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Investors pay attention to 50 hot topics recently

2013-12-09 18:14

1. How does the capital market play a role in promoting the transformation of China's economic development mode, and what are the opportunities and challenges?

Answer: As an important platform for optimizing resource allocation, the capital market plays an irreplaceable role in guiding the transformation of social savings into effective investment and promoting the adjustment and upgrading of industrial structure. The experience of developed countries shows that the capital market plays a key role in promoting the country’s economic transformation and the development of strategic emerging industries. In the past 30 years, the four most important emerging industries in the world—computers, communications, the Internet, and biopharmaceuticals—have all discovered and promoted growth through the capital market. The success of China's economic transformation in the future requires the support and promotion of a strong capital market.

The requirements for accelerating the transformation of the economic development mode also make my country’s capital market face unprecedented opportunities and challenges.

my country's economic industrialization, urbanization, informatization and marketization are all in a period of rapid advancement. This not only laid a solid foundation for the development of the capital market, but also put forward higher requirements for the securities and futures industry. my country's capital market is very young, with many immature places, and at the same time full of vigor and vitality, with the broadest prospects.

At the same time, China’s stock market does have many disconnects in reflecting the real economy, but from the mid- to long-term perspective, the trends of the two are basically the same. Otherwise, it cannot explain why we have been able to build a scale that ranks among the best in the world in 20 years. Stock, bond and futures markets.

As a late-comer emerging market economy, China's capital market is not perfect. The most prominent performance has two aspects: First, the market has been volatile, especially in the past few years. For example, the closing price of the Shanghai Stock Exchange Index rose by 130% in 2006, 97% in 2007, and a decline of 65% in 2008. The market rebounded by about 80%, and the market has fallen significantly in the past two years. Second, the market structure cannot reflect high quality and price. In many cases, it is the opposite. This means that the efficiency of resource allocation has been seriously damaged, and the interests of the country, society and investors have been adversely affected. These problems will be resolved through further reform of the capital market system, making the interaction between the capital market and the real economy more healthy and smooth.

2. How do you think the government lowered the target value of economic growth to 7%?

Answer: The "Twelfth Five-Year Plan" determined an average annual growth rate of 7%, which lowered the expected target of the policy in order to be able to coordinate more aspects. The vast majority of international economists will not doubt that China will still be one of the economies with the most development potential.

Over the past three decades, my country’s economy has maintained rapid growth, but speed is not everything. Structure, efficiency, environmental protection, and safety are equally important. From the overall point of view, my country has an urgent need to speed up industrial upgrading and change the development mode. The moderate slowdown of the economy is the result of implementing the scientific development concept and implementing macro-control, which is conducive to sustained and healthy development.

3. Some people say that China's economic development is highly dependent on foreign countries and that export-oriented economies are greatly affected by external market demand. How do you view this issue?

Answer: The foreign dependence of a country’s economy is usually measured by total import and export trade/GDP and current trade balance/GDP. In 2011, the total import and export trade/GDP (calculated based on the 12-month average exchange rate) is 50%, and the current account balance /GDP is 2.8%, down from the peaks of 65% in 2006 and 10.1% in 2007. The difference in exchange rate and GDP accounting has led to the so-called high degree of foreign dependence, reaching more than 50%. In fact, China will not rely more on the external economy than the United States and Japan.

On the whole, my country's economy is a typical big country economy, with a huge domestic demand market, and the impact of the international environment is actually not as great as imagined. Although the current international economic situation is complex and changeable, many deep-seated problems and contradictions in the country have been highlighted, but they can all be solved step by step through development.

4. How to treat the Shanghai Composite Index's statement that the stock index has returned to zero in ten years?

Answer: At the end of 2011, the value of the Shanghai Composite Index was indeed the same as it was ten years ago, roughly around 2,200 points, but this does not mean that investors have no income for ten years. The reasons are:

First, the stock index refers to the time point, that is, the stock, and the return is the interval number, that is, the flow, which is not comparable. Since its establishment in 1991, the Shanghai Stock Exchange has fluctuated sharply. If you choose to be at the highest point, it will increase by 61.2 times. This does not mean that the income of people who bought stocks during the corresponding period of time has reached that many times.

Second, the composition and weighting of the Shanghai Composite Index have been greatly adjusted during the period. If calculated on an absolutely comparable basis, the stock index has risen 28% in the past ten years, with an average annual increase of 2.5%; plus dividends and other factors, the index investment rate of return is 40%, and the annualized investment rate of return is 3.4%.

Third, due to the incomparability of indexes, the valuation levels of listed companies reflected by the same index level are completely different. The average P/E ratio in June 2001 was close to 60 times, while in December 2011 it was only about 13 times. As for the cash dividend income, it is even more incomparable. The total amount is now 12 times higher than that of ten years ago.

5. The reform and development of my country's securities market in recent years has achieved tremendous results, and it has been universally recognized internationally, but domestic investors have not received satisfactory returns. What is the root cause of the problem?

Answer: my country's stock market has indeed fluctuated greatly in recent years. After a sharp rise, it has fallen sharply. As far as the last two years are concerned, due to the continuous decline, investors have suffered large losses, especially small and medium-sized investors generally did not make money. The reasons for this situation are complex. The most fundamental reason is that the current structure of my country’s capital market is not reasonable enough, the function of optimizing resource allocation has not been fully utilized, the market restriction mechanism is not strong, and there are still many systems and mechanisms for market operation. problem. For example, the reform of the issuance system, the improvement of the dividend and delisting system of listed companies, and the establishment of an investor suitability system that are closely watched by all parties in the market are all critical. The phenomenon of “new stock fever”, “three highs” of new stock issuance, and “hyper-speculation of small-cap stocks” in the market are all related to the above-mentioned institutional arrangements and regulatory operation problems. The existence of these problems has greatly harmed the interests of investors. . In this regard, the regulatory authorities attach great importance to it and are actively studying solutions.

6. ​​As a country with a high savings rate, why do companies find it difficult to raise funds and residents feel that there are few investment opportunities?

Answer: As a country with a high savings rate, my country generally does not have a shortage of funds, but there are serious structural mismatches and unsuitability.

On the one hand, residents, institutions, and enterprises all feel that they lack satisfactory financial investment channels. Bank deposits exceed 80 trillion yuan, and there are few wealth management products that can beat inflation.

On the other hand, many R&D projects, innovative enterprises and entrepreneurs with broad market prospects do not receive timely and sufficient financial support. Small and medium-sized enterprises have difficulty financing, and the stock prices of large-scale high-performance companies are about 40% lower than the average level.

This shows that the current financing structure is not balanced enough, the capital market mechanism is still very imperfect, and the capital demand side and the supply side have not found an effective docking mechanism and channel. This is also a problem to be gradually solved in the next capital market reform.

7. What are the main manifestations of structural imbalances in China's financial system? What are the manifestations of imbalances in the internal structure of direct financing? What are the harms of structural imbalances in the financial system?

Answer: The structural imbalance of China's financial system is mainly manifested in three aspects: the proportion of direct financing is much lower than that of indirect financing, the asset scale of financial institutions is 92% in the banking industry, and the insurance and securities and fund industries only account for about 8%. Financial risks are excessively concentrated in The banking system; the development of the corporate credit bond market in direct financing lags far behind the development of the stock market and does not impose hard budget constraints on enterprises; the valuation of the primary market of the stock market is higher than that of the secondary market, and the valuation of blue chip stocks is much lower than that of poorly performing stocks. High quality is not good price". The above situation has not been significantly improved, restricting the financial system's function of resolving financial risks and improving the efficiency of capital allocation.

As far as direct financing itself is concerned, the structure is also very unreasonable. The proportion of stocks and bonds is imbalanced, and the balance of corporate credit bonds is less than a quarter of the market value of stocks. The bond market is still dominated by interest rate products such as treasury bonds and financial bonds, and corporate credit bonds account for one-fifth of the total bond stock. Among the corporate credit bonds, the exchange market is seriously lagging behind, and the inter-bank market custody scale accounts for 97%. The two markets have not yet fully interconnected.

