Investors concerned about the recent hot spots 50 Q (21-35)
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.
21, China's stock market there has been speculation the new, small fry, fry poor atmosphere and band operation mode, what the causes of these problems is, what harm? How to understand the "new" phenomenon, a correct view of "new" investment risk?
A: The country's stock market started late, but when IT is built on highly developed technology, investors can easily be involved in the transaction, and early on the more restrictive of the market mechanism, formed a mass-based retail investment market. This initial participation in foreign capital markets higher threshold, and gradually developed into a mass-market small niche market, institutional investors increasingly developed and subsequently there is a big difference, but also the formation of China's stock market a unique investment culture.
By the end of 2011, holdings of natural A-share market value accounted for 26.5%, but the entire market transactions of natural persons accounted for more than 85%. Retail accounted for about 70% of total outstanding shares in the subscription of new shares, representing 99.8% in first-day trading account. Plus cultural habits affect our unique, market-oriented "news" listen "theme" to hear of speculation, chase sell and so popular. The most incredible chronic stock market is "new." 2011 IPO price is an average of 47 times earnings, it has been lower than in 2010 by about 20%, but still the old share price more than three times. Usually after the listing have staged a "Drumming Biography Flower", the first day turnover 87%, prices rose by 30%, then gradually downward, generally below the issue price after six months.
Medium and small investors to take major risks of high price of new shares, according to the Shanghai Stock Exchange sample calculation, high over the vast majority of small investors will be stuck or "flesh", listed on the first day to buy retail shares within 3 months 56.7% loss. "To buy shares as the opportunity should not be missed, even a direct call to enjoy the fruits of development, this new concept and statement may need to be corrected or discarded."
New shares issued at high prices and related shares fried, fried small stocks, speculation difference stocks undermined the resource allocation function of the stock market, distorting the market structure from the most basic level, must be balanced, comprehensive way. Currently, the Commission issued the "Guiding Opinions on Further Deepening the reform IPO," strengthened speculation the new regulatory behavior. "Guidance" clearly requires Exchange IPO irregularities standards regularly publish statistics and price changes and all kinds of investors trading the new shares trading shares of profit and loss; requires securities companies to strengthen open a securities account verification and management; requirements Association management to improve the appropriateness of self-regulatory rules, trading of new shares to maintain the normal order.
22, 2010 - How different level of earnings in 2011 and the market index? How to understand the relationship between earnings and return on investment? Why purchase price is important?
A: According to statistics, 2010-2011, the average IPO price-earnings ratio: 59.49 times the GEM, small plates 48.53 times, 37.55 times the Shanghai Stock Exchange board; while the overall market for the same period: GEM 64.24 times, 38.09 times the small plates, Shanghai City motherboards 20.06 times. Average dynamic price-earnings ratio on the Shanghai SSE 180 and 50 currently only about 10 times, which means that now the rate of return on investment of around 10%.
Price-earnings ratio is the ratio of stock price and earnings per share, which is the reciprocal of the rate of return on investment. A stock if the price-earnings ratio is 20 times, then its ROI is 5%; if it is 25 times the rate of return is 4%, which may not run to win inflation. If the price-earnings ratio is 40 times, 50 times, the return on investment may be only 2.5% and 2%, that is, calculated in accordance with the static gains, 40 years or 50 years to recover their investment. Unless you decide it is truly high-growth companies.
Even the best companies, no matter what kind of subject matter, if its stock price is already too high, it is not worth buying. Price-earnings ratio of 30 times, that is to say 30 years is equal to earnings before investment funds now, if you can accept this result? As for the price-earnings ratio of 40 times, 50 times the stock, the vast majority will become "toxic financial assets," unless you are sure it is the type of company Apple or Microsoft. Press the blue chip index stocks to buy, you can not chase the high. The SSE 50, SSE 180 and CSI 300 over the past five years, the performance is far from ideal, because the period had just experienced ups and downs, in 2007 investors to buy, little income, and even a loss, when the price level is now two or three times.
23, how to change the "Commission on the stock markets were responsible for" impression?
A: For a long time, China's stock market is seen as "policy market", "information city", the reason, the current structure of China's capital market is also not reasonable, optimize the allocation of resources not fully functional, market discipline mechanism is not strong, operation of the market system and mechanism are still some problems related to the stock market's ups and downs often associated with the policy introduced by the Government, therefore, a lot of investors will form a "Commission on the stock markets were responsible for" impression.
