shang Optoelectronics (002638, Stock Bar), Longji (601012, Stock Bar), Huashu Co., Ltd., Jade Bird Huaguang (600076, Stock Bar), Hailianxun (300277, Stock Bar), Chengde Road, Tibetan Road, Tibet Tianlu (600326, stock bar) and Honglei (002647, stock bar) 8 companies' information disclosure illegal and violations, these 8 companies have been officially filed for investigation. In the new IPO session, the excellent performance of the first quarter and semi -annual report performance data was completely changed when listing. Some companies also appeared more than one yuan per share when listing. These may show the possibility of fake financial statements in the IPO listing review. From the perspective of information disclosure, it can be said that it still has great efforts to improve.
five, market supervision is not enough The securities supervision system has not yet achieved the goal of centralized and unified management. According to relevant regulations, the China Securities Regulatory Commission will only supervise the stock and futures markets, and while the China Securities Regulatory Commission will only supervise the stock and futures markets, and while the China Securities Regulatory Commission will only supervise the stock and futures markets, and while the China Securities Regulatory Commission will only supervise the stock and futures markets, and it will only supervise the stock and futures markets, and it will only supervise the stock and futures markets, and the China Securities Regulatory Commission will only supervise the stock and futures market. There is no actual supervision power for the bond market. The bond market is supervised by the People's Bank of China and the National Development Planning Commission, which has led to a multi -management pattern in the securities market supervision system. At present, many issues are difficult to be competent by supervision, and the regulatory authorities in my country are not coordinated, and the functional levels are unclear. There is no set of strict and effective measures to ensure their performance and make them assume corresponding responsibilities, resulting in incidents. The situation of severe sanctions will be reduced, which reduces the efficiency of supervision. Moreover, the hidden rules in my country's securities market are also a major resistance to effective supervision of my country's market.
Generally speaking, China's securities market is still immature. First, investors are not yet mature, and investment philosophy and vision and attitude are far behind. Secondly, laws and regulations are not mature enough, especially the regulatory level of relevant departments Low -level, the investigation and punishment of the offenders is far from enough. Again, the government's positioning of the securities market also made mistakes, which has caused a series of historical problems and limited the healthy development of the Chinese securities market. Due to the above reasons Let investors disappointed. But we can see that the level of regulatory authorities is gradually improving, and the securities market is also going to health step by step. I believe that the Chinese securities market will get better and better, and it will provide investors with more investment opportunities. Supervision. Delay 1. The legal status of regulatory agencies is unclear. 2. Regulatory main industries cannot meet the objective requirements of market development. 3. The legal system of securities supervision lacks supporting and timeliness 4. Administrative means are too rigid, and regulatory methods are preferred to "policy" 5. The lack of sound and standardized of securities self -discipline. The current market chaos has serious internal contradictions, and the market foundation of value investment is not available. However, due to liquidity demand, the institution must be forced to choose stocks. The basic principles of solving the current market problems are to understand the changes in the market. As a result of "market", we must put risks and liquidity first. There is only one way the government breaks the current stock market's deadlock, that is, the policy strategy of abandoning the "camera choice", instead to the direction of establishing and abide by the "game rules" of the stock market, through formulating and implementing the "good" rules to cultivate the resource allocation of the stock market's resource allocation Function. The most urgent task of the government is to take measures to achieve the full circulation of the stock market that is "conducive to the people".
The status quo of the securities market in my country is as follows:
Is after the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China, China has entered a new era of reform and opening up. With the continuous deepening of the economic system reform, the securities and securities markets have also been restored and developed. On December 19, 1990, since the reform and opening up of China, the first stock exchange of Shanghai -Shanghai real equity was officially opened according to the exchange. On July 3, 1991, the Second Stock Exchange -Shenzhen Stock Exchange also officially opened. This It also marks the formal formation of China's securities market after the reform and opening up. From 1981 to 1987, the average annual government bond issuance scale was only 5.95 billion, and in the 1990s reached hundreds of billions, and in 1997 there were reasons for all aspects. The scale of government bond issuance reached 24.12 billion yuan. Practice is the only criterion for the truth. The road of reform and opening up is a correct choice. The rapid development of my country's national economy has created good conditions for the exertion of the securities market. Reform has promoted the improvement of my country's economic structure, thereby promoting the rapid and stable development of my country's national economy, and provided strong support for my country's continuously creating the world's GDP growth rate first.
The existing problems are as follows:
It undergraduate thesis of Shandong University of Science and Technology
, the size of the securities is too small
However, from the perspective of the overall scale, there is still a large deficiency. Compared with developed countries, it seems very immature. Taking the stock market as an example, the average proportion of the total number of people participating in the stock investment is about 8%, which is developed, and it is developed. The countries such as Britain and the United States are above 20%. In addition, from the proportion of the total market value of the stock market, the average world is about 30%. It can be seen that the size of my country's securities market is small, and there is a big gap between the objective requirements of the national economic development, but it can also be seen that the size of my country's securities market has great potential to develop. The picture below is a comparison between China Securities Corporation and other countries in 2006.