The harm of financial structural imbalance is mainly reflected in the internal fragility of the financial system that is over-reliant on credit, and systemic risks will form under certain circumstances; financial services for the real economy will inevitably be insufficient, and there is The financial services of creative enterprises are far from insufficient. The contradiction between private capital and more investment and small and medium-sized enterprises' financing difficulties is very prominent. This shows from one aspect that there is a relatively serious financial repression in economic life.

According to the 2011-2012 Global Competitiveness Report of the World Economic Forum, China's comprehensive competitiveness ranks 26th, financial market development ranks 48th, and financial service convenience ranks 60th.

The structural imbalance of the financial system is a potential risk factor and a manifestation of the immaturity of my country’s financial market. It has caused inefficient allocation of resources, restricted the functioning of the financial system, and hindered the stable operation of the market. It should attract attention from all sectors of society.

8. How can direct financing support the needs of real economy development?

Answer: Direct financing is a financing mechanism with stocks and bonds as the main financial instruments. The real economy is the foundation and the foundation. "A hundred industries will prosper, and finance will thrive; all industries will be stable, and finance will be stable." At the same time, as an important platform for optimizing resource allocation, the capital market plays an irreplaceable role in guiding the transformation of social savings into effective investment and promoting the adjustment and upgrading of industrial structure.

After more than 20 years of ups and downs, my country has established a stock market that ranks third in the world in market value, a bond market that has the fifth largest balance in the world, and a futures market with the highest trading volume. The ability of direct financing to support the real economy has been continuously enhanced, which has effectively promoted the transformation of development methods and the construction of an innovative country.

However, my country's direct financing is still seriously lagging behind the needs of the development of the real economy. The proportion of indirect financing is still too high. Banks account for more than 90% of all financial institutions' assets, and too much risk is concentrated on banks. Many enterprises, especially innovative and entrepreneurial enterprises, are difficult to obtain financial support from banks in the early stage. Therefore, it is necessary to continuously increase the scale and proportion of direct financing, accelerate the construction of a multi-level capital market system, and provide differentiated financial services for enterprises of different sizes, types, and growth stages. The State Council made a decision not long ago that to support the listing and financing of small and micro enterprises, the ChiNext, over-the-counter market and private placement bonds need to speed up.

9. How can the Chinese stock market cultivate and attract companies with better growth prospects?

Answer: The capital market is easier to organize and mobilize resources to engage in innovative and entrepreneurial activities because of its characteristics of risk-sharing and benefit-sharing. It naturally has the advantage of promoting the development of high-tech and cultural creative industries. The experience of developed countries shows that the capital market plays a key role in promoting the country’s economic transformation and the development of strategic emerging industries.

The four most important emerging industries in the world in the past 30 years—computers, communications, the Internet, and biopharmaceuticals—have all discovered and promoted growth through the capital market. The close integration of the US capital market and high technology has supported its continued leadership in technology. Many people of insight in the world believe that European high-tech industries are lagging behind the United States, not because of the backwardness of European scientific and technological inventions, but because of the backwardness of venture capital and capital markets.

In the next step of the construction of a multi-level market system, the structure design of markets such as over-the-counter markets, over-the-counter transactions, and private equity should focus on the characteristics of knowledge and technological innovation enterprises, modern agricultural enterprises, small and micro enterprises, and make targeted Institutional arrangements can effectively enhance the flexibility and tolerance of my country's capital market, so that innovative enterprises with different characteristics can be supported by the capital market, so as to better promote the transformation of scientific and technological potential into actual productivity. This is the key for China to get rid of the "middle income trap" in the future.

10. In the next period of time, what will the CSRC's work focus be?

Answer: The China Securities Regulatory Commission has clarified three priorities:

First, improve the fair competition order in the market and protect the legitimate rights and interests of investors. Establish a fair and competitive market order, improve relevant laws and regulations, improve market integrity, resolutely crack down on insider trading, and be a guardian of the legitimate rights and interests of investors.

Second, improve the ability to serve the real economy, especially its weak links. The real economy is the foundation, and the capital market is an important platform for optimizing resource allocation. It is necessary to continuously increase the scale and proportion of direct financing, accelerate the construction of a multi-level capital market system, guide the transformation of social savings into effective investment, and promote the adjustment and upgrading of industrial structure.

Third, support technological innovation and cultural progress. In the construction of a multi-level market system, the structure design of over-the-counter markets, over-the-counter transactions, private equity and other markets should focus on the characteristics of knowledge and technological innovation enterprises, modern agricultural enterprises, small and micro enterprises, and make targeted systems. Arrangements so that innovative enterprises with different characteristics can be supported by the capital market, so as to better promote the transformation of scientific and technological potential into actual productivity.

The above-mentioned aspects are basically the same, because investment and financing, services and returns, risks and returns are an inseparable whole.

11. What are your plans and work arrangements for accelerating the building of integrity in the capital market?

Answer: In supervisory work, the words honesty and punishment are very important. The word honesty, sincerity is the focus, and sincerity has faith; the word discipline, the discipline is the focus, and punishment is the only way to discipline. Therefore, since the end of last year, the China Securities Regulatory Commission has announced more than 30 cases of securities and futures violations to the public, with very good results. At the same time, the China Securities Regulatory Commission plans to formulate the "Interim Measures for the Supervision and Administration of Integrity in the Securities and Futures Market" to strengthen the integrity supervision and restraint on market entities and their behavior. Currently, the "Measures (Draft for Solicitation of Comments)" is currently seeking public opinions.

In the future, the China Securities Regulatory Commission will continue to intensify its crackdowns on insider trading, market manipulation, fraudulent listings, false disclosures, and other illegal activities, and deal with problems more quickly if it finds it, and it can’t be merciless at all. On the other hand, the China Securities Regulatory Commission also proposed to increase the added value of handling cases. That is to say, punishment is not the goal, the key is to play a warning role through the investigation of the case.

Insider trading is a common problem faced by various countries in market supervision. Investigating and handling insider trading cases involves a large number of subjects and accounts and a wide distribution. It is especially difficult to prove that the offender knows and transmits insider information, and verification takes a lot of manpower and time. From a social perspective, many people still believe that insider trading is not a crime. This is also true in other countries, such as Japan. Insider trading was criminalized 25 years ago, and people’s vigilance is gradually increasing. In addition, the capital market is a national unified market, and listed companies are scattered in various places. There are also many difficulties in investigating and dealing with violations of laws and regulations. In addition to local protectionism factors, there is also a problem of lack of professionals in law enforcement agencies.

The Securities Regulatory Commission will continue to maintain a high-pressure posture, adhere to the combination of attack and defense, and give full play to the role of the existing comprehensive prevention and control system. In addition, some institutional arrangements may also need to learn from some effective foreign practices. For example, in some countries, the settlement system has played an important role in the investigation and handling of insider trading. The respondent accepts the enforcement measures of the supervisory authority, but neither acknowledges nor refutes the relevant allegations. This will not only improve the effectiveness of supervision and enable other investors who have suffered damages to obtain compensation relatively quickly, but also produce sufficient disciplinary effects.

12. What are the main goals and tasks for the development of the securities and futures market in 2012?

Answer: The "Twelfth Five-Year Plan" outline and the National Financial Work Conference have set clear goals and tasks for the development of the securities and futures markets. It is very important to develop multi-level capital markets, cultivate specialized investment institutions and intermediary organizations, and expand opening up in many fields. About 40% of administrative approval items will be cancelled in 2012, and some will be decentralized and merged. The most urgent task is to deepen the reform of the issuance system and improve the issuance, delisting and dividend system.

13. What is the current status of the construction of the domestic bond market? What are the management's ideas and plans for the development of the bond market?

