The Political Bureau of the Central Committee recently held a meeting and pointed out that it is necessary to enliven the capital market and boost investor confidence. This fully reflects the great attention and ardent expectations of the CPC Central Committee on the capital market.
At present, the number of individual investors in China has exceeded 200 million, which is the largest market situation in China’s capital market, an important source of market vitality and an important support for the normal functioning of the market. Therefore, it has become a realistic need to enhance investors’ sense of gain as soon as possible.
The sense of gain comes from the fairness, justice and transparency of the market. The capital market is an information market. Real, accurate and timely information helps investors to know more about the company and managers’ behavior, and then make investment decisions. The quality of information disclosure directly affects investors’ trading experience. Especially with the full implementation of the registration system, the importance of letterhead has been mentioned to a higher position. However, from the reality, performance changes, incomplete disclosure, "Monday morning quarterback" disclosure and other phenomena still occur from time to time, making it even more difficult for investors who are already at an information disadvantage to "choose stocks" correctly, and it is difficult for investors to have a sense of gain.
All kinds of problems in the process of trust and trust have destroyed the principle of fairness and affected the enthusiasm of investors and their confidence in listed companies. Therefore, the regulatory authorities should, in light of the actual situation, improve the information disclosure system as soon as possible, increase the punishment for illegal cases of information disclosure, and guide listed companies to actively do a good job in information disclosure so that investors can see and understand clearly.
The sense of gain comes from reasonable and predictable returns. The reason why investors invest in the capital market is their wealth management function, that is, they can make money, which is the most important thing for investors to enhance their sense of gain. However, in recent years, the overall market situation has been "hesitant", and the lack of money-making effect has affected the enthusiasm of investors. China’s capital market is characterized by "bull short bear long" and large short-term fluctuation, which needs to be changed urgently.
The long-term stability of the capital market, especially the stock market, requires the introduction of more long-term funds. In addition to providing a better institutional foundation for all kinds of medium and long-term funds such as insurance and pensions to enter the market, relevant departments should also urge listed companies to actively return investors through cash dividends and share repurchase, and guide investors to establish long-term investment thinking. Professional investors, represented by Public Offering of Fund, also need to give full play to their expertise of "managing money on behalf of customers", constantly strengthen their investment and research capabilities, repay investors with reasonable income, and attract a steady stream of "patient funds" to participate. It should be reminded that "slow bull" does not mean the unilateral rise of the stock market. Fluctuation is the eternal law of the securities market. Only when investors remain rational and calm, and do not blindly chase or give up for temporary ups and downs, can they achieve stable returns and value growth of investment.
The sense of gain comes from the deepening reform of the market. Over the years, the securities regulatory authorities have spared no effort to promote the deepening reform of the capital market, and the effect of financing reform is obvious, the availability and convenience of corporate financing have been greatly improved, and the market financing function has been further improved. In contrast, the investment-side reform, which is more closely related to investors’ sense of gain, is slightly "weak". At present, we should take improving investors’ sense of gain as the starting point and the foothold, vigorously promote the reform of investment side, and coordinate the development of investment and financing, so as to better stimulate the market wealth effect and boost investors’ confidence.
Reform is the basis and key to solve the problem. Public Offering of Fund’s industry rate reform initiated in July this year was welcomed by investors, because it faced the long-term pain point faced by investors — — Funds make money and people don’t make money. This kind of reform, which benefits investors and forces the industry to improve its investment management ability, will undoubtedly have a positive effect on enhancing investors’ sense of gain.
At present, the market expects and urgently needs to introduce more investment-side reform measures, and make greater strides in expanding opening up, enriching investment products, improving the quality of listed companies, and guiding all kinds of medium and long-term funds to increase the actual proportion of equity investment. In this process, we must adhere to the problem orientation and focus on improving investors’ sense of gain. I believe that while improving investors’ expectations and enhancing their confidence in development, the vitality of the capital market will also be effectively improved. (This article Source: Economic Daily Author: Jin Guanping)