Yesterday, to participate in the ASTRI financial markets, Mr. Yin Zhongli, deputy director of Research in an article for your reference. If I must make a comment, I just want to say, in the stock market positioning, distribution mechanisms, the cornerstone of the real flow of the market structure of compaction, any speculation decision-making will make China's stock market seek temporary, and then pay even more dearly.
margin trading is not suitable for China
Yin Zhongli October 2008 5 October, the SFC said it will start soon Securities pilot margin trading, the market interpreted as one of the measures to rescue the market, but stock markets still plunged the next day. I think that the Chinese stock market is still in introduction of margin trading system is not conducive to the stable development of the stock market.
first attempt to establish a credit trading system to improve the liquidity of the stock market point of view is not established, because the current lack of liquidity of the market does not. Since 1991 Since the establishment of stock exchanges, China's stock market has been 200% in turnover over the past two years more than 800%, while the New York Stock Exchange's turnover has been about 70%.
Another scholar said that the current China's stock market is a typical unilateral City, if a credit trading system, you can change this abnormal price formation mechanisms to reduce price volatility. But the actual situation in our country, the conclusion is untenable because market makers there is a serious phenomenon of price manipulation. being manipulated the flow of stock to raise its market weights are mostly concentrated in the hands of the dealer, even with the margin trading system, market makers can not compete with the short form power. On the contrary, in this context , the introduction of the credit trading system will make it easier making price manipulation, increasing the risk of price fluctuations.
from the Taiwan stock market experience, strong sentiment in the market speculation, the case of introduction of margin trading to increase fluctuations in the stock market, because every time the rapid decline in the stock market, many investors because the stock price to be forced open to sell, exacerbating the decline rate of .1990 of the market early, the Taiwan stock market fell from 12,000 to more 2500 points took only eight months, leading to the culprit is a lot of people lose everything margin.
Currently, the U.S. capital markets began to limit the so-called short selling of listed stocks trading, followed by Europe. visible margin to stabilize the market needs of a particular hypothesis is a prerequisite, not set up any time.
market still views that margin trading is a communication bridge between capital markets and securities markets, can break the fragmented state of the financial markets, and promote the balanced development of both markets. because of the credit to carry out securities trading, commercial banks can make legitimate money into the stock market, share market the fruits of high growth companies, and enhance the liquidity of bank funds, reduce the bank's operational risks. in the present, the implementation of margin trading can solve the .
But this dividends, even more than the total profits of listed companies carrying .2007 transaction costs investors paid about 5,000 yuan, while the corresponding profit of listed companies only 3,000 billion yuan, investors receive dividends from listed companies is only 100 billion yuan so. Therefore, the Chinese stock market is not an investment market, bank funds into the stock market is not conducive to financial stability.
problems. If the price is very reasonable, ease the stock market fell rhythm, but can not solve the major trend of stock prices. Therefore, China's stock market at this stage there is a serious dysfunction (mainly caused by the stock price is too high), investment instruments and trading mechanisms and has nothing to do, hope that by changing the trading mechanism, increase trading tools fell way to stop the futile effort.
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