Answer: At present, the management of my country's bond market is not unified, the risk control mechanism for debt repayment is not perfect, and credit responsibilities are blurred. The biggest problem with the approval of different ministries and commissions is that they provide some kind of implicit endorsement or guarantee. If accumulated over a long period of time, a greater systemic risk will be formed.

The China Securities Regulatory Commission is formulating an implementation plan for private placement bonds for SMEs, and municipal bonds and agency bonds are also actively being studied and advanced. In accordance with the requirements of the State Council, the People's Bank of China, the Development and Reform Commission and the China Securities Regulatory Commission have initially established an inter-ministerial coordination mechanism for corporate credit bonds. At this stage, the China Securities Regulatory Commission is working hard to promote the “five unifications” of the bond market system and regulations: unified access conditions, information disclosure standards, credit rating requirements, investor suitability systems, and investor protection systems. On this basis, it will further promote the market The internal and over-the-counter markets are interconnected, and a standardized and unified bond market will be gradually established.

14. Where are the breakthroughs in product innovation in the bond market? What new products can be launched?

Answer: The bond market needs further innovation. For example, the purpose of developing high-yield bonds is to fill the gaps in the bond market system and better meet the diversified investment and financing needs of the society.

The China Securities Regulatory Commission is studying the launch of private placement bonds for SMEs. As a type of corporate bonds, it includes the market demand for high-yield bonds, but it is not limited to high-yield bonds. The issuance of such bonds complies with legal requirements and is also conducive to improving the financing tools and channels of small, medium and micro enterprises.

The China Securities Regulatory Commission has conducted preliminary investigations on local governments, bond-issuing companies, and intermediary agencies, and is stepping up research and formulation of relevant plans. In addition, municipal bonds and institutional bonds are also conducive to promoting urban infrastructure construction, improving the transparency of local government debt, and diversifying risks in the banking system. The regulatory authorities will earnestly study and actively create conditions to promote the development of these two types of bond products.

Treasury bond futures are also expected to be launched and implemented in the near future after long-term careful preparation. Treasury bond futures are of special significance for interest rate marketization, financial institution hedging and market risk resolution. With the rise of my country's economy, the commodity futures market is also ushering in another prosperous spring.

15. What arrangements have been made for the protection of the rights and interests of small and medium investors in the reform of the new share issuance system of the China Securities Regulatory Commission?

Answer: Protecting the legitimate rights and interests of investors is the core principle in the formulation of various institutional rules of the capital market, which has been fully reflected in the reform of the new share issuance system. On April 28, the China Securities Regulatory Commission issued the "Guiding Opinions on Further Deepening the Reform of the New Share Issuance System", focusing on improving information disclosure and market constraints. The core purpose is to promote the price of new shares to truly reflect the company's value and achieve coordination between the primary and secondary markets. healthy growth. The specific arrangements are as follows: First, further promote the construction of the issuance system centered on information disclosure, strengthen the authenticity, accuracy, adequacy and completeness of information disclosure, and improve the quality of information disclosure throughout the process and from multiple perspectives. Secondly, clarifying the responsibilities of issuers, intermediaries, inquiry targets, etc., and increasing penalties for violations of laws and regulations are all measures that directly focus on protecting the legitimate rights and interests of investors, especially public investors. Third, considering the structural characteristics of investors in my country’s market, the offline allotment ratio has been increased, and the offline to online call-back requirements have been clarified, reflecting the willingness of small and medium investors to participate in new stocks, and taking into account the promotion of continuous market regulation and response. Active protection of the legitimate rights and interests of investors. Fourth, the introduction of an independent third party to conduct risk analysis on the information disclosure of companies to be listed is aimed at providing reference for small and medium investors when subscribing for new shares, and helping small and medium investors to more accurately and profoundly judge the issuer’s risks.

16. What is the harmfulness of the high price of new stocks? How to improve the pricing mechanism of new stocks to restrain the phenomenon of "three highs" and speculation in new stocks?

Answer: The high price of new stocks will cause bad market ecology, waste resources, poison the social atmosphere, encourage fraud and violations of laws and regulations, and distort the market structure from the most basic level, which determines the trend of continued decline in stocks in the future. The so-called "short and long bears" has become inevitable. The reasons for this phenomenon of high-priced issuance, which is rare in the world, are very complicated. There are system problems, regulatory problems, and various factors such as social culture, investment habits, and market psychology. It must be coordinated and comprehensively managed. Focus on strengthening buyer pricing constraints, increasing underwriters’ pricing responsibilities, improving stock liquidity, and strengthening supervision over pricing behaviors, improving pricing mechanisms, and curbing phenomena such as the “three highs” and speculation in new stocks.

Deepening the market-oriented reform of the issuance system is a key task deployed by the National Financial Work Conference at the beginning of the year. In the long run, we must continue to strengthen the quality of information disclosure, strengthen social supervision, improve the legal environment, and vigorously introduce institutional investment. From the perspective of issuance supervision, it is necessary to focus more on information disclosure, continuously improve the quality of financial reports, and curb packaging and whitewash performance. On April 28, the China Securities Regulatory Commission issued the "Guiding Opinions on Further Deepening the Reform of the New Share Issuance System", clearly and further promoting the construction of an issuance system centered on information disclosure, and strengthening the authenticity, accuracy, adequacy and completeness of information disclosure , To improve the quality of information disclosure throughout the process and from multiple angles.

17. Will the IPO system reform abolish the review system and move to the registration system?

Answer: Whether to implement the review system or the registration system is not the core of the question. The key lies in how to define the responsibilities and obligations of government regulatory agencies, exchange platforms and other market intermediaries, and how to ensure that companies can disclose relevant information in a complete, accurate, and adequate manner. In those markets where the registration system is implemented, some inspections are much stricter and more detailed than in our country.

The Securities Regulatory Commission should conduct a compliance review, and issuers, intermediaries and investment entities should all be responsible. In the near future, the China Securities Regulatory Commission has focused on enhancing buyer pricing constraints, increasing underwriters’ pricing responsibilities, improving stock liquidity, and strengthening supervision over pricing behaviors, improving pricing mechanisms, and curbing the “three highs” and vicious speculation in new stocks.

18. Why do listed companies with good performance do not pay dividends? Can they not go ex-dividend after dividends?

Answer: The China Securities Regulatory Commission supervises and restricts the dividend distribution system of listed companies, and attaches great importance to guiding listed companies to return to shareholders. In recent years, listed companies have gradually increased their awareness of dividend distribution, and the intensity of giving back to investors has increased year by year, which has achieved certain results.

However, due to historical reasons, equity constraints and investment return mechanisms are still relatively weak. Some listed companies are not very willing to pay dividends, and the awareness of actively repaying shareholders is obviously insufficient. The main manifestations are: First, the dividend payout ratio is generally low. From 2001 to 2011, the ratio of cash dividends to net profits of listed companies was only 25.3%, while the ratio in mature international markets is usually around 40%. The second is to light cash dividends in the form of dividend distribution. In the previous three years, listed companies' cash dividends accounted for 41.69%, 35.85% and 30.09% of net profits, respectively. It is expected that the cash dividend ratio in 2011 will increase. Third, a considerable number of companies have not disclosed in detail the specific reasons for not making cash dividends. All these have a negative impact on the overall image of listed companies, as well as the market atmosphere and investor confidence.

But it needs to be explained that the "Company Law" stipulates that the profit distribution of listed companies is a matter of independent company decision-making, and only the board of directors and the shareholders meeting have the right to decide whether to distribute dividends. Therefore, on the basis of fully respecting the independent operation of listed companies, the regulatory authorities encourage and guide listed companies to establish a continuous, clear and transparent decision-making mechanism and dividend policy. Specific measures include: requiring companies that have IPOs to disclose information related to profit distribution in the prospectus; clarifying the relevant positions and attitudes of independent directors and external supervisors; guiding listed companies to clarify shareholder return plans; reducing listed companies' dividend-related issues Operating costs; strengthen the supervision and inspection of the decision-making process, implementation and information disclosure of listed companies' cash dividends. I believe these measures will play a positive role.

