129773928474218750_86Hexun homepage established mobile phone version of the stock/fund micro-blogging news blog roll daily observation of gold community write rapidly economic observation on unit thermal financial political comments on the quality of literature and history on the finance peopleRubric interview and you say the global observation of weekly hexun.com comments > body font size print RSS March 27, 2012 from: Shanghai Securities News author: Zhang Yugui have curtain of China's capital marketA new round of reform, to clean up the capital market development of serious and prolonged illness, treatment of incremental reform and negative effects at the same time, should achieve breakthroughs in key areas of reform reform should aim to reshape the new paradigm of China's capital market development
tera power leveling, to rebuild investor confidence. For this reason, regulators deep reform of the urgent need to eliminate encounters many obstacles, and forward-looking design and effective monitoring mechanisms of the implementationAnd construction of China's capital market reform framework in the next ten years and even longer. Zhang Yugui indications, China has the potential to usher in a new round of economic reforms this year time window. Capital market reform is of concern as early as that began to see the related operations at the end of last year. When he assumed office the Chairman of the SFC's first heavyweight speech is "insider trading zerosTolerance ", followed by continuous monitoring tool offering out, to a certain extent was seen by market regulators determined to clean up the previous determination to develop serious and prolonged illness. Combs recently the Commission related to purge and reform initiatives, focus in three main areas: reform of the IPO, investor protection and securities reform and reorientation of boundary internal. From the perspective of theTo observe, Mr Yao nine priorities explained a few days ago, Vice Chairman of the SFC, are the three main areas at the operation level of refinement and implementation. However, the outline. Under the framework of the existing system design of China's capital market, leaving space for Commission reform is not large. As we all know, China's capital market development and arrangement of paths and mature market economy countriesThere are considerable differences or deficiencies, acquired immunodeficiency disorders. This undoubtedly give regulators add a degree of difficulty. It should be said that regulators over the years building marketing platforms and run rules established, initially established the basic institutional framework of operation of the stock market. Related reform measures also received a certain amount of success. But the embarrassing situation of zero per cent ten years in Shanghai and Shenzhen stock market show that capital marketsEcological environment is very difficult to play the role of price discovery mechanisms. Further to say that problems existed in China's capital market may not be a structural one, but endogenous.����Because the original top design with obvious defects, so has little space to monitor their own behavior, not to mention the years to monitor their own there is a sense of the absence and lack of. Participation of State-owned enterprises, the leading marketThe Shanghai and Shenzhen stock markets, is hardly ground-breaking developments in the last decade, despite the many causes, but as has pointed out, perhaps with the progress of economic reform in China in recent ten years wandering is unlikely even to some extent relevant. Have to admit, State-owned enterprise reform and operation in the world, is a very difficult challenge. Policy makers when trying to build capital markets platformReversed corporate governance system and internal control state-owned enterprise reform, even though today may not appear to be of optimal choice, but at the time of the case, with at least equivalent to the instrumental value. It is a pity that, under the aegis of the Government, this should serve as enterprises and State-owned enterprises listed companies, did not take advantage of this platform to build a targeted set of internal governance and external oversight of the company's power systemFor money and protection mechanisms, and consciously accept the market supervision, and effective protection of the interests of the stakeholders. The impetus for reform
tera gold, then share the fruits of reform after the reform, many people have become vested, reform consciousness even into the next reform of resistance reduction. As far as the Chinese stock market ecology, the strength of the institutional investors through various channelRoad to influence the implementation of the policy, even using asymmetric information to advance investment and profit. Much-criticized system of issuance of new shares through a number of reforms, but to grasp the essence of the right allocation of scarce resources has not fundamentally changed, even forming a complex chain of upstream and downstream interests. For the medium and small investors, with no voice, only the mercy of.The other hand, the Chinese stock market regulation remains to date with more cameras color. Markets in Europe and America for nearly 200 years of history prove that maturity of government regulation is the important guarantee of capital market in order to run, its basic work is to establish a sound financial system, as well as supporting the institutional environment, particularly the establishment of a transparent and effective system of contract law and law enforcement, a good accounting system andPractice, improve corporate governance system and robust payment and settlement systems. Shanghai and Shenzhen stock markets so far have yet to make a fundamental breakthrough in institution-building. For example, the fittest of the market mechanism has been established. Withdrawal system until a few days ago, is extremely sensitive to the delisting, the gem system perform only substantive action, delisting of the motherboard market system is still under development. The otherOn one hand, often incompatible information between the Central Bank and the securities issued, and repeated abuses of market rules and violate the behavior, still just a hope under the rule of law, in the short term. Therefore, already curtain new round of reform of China's capital market, make efforts to clean up the capital market to develop severe and lingering illness, treatment of incremental reform and negative effects at the same time, ought to have access to key areas of reformExceed reform should aim to reshape the new paradigm of China's capital market development, to rebuild investor confidence.����For this reason, regulators deep reform of the urgent need to eliminate encounters many obstacles, and forward-looking design and effective monitoring of the implementation of the mechanism, construction of Chinese capital market reform framework in the next ten years and even longer. First, there is an urgent need to take out the Sarbanes-Kesili Act the monitoring tool, system constraints to more serious and prolonged illness of clear capital market. On the stock market, in addition to delisting this hard constraints, daily basic constraints should also include an expansion of the content and scope of the information disclosure of listed companies, increased administrative responsibilities of Directors, executive officers, improving the internal control environment of listed companies, as well as require listed companies to putDew developing advanced financial management personnel professional ethics guidelines, and so on.����In addition, checks and balances should focus on the use of non-market forces powers to directors and executive officers of listed companies, to ensure the protection of investors ' interests. Second, to reform of shares system as a point, strive to achieve a truly to discover the real price of the new shares of the market, from the threshold stage elimination of administrative power of capitalIntervention of the source configuration. In a manner of speaking, I'm afraid this is one of the most difficult aspects in the many reforms of the SFC. In this reform process, how to clear the old system remained strong heritage, in particular how to exclude the great resistance of the growing influence of vested interests and reasonable definition between regulators and other intermediaries and exchanges Division of duties and responsibilities, is solving problemsThe key. Finally, on the basis in determining the boundaries of the SFC, through the supervision of internal governance reform, drawing on experience in international trade regulation, correct supervision of dislocation, as well as his mark
tera gold, constructing efficient supervision system. Levels of higher authorities to take effective measures as soon as possible to correct dislocation in function of the Securities and Futures Commission and the Stock Exchange issues, with a view to the marketRegulation track switches; and must clear regulatory agencies, departments and personnel at all levels of responsibility, establishing regulatory authority, increasing regulatory requirements and tips for professional and practical, to improve professional standards by regulators and professional judgment; on the other hand, the urgent need for loopholes in the current system of stock market, strengthening the market construction of rule of law, elimination of defects in market systems, structures andGroup of irrational behavior.����Of course, more on the premise of respecting market rules by regulating the behavior of market transactions subject to stabilize market expectations. (Author of Shanghai International Studies University, President of the Institute of international finance, trade)
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