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Capital market bloomy spring (figure) 2010-03-20 09:41: 00 origins: Liberates net – Liberation Daily (Shanghai) with pasting 0 handsets reads the news

　　Within two durations, capital market\’s related topic is the focal point which to represent discussed hotly, was the media focusing key point.

　　The NPC deputy and Chinese finance futures exchange (in i.e. gold) general manager Zhu Yuchen said to the media announcement during the conference that the index future various preparation works have completed, will promote in mid-April. The business personality acts according to the transaction rule judgment, the index future final trading day for the contract due month third Friday, but on April 16 was the April\’s third Friday, therefore before April 16, promoted the possibility was small, but April 19 was under the transaction month first trading day, therefore, this day promoted the index future the possibility to be very big. On the other hand, attains the financing securities loan service which approves according to the analysis also next month to promote with Japan most quickly.

　　The last year, the young Chinese capital market has let the world hold in high esteem. Securities Supervisory Association counts the data demonstrated that last year A stock market\’s financing scale amounted to 446.6 billion Yuan, has included IPO financing and each kind finances again. And in 2009 altogether has 99 enterprise releases to go on the market, the platelet and undertaking board enterprise 90, and some 150 enterprises realize finance again, the financing scale must be bigger than IPO financing again. London\’s correlation data also demonstrated that in 2009 Hong Kong, Shanghai and Shenzhen three exchange IPO financing total amount bit striker whole world first, if according to the sole exchange amount of financing comparison, Hong Kong joint stock exchange also places in the global capital market first, the Shanghai Stock Exchange follows.

　　This year, beginning of the year then prepares to greet the index future and financing securities loan enters the political arena, as if will be doomed this is also Chinese capital market not tranquil one year.

　　No wonder London Beijing is in charge of the partner to seal peace when forecasting the global capital market this year\’s performance straightforward: “Global capital market\’s indefinite factor are many, will not have the too prominent performance, the IPO luminescent spot in China, China is after 2009 global capital market IPO scale biggest country. Not only that along with Shanghai Stock Exchange international extrusion of board, the Chinese capital market will present the new point of growth, and obtains the archery target promotion hopefully. The Chinese capital market will develop in a better direction.”

　　Index future and financing securities loan capital market “adult ritual”

　　Last weekend, the gold united various futures exchange and earnest money monitoring center, for the first time to the index future system entire market networking test, to the transaction, settlement as well as earnest money data sending various markets and other services carried on the comprehensive test, index future extrusion entered the comprehensive sprint stage. On March 16 spread the news was, the financing securities loan\’s first batch experiment site name list has made a final decision basically, 11 submitted the application in the securities trader, the country letter negotiable securities, the CITIC negotiable securities and sea passed the negotiable securities, Cathay Pacific Junan and brilliant negotiable securities as well as send the negotiable securities 6 securities traders to be accepted broadly hopefully, financing securities loan also already point of no return.

　　The index future and financing securities loan are explained for the Chinese capital market “adult ritual”, under both\’s companion, China\’s capital market will say goodbye to the former days blue astringent, gradually moves toward maturely. Shanghai Social Science Institute Economy Booming research director Researcher Liu 熀song believes that after the index future and financing securities loan move steadily for a half year to one year, may say that our capital markets entered the relatively mature stage, traded a vivid analogy, was reach 18 years old, grew up.

　　The index future is one kind takes the subject matter by the stock price index the financial futures contract, earliest produced in the 1970s, at that time the Western various countries economy presented the stagflation the situation, was the economic growth is slow, but the inflation was actually fierce, after the stock market was also experiencing the World War II, a most serious crisis, Dow Jones index during 1973 – 1974 fell over 50%. The people start to realize falls in the stock market in the situation, the appropriate financial instruments may not use. Therefore, in 1977, the Kansasi futures exchange (KCBT) applied to the American commodity future Transaction Committee submission, development stock index future transaction. In 1982, KCBT has promoted the first index future contract – - value line synthesis average index number contract, has received the wide attention of market immediately. To 1984, index future business volume already occupied the American prompt sale total quantity over 20%. The successful experience of US, initiates various countries to imitate in abundance, the worldwide basis index future transaction upsurge raises, never develops the prompt sale the countries and regions also to start including some to introduce the index future to take the development prompt sale the first step.