The price formed by ex-rights and ex-dividends is only used as a reference price for the opening of individual stocks on the ex-rights day. If most people are optimistic about the stock, the commission price is higher than the ex-rights price, and the actual opening price generated by the call auction will be higher than the ex-rights price, and vice versa. The opposite is true. It can be seen that the ex-rights and ex-dividend prices are not necessarily the price at which investors buy and sell, and will not affect investors' income. Regarding the issue of dividends and tax deductions, the China Securities Regulatory Commission has also been very concerned. In order to adapt to market changes, it is actively coordinating and reducing the company's operating costs related to dividends and increasing returns to shareholders.

19. How to implement and implement the dividend system of listed companies?

Answer: According to the "Company Law", the profit distribution of listed companies is a matter of independent company decision-making, and only the board of directors and the shareholders meeting have the right to decide whether to distribute dividends. The regulatory authorities will encourage and guide listed companies to establish a continuous, clear and transparent decision-making mechanism and dividend policy on the basis of fully respecting the independent operation of listed companies. Specific measures include: requiring IPO companies to disclose information related to profit distribution in the prospectus; clarifying the relevant positions and attitudes of independent directors and external supervisors; guiding listed companies to clarify shareholder return plans; reducing listed companies' dividend-related operations Cost; strengthen the supervision and inspection of the cash dividend decision-making process, implementation and information disclosure of listed companies. I believe these measures will play a positive role.

For companies with positive accumulated net profits but no dividends, the agency dispatched by the China Securities Regulatory Commission has conducted a preliminary investigation and will urge the companies to fully disclose the specific reasons for their undistributed dividends, the use of undistributed funds, estimated earnings, and actual earnings. Information on the reasons for the inconsistency of expected returns. Companies that have not paid dividends in proportion to their promises and have not fulfilled their dividend obligations for a long time should strengthen regulatory constraints, help companies firmly establish the concept of rewarding shareholders, and continue to promote companies to improve their corporate governance.

20. What is the relationship between the delisting system and rational investment? What impact will the delisting have on the market? Will the forced delisting cause investors' investment bleed?

Answer: The research and introduction of the delisting system will contribute to the formation of correct investment concepts such as value investment, rational investment, and long-term investment. For a long time, some investors have been keen to speculate on companies with poor performance and the so-called "shell resources". The root cause is that in addition to the idea of ​​"getting rich overnight" and the investment behavior of blindly following the trend, the main reason is my country's securities market. Some companies with poor performance above continue to perform the legend of the "phoenix". A large number of listed companies in the ST sector conducted profit operations in the fourth quarter through asset disposal, debt restructuring, and government subsidies, circumventing the existing delisting system. This situation encourages investors' irrational investment behaviors, believing that the company will not delist even though the company has suffered huge losses year after year, thus betting on backdoor restructuring to obtain huge profits. Some investors made it clear at the symposium that without delisting, the speculative atmosphere would be difficult to change. Therefore, the implementation of a strict delisting system will help guide investors to invest rationally and value, and form a healthy investment culture and atmosphere. As a "purifier" of the capital market, the delisting system can promote the market's function of survival of the fittest, optimize the structure of listed companies in competition, and protect the interests of small and medium investors from the source. Without operating pressure, there is no motivation to move forward. Listing is not a safe deposit box. A strict elimination system is needed to urge the management to manage the company seriously, keep forging ahead, and remain invincible in the market. Investor confidence also needs an excellent management team and potential listed companies to boost. From a long-term perspective, the delisting system will help form a dynamic balance of the market’s resuscitation of the old and the new, and will help the continuous improvement of the overall quality of listed companies, thereby protecting the interests of small and medium-sized investors from the source.

In the process of formulating the delisting system, full consideration will be given to protecting the legitimate rights and interests of investors, especially small and medium investors, but it cannot be understood as an irrational investment behavior of investors "paying the bill. In the process of research and formulation of the delisting system, the China Securities Regulatory Commission will consider a mechanism to protect investors at the system design level. At present, the Shanghai Stock Exchange and the Shenzhen Stock Exchange have respectively formulated the "Plan on Improving the Delisting System of Listed Companies on the Shanghai Stock Exchange (Draft for Comment)" and "Plan on Improving and Improving the Delisting System of Listed Companies on the Main Board and the Small and Medium-sized Enterprise Board (Draft for Comments) )", soliciting opinions from the public.

At the same time, investors must have a clear understanding when investing in poorly performing stocks, establish a sense of "buyer conceit", and cultivate a sense of stop loss to control the overall risk of assets. When a listed company delists due to macroeconomic factors, industry factors, operating factors, etc., under the premise that the listed company has fulfilled its due disclosure obligations in accordance with the law, investors have to bear the results of investment judgments on their own, and look forward to irrational investment behaviors It is impractical to pay by the state.

21. my country’s stock market has always had a trend of speculation, small speculation, poor speculation, and wave-band operation. What are the causes of these problems and what are the harms? How to understand the phenomenon of "strike newness" and treat the investment risk of "strike newness" correctly?

Answer: my country’s stock market started very late and was built at a time when IT technology is highly developed. Investors can easily participate in transactions. In addition, early restrictions on institutional entry into the market were strict, forming a mass investment market dominated by retail investors. This is very different from foreign capital markets that have relatively high initial participation thresholds, which have gradually developed from a niche market to a mass market, and later on, institutional investors have become increasingly developed. It has also formed a unique investment culture in my country's stock market.

As of the end of 2011, my country's natural persons held 26.5% of the market value of A shares, but the transaction volume of natural persons in the entire market accounted for more than 85%. Retail investors accounted for about 70% of the number of issued shares in the subscription of new shares and 99.8% of the trading accounts on the first day of listing. Coupled with the influence of our country's unique cultural habits, the market focuses on "news", "subjects", hype, chasing the rise and the fall, and other phenomena prevail. The most incredible stubborn problem in the stock market is "strike new". The average IPO price of new shares in 2011 was 47 times the price-earnings ratio, which was about 20% lower than that in 2010, but it was still more than 3 times the price of old stocks. After going public, a period of "drumming and spreading flowers" is usually staged. The first-day turnover rate is 87%, the price rises by 30%, and then gradually declines. After half a year, it generally falls below the issue price.

Small and medium investors bear the main risk of high pricing of new shares. According to the Shanghai Stock Exchange's sampling calculations, the vast majority of small and medium investors who take over at a high position will be trapped or "cut meat." 56.7% of retail investors who bought new shares on the first day of listing within 3 months Loss. "Thinking of buying new shares as an opportunity that should not be missed, or even directly calling it the fruits of enjoying development, may need to be corrected or discarded."

The high-priced issuance of new stocks and the related speculation of new stocks, small stocks, and short stocks have destroyed the resource allocation function of the stock market, distorted the market structure from the most basic level, and must be coordinated and comprehensively managed. At present, the China Securities Regulatory Commission has issued the "Guiding Opinions on Further Deepening the Reform of the New Share Issuance System" to strengthen the supervision of new speculation. The "Guiding Opinions" require stock exchanges to clarify the standards for abnormal trading of new stocks, and regularly count and publish the price changes of new stocks transactions and the profit and loss of various investors' trading of new stocks; require securities companies to strengthen the verification and management of opening securities accounts; requirements The Association has improved the self-discipline rules of appropriateness management and maintained the normal order of new stock transactions.

22. What are the P/E ratios of different markets and indexes from 2010 to 2011? How to understand the relationship between P/E ratio and investment return? Why is the purchase price important?

Answer: According to statistics, from 2010 to 2011, the average price-earnings ratio of IPOs was 59.49 times on the GEM, 48.53 times on the SME board, and 37.55 times on the Shanghai main board; while the overall market situation in the same period was 64.24 times on the GEM, 38.09 times on the SME board, and Shanghai. City main board 20.06 times. The average dynamic P/E ratio of SSE 50 and SSE 180 is currently only about 10 times, which means that the return on investment is now about 10%.