In fact, the stock market has its internal operating rules. As regulators, the Commission's role is to maintain the market open, fair and just principles, establish a good competition order. In addition to the people's interests, national interests, the interests of investors, the Commission does not have any own interests.
Next, regulators will continue to promote open and transparent market regulation, improve the internal mechanism of the stock market, reduce unnecessary administrative intervention, foster healthy market culture.
24, small investors should be how to make rational investment and value investment? How to look at the relationship between the investment value of new shares and investment risk?
A: For small retail investors, we need to assess their own strengths, weaknesses based on their knowledge of objective judgment readiness, risk identification and tolerance prudently determine the direction of investment. To choose their own familiar territory, gathering as much information, looking for potential concentrated on the secondary market may be more prudent to invest in blue chips.
Guide social capital market for long-term savings into investment, the rational allocation of resources plays an important role in the IPO financing is connected to both sides of the bridge, is an integral part of the capital market. Admittedly, some of the newly issued shares of the company a unique industry, there is a greater potential for development, capital market as its high-speed growth accelerator. At the same time, investors have to realize that investing in stocks should be more to see the company itself, and if it is not directly related to the new shares, investment shares can not be equated with profitability.
25, the Commission has been encouraging the value of the investment, to promote blue-chip concern, but the current market conditions, the majority of long-term blue-chip stock does not move, how we should view and select blue chips?
A: The Commission encourages the value of the investment is based on long-term high valuation of the stock market, the average price-earnings ratio often reached several times, but now has been reduced to historically low levels, with the main international market is quite basic, with a long-term investment value, advocating rational investment experience relatively good time. Advocate for blue-chip is essentially advocating rational investment, value investing philosophy. Underperformance uncertainty stronger, only more experienced investor is suitable for riskier investment options.
He said blue-chip stock market is where the real value is mainly integrated the following several considerations:
First, from the blue-chip for its own characteristics: First, the blue-chip company has a long history, has a high reputation and good credit, competitive products, generally have relatively stable profitability, can better withstand cyclical fluctuations, while dividend policy stability, a high dividend yield. Second, the blue-chip represents the economic structure and industrial structure changes in direction, grasp the pulse of the times. Such as the Dow Jones Industrial Index constituent stocks of the world's oldest blue-chip stocks, the total change in the structure of its constituent stocks index reflects the changes of the structure of the US economy. Third, large-cap blue-chip companies with large float caps features, making it relatively easy to be manipulated share trading.
Second, from the performance point of view: By the end of April 2012, all 938 Shanghai-listed companies to disclose the 2011 annual report, in which SSE 180 Index constituent stocks at the end of 2011, total assets and net assets were accounted for Shanghai-listed companies 93.3% and 82% of the total. In 2011 total operating income of 133,539.71 yuan, net profit of 14,650.08 yuan, accounting for 74.9% and 89.2% of all the listed company's total revenue and net profit, respectively, operating income and net profit growth of 22.8% and 15.0% higher than in 2010, not only its performance is higher than the Shanghai stock market average, and the overall economic slowdown in 2011 in the environment, its earnings growth is still higher than the overall level of Shanghai Stock Exchange.
Third, from dividends situation: SSE 180 Index constituent stocks, a total of 145 listed companies reported profit distribution plan, of which 143 companies pay cash dividends Proposed now totaled 4,086.26 billion yuan, accounting for 180 constituent 2011 28% of the total net profit. Among them, the 2011 cash dividend in the amount of over 10 billion yuan of six companies, namely ICBC, China Construction Bank, Bank of China, Agricultural Bank of China Petroleum, China Shenhua, accounting for 34% of net profit, respectively, 35%, 35% , 35%, 23%, 40%. It provides a stable dividend income characteristics similar to bonds, can provide a more stable cash flow for investors.
Fourth, from the point of view of corporate governance: over 180 Index constituent stocks, for example, the majority of listed companies in corporate governance, standardized operational performance is better, integrity and excellent management team, and regulate the operation of the company, the company is to achieve sustained steady and rapid development, the cornerstone to achieve maximize shareholder value.
In addition, according to the Commission's monitoring of the general rise in blue chips in the first quarter, non-blue chips were generally down, change in position between the difference of nearly 12 percentage points, indicating that the value of the investment philosophy is returning.
