Into 2008, with domestic economic and financial situation has become more complex, and stock market volatility are becoming increasingly violent and frequent, while the recent downturn lasted longer, but also all of the stock market triggered a fierce debate and government relations. In this process, , it should be said that the discussions factors of disharmony.
Objectively speaking, after a surge after 2007, with changes in economic fundamentals, A shares have controversial, partly because the stock market strong sense of the stock market speculation, and ultimately reverse the redistribution effect of the stock market have to make a low tolerance for risk in the low-income people suffered serious losses, which have a general outcry. In the final analysis, this is because there is a deviation of stock market development orientation, When measuring the efficiency and fairness, too much emphasis on the former, tend to give priority to the stock market run government responsibility in most countries are rampant, and finally the stock market crash triggered a nightmare, and together with the banking crisis, a fatal blow on the real economy, and ultimately the spread of the global economic crisis. learn from their mistakes, the U.S. Government was to establish a rational, fair and transparent rules of the modern stock market, and for countries The follow.
modern countries stressed that the principles of fairness and justice in the stock market, mainly based on two considerations. On the one hand, from the perspective of political ethics, listed companies, organizations, financial capital, are all in the stock market strong, but most ordinary retail investors is weak, has been proved by history, and this stock market crisis will not only completely undermine the efficiency of the stock market, and will shake the stability of the lower middle class society, which may lead to political crisis.
just in the development process of China's stock market, has been responsible for the a large number of policy objectives. In the past cases is still small scale, the stock market shocks have limited impact on the economy and society, while the rapid expansion in the current market situation, caused by various risk factors of non-fair and continue to accumulate, in the event of crisis, reform and the negative impact of the development of self-evident. Therefore, in order to plan ahead, we should be fair and to improve the stock market, rather than wait until the crisis was welcome wake-up call.
specific point of view, China's stock market in the following areas Fairness should be improved.
first, to pay attention to the supervision of the fairness of the stock market. It should be said, after years of reform efforts, the current level of China's stock market regulators have been greatly improved. But compared with the mature markets, the kinds of violations still abound, which form a rational market earnings expectations and investment behavior is negative. In fact, due to loopholes in regulatory system itself, and external constraints of the executive power, the SFC's also common, which not only reduces the regulatory fairness, but also affects the efficiency and timeliness of monitoring. In this regard, the regulatory focus should be the long term from the checks and balances of power at the same time, moderate expansion of the Commission in a fair regulatory responsibilities and competencies.
second, to pay attention to the stock market in the Idea of fairness. emphasized that the financing function of the stock market, which is always the traditional concept, but also in the financial the context of supply and demand structure distorted helpless choice. but over the financing function of the stock market value, also easily lead to the development of pitfalls, the stock market. Meanwhile, the stock market as an open market for the public, the first principle of its operation is to avoid damage to public interests, in the process , the over-emphasize the use of the national strategic intent to complete the stock market is more harm than good. which, by the stock market integration and restructuring of state-owned enterprises should pay attention to appropriate, to avoid the short-term interests, local interests at the expense of the public long-term interests of the situation. In fact, As state-owned enterprises themselves have special advantages in resources, as well as the intrinsic relationship between the Government of intricate, state-owned enterprises through the stock market behavior of the allocation of resources is often difficult for the Government will get rid of dual role, cast a shadow over the fairness of the stock market.
Third, the institutional environment to pay attention to the fairness of the stock market. which of course includes many elements, is typical of the fairness of the tax system need to improve the environment. On the one hand, the current tax system, there are still numerous areas of non-fair. For example: stamp duty on securities transactions does not cover non-listed stocks; individual investors access to full payment of a dividend tax, as if the organization did not consider the loss after tax relief; on the state-owned shares, legal person shares investment income not included in the scope of taxation; and financial institutions by contrast, trading in securities of non-financial institutions do not levy sales tax difference between the income; the dividend dividend income in the tax duplicate and so on. On the other hand, in order to achieve fairness, it should gradually emphasizes the principles of the stock market tax law, that the tax system to establish, the use of tax policy and tax administration should be based on law, the rule of law and tax. in the policy guidance, the existing tax system to adjust and sometimes too often, the collection of arbitrary, it has not to adapt to the stock market's long-term stable development of the principles of taxation should be as soon as possible from the consensus has gradually formed, one is not conducive to the protection of the interests of small investors the primary market. The current distribution system with clear benefits to the body tilt of the suspects, easy to transfer to the agency the opportunity to benefit indirectly, in fact, in the event of oil the related defects have been fully reflected out. Specifically, the offline placement, in fact, the interests of institutional investors, tilt, and in the process of online subscription resources, capital is king of the purchase method, the formation of the institutional investors share of the monopoly is difficult to participate in small and medium investors. On the other hand, the secondary market also affected the stability of the stock, damage to the long-term interests of investors in the secondary market. If a market is monopolized by a small number of institutions, then in the secondary shares on the stock market, prone to ups and downs, this does not help protect the interests of genuine investors in the secondary market, can lead to distortion of resource allocation.
Fifth, pay attention to listed companies and shareholders equity. we all know , since the advance since the split share structure reform of listed companies a huge burst of energy, the overall market, backdoor listing, mergers and acquisitions and other means of capital into the emerging, however, in the process, mergers and acquisitions of listed companies but the situation appears quite a mixed bag, all kinds of violations shocking. This growing market is fatal to shake the foundation a long-term bull market, but also seriously undermined investor confidence. In addition, the earlier incident behind refinancing, there are many non-equity factors. If only emphasized the financing of listed companies, but long neglected dividends to investors, while non-transparent information disclosure, false information, insider trading are everywhere, so that market risks continue to be amplified. In addition, the major shareholders of listed companies by manipulation of dominant position, damage to minority shareholders The incident happened quite frequently. These phenomena suggest that the prevention of market players to rely on information, resources and other advantages, and the between investors and the fairness of retail. The current behavior of the main types of institutional investors, while concerned about the need to focus on two levels. On the one hand, should govern the institution to serve the interests of the owner of the grounds of the behavior of transmission. Of course, the institution's trading activities is based on the interests of the pursuit of their own, but if use of regulatory loopholes and information asymmetry, and the behavior of non-equitable transfer of benefits, from damage to the stock market's fundamental rules of the game. On the other hand, as an internal human response agencies to severely punish illegal behavior. In the interests of attracting large, any Rational people are likely to take the risk. institutions violations through legal penalties. It should be said, these that the irregularities on the stock market to really be punished. our country is now the relevant provisions of the stock market is quite a strict, which is quite small, but the key lies in the implementation is poor, difficult to implement. No matter how perfect the laws and regulations, if not effectively implementation and use of monitoring results do not improve, and this is also the Chinese society has long been troubled by the in reference to technology to adapt to the changing stock market irregularities, so that the cost of the implementation of non-compliance to the heavy penalties on individuals.
In short, the emphasis on the fairness of the top priority of China's stock market development, government responsibilities is through institutional building and to promote the stock market fair and rational. Otherwise, a just emphasis on transferred to the minority reverse redistribution effect, the endless troubles.
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