Investors concerned about the recent hot spots 50 Q (36-50)
To further enhance the investors to the reform and development of capital market awareness and proper understanding of the concerns of the market and improve the standard of services to protect themselves and investors, foster healthy market ecological and investment culture, we speak in the early leadership of the Commission investors and investor protection bureau based on the responses, codified in the "near future investors concerned about the hot 50 Questions" for your reference.
36. What is the status of institutional investors in the stock market in our country? Why do we need a development of the capital market structure is reasonable, mature and rational institutional investor base?
A: Compared to mature markets, the scale of China's professional organizations significantly smaller investors structural imbalance is very conspicuous. By the end of 2011, the stock market value of tradable A natural person holding accounting for 26.5%, accounting for 57.9% corporate, professional and institutional investors accounted for 15.6%.
Compared with ordinary investors, institutional investors, high level of professionalism, the presence of many advantages. Successful entrepreneurs, institutional investors have a selection, the selection of business and industry approach, but also have a clear investment strategy, with a strong ability to avoid risks. Because of large amount of funds that can be flexible and diverse portfolio, but also able to withstand the impact of short-term market fluctuations, not because of financial pressure forced to sell securities under adverse conditions. Institutional investors, value investing, long-term investment property determines its important role in stabilizing the market. In developed markets, the market value held by institutional investors accounted for about 70%, half of which is long-term pension and insurance companies and other institutional investors, there is a considerable amount of public funds and grant funds. Institutional investors in mature markets has always been the backbone of stable development in recent years, the United States, Europe, Japan and other developed markets Despite a century financial crisis, but the volatility of its capital markets have actually significantly less than the emerging market countries, which can not It does not cause us to think deeply.
37, China's institutional investors to develop and promote initiatives which institutional arrangements?
A: China's current situation, it should be to cultivate institutional investors as a strategic task, put it in a more prominent position, to promote the fund company to a modern asset management institutions in transition, with a good social security fund, annuity, insurance companies according to their own needs to determine a combination of investment and guide private equity funds sunshine, standardized development. Should be appropriate to accelerate the introduction of Qualified Foreign Institutional Investor (QFII) pace, particularly organizations from Hong Kong, Macao, Taiwan and the use of renminbi products, focus on encouraging the exchange-traded fund (ETF). At present, the Commission has QFII RMB qualified foreign institutional investors (RQFII) quotas were increased by $ 50 billion. In addition, to actively coordinate and improve investment-related tax policies to create favorable external conditions for the healthy development of institutional investors.
38, the Commission recently approved a number of new QFII investment in the stock market, many of them foreign pension plans, and the Commission continues to promote local pension funds into the stock market and bank financing, but why not delay action?
A: From the outside the situation, the pension is the most common institutional investors, many pension assets entrusted to its mutual funds, hedge funds and other asset managers to invest in European countries where a higher commission pension investment ratio, 2010 40% of pension fund assets in the United States together. These pension funds have investments in the operation of high professional level, the ability to hedge is relatively strong, mature markets are the backbone of stable development.
Overseas investment in China's capital market, pension also has a strong interest, many overseas pension system has invested through QFII China's capital market, one direct application for QFII status, there are Quebec Savings Investment Group, the Ontario Teachers Pension, Canada Pension Plan, family doctor pension fund, the National pension corporation (South Korea), Hong Kong hospital Authority Provident Fund Scheme and other six foreign pension eligibility and to obtain QFII investment quota of $ 750 million; the second is investment in domestic funds and other products distributed through the purchase of the QFII, indirect investment in China's capital market.
Therefore, whether from the operational needs of the pension, or the capital market stability and healthy development goals, the need to actively cultivate institutional investors, including pension. Currently, the Commission is exploring measures to pension funds and other long-term tax relief and other aspects of the market and the authorities. Of course, the pension market does not represent a full one hundred percent vote share, different combinations, different funds, investment requirements are not the same as the direction of investment also includes treasury bonds, financial bonds, corporate bonds, etc., but also includes financial products combined deposits, cash and so on.
On the introduction of bank financial products, the relevant departments are studying, the key is to fully disclose the risks and allow investors to choose their own judgment.