Commission advocates blue chip investment, actually advocated investment philosophy, which is not easy for stocks. Factors affecting the stock price movement there are many blue-chip concept, the scope is not static. Therefore, can not understand the implications of mechanical blue-chip investment, the face of numerous and varied market, investors need to grasp the principles of rationality, the value of the investment, combined with the market situation, expectations and their own situation, after selecting a specific analysis.
At the same time, the Commission is accelerating the construction of the relevant system, urging listed companies to establish a reasonable and sustainable profit-sharing mechanism, to promote long-term funds into the market pace, creating a favorable environment for value investing, get returns for investors to provide basic protection. We recommend investors stick to the bigger picture, uphold calm heart, to establish their value investment philosophy, to find valuable blue chips.
26, advocating rational investment, the premise is to have a true, accurate, complete and timely disclosure of information, the Commission have any initiative in this regard?
A: Recently, the investors at the forum reflect some listed companies' information disclosure lags, and the performance of face changing fast, frequent corrections, and proposed the establishment of an official, authoritative information disclosure platform, and strengthen information disclosure of listed companies regulatory proposals.
Reflect the problems for investors, regulatory authorities attach great importance to the development of relevant measures being. Currently in improving the implementation of the relevant regulatory policies also continue to improve supervision of the IPO information disclosure, increased transparency, to extend the pre-prospectus disclosure time, professional organizations publish estimates of the industry average price-earnings ratio, through the establishment of an independent third-party assessment bodies, from the service the perspective of investors, the prospectus and other materials to further interpret the contents reveal risk help investors more popular, intuitive understanding of the company to be issued, the investment value of the company's rational judgment, to further promote the formation of long-term, rational, value investing philosophy and infrastructure. In addition, the Commission will further increase the illegal acts of the crackdown on misleading investors, deceiving investors' behavior seriously dealt with, not be tolerated.
27. How do investor education?
A: The investor education is a very urgent very complex task. On a retail investment transactions accounted for 85% of the market, to solve the "herd mentality", "herding" and "collective irrational" and other issues, it is very difficult. However, regulators have anywhere to tell the real situation of the market to investors.
Investor education is not an easy thing, but can not expect quick results, but it can not be a reason to shirk and relaxation. SFC advocate rational investment philosophy is to clearly oppose "get rich quick", "big money", "flourishes" investment mentality, honestly, truly describes the actual earnings of the various stocks, further promote long-term investment value investing and the "caveat emptor" concept.
28, how to avoid bought the company's stock and a loss situation to become "toxic assets"?
A: Even the best companies, if the stock price is overvalued, it is not worth buying. Including blue-chip index by buying stocks, not blindly chasing the high.
SSE 50 in the eight years since its launch in total revenue was 82.5% on 180 in nine years and a half in total revenue was 71.7% in seven years, the Shanghai and Shenzhen 300 total return of 151.2%. But in the past five years, the SSE 50, SSE 180 and CSI 300 has undergone major ups and downs, the yield is not ideal, namely -4.6%, 12.3%, 20.8%, since 2007, the price level is now two three times.
In short, even if the company itself is promising, particularly technological innovation and creative or cultural factors, but if too much value above its potential, it may also become a "toxic assets."
29, in the interests of protecting investors, issuers, intermediaries, regulators and investors themselves should bear what responsibility?
A: Protection of the legitimate rights of investors is an important part of the construction market is the core objective of the regulatory work, do a good job, the task is arduous, need attention of the community, participate in each subject, investors protect themselves simultaneously. Regulators will focus on this goal, according to the "Three" principle, strive to promote the establishment and effective for investors, the integrity of the securities market, and build investor protection benign environment.
The issuer's responsibility: the issuer must have business integrity, it is necessary to pay attention to their own products, technology, quality, market, improve operational efficiency, but also to pay full attention to the common interests of various stakeholders, true, accurate and complete information disclosure, the only way to build and grow and develop in the stock market. For bad faith, fraud performance even cosmetic results, expected the company to mislead investors, regulators will further intensify the crackdown.