　　Some people said that the index future is the hedge instrument, may let the investor dodge the stock market rise to a certain extent the risk, the bilateral mechanism will also reduce stock market\’s oscillation amplitude. But on the other hand, some people said that the index future is the risk very great investment tool, because utilizes the high proportion release lever, therefore is not the ordinary investor may obtain easily.

　　Regarding this, Zhu Yuchen said saw very happily the investor existed “waiting and seeing”, “made the stock is the safe choice, said to the hedge, in the stock market this was most effective, various global capital market was manages own risk through this way, encouraged the market organization to participate, maintains the value. But if brings does congenially, several fold expansion fund use efficiency, at the same time the several fold expanded the fund use risk, to this kind of way investor must prudent, probably be careful.”At present, index future opening a bank account number is at about 1200 households, this as if is also the investor day by day the rational one kind of performance.

　　Although Zhu Yuchen repeatedly stressed that stock market\’s extrusion of rise and drop and index future or not has not related, the stock market primarily is decided by the fundamental plane, the index future does not change the fundamental plane, therefore, will not control stock market Niu Xiong, but in fact, the index future from attaining approved starts somewhat to affect the rise of stock market.

　　The bulk lots blue chip is generally revealed that is the biggest beneficiary. In the index future promotes and in the value discovery function process, the bulk lots blue chip stock\’s value of each contribution obtains the promotion hopefully, but with this relative will be the small dish stock space is compressed. By Europe and America and so on experience of the mature market, the index future grew out of nothing the process, the index ingredient stock splits up obviously with the non-ingredient stock trend, the weight blue chip stock obtains the favor certainly is not the small probability event.

　　Is same as the index future, the expert believes that financing securities loan\’s more significances lay in it to consummate the capital market foundational system construction, the innovation transaction machine-made system, the perfect securities trading way, continued to ram the steady market movement intrinsic foundation. Helps to rise or to help to fall is one-sided, rather misinterprets.

　　Securities finance securities loan transaction calls the negotiable securities on credit, including securities trader to investor\’s financing, securities loan and financial institution to securities trader\’s financing and securities loan four kinds. The market usually said the financing securities loan refers to the securities trader to provide financing and securities loan transaction for the investor. In short, financing is to lend money to buy negotiable securities; But the securities loan is sells taking advantage of the negotiable securities, then returns by the negotiable securities, namely oversell.

　　Has many people to think that the financing securities loan is only the stock price catalyst , helping to rise or to help to fall, but in fact, the financing securities loan is the price stabler. The financing securities loan may integrate many information the negotiable securities the price, enables it fully to reflect the negotiable securities the intrinsic value, the strengthened price discovery function. To the market, financing securities loan is use earnest money ratio release lever, disposes the market resource effectively; To the securities trader, the financing securities loan service will make its source of income to increase steadily; To the investor, financing securities loan has provided the effective hedge instrument, enabled it to be possible through to flushing the transaction realizes the hedge. Based on all sorts of service innovations, the securities traders favor their prospective profit as well as the stock market performance, “short-term involvement has the reason, has for a long time has the prospect.”Had the securities trader analyst to say like this.

　　Researcher Liu 熀song also pointed out that after making the spatial complete mechanism, the macroeconomic policy great dynamics support stock market\’s possibility gradually will also withdraw, “policy city” the color more and more will also desalinate.

　　International board

　　The CBA league tournament has come the NBA foreign aid

　　Other day, in the annual national negotiable securities stock supervision conference, Securities Supervisory Association President Shang Fulin “will strengthen with the department concerned consultation, the exploration out-of-country enterprise lists as in 2010 in within the boundaries release going on the market institutional arrangements” one of seven key emphases. Media explanation regarding this is, the international board gathers the potential due-out. Indeed, Shang Fulin on March 4 was explicitly said that during the international board related work in actively is studying, various aspects legal regime also in positive combing.

　　The so-called international board, usually refers to conforms to the condition foreign company to distribute to go on the market to within the boundaries market, the arrangement which with the Sino-UK economics and trade dialog this is achieves the mutual recognition which makes according to the Sino-US strategy economy dialog. Some person of images hit for example, was just like the CBA league tournament to come the NBA foreign aid.

　　The data demonstrated that at present the domestic equities market total market value has been over 3 trillion US dollars, but the internationalization opening degree still fell behind the developed market. If American Niu hands over the foreign enterprise which goes on the market to be over 200, NASDAQ went on the market the foreign enterprise to be over 250, Hong Kong stock exchange non-Hong Kong local business also over 300, but inland stock market still did not have the registration not domestic listing.