39, from Investors in perspective, how to understand the "low-income people and people living with pensions is not suitable for the stock market, should be considered low-risk investment and savings instruments" proposal? Investors in the system whether to restrict the rights of small investors to invest?
A: To tell and to low-income groups living pension may not invest in stocks, is a gesture of goodwill from the perspective of Investors reminder. Do not advocate not opposed, nor restrictions, but not banned, friends hope that the majority of investors can understand.
Investors in the system is a protective arrangement commonly used in mature markets, not simply what investors in the door, but from a risk control perspective of investor protection, but also to adapt to investors, investment diversification measures necessary development. Investors in the management not only helps the formation of "caveat emptor" risk awareness, more supervision "of the seller's duty," the main starting point, requires securities institutions according to the different situation of investors for investors hierarchical classification on different levels, types of investors want to use a different way of illustration, to express different content description, assume different explanation obligations.
Unfit for investing in stocks, the regulatory authorities have an obligation to remind, advise, not mandatory limit everyone's investment behavior, in the final analysis, investment decision-making power remains in the hands of the investors themselves. Investors should do what, careful selection of investment targets, and there is a reasonable expectation of return, can not think flourishes to make quick money. At the same time, the Commission also constantly enrich investment products, we strive to "increase property income" to provide more investment choices.
40, the Commission has been promoting the proper management of investors, such as GEM, stock index futures are set a certain threshold, which should mean that the small investor out?
A: The fundamental purpose of Investors in the management of the service, protect investors. There was a retired old comrades of the warrants do not know much, despite the agency has done some work reveals the risks, but he invested warrants without understanding "exercise" and other basic concepts, the absence of timely exercised, resulting in the original capital no return. Investors in the management is a preventive, as a warning to remind investors have the ability to protect themselves. Meanwhile, investors appropriate management requirements increase the "seller" of supervision, to see if they did understand the customer, depending on the circumstances of the customer category management, to provide customers with their risk tolerance to adapt products and services. For those in pursuit of individual performance, the company's interests to entice customers to buy high-risk, complex structure, practices and customer affordability does not match the product, regulators will be different circumstances, according to the law will be dealt with in accordance with regulations.
41, how to understand the process to implement the appropriate regime for investors, the right product to sell the right investors?
A: The implementation of the appropriate regime for investors, the right product to sell the right investors. Investors in the system implementation process is the product of the actual education and risk disclosure process, agencies must be based on the investor responsible attitude, strengthen multi-level market risk revealing and classification of various products, according to the customer and financial income, professional knowledge of securities, securities investment experience and risk preference, age, etc., objective assessment of the situation of the investor, investors fully grasp the situation, which has targeted to carry out classification management, providing customers with risk identification and affordability with a service or product adaptation. Regulatory authorities will make further regulations in terms of investor appropriateness management, securities companies to the requirements under the general principle, according to the actual situation of their own corporate clients, innovative management to carry out classification, classification services, and effectively improve investor protection work effectiveness and relevance.
42, step by step how to build with Chinese characteristics appropriate regime for investors?
A: from reality, and gradually establish with Chinese characteristics, appropriate institutional investors, investor protection is a fundamental initiative. Due to historical and technology, China's capital market started to become a mass market of millions of people participate. Every year a large number of new investors admission, they do not have much awareness of the risk of the stock market, most of the time is to follow others, listen to the message, chase sell, and finally formed a great loss, there are millions of mental and physical exhaustion every year people out of the market. This situation is by no means the regulatory body would like to see.
Under current conditions, the implementation of suitable arrangements for investors, first of all to those who do not have the most risk-bearing capacity of the stock market from the crowd persuaded out. Second, for most investors, the best investment is to follow common sense guidelines: buy blue chip large cap; do not put all your eggs in one basket, try to buy a few shares; the purchase price is not too high. Finally, only those who have the expertise and ability to assume greater risk investors, it is suitable to pick companies that you are not familiar with, the performance is not stable, the outlook very uncertain, that this is a niche market.