P/E ratio is the ratio of stock price to earnings per share, and its reciprocal is the rate of return on investment. For a stock, if the price-to-earnings ratio is 20 times, then its return on investment is 5%; if it is 25 times, the return on investment is 4%, which may not beat inflation. If the price-to-earnings ratio is 40 times or 50 times, the return on investment may only be 2.5% and 2%. That is to say, based on static income calculation, it will take 40 or 50 years to recover the investment. Unless you believe it is a real high-growth company.

Even the best company, regardless of the subject matter, if its stock price is already too high, it is not worth buying. The price-to-earnings ratio is 30 times, which means that the income in 30 years can be equal to the capital invested now. Can you accept this result? As for stocks with a price-to-earnings ratio of 40 times and 50 times, the vast majority of them will become "toxic financial assets" unless you Make sure it is an Apple or Microsoft company. Buying stocks based on the blue chip index can't chase higher. The performance of SSE 50, SSE 180 and CSI 300 in the past five years has been very unsatisfactory. The reason is that they have experienced great ups and downs during the period. Investors who bought in 2007 had little gains and even losses. The price level at that time was the current level. Two or three times.

23. How to change the impression that the “CSRC is responsible for the rise and fall of the stock market”?

Answer: For a long time, my country's stock market has been regarded as a "policy city" and "information city". The reason is that the current structure of my country's capital market is not reasonable enough, the function of optimizing resource allocation is not fully utilized, and the market restriction mechanism is not strong. There are still some problems related to the system and mechanism of market operation. The rise and fall of the stock market are often related to the policies issued by the government. Therefore, many investors will form the impression that the Securities Regulatory Commission is responsible for the rise and fall of the stock market.

In fact, the stock market has its inherent laws of operation. As a supervisory authority, the responsibility of the China Securities Regulatory Commission is to maintain the principles of openness, fairness and justice in the market, and to establish a sound competition order. Except for the interests of the people, the country, and the interests of investors, the China Securities Regulatory Commission has no interests of its own.

In the next step, the regulatory authorities will continue to promote the openness and transparency of market supervision, improve the internal mechanism of the stock market, reduce unnecessary administrative intervention, and cultivate a healthy market culture.

24. How should small and medium investors make rational investment and value investment? How to treat the relationship between the investment value of new stocks and investment risk?

Answer: For small and medium retail investors, it is necessary to objectively judge their own knowledge preparation, risk identification and tolerance based on evaluating their own strengths and weaknesses, and prudently determine the investment direction. It may be safer to choose a field you are familiar with, collect as much information as possible, and concentrate on finding potential blue-chip stocks in the secondary market for investment.

The capital market plays an important role in guiding the transformation of social savings into long-term investment and the rational allocation of resources. The issuance of new shares is a bridge connecting both investment and financing parties, and is an indispensable part of the capital market. It is undeniable that some newly-issuing companies have unique industries and great development potential, and the capital market has become an accelerator of their rapid growth. At the same time, investors must also realize that investing in stocks should pay more attention to the company itself, and it has no direct relationship with whether it is new stocks, and investing in new stocks cannot be equated with profit.

25. The China Securities Regulatory Commission has always encouraged value investment and advocated paying attention to blue chip stocks. However, judging from the current market conditions, the stock prices of most blue chip stocks have not moved for a long time. How should we view and choose blue chip stocks?

Answer: The SFC encourages value investment based on the long-term high valuation of my country’s stock market. The average price-to-earnings ratio has often reached dozens of times, but it has now fallen to the lowest level in history, which is basically equivalent to major international markets and has long-term investment value. Advocating rational investment has encountered a better time. Advocating attention to blue chip stocks is essentially advocating the concept of rational investment and value investment. Poor performance stocks are more uncertain, and only more experienced investors are suitable for riskier investment choices.

said that blue chip stocks are the true value of the stock market, mainly based on the following considerations:

First, in terms of the characteristics of blue-chip stocks: First, blue-chip companies have a long history, high reputation and good credit, strong product competitiveness, and generally have relatively stable profitability, which can better resist cyclical fluctuations, and at the same time dividends The policy is stable and the dividend rate is high. Second, blue chip stocks represent the direction of changes in the economic structure and industrial structure, and grasp the pulse of the development of the times. For example, the constituent stocks of the Dow Jones Industrial Index are the blue-chip stocks with the longest history in the global stock market. The structural changes of the index constituent stocks as a whole reflect the changes in the US economic structure. Third, the large market capitalization and large circulation characteristics of blue-chip companies make stock trading relatively difficult to manipulate.

Second, from the perspective of performance: As of the end of April 2012, all 938 Shanghai-listed companies had disclosed their 2011 annual reports. Among them, the total assets and net assets of the Shanghai Stock Exchange 180 index constituents at the end of 2011 accounted for the total assets and net assets of the Shanghai-listed companies respectively. 93.3% and 82% of the sum. In 2011, it achieved operating income of RMB 13,353.971 billion and net profit of RMB 1,465.008 billion, accounting for 74.9% and 89.2% of total operating income and net profit of all listed companies, respectively. Operating income and net profit increased by 22.8% and 15.0% respectively over 2010. Not only its performance is higher than the Shanghai stock market average, but also in the overall economic slowdown in 2011, its performance growth rate is still higher than the Shanghai stock market's overall level.

Third, from the perspective of dividend distribution: Among the constituent stocks of the Shanghai Stock Exchange 180 Index, a total of 145 listed companies have announced profit distribution plans, of which 143 companies pay cash dividends, and the total proposed cash dividend reaches 408.626 billion yuan, accounting for 180 constituent stocks in 2011 28% of the total annual net profit. Among them, there are 6 companies that distributed more than RMB 10 billion in cash in 2011, namely Industrial and Commercial Bank of China, Construction Bank, Bank of China, Agricultural Bank, PetroChina, and China Shenhua, which accounted for 34%, 35%, and 35% of their net profits, respectively. , 35%, 23%, 40%. Stable dividends provide income characteristics similar to bonds and can provide investors with a relatively stable cash flow.

Fourth, from the perspective of corporate governance: Take the constituent stocks of the Shanghai Stock Exchange 180 Index as an example, most listed companies have performed well in corporate governance and standardized operation, and an excellent and honest management team and standardized company operations are the key to achieving a sustainable company. The cornerstone of stable and rapid development and maximization of shareholder value.

In addition, according to the monitoring of the China Securities Regulatory Commission, blue-chip stocks generally rose in the first quarter of this year, while non-blue-chip stocks generally fell. The difference between the two is nearly 12 percentage points, indicating that the concept of value investment is returning.

The China Securities Regulatory Commission advocates investing in blue-chip stocks. In fact, it advocates investment concepts, not simply which stocks are targeted. There are many factors that affect stock price changes, and the concept and scope of blue chip stocks are not static. Therefore, it is not possible to mechanically understand the connotation of investing in blue chip stocks. In the face of the ever-changing market, investors need to grasp the principles of rational and value investment, and at the same time combine the current market situation, expectations and their own circumstances, and make specific choices after specific analysis.

At the same time, the China Securities Regulatory Commission is accelerating the construction of relevant systems, urging listed companies to establish a reasonable and continuous dividend mechanism, promoting the pace of medium and long-term capital entering the market, creating a favorable environment for value investment, and providing basic guarantees for investors to obtain returns. It is recommended that the majority of investors stick to the overall view, uphold calmness, establish their own value investment philosophy, and look for valuable blue-chip stocks.

26. The prerequisite for advocating rational investment is true, accurate, complete and timely information disclosure. What measures does the China Securities Regulatory Commission have in this regard?

