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May 10, 2008
Xiaonian
Economic Observer China Europe International Business School of Economics and professor of finance at the relevant government departments
April 20 this year issued guidance difficult to find, behind the the original non-tradable shares of the company's sale, shall observe the following: (a) Since the date of implementation of the reform program, within twelve months may not be listed in the trade or transfer; (b) holds a five per cent of the total shares of listed companies more than the original non-tradable shares, after the expiration of the previous paragraph, by the former Stock Exchange of non-tradable shares sold, the sale of shares of the total number of Zhangaigongsi proportion of twelve months shall not exceed five per cent within , in the twenty-four months shall not exceed ten percent.
Obviously, the share reform on the third year after the original non-tradable shares (hereinafter referred to as the size of the non) of the sale, free of any restrictions and exchange-listed securities, to more than 1% of shares in exchange block trading system for sale.
the size of the new regulations will undoubtedly hurt the interests of non-shareholders, 1% limit on the reduction of form Needless to say the barriers, increase market place that changes the price of risk reduction and transaction costs. As the block trading system, the seller must sell themselves in order to find a buyer, the size of the sale of non-face liquidity problems. by the the principles of finance we know that the lack of liquid assets, the market will require a price discount, like B shares as history shows. In 2001, before opening the domestic individual investors, B shares because of low liquidity, price-earnings ratio A shares only 20% to 40%, in other words, B shares up to 60% liquidity discount to 80%. and opening up, B shares disappeared off the liquidity, valuation quickly integrate with A shares.
If the size of the sale of non-block trading system based solely on supply and demand pricing, the size of non-shareholders would have to like the old B shares, as investors, bear the loss of liquidity discount; if the reference to the listing price, due to no reflecting the liquidity discount, the price investors may be too high and the lack of willingness to buy, the size of the difficulties of non-reduction occurs. no matter what price, the new regulations are at the expense of the real size of the cost of non-shareholder interests, and seek market sentiment stability.
changing the rules mid game, undermining the principles of fairness and justice. like the two teams play, a team has a height advantage, first of all headed home, B team Xianshibumiao quickly shouted to the referee stopped the fight. judge announced: second half only handball foul,air max 24 7 cheap, and a header is also prohibited. called attitude, the process according to the market game, free to change the rules at any time, will cause the expected chaos and loss of confidence, followed from the increased transaction costs and shrinking markets,cheap kids jordans 加拿大10岁马匹身高3米分量超1吨(, including the rule changes will eventually hurt all, including those people's interests.
rules can be changed, of course, but can not be based on the game at any time, modify the rules must follow certain procedures. Some people argue that the changes, what is wrong? this fallacy that there are three: first,asics kayano 15 women, the public shareholders took the money, approved the deal,jordans basketball shoes, willing to take on state-owned shares falling prices caused by circulation of the risk. Now, when true to the reduction, how can you excuse the After the perfect card to say the rules, looking at the cards to change the rules, right? Second, even for breach of contract, at least, should be part of the back against the price of non-tradable shareholders can not be readily took people's money, then confidently turn to admit its fault. The third and most important, change the rules must go through two consultations, by mutual consent, that is, the size of non-public shareholders and shareholder consent before implementing the new rules. rules of the game is not a party can be identified, regardless of how many people this side. on the side of the the process of modifying the rules,jordans release dates, the referee shall not represent any party, can not force any party to the new rules, otherwise not to speak of the independence and impartiality of law enforcement. The market economy differs from the referee Liangshanpo hero, the job is not Day-way street reflected in the rules of tilting, and game results can not be achieved through intervention; only way agreed upon in advance to provide greater protection,asics womens volleyball shoes, but not afterwards with a bias to change the rules unilaterally.
market participants have recognize their rights and equality before the majority does not exist a few problems. minority shareholder may not bullying, the majority of small shareholders can not be sold by a small small, at every turn to because today the majority of the small number of deprived,discount tory burch reva flats 为了节俭用电,请玩收, deprived of most of tomorrow to provide a small number of moral and legal support. The best way to protect yourself, than to respect the rights of others, only that everyone respect the rights of others in society, each individual the right to get the most reliable protection.
unilaterally modify the rules of the game there are no winners, trampling on the rights of not only shaken the foundation of the capital market, but also damages the credibility of regulators. originally introduced the split share structure reform, and taking off state-owned shares This is the head hanging over investors sword of Damocles, to overcome the the seriousness of the rules, how the future maintenance of the rules of the market authority? free to modify the rules and lost the independence of judges,christian louboutin shoes prices 两省网友通过微博, in the future how to ensure the fairness of law enforcement?
talk about the rules of market economy is to pay attention to rules rules of procedure and modify the program. respect for the rule premise is both smooth game, but also the requirements of social justice. China's capital market players and referees, please do not be destroyed for the temporary convenience of the institutional basis of the market, do not gains and losses, for a ball to destroy their credibility.