Currently, Investors in the system is gradually improving, GEM, stock index futures, margin trading has formed more reasonable model, the market reflects the view, generally corresponding arrangements are more accepted. Next, the bond market, the construction and regulate the development of the OTC market intermediaries, investors will be integrated into the appropriate management philosophy. Due to the small and medium investors as the main condition of the transaction will continue for a considerable period, the Commission must make unremitting efforts to strengthen investment risk disclosure and investor protection efforts, careful assessment to guide investors, rational participation, ensure the right products to sell suitable investors. Over time, investors will be able to gradually improve the structure of the market culture fostered rational investment.
43, through innovative securities companies to provide differentiated services to different investors?
A: securities companies to take full advantage of their own professional advantage, stimulate innovation-driven, innovative products and services to provide differentiated services for different investors, to meet different needs.
According to statistics, as of the end of 2011, savings deposits of individuals amounted to 34.7 trillion yuan, people's living standards improve, finance and investment desire more intense, as an intermediary, to meet this demand, rich all levels of financial products ; to actively guide and assist more types of institutional investors to enter the capital market for long-term investment and value investing. In addition to continuing to guide, support and services to pension funds, corporate pension and insurance institutions to invest in securities, but also strengthen cooperation with commercial banks and other financial institutions, increasing the relative security in the portfolio, high-return financial products, financial planning guide banks more secondary market for long-term investment and value investing. Through business innovation, as more bank depositors and better access to capital markets to provide portfolio management services.
Competition in the market competition, is still a fundamental service capability for such capital market is conducive to the healthy development and functioning, and help to improve the securities company profit model, improve service and product innovation is the core competitiveness, the regulatory authorities will actively encourage and to support it.
44, how to SFC clues?
A: At present, the Commission accepted way investors clues are mainly two:
First, through letters and visits reflect. Directly to the Commission a letter, send a "Xicheng District, Beijing Financial Street, Fukai Building, 19 China Securities Regulatory Commission Office of the petition office", Zip: 100033. Please visit "Taiping Bridge Street, Xicheng District, Beijing No. 107 China Securities Regulatory Commission visited the reception room." You can also reflect each agency to the Commission, specific ways please visit China Securities Regulatory Commission website (http://www.csrc.gov.cn) query.
Second, reflect complaints by telephone. Complaints Commission Phone: 010-66210166,010-66210182. SFC agency telephone complaints, please visit the Commission website.
45, what is the "interactive easy" how to use "interactive easy"?
A: The "Interactive Easy" is a public site, on this site, investors can any company listed the Shenzhen Stock Exchange to raise questions listed company professionals will promptly respond to problems, questions and answers in a timely manner on the website display. "Interactive Easy" draws microblogging information dissemination work ethic and innovative models, compared with the previous simple static page mode, "Interactive Easy" allows investors and listed companies exchange more convenient and rapid, more interactive.
"Interactive Easy" is a fully free, open network platform, "Interactive Easy" is taken from the name "Jane is Jane Yi, the Yi Yi Jian", designed to help investors in numerous market information through complexity Jane, easier and interaction between listed companies, access to information easier identification information easier.
As of March 12, 2012, "Interactive Easy" was visited more than a hundred thousand times, access to personalized information customization features of registered users reached 106,000, investors question reached 132,484, of which after the new on-line daily Question number 285. Meanwhile, the listed company and the reply response rate is rising, the response rate of 95%, the average recovery time shortened from three days to five hours.
"Interactive Easy" core function is to allow the majority of investors and executives of listed companies may close dialogue, face to face communication. Previously, medium and small investors almost difficult to communicate with executives of listed companies, it is difficult to demand response, as compared with institutional investors have the advantage of professional research, small and medium investors lack of professional and effective communication channels.
One investor said that when they called to ask questions of listed companies, individual companies may be perfunctory, directly to investors themselves to see announcement, but in the "interactive and easy" question to a company, the company aspects reply far more than the contents of his inquiry content, its comprehensive understanding of the company is very helpful.
For some market rumors, investors urgent need to verify their authenticity, investment decision making is very important, but in the "share it" learned information is one-sided, only the more mass the more false, and "interactive easy" on the stock market as a Legal professional communication channels, can get to the root, to get rid of the rumors and gossip, so that investors quick access to true and accurate information.
