Economic Observer Reporter Liu Peng After the Spring Festival, A shares walked out of a wave of five-year-old yang market, and the Shanghai Index stood 3000 again.point.Many people believe that this is related to the new weather brought by Wu Qings chairman of the New Securities Regulatory Commission on the eve of the dragon.
At the beginning of the New Year, the CSRC held more than ten series of symposiums.Business institutions, accountants law firms, private equity institutions, foreign institutions, etc. are almost owned by the subjects who pay attention to and care about the capital market.At the same time, the official WeChat public account and official Weibo of the CSRC have released the comments, accepting suggestions and criticism frankly, and the previous frequently issued a ticket to the violation of the rules.A clear signal.Although it has not made a public appearance, the opening of such a performance has made the markets of the market, including investors, have more new expectations for Wu Qing and A shares.
The current A shares are "sick" again, and the symptoms are not mild, and they are in reincarnation of the downturn.Restore healthy body as soon as possible.Wu Qings return was interpreted by the market as "professional people doing professional things."He grew up in the securities regulatory system, well known as the supervision of securities firms, funds, transactions, and listed companies. He had remedied the problem brokerage. He had hit the funds "mouse warehouse". He had a professional securities regulatory background and ability, and did things "fiercely popular". ThisLet the market removing his culinary disease in the capital market, boosting the confidence of the capital market, and increasing investors sense of gaining a lot of expectations.
Indeed, chaos such as financial fraud, fraud issuance, lack of positions in intermediary agencies, and insider transactions are still emerging in the A -share layer.This is also the starting point of investors comments and looking forward to the new chairman "Iron Wheel Governance City".These are not strangers to Wu Qing.However, for a long time, the function of the CSRC is to re -approve light supervision, and the reform of the registration system with information disclosure as the core requires strict supervision.Let the supervision follow the execution, rather than staying at the level of sports law enforcement.
The current improvement of the trend of A shares also benefits from the support of the national teams entry into the market, and the help of some unconventional measures, such as staged IPOs, appropriate restrictions on the scale of re -financing, and re -financing scale.The scale of new switching margins is suspended.Although these short -term intervention can have a certain effect, it will also cause secondary problems and distort market operations, such as making new booms, speculation in garbage stocks, and difficulty in exit of investment capital.As an economist said, as people cannot stay in the ICU for a long time, in the future, they should mainly adopt a regular economic means to establish a mechanism for self -rehabilitation and sustainable development of the securities market.
Therefore, in addition to some short -term measures, we still depend on the reform of the long -term system, especially the basic system of the capital market.For example, further reforming the shareholders shareholding system of listed companies, joining profit and dividend indicators, connecting the companys listing financing behavior with the stable returns to investors, and further improving the dividend system and stock repurchase system of listed companies, encouraging the efforts of dividends, promoting to promoteA shares have gradually moved from the financing market to the wealth management market -this is about 200 million shareholders and more than 700 million founders "money bags";Functions; no matter how the investor protection system, how to implement the collective securities litigation system, establish and improve administrative, civil, criminal three -dimensional accountability systems, etc.
The years are replaced, and the personnel are metabolized.Investors are not looking forward to one person, but hope that regulators can build long -term, stable, and transparent rules.Let the market subjects have their own duties and their own responsibilities, and severely punish the offenders, can it bring stable and benign expectations to the market, thereby stabilizing and boosting confidence, and making A shares a stable and far away.
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Director of Liu Peng Economic Observer
Director of the Information Department of Financial Institutions