Answer: Recently, investors reported at the symposium that some listed companies are lagging behind in their information disclosure, and some have changed their performance too quickly and are frequently corrected. They also proposed to establish an official and authoritative information disclosure platform for listed companies and strengthen the information disclosure of listed companies. Supervision and other recommendations.

Regarding the issues raised by investors, the regulatory authorities attach great importance to them and are formulating relevant measures. At present, while improving the implementation of relevant regulatory policies, we also continue to improve the supervision of new stock information disclosure, enhance transparency, extend the pre-disclosure time of the prospectus, publish the industry average price-earnings ratio calculated by professional institutions, and establish an independent third-party evaluation agency to provide services From the perspective of investors, further interpretation of the prospectus and other materials reveals the content of risks, helping investors to understand the situation of the company to be issued more popularly and intuitively, rationally judging the company's investment value, and further promoting the formation of long-term, rational, and value investment concepts And foundation. In addition, the China Securities Regulatory Commission will further increase its crackdown on violations of laws and regulations, and seriously deal with misleading and deceiving investors, and will never tolerate them.

27. How to do a good job in investor education?

Answer: Investor education is a very urgent and complex task. In a market where retail investment transactions account for 85%, it is very difficult to completely solve the problems of "herd psychology", "herd effect" and "collective irrationality". However, the regulatory authorities must tell investors the true conditions of the market anytime and anywhere.

Investor education is not an easy task, nor can it be expected to receive immediate results, but this cannot be a reason to shirk and relax. The China Securities Regulatory Commission advocates the rational investment philosophy, which is to clearly oppose the investment mentality of “making quick money”, “making big money” and “getting rich overnight”, sincerely and truthfully introduce the actual returns of various stocks, and in-depth promotion of long-term investment , Value investment and the concept of "buyer conceit".

28. How to avoid the loss of the company’s stocks and becoming “toxic assets”?

Answer: Even the best company, if the stock price is overvalued, it is not worth buying. Including buying stocks based on blue-chip stock indexes, you can't blindly chase higher.

SSE 50 has a total income of 82.5% in the 8 years since its launch, SSE 180 has a total income of 71.7% in 9 and a half years, and CSI 300 has a total income of 151.2% in 7 years. However, in the past five years, the SSE 50, SSE 180 and CSI 300 have also experienced large ups and downs, and the yields are not ideal, respectively -4.6%, 12.3%, and 20.8%, because the price level in 2007 was the current two. three times.

In short, even if the company itself has good prospects and has special technological innovation or cultural creativity factors, if the valuation exceeds its potential too much, it may become a "toxic asset."

29. In protecting the interests of investors, what are the responsibilities of issuers, intermediaries, regulatory authorities and investors themselves?

Answer: Protecting the legitimate rights and interests of investors is an important content of market construction and the core goal of regulatory work. Doing a good job is an arduous task that requires the attention of the whole society, the participation of all entities, and the simultaneous protection of investors. The regulatory authorities will focus on this goal and in accordance with the principle of "three publics", strive to promote the establishment of an effective and honest securities market for investors, and build a benign ecological environment for investor protection.

Issuer’s responsibility: The issuer must have commercial integrity, not only pay attention to its own products, technology, quality, market, and improve operating efficiency, but also pay full attention to the common interests of various shareholders, and disclose information truthfully, accurately and completely. Only in this way can we gain a foothold and grow stronger in the securities market. For companies that are dishonest, whitewashed or even falsified, and mislead investors' expectations, the regulatory authorities will further strengthen their crackdown on companies.

Responsibilities of intermediary agencies: Intermediary agencies should raise their awareness of integrity and law, be diligent and responsible, and improve their business standards. Intermediary agencies are important participants in the securities market. They must fully realize that investors are the foundation for the existence and development of the market, and that hurting investors is ultimately hurting themselves. Safeguarding the interests of the overall situation and safeguarding the interests of investors is equivalent to safeguarding their own interests. We must regard customers as God, combine the protection of investors' interests with the maintenance of the long-term development of the market and our own long-term interests, abide by professional ethics, truthfully disclose the problems found in the practice, fully reveal the risks, dare to reveal the risks, and truly play " The professional role of "intermediary" reflects the professionalism and reveals a real company for investors. It is necessary to make its "intermediary" work stand the test of history and the market, fundamentally establish a good reputation for itself, and enhance its true competitiveness. Intermediary agencies must continuously improve their research capabilities and professional judgment capabilities, and use their professional expertise to provide investors with real information about rational judgments, and ultimately win the full trust of investors and gain a solid position in the market. Regarding intermediary agencies that blindly seek high fees and disregard the real situation, help companies with packaging, or even falsify, and defraud high prices, the supervisory department should put it on record. At the same time, the market, investors, and the media are encouraged to supervise together with our association. Here I will also remind all intermediaries not to fall into the vicious circle of "disregarding honesty", in order to covet a little profit at hand and damage their future growth into a brand-name organization.

Investor's responsibility: Investors should learn more, analyze more, improve their self-protection ability and risk prevention awareness, and make investment judgments cautiously. You should be responsible for yourself and your family, carefully screen, and not blindly follow the trend.

Responsibilities of the supervisory department: The supervisory department has the responsibility and confidence to gradually change the status quo of insurance application. It will continue to improve and perfect the supervisory system, promote the perfection of the legal and regulatory system, promote the return of various market entities to their responsibilities, improve the formation mechanism of new stock prices, and implement and implement Strengthen the responsibilities of intermediary agencies, increase legal assistance to investors, and jointly maintain the healthy and stable development of the capital market. It is hoped that the majority of investors can play a supervisory role, discover problems, report them in a timely manner, and jointly promote investor protection.

30. How can a securities company play its professional role as an "intermediary" in its operation?

Answer: As an intermediary agency that directly serves investors, securities companies are the main force and the main position for investor protection. Securities companies must give full play to their professional advantages and professionalism, and make due contributions to the formation of a good investment culture and investment philosophy; they must broaden their thinking, innovate services, and gradually improve their ability and level of serving investors.

Securities companies must truly play the professional role of "intermediaries", provide investors with real information based on rational judgment, fully reveal risks, and dare to reveal risks. In addition, when providing new products and developing new businesses, one should not simply be guided by market introductions, but should consciously separate investor education from one's own business behaviors, introduce the situation to investors objectively and truthfully, and help investors rationally make a decision. Through its own professional services, it finally won the full trust of investors and won a solid position in the market.

31. Can penalties for non-timely and opaque information disclosure of listed companies be introduced into judicial procedures, while at the same time, victims of stockholders can be litigated in class and lower the litigation threshold?

Answer: Information disclosure has always been an important part of the supervision of listed companies. At present, the China Securities Regulatory Commission has established a relatively mature information disclosure supervision system for listed companies. In order to strengthen the quality of information disclosure, in 2011, the China Securities Regulatory Commission issued the "Rules for the Determination of Administrative Responsibility for Illegal Information Disclosure Acts", which increased the determination of the responsibility of information disclosure obligors for illegal information disclosure. While improving the implementation of relevant regulatory policies and measures, the China Securities Regulatory Commission will continue to maintain a high-pressure attack, further increase its crackdown on illegal information disclosure, and seriously deal with misleading and deceiving investors, and will never tolerate them. In particular, it is necessary to give full play to the warning and punishment effect through the investigation of the case. In addition, the regulatory authorities have also noticed that many small and medium investors complain that they cannot understand the performance reports of listed companies, and some of them are too complicated. The Securities Regulatory Commission is studying and urging listed companies to provide detailed and concise financial reports. It also draws investors’ attention to the most critical indicators such as earnings per share and net assets per share, and keep abreast of the price-earnings ratio, price-to-book ratio, return on equity, and assets. Dynamically changing indicators such as the rate of return.

If investors find that a listed company has irregular information disclosure, they hope to report it to the exchange and regulatory authorities in a timely manner.