In respect of listed companies, through the use of "Interactive Easy" will help improve the listed company investor relations management efficiency. Some companies even through "interactive easy" tasted the "sweetness." A listed company said that many problems are due to company executives and even the general manager personally answer, but TWICE and strategic advice given by many investors through the platform, many portions have been adopted by the company. The company believes it is worth mentioning that the "interactive easy" effectively supervise the information disclosure of listed companies in terms of governance and standardize and improve the level of work.
Investors can be found at (http://irm.cninfo.com.cn) Direct Login "interactive easy", but also through the official website of the Shenzhen Stock Exchange, the huge influx of network, Web sites such as Panorama, may enter the platform. There are three ways to specific operations:
(1) in the Shenzhen Stock Exchange investor education column Home or click on "the Shenzhen Stock Exchange Interactive easy";
(2) in the huge influx of web page and click on "the Shenzhen Stock Exchange Interactive easy" navigation bar on the home page or click on the "Interactive Easy";
(3) After the Panorama Home navigation bar "interactive", then "the Shenzhen Stock Exchange to interact easily."
After investors to enter the platform, "See Questions and Answers column" enter the code listed companies, listed companies can view and reply to questions, investors can start your own questions to the listed company, direct communication with the listed company. Listed companies are using digital certificates issued under the Shenzhen Stock Exchange log in to this website "business zone" and "Interactive Easy" section to use related functions.
The new "Interactive Easy" concept builds on the work and the dissemination of information in the form of micro-Bo, to all types of investors launched a "user plus interest" and "information customized push" function, not only the first time to investors to provide "personalized service "concept, is also supporting the launch of the Shenzhen stock market investors' network service pass." Investors simply "interaction easy" once registered and certified the Shenzhen stock market investors' network services pass ", and you can enjoy the Shenzhen Stock Exchange prior to be introduced in the future more personalized services, such as Internet voting service, XBRL application services, investor education services.
"Interactive Easy" in the use of micro-blog mode, it is also targeted to increase "hot push questions" and other functions, listed companies may push investors to question the heat, that is valuable interactive quiz to recommend, in reply Investors also by heat-related issues concern push function lets investors can directly view the content without having to find or ask again in a lot of information, and the reply by investors in Sina, Tencent microblogging forward to achieve the maximum range spread and impact.
In order to strengthen listed companies respond to questions of motivation, "Interactive Easy" has also established a similar Taobao buyers "praise" feature, in which investors can Listed Companies replies plus listed companies reply obtained scores more in the the most satisfactory reply ranking the more forward, the formation of an incentive for listed companies.
46. What is the purpose of the establishment of the Association of Listed Companies, the organization how? With the Commission and listed companies have to do?
A: China Listed Companies Association is based on laws and regulations, "People's Republic of China Securities Law" and "Regulations Governing the Registration of social groups" and other established listed companies as the core subject, and to maintain compliance with capital market rules and to form a national self-regulatory organization is non-profit corporate social groups, its founding purpose is to do the common interests of the company's spokesperson and guardian. Association "service, self-discipline, standardize and improve the" basic functions by listed companies to provide professional services, intelligence services, conducting services, strengthen self-discipline and norms of listed companies, thus continuously improve the quality of listed companies, listed companies to make better use of capital markets to accelerate development.
According to the organization, "Chinese Listed Companies Association Articles of Association," including members of Congress of the Association, the Board of Supervisors, executive director of the Council, President of the office will be five. Among them, the members of Congress is the highest authority of the Association; Board, executive director of the Association will be the executing agency; the Supervisory Board of the Association of oversight bodies; executive director of the president's office will be set up under the agency responsible for the daily management of the Association. In addition, the association also elected president, executive vice president, vice president, secretary-general the main person responsible for the organization to carry out the specific work of the Association.
Association to the Chief of social intermediary organizations, government regulatory agencies should not inconvenience pipe or tube, also play a role in the tube can stop bad things. China Securities Regulatory Commission is an association of business unit in charge of the Association subject to the guidance and supervision of the China Securities Regulatory Commission, the listed company is a core member of the Association.