Agency responsibility: agency to raise legal awareness and sense of integrity, diligence, improve business standards. Agency securities market is important to the participants to fully understand the investors is the foundation of existence and development of the market, investors ultimately harm to harm to itself. Safeguard the overall interests of safeguarding the interests of investors, it is tantamount to safeguard its own interests. Depending on customer God, to protect investors and maintain market long-term development interests and their own long-term interests, and to comply with the practice and conduct, truthfully disclose problems found in practice to fully disclose the risks, the courage to reveal the risk, really play. " intermediary "professional role, reflecting the professionalism, investors reveal a real company, to make their own" intermediary "work history and stand the test of the market, fundamentally for their own and establish a good reputation, enhance real competitiveness. Intermediary institutions should continuously improve their research capacity and professional judgment, with their long professional to provide investors with real information rational judgment, and ultimately win the full trust of investors, won a solid position in the market. For those who blindly seek high fees, regardless of the real situation, to help companies package, or even fraud, cheat expensive agencies, regulatory authorities should record, while also encouraging the market, investors and the media, and I will be an oversight. Here, I would also remind the various intermediaries, do not fall into the "dishonesty" vicious cycle, for the sake of little immediate benefit to the detriment of their own brand-name institutions to grow into the future of the future.
Responsibility of investors: the majority of investors to more learning, more analysis, improve self-protection and risk prevention awareness, to make prudent investment decisions. It should be responsible for their own spirit, the family and responsible attitude, serious screening, do not blindly follow the trend.
Responsibility for regulatory authorities: regulatory authorities have the responsibility and have the confidence to gradually change the status quo insured work will continue to refine and improve the regulatory system, promote improve the legal system, and promote the market players homing diligence, improve the formation mechanism of IPO price, implementation and strengthen the responsibility of intermediaries, investors increase the legal aid efforts, and jointly safeguard the healthy and stable development of capital markets. Hope that the majority of investors to play a supervisory role, identify problems and timely to reflect jointly promote investor protection.
30, securities companies operating in the process how to play good "intermediary" professional role?
A: As a direct intermediary services for investors, the Securities Investor Protection Corporation is the main force, the main front. Securities companies to play professional advantages and professionalism, establish a good investment culture in the formation and on the investment philosophy and make due contributions; to broaden our thinking and innovative services, and gradually improve the capacity and level of service investors.
Securities companies to really play a "mediation" of the professional role of providing real information to investors rational judgment, fully reveal the risks and dare to reveal risks. In addition, the provision of new products, new business, not simply to market promotion oriented, but should consciously investor education with its own business practices distinguish objectively and truthfully briefing to investors and help investors rational judgment. Through its own professional services, and ultimately win the full trust of investors, won a solid position in the market.
31, information disclosure of listed companies in a timely manner, whether the introduction of penalties for non-transparent judicial process, while allowing victims investors can class action lawsuit reduce the threshold?
A: The information disclosure of listed companies has been an important part of supervision. At present, the Commission has established a mature system of listed companies' information disclosure regulation. To strengthen the quality of information disclosure, in 2011, the Commission issued the "administrative responsibility information disclosure violations identified rule", and increased information disclosure obligor of information disclosure illegal Responsibility. Improve the implementation of policies in the relevant regulatory measures, the Commission will continue to keep the pressure up against, and further increase the information disclosure law violations crackdown on misleading investors, deceiving investors' behavior seriously dealt with, not be tolerated , in particular through the investigation of the case, give full play to the role of warning and disciplinary effect. In addition, regulatory authorities also noted that many small investors complain that can not read performance reports of listed companies, some of the content is too complicated. The Commission is urging listed companies to provide detailed research brief two financial statements also drew investors focus on earnings per share, the most critical indicators of net assets per share, etc., to keep abreast of earnings, book value, return on equity, return on assets rate dynamics indicators.
If investors find listed company information disclosure is not standardized questions, we hope to reflect the exchanges and regulatory authorities.
In addition, the SFC system and the relevant units are actively studying public interest litigation, expanding channels for relief against the interests of investors by strengthening the protection of the interests of investors. Regulators have taken note of the judicial practice of class actions overseas, pros and cons, and how to adapt to China's practice, may also need to be carefully explored and demonstrated.
32, how to treat the problem of experts recommended shares of profit?
A: If the experts recommended stocks, while shares, contrary to professional ethics, even if only general comments on the stock market institutions and policies, there may be a conflict of interest. Some scholars and experts themselves may not realize, as investors and commentators on the Role is not the same, if you have a dual identity or multiple identities, his remarks misleading, for the interests of other investors may cause damage. Practices in overseas markets worth studying and learning, such as expert statements if they are also investors in the stock when the article recommended stocks. In fact, including media reporters, if responsible for stock market reports, it is best not to participate in equity investments, because the media reporter's article may affect the public, is no longer a private act. Commission welcomes comments and suggestions from all sides, whether it is investors or experts, or those who are equipped with two identities, are free to express their wishes, but it is preferable to make the market, regulators and the media understand this cases, this can also reduce the number of undue misunderstanding. For your problems reflected, regulators will continue to focus seriously study the party statement of investment holdings specification operability, timely perfect the relevant provisions.