. The types of capital are insufficient
Cocal types and financial derivatives cannot meet the needs of investors with different risk preferences, and they cannot meet the large -scale financing needs of domestic enterprises in my country. In the capital markets of developed countries, there are many types of capital markets. Taking the Hong Kong capital market as an example, more than 80%of capital categories in the international market have been adopted. In the stock market, not only the futures finger. Futures. Investment species such as options, certification equity, etc., and even financial derivatives in the United States have undergone financial derivatives. Such financial derivatives have a momentum that exceeds the spot market. The fundraising form of Hong Kong listed companies in the bond market is also sampled. On the basis of three forms of bills, bonds, and deposit certificates, there have been various forms such as changing tools, floating interest tools, and credit card receivables. The derivative tools listed and sold for the Stock Exchange will increase to 129 species, while the securities markets in mainland China have almost no transaction tools in except for stocks for more than 6 years, and the types of capital products of 1 to 5 years have been restricted. The proportion of stocks is much larger than in developed countries, which is not conducive to the effective allocation of resources. In most mature markets and some emerging markets, in addition to the spot trading of stocks and bonds, exchanges also have stock index options, futures products, and a large number of individual option futures products. Structural products such as equity certificates and reserve certificates are very popular, exchange trading funds (ETFs) have grown rapidly, and asset securitization products and real estate trust fund products (REITs) are also very developed. Relatively speaking, the Chinese securities market transaction varieties are too little
three, my country's securities market system is not sound
If securities market system is the foundation of the efficient and fair operation of the securities market, including information disclosure system. Interest guarantee and implementation system. The information disclosure system in my country's securities market has not been disclosed in terms of the system itself and from the perspective of implementation. Information disclosure of violations of laws and regulations is investigated. Recently, the information disclosure of the eight listed companies can be disclosed in illegal and violations. In my country, it is absolutely not only illegal and illegal acts in the eight listed companies. It can be seen from this. The interest guarantee and implementation system refers to a system that investors are given the income of securities investment periods after obtaining relevant information. The benefit of my country's securities market is guaranteed and realized that the system is not sound, which makes investors face great risks when investing, which seriously cracks down on investors' enthusiasm. The regulations did not form a complete system, which caused the links of some securities transactions to be unable to follow. In addition, the enforcement of the promulgated laws and regulations was not effective, and the illegal and violations of securities transactions occurred from time to time.
four, financial fraud and information disclosure of listed companies
It from the perspective of related market signals, various aspects, related news, financial fraud, deficiency increase profits, information disclosure and other issues still compare protrude. A few days ago, the China Securities Regulatory Commission notified Qin Shang Optoelectronics (002638, Stock Bar), Longji (601012, Stock Bar), Huashu Co., Ltd., Jade Bird Huaguang (600076, Stock Bar), Hailianxun (300277, Stock Bar), Chengde Road, Tibetan Road, Tibet Tianlu (600326, stock bar) and Honglei (002647, stock bar) 8 companies' information disclosure illegal and violations, these 8 companies have been officially filed for investigation. In the new IPO session, the excellent performance of the first quarter and semi -annual report performance data was completely changed when listing. Some companies also appeared more than one yuan per share when listing. These may show the possibility of fake financial statements in the IPO listing review. From the perspective of information disclosure, it can be said that it still has great efforts to improve.
five, market supervision is not enough
The securities supervision system has not yet achieved the goal of centralized and unified management. According to relevant regulations, the China Securities Regulatory Commission will only supervise the stock and futures markets, and while the China Securities Regulatory Commission will only supervise the stock and futures markets, and while the China Securities Regulatory Commission will only supervise the stock and futures markets, and while the China Securities Regulatory Commission will only supervise the stock and futures markets, and it will only supervise the stock and futures markets, and it will only supervise the stock and futures markets, and the China Securities Regulatory Commission will only supervise the stock and futures market. There is no actual supervision power for the bond market. The bond market is supervised by the People's Bank of China and the National Development Planning Commission, which has led to a multi -management pattern in the securities market supervision system. At present, many issues are difficult to be competent by supervision, and the regulatory authorities in my country are not coordinated, and the functional levels are unclear. There is no set of strict and effective measures to ensure their performance and make them assume corresponding responsibilities, resulting in incidents. The situation of severe sanctions will be reduced, which reduces the efficiency of supervision. Moreover, the hidden rules in my country's securities market are also a major resistance to effective supervision of my country's market.
Generally speaking, China's securities market is still immature. First, investors are not yet mature, and investment philosophy and vision and attitude are far behind. Secondly, laws and regulations are not mature enough, especially the regulatory level of relevant departments Low -level, the investigation and punishment of the offenders is far from enough. Again, the government's positioning of the securities market also made mistakes, which has caused a series of historical problems and limited the healthy development of the Chinese securities market. Due to the above reasons Let investors disappointed. But we can see that the level of regulatory authorities is gradually improving, and the securities market is also going to health step by step. I believe that the Chinese securities market will get better and better, and it will provide investors with more investment opportunities. Supervision. Delay 1. The legal status of regulatory agencies is unclear. 2. Regulatory main industries cannot meet the objective requirements of market development. 3. The legal system of securities supervision lacks supporting and timeliness 4. Administrative means are too rigid, and regulatory methods are preferred to "policy" 5. The lack of sound and standardized of securities self -discipline. The current market chaos has serious internal contradictions, and the market foundation of value investment is not available. However, due to liquidity demand, the institution must be forced to choose stocks. The basic principles of solving the current market problems are to understand the changes in the market. As a result of "market", we must put risks and liquidity first. There is only one way the government breaks the current stock market's deadlock, that is, the policy strategy of abandoning the "camera choice", instead to the direction of establishing and abide by the "game rules" of the stock market, through formulating and implementing the "good" rules to cultivate the resource allocation of the stock market's resource allocation Function. The most urgent task of the government is to take measures to achieve the full circulation of the stock market that is "conducive to the people".
The trouble adopting, thank you!