　　For many years, along with our country market opening promotion of degree, more enterprises expressed the hope in within the boundaries capital market issue debentures and stock desire. Regarding this, Chinese international finance limited company chairman Li Jiange said that the department concerned promoted the international board the preparatory work to carry on for 2-3 years, many technical questions were solved basically, the first batch listed enterprise has also locked in Hong Kong went on the market the red-chip company and Hong Kong Local Blue chip Company as well as the large-scale international business and other categories. He believes that extrusion of international board will strengthen the Chinese stock market\’s influence and radiating power , to promote the Chinese capital market\’s international competitiveness, the dispersion domestic investor\’s risk, to suppress the assets bubble and release fluidity excessively many pressures creates the condition.

　　Because international board landing Shanghai Stock Exchange, therefore, delivers director Geng to shine regarding the international board opinion especially attracts attention.

　　Looks like in Geng brightly, the development international board has three big significances. First, the international board symbolizes that the Chinese capital market further outward opens, means the domestic investor may use the Renminbi to purchase the foreign big company\’s stock internally directly, increased domestic investor\’s investment channel, increased the direct investment foreign big company\’s opportunity, speaking of the investor is a big progress. The international board is specially advantageous in lacking the foreign investment experience, is not familiar with the foreign legal accounting system\’s investor to implement in the native place to investment of the out-of-country enterprise.

　　Second, the development of international board is advantageous to the blue chip market construction, is beneficial to the Chinese capital market further develops. At present delivers in the company which goes on the market, the market value over 10 billion Yuan listed company has 233, but in 2005 this digit only then 32, the market value surpasses 1 trillion Yuan companies to have 2, 100 billion Yuan to 1 trillion Yuan between companies have 29. In 2010 delivers the institute to further develop the blue chip market, delivers to encourage, welcome high-quality blue chip enterprise to delivering to go on the market. Delivers the goal must make the blue chip stock market, inside this market must already include the domestic high-quality listed company, includes the foreign high-quality listed company.

　　Third, the international tablet couplet constructs in the Shanghai international financial center also has the direct significance, goes on the market beyond the border company to the domestic license, is advantageous to the talented person, fund and organization further gathers to the Shanghai international financial center.

　　According to Geng Liang, although the international board promotes the time not to determine that specifically, but delivered to draw up the international board going on the market rule and transaction rule first draft, was continue revise consummates . Moreover, the department concerned was also drawing up the international board the release means and settlement method. Geng Liang is also right “international cash machine” the view refutes, he said that on the one hand, in the Renminbi capital item may not under the free exchange arrangement, the same company\’s A stocks and H stocks cannot exchange, from now on the international board company cannot exchange in within the boundaries release\’s stock and foreign release\’s stock; On the other hand, proposed that must arrive at the international big company which delivers to go on the market, itself in beyond the border stock exchange, has further distributed the stock in fact again to finance in our country, according to the international convention, the financing price cannot surpass the local secondary market price again generally, therefore, from the issue price looked that cannot be considered is “money withdrawal” behavior.

　　Regarding gradually line of approach\’s international board, Liu 誯song proposed own different opinion. He believes that in the near future promotes words a little act with undue haste, looking from capital market\’s history and present situation, the market must consider to be quite appropriate in the mature latter 3-5 years generally again, just reached 18 years old to discuss the international board, very possibly causes the result botches it by rushing. “The international board\’s direction is right, but must become the scale to do now, anxious.”

　　Fudan University finance and capital market Research Center Director thanked 130 also similarly has the cautious attitude to the international board, he believes that the international tablet couplet market formed the pressure. He said that if this matter in now and next year will occur, will be big to the Chinese Stock market pressure. Regardless is Huifeng, Citibank and GE moves, is very big bulk lots stocks, on will finance 30 billion – 50 billion Yuan, looking from the market profit and city lead only, mostly is much lower than China with the sector. Therefore, it in fact has the possibility to tow down the entire Chinese Stock market estimate value.

　　Certainly, except the international board, the sampan market, interstate ETF and so on is in 2010 the capital market chase new luminescent spot, the investor will have the reason to anticipate that are more. (This article originates: Liberation Daily)