33, whether or cancel strict control central, provincial and municipal TV stations securities analysis and recommended program?
A: The existing laws and regulations do not prohibit all levels of television programs held securities. In 2010, the SARFT issued "securities on radio and television programs strengthen the management notice" further clarified the radio and television programs securities regulatory requirements. At present, the major satellite TV securities program has been basically on track, there might be some individual local television program non-standard situations. To further regulate the securities radio and television programs, radio and television departments and the Commission will continue to take strict control of the following measures: First, establish a system of securities television program specifications; second is to strengthen tracking and monitoring, timely halt illegal securities television programs; Third, strictly regulate Recommended stocks behavior, containment "grab the hat trade" from the mechanism; fourth is to encourage securities companies and securities investment consulting organizations active compliance of securities involved in radio and television section.
The SFC welcomes the vast number of investors to engage in illegal activities such as securities investment advisory report, once verified, will be handled according to law.
34, how to intensify efforts to combat illegal advisory body, clean up the network "recommended stocks" software, and protect the legitimate rights and interests of investors?
A: illegal securities activities has been the focus of the fight against the SFC. 10 State Council departments, local governments and around the public security and judicial support, remediation using the Internet and other media to engage in illegal securities activities has become routine working mechanism, with some success. Your hope is that the work of the SFC criticism, the Commission needs to intensify its efforts: First, give full play together, mobilize social forces to participate constructively, monitoring and remediation of illegal securities activities; second is to study practical measures, with the relevant authorities for further strengthen the network media and mobile phone text messages to monitor decontamination work, to cut off the illegal securities activities of information dissemination channels; third is to increase efforts to investigate the case, as early, hit signs, outcrop hit, to engage in illicit and illegal securities consulting trust management behind Blackhand pulled out; Fourth, the parties warning education, risk warning information to investors and potential investors full coverage, multi-carrier, multi-form, a typical case of wider exposure, publicity and education in order to effectively reduce the deceived investors; five is legitimate on securities institutions and services to keep up, to make up for small retail service to boot, to enhance the living space in order to reduce illegal business.
Investors have the ability to protect themselves. Should be treated as "Shares" rumors "Shares" in worthless information more often is one of the sites of information manipulation, may induce retail investors to follow suit into the trap, it is also likely to encourage investors to frequent trading. Again, Zhejiang investors a false complaint Television securities information case, although the relevant person was sentenced, won the lawsuit, but investors without prudent judgment, credulous advertising content, there is also at fault, the court appropriate to reduce the liability of the defendant. In short, those who want to make quick money, big money, flourishes, and ultimately counterproductive.
Investors are welcome to the SFC and the agency by telephone, etc., letters or clues to report illegal Internet channels. Investors may also reflect to the local government, public security organs, business management, radio and television management, communication management and other departments.
35, now of small investors judicial relief channels or not smooth, insurance bureau in this regard whether to do the work, let the securities law of civil procedure to go up?
A: You mentioned judicial relief channel is not smooth is an objective facts, the legislature, the judiciary, the Commission, academia and the media are concerned, have done a lot of effort. At the legal level, the Commission actively promote the development of securities civil compensation infringement of judicial interpretation, closely monitor "Civil Law" revision process, securities and futures research in the field of public interest litigation, coordinating the relevant agencies continue to expand the field of the protection of legitimate rights and interests of investors.
At the same time, the Commission is exploring the establishment of third-party mediation mechanism welfare Securities futures for professional securities market characteristics in China. Securities professional mediation has specialized, high authority, convenient and efficient, low cost, help resolve conflicts and disputes in a timely manner, to become one of the development trend of the world's major developed financial markets Dispute Settlement Mechanism. At present, the relevant institutional program is perfect, is studying the feasibility of the pilot. Actively and steadily push forward the work, which can effectively promote the establishment of judicial relief mechanisms and investors deepen investor protection.
In addition, the Board is carried out as a warning to protect the risk, advocating rational investment for the content of the publicity and education activities, efforts to enhance the awareness and ability of investors rights law, the establishment of sophisticated investors team. In this process, the investor protection bureau is willing to guard side.