47, the third plate stock when the share reform and have the opportunity to turn the plate?
A: including original NET, STAQ system and listed companies delisting the company, the situation is more complicated, the policy being studied, will be announced in a clear policy. All the historical issues are not taken evasive attitude, and rotation plate mechanism is very reasonable, the key is to have the condition.
48, bond futures had serious problems in history, why the recovery bond futures? There is no way to control investment risk?
A: The 1995 "327" bond futures risk event is our event occurs in a particular socio-economic development period, largely due to the interest rate market mechanism has not yet started, treasury stock markets are underdeveloped, poorly designed contracts, lack of relevant laws and regulations, etc. factors. At present, with the deepening of reform and development of the financial market continues to advance and futures markets, the level of market interest rates rising national debt and the spot market is expanding steadily, futures laws and regulations has improved steadily and continuously improve the level of regulation, market participants also broader and more rational, launched T-bond futures basic conditions mature. "327" event scale circulation of T-bond spot market but 100 billion, as of the end of 2011 spot T-bond scale circulation of 6.4 trillion, 64 times that year. Currently, the Treasury market price formation mechanism has been initially established, the "Exchange Management Regulations" as the core of the futures regulatory system has been established and maturing.
According to the characteristics and laws of bond futures risk control and market supervision, supervision departments to develop a series of rigorous risk management system and appropriate regime for investors on bond futures research. Currently, the gold in the treasury bond futures contracts, rules and specific risk control measures are working on the demonstration process. In this process, we will listen to opinions and suggestions of investors, and to be tested and perfected through simulation trading. SFC will do a good job with the relevant units of the preparatory work of the Treasury futures market, bond futures to ensure a smooth launch and safe operation.
49, why the Commission launched the SME private debt? It's junk bonds and foreign What is the difference?
A: The foreign junk bonds, also known as high-yield bonds, are not legal concepts or specific securities varieties, but the risk, the results of market revenue options. US high-yield bonds is the most mature countries, which generally refers to high-yield debt credit rating below investment grade, high yield 400-500 basis points over the same period of debenture bonds. In general, small and medium micro enterprises is relatively large fluctuations in operating results, fewer assets available for collateral, the credit rating of bonds issued may be lower, supported by higher interest costs, in line with characteristics of high-yield bonds; but if the hair debt of small and medium micro-enterprise financial condition or use of guarantees, mortgages and other credit enhancement mode, its bond credit rating is not necessarily low, bond interest level may not be high.
At present, our small and medium micro enterprise financing is more prevalent, the urgent need to enrich small micro-enterprise financing. In view of this situation, I will be based on strengthening small micro-enterprise financial services, research launched the SME private placement bonds. As a kind of corporate bonds, non-listed small and medium micro non-public issuance of bonds purpose is not focused on "high-yield, high-risk" in the form of features, will introduce a variety of ways to increase trust and strengthen the choice of enterprises, enhance credit and Investors work of management, on the one hand to make up for the bond market gaps in the system, to better serve the real economy, on the other hand for qualified investors with innovative investment channels.
50, the current foreign ETF product range, the SFC what to consider in terms of cross-border ETF product launch?
A: As an important carrier index of investment, ETF has become the most important individual and institutional investors asset allocation tool, the past two decades is the fastest growing fund products internationally. Cross-border ETF work includes two parts: First Release track overseas indices within ETF. We have international experience of overseas cross-border ETF, mode selection, issues related to operational mechanisms, risk control, in-depth study, presented in the framework of the launch QDII to invest in overseas index, in the territory of cross-border exchange-listed ETF program. According to the "Mainland and Hong Kong Closer Economic Partnership Arrangement" (CEPA), the Commission recently has been actively promoting Hong Kong stocks ETF preparatory work, now the preparatory work has been basically completed. The second is to promote the overseas tracking A-share Index ETF development. Currently, the Commission is working with relevant departments to promote the launch of the Hong Kong Stock Exchange listed A shares RQFII ETF products under the framework. Through the coordinated development of two types of cross-border ETF, improve the two-way cross-border capital, orderly and balanced flow mechanism to promote the sound development of the A-share market.