A Share Market Is A Casino Refinancing Is An Important Bargaining Chip.

The bottom line of China's financial market is extremely low, and a loophole will be torn to a door. It is urgent to set up a refinancing rule again.

On the 17 day, the stock market came up with unconfirmed and important news. As soon as the news came out, the three major stock indexes of Shanghai and Shenzhen two cities all turned red.

After listing, the company became an upstart and refinancing in the name of marketization.

Over the past ten years, the scale of refinancing of listed companies is as high as 6 trillion and 500 billion yuan, far exceeding the financing scale of IPO (the scale of IPO financing in 2007 and 2010 is slightly larger than the scale of issuance).

According to Bloomberg, a person familiar with the matter, the securities and Futures Commission plans to introduce a refinancing policy that limits the frequency and scale of refinancing.

The options under consideration include 1 or 1 and a half years, with only one refinancing allowed.

The CSRC plans to restrict the scale of refinancing. The options considered include determining the scale of refinancing according to a certain market value ratio; the SFC also plans to change the pricing mode of refinancing.

At the same time, the SFC will consider limiting the refinancing of listed companies that use funds to purchase financial products.

Whether or not it is confirmed, tightening is the general trend.

In January, the scale of financing increased by 63 billion 200 million yuan, down 45.08% from the same period last year.

Xinhua News Agency recently issued a statement that A shares first blocked the refinancing of the "bleeding point."

At the last regular conference in the year of the monkey, Zhang Xiaojun, a spokesman for the securities and Futures Commission, made it clear that the next step would be to take measures to limit the frequent financing of listed companies or the excessive amount of single financing, and improve the on-site inspection system for the collection of funds raised by listed companies, and urge the sponsors to review the refinancing projects of listed companies.

In 2016, according to the online issuance date, the A share market 248 IPO fundraising total 163 billion 356 million yuan, refinancing 737 raised funds 1 trillion and 523 billion 530 million yuan, are all low threshold private placement.

10 shares were allocated and 17 billion 258 million yuan was actually raised.

The overall financing scale of the A share market reached 1 trillion and 705 billion 144 million yuan, exceeding the IPO financing scale of more than 10 times.

China is a country in the middle stage of industrialization. The value of stock market is to screen out three enterprises:

The first is to become an enterprise in China's economy.

The two is the enterprise that may be the top pillar in the next few decades, such as biopharmaceutical, environmental protection and high-end newspaper service.

The three is to find enterprises that can participate in global competition, such as information technology and big data.

China's institutional screening capacity is too poor, and listed companies like garbage dump occasionally mixed with some gold.

The conclusion drawn by Professor Qian Jun's team through big data is proof.

Taking the net profit ratio as an example, from 2000-2014 years, A share all listed companies as a whole accounted for the annual net profit of 13.7%-35.1%, while the same period non-listed company's index was between 64.9%-86.3%.

What is even more frightening is that in the past 15 years, the former has lagged far behind the latter in every year.

The vast majority of China's GDP growth is not from the listed companies, but from the non-listed company, especially the unlisted private enterprises.

Where is the leader of China's economy? It is a stumbling block to blood sucking.

This is against common sense. Companies that can be listed are assessed. Many of them are leading enterprises in the sub sectors. Their overall growth is not as good as that of non-listed company.

Once a company is listed, thousands of favors are in it. No matter how the performance is, it can be refinancing through various channels.

Without bottom line executives, the profits of listed companies can be stripped to non-listed company, which can be mortgaged, loans, and skinned blood drawn by listed companies.

I once witnessed two promising companies that had been stripped of their indebted shell and executives turned into billionaires, lying in the sun in the United States and thinking about earning hundreds of millions of yuan through shell sales.

Some companies refinance, but they buy them.

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Statistics show that in 2016, a total of more than 700 listed companies accumulated more than 700 billion yuan of financial products, and 11 listed companies buying financial products in 2016, involving about 29 billion 300 million yuan in fund-raising.

Refinancing allows the upstarts to get rich and cut leeks.

The scale of refinancing is likely to shrink rapidly, because a truly valuable enterprise can not be needing so much capital because it is linked to performance and industry. A company has nowhere to go for 1 billion yuan, and it will have to invest in a year.

Refinancing constraints, estimated

A deadline will be crazy to reduce, the shell will look for buyers everywhere, it is hedging, plus A shares valuation is not low, capital outflow, at present, the stock index rose little room.

China's securities market must serve the real economy. Refinancing is not only linked to market capitalization, but also linked to performance and executive credit, which is also responsible for China's real economy.

There are so many Chinese stock market upstarts who do not show off their wealth in the world. This is not a glory, but a demonstration of the system and the credit abscess.

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