In addition, the CSRC system and related units are actively studying the public interest litigation system, continuously expanding the remedy channels for investors' infringement of rights and interests, and strengthening the protection of investors' rights and interests. The regulatory authorities have also noticed that the judicial practice of foreign class action lawsuits has advantages and disadvantages. How to adapt to China's actual practice may still need to be carefully discussed and demonstrated.

32. How do you treat the issue of experts recommending stocks for profit?

Answer: It is against professional ethics for experts to trade stocks while recommending stocks. Even if they only make general comments on stock market systems and policies, there may still be conflicts of interest. Some scholars and experts may not realize that the roles of investors and critics are different. If there are dual identities or multiple identities, his remarks are likely to be misleading and may cause damage to the rights and interests of other investors. The practices in overseas markets are worth studying and learning. For example, when experts publish articles recommending stocks, they declare whether they are also investors in the stocks. In fact, it also includes media reporters. If they are responsible for reporting on the stock market, it is best not to participate in stock investment, because media reporters’ articles may affect the public and are no longer a private act. The CSRC welcomes opinions and suggestions from all quarters. Whether investors, experts, or people with both identities, they can freely express their wishes, but it is best for the market, regulators and the media to understand this. Circumstances, this can also reduce many undue misunderstandings. Regarding the issues raised by you, the regulatory authorities will continue to pay attention, carefully study the operability of the parties’ declarations of investment holdings, and improve relevant regulations in due course.

33. Can you strictly control or cancel the securities analysis and recommended programs of the central, provincial and municipal television stations?

Answer: The current laws and regulations do not prohibit TV stations at all levels from holding securities programs. In 2010, the State Administration of Radio, Film and Television issued the "Notice on Effectively Strengthening the Management of Radio and Television Securities Programs", which further clarified the regulatory requirements for radio and television securities programs. At present, major satellite TV securities programs across the country have basically entered the right track, and there may still be some irregularities in the programs of individual local TV stations. In order to further regulate radio and television securities programs, the China Securities Regulatory Commission and the radio and television departments will continue to adopt the following strict management measures: one is to establish a system and standard for television securities programs; the other is to strengthen tracking and monitoring, and to stop illegal television securities programs in a timely manner; and the third is to strictly regulate and recommend The behavior of individual stocks is a mechanism to curb "hat-grabbing transactions"; the fourth is to encourage securities companies and securities investment consulting institutions to actively participate in radio and television securities columns in compliance with regulations.

The China Securities Regulatory Commission welcomes all investors’ reports on activities such as securities investment consulting in violation of laws and regulations. Once verified, they will be dealt with in accordance with the law.

34. How to increase efforts to crack down on illegal consulting agencies, clean up online "recommended stock" posts, and protect the legitimate rights and interests of investors?

Answer: Illegal securities activities have always been the focus of the SFC's crackdown. With the support of 10 relevant departments of the State Council, various local governments, and local public security and judicial organs, a regular working mechanism has been formed to rectify the use of the Internet and other media to engage in illegal securities activities, and some results have been achieved. Your hope is to criticize the work of the China Securities Regulatory Commission. The China Securities Regulatory Commission needs to intensify its work: First, give full play to the joint efforts and mobilize social forces to constructively participate in, supervise and rectify illegal securities activities; second, study practical and feasible measures and cooperate with relevant agencies to further Strengthen the monitoring and purification of online media and mobile phone text messages, and cut off the information dissemination channels of illegal securities activities; third, increase the investigation and punishment of cases, crack down on small ones early, catch the signs, and fight them when they appear, and put the illegal securities consultation and illegal entrusted financial management behind the scenes. Black hands are uncovered; fourth, all parties’ warning education and risk warning information cover all investors and potential investors, with multiple carriers, multiple forms, and wider exposure of typical cases. Only by effective publicity and education can investors be deceived; the fifth is legal The services of securities business institutions must keep up with and make up for, and the services of small and medium-sized retail investors must be guided and improved in order to reduce the living space of illegal businesses.

Investors must have the ability to protect themselves. If you should be cautious about the rumors of the "stock bar", there is a lot of worthless information in the "stock bar", which is often one of the places for information manipulation, which may induce retail investors to follow the trend and enter the trap, or it may be to encourage investors to trade frequently. Another example is the case of an investor in Zhejiang suing a television station for false securities information. Although the relevant personnel were sentenced and the lawsuit was won, the investor did not have prudential judgment, believed in the content of the advertisement, and was at fault. The court appropriately reduced the defendant’s liability for compensation. In short, anyone who wants to make quick money, big money, and get rich overnight will eventually backfire.

Investors are welcome to report illegal clues to the China Securities Regulatory Commission and dispatched agencies via telephone, letter or internet channels. Investors can also report to relevant departments such as local governments, public security organs, business administration, radio and television administration, and communications administration.

35. At present, the judicial relief channels for small and medium investors are still not smooth. Can the Insurance Bureau do some work in this regard to allow civil lawsuits for securities violations to proceed?

Answer: The lack of access to judicial remedies that you mentioned is an objective fact. The legislature, the judiciary, the China Securities Regulatory Commission, academia and the media are all concerned and have made a lot of efforts. At the legal level, the China Securities Regulatory Commission has actively promoted the formulation of judicial interpretations on civil compensation for securities infringements, closely followed the revision process of the Civil Procedure Law, studied the public interest litigation system in the securities and futures field, and coordinated relevant agencies to continuously expand the protection of investors' legal rights and interests.

At the same time, the China Securities Regulatory Commission is exploring the establishment of a third-party public welfare securities and futures professional mediation mechanism suitable for the characteristics of my country's securities market. Securities professional mediation has the characteristics of strong professionalism, high authority, convenience and efficiency, and low cost. It is conducive to the timely resolution of conflicts and disputes, and has become one of the development trends of dispute resolution mechanisms in the world's major developed financial markets. At present, the relevant institutional plans are being perfected, and the feasibility of the pilot is being studied. Actively and steadily advancing this work can effectively promote the establishment of investor judicial relief mechanisms and deepen investor protection.

In addition, the Protection Bureau is carrying out publicity and education activities focusing on warning risks, advocating rational investment, etc., and strive to enhance investors' awareness and ability to protect rights in accordance with the law, and build a mature investor team. In this process, the Protection Agency is willing to guard investors.

36. What is the current situation of institutional investors in my country's stock market? Why does the development of the capital market need a group of institutional investors with a reasonable structure and a mature and rational structure?

Answer: Compared with mature markets, the scale of my country's professional institutions is obviously small, and the imbalance of investor structure is very prominent. As of the end of 2011, natural persons held 26.5% of the market value of the circulating A stock market, corporate legal persons accounted for 57.9%, and professional institutional investors accounted for 15.6%.

Compared with ordinary investors, institutional investors have a high level of specialization and have many advantages. Successful institutional investors have a set of methods for selecting entrepreneurs, companies and industries, as well as clear investment strategies and strong risk aversion capabilities. Due to the large amount of funds, flexible and diverse portfolio investments can be made, and it can also withstand the impact of short-term market fluctuations, and will not be forced to sell securities under adverse conditions due to financial pressure. The attributes of institutional investors' value investment and long-term investment determine their important role in stabilizing the market. In developed markets, institutional investors account for about 70% of the market value, half of which are long-term institutional investors such as pension funds and insurance companies, as well as a considerable number of public welfare funds and gift funds. Institutional investors have always been the backbone of the stable development of mature markets. In recent years, although developed markets such as the United States, Europe, and Japan have experienced centuries of financial crises, the volatility of their capital markets has been much smaller than that of emerging market countries. Does not arouse our thoughts.

37. What institutional arrangements and measures does my country have to vigorously develop institutional investors?

Answer: As far as my country’s current situation is concerned, cultivating institutional investors should be regarded as a strategic task and put it in a more prominent position. It is necessary to promote the transformation of fund companies into modern asset management institutions, and to cooperate with social security funds, enterprise annuities, and Insurance companies determine the portfolio investment according to their own needs to guide the sunny and standardized development of private equity funds. It is necessary to appropriately speed up the introduction of Qualified Foreign Institutional Investors (QFII), especially institutions from Hong Kong, Macao and Taiwan and products that use RMB, and focus on encouraging exchange-traded funds (ETF). At present, the China Securities Regulatory Commission has increased the quotas of QFII and RMB Foreign Qualified Institutional Investors (RQFII) by 50 billion respectively. In addition, it is necessary to actively coordinate and improve tax policies related to market investment to create good external conditions for the healthy development of institutional investors.

38. Recently, the China Securities Regulatory Commission has approved a lot of QFII investment in the stock market, many of which are foreign pension plans, and the China Securities Regulatory Commission has been advocating that local pension funds and bank wealth management funds enter the stock market, but why hasn’t it taken any action?

Answer: Judging from the overseas situation, pension funds are the most common institutional investors. Many pension funds entrust their assets to mutual funds, hedge funds and other asset management institutions for investment. Among them, European and American pension funds have a higher proportion of entrusted investment, 2010 The annual pension accounts for 40% of US mutual fund assets. These pension institutions have a relatively high level of professional operation in investment, and their hedging capabilities are relatively strong. They are the backbone of the stable development of mature markets.

Overseas pension funds are also very interested in investing in my country’s capital market. Many overseas pension funds have invested in my country’s capital market through the QFII system. One is to directly apply for QFII qualification. At present, there are Québec Savings and Investment Group, Ontario Teacher’s Pension, Canadian Annuity Plan, Six overseas pension funds including the Family Doctor Pension Fund, the National Pension Corporation (South Korea), and the Hong Kong Hospital Authority Provident Fund Scheme have obtained QFII qualifications and an investment quota of US$750 million; the second is through the purchase of QFII-issued investment funds and other products in the country, indirectly Invest in my country's capital market.

Therefore, whether it is from the operational needs of pension funds or the goal of stable and healthy development of the capital market, it is necessary to actively cultivate institutional investors including pension funds. At present, the China Securities Regulatory Commission is discussing with relevant departments on measures such as tax deductions and exemptions for long-term funds such as pensions entering the market. Of course, the entry of pension funds into the market does not mean 100% full investment in stocks. Different portfolios and different funds have different investment requirements. The investment direction also includes bond markets such as treasury bonds, financial bonds, and corporate bonds, as well as bank wealth management products. , Portfolio deposits, cash, etc.

Regarding the introduction of bank wealth management products, relevant departments are studying. The key is to fully disclose the risks and allow investors to choose and judge by themselves.

39. From the perspective of investor suitability, how to understand the suggestion that “low-income earners and pensioners are not suitable for the stock market and should consider lower-risk investment and savings tools”? Does the investor suitability system restrict small businesses? Investor's investment rights?

Answer: It is a kind reminder from the perspective of investor suitability that low-income and pension-based groups may not be suitable to invest in the stock market. Not advocating is not an objection, nor is it a restriction, nor is it a prohibition. I hope investors and friends can understand it.

The investor suitability system is a protective arrangement commonly used in mature markets. It does not simply block which investors out of the door, but a risk control from the perspective of investor protection. It is more suitable for investors, Necessary measures for the diversified development of investment products. Investor suitability management not only contributes to the formation of a "buyer's own responsibility" risk awareness, it is also the main focus of supervision of "seller's responsibility", requiring securities business institutions to classify investors according to their different situations. , Different levels and types of investors shall use different explanation methods, express different explanation content, and undertake different explanation obligations.

Regarding situations that are not suitable for investing in stocks, the supervisory authority has the obligation to remind and advise. It is not mandatory to restrict everyone's investment behavior. In the final analysis, the investment decision-making power is still in the control of the investors themselves. Investors should do what they can, carefully choose their investment goals, and have reasonable expectations of returns. They cannot think about getting rich overnight and making quick money. At the same time, the China Securities Regulatory Commission is constantly enriching investment products, striving to provide more investment options for everyone to "increase property income."

40. The China Securities Regulatory Commission has been promoting the appropriate management of investors. For example, the Growth Enterprise Market and stock index futures have set certain thresholds. Does this mean that small and medium investors should be shut out?

Answer: The fundamental purpose of investor suitability management is to serve and protect investors well. There was once a retired comrade who didn’t know much about warrants. Although the intermediary agency did some risk disclosure work, he still invested in warrants without understanding the basic concepts such as "exercise rights." As a result of his failure to exercise the rights in a timely manner, the capital was lost. No return. Investor suitability management plays a preventive and warning role, reminding investors to have the ability to protect themselves. At the same time, investor suitability management requires greater supervision of "sellers" to see if they have understood customers, categorize customers according to the situation, and provide customers with products that are compatible with their risk tolerance. Regarding those practices that induce customers to purchase products that are high-risk, complex in structure, and mismatched with the customer’s tolerance in order to pursue personal performance and company interests, the regulatory authorities will distinguish between different situations and deal with them in accordance with laws and regulations.

41. How to understand that in the process of implementing the investor suitability system, selling suitable products to suitable investors?

Answer: Implement the investor suitability system and sell suitable products to suitable investors. The implementation process of the investor suitability system is actually the process of product education and risk disclosure. Intermediaries should be responsible for investors, strengthen the risk disclosure and classification of various products in the multi-level market, and at the same time, according to the customer’s financial and Income status, securities expertise, securities investment experience, risk appetite, age, etc., objectively evaluate the investor's situation, fully grasp the investor's situation, so as to carry out targeted classification management, and provide customer risk identification and tolerance The corresponding service or product. The regulatory authorities will further make relevant regulations on investor suitability management. Securities companies shall, under the general principles and requirements, according to the actual conditions of their company’s customers, innovatively carry out classified management and classified services, and effectively improve investor protection. Effectiveness and pertinence of work.

42. How to gradually establish an investor suitability system with Chinese characteristics?

Answer: Starting from reality, gradually establishing an investor suitability system with Chinese characteristics is a fundamental measure to protect investors. Due to historical and technological reasons, my country's capital market has become a mass market for millions of people. Every year, a large number of new investors enter the market. They do not have much awareness of the risks of the stock market. Most of the time, they follow others, listen to the news, chase the rise and fall, and finally form a lot of losses. Every year, millions of people are exhausted physically and mentally. Of people leave the market. This situation is by no means what regulators want to see.

Under current conditions, to implement investor suitability arrangements, we must first persuade those who have the least stock market risk tolerance to leave. Secondly, for most investors, the best investment principle is to follow common sense: buy high-performance large-cap stocks; don't put eggs in a basket, buy as many stocks as possible; the purchase price cannot be too high. Finally, only those investors with professional knowledge and the ability to take greater risks are suitable to choose companies that are not familiar to everyone, whose performance is not stable, and whose prospects are very uncertain, that is to say, this is a niche market.

At present, the investor suitability system is gradually improving. The Growth Enterprise Market, stock index futures, margin trading and securities lending have initially formed more reasonable models. From the market response, the corresponding arrangements are generally recognized. In the next step, the construction of bond markets, over-the-counter markets, and the standardized development of intermediaries will all incorporate the concept of investor suitability management. As the situation of small and medium-sized investors as trading subjects will continue for quite a while, the China Securities Regulatory Commission must unremittingly strengthen investment risk disclosure and investor protection efforts, guide investors to prudently evaluate, participate rationally, and ensure that suitable products are sold to The right investor. Over time, we can gradually improve the investor structure and cultivate a market culture of rational investment.

43. How can securities companies provide differentiated services to different investors through innovation?

Answer: Securities companies should make full use of their own professional advantages, stimulate innovation, continue to innovate products and services, and provide differentiated services for different investors to meet different needs.

According to statistics, as of the end of 2011, the balance of personal savings deposits in my country reached 34.7 trillion yuan. People's living standards have improved, and the desire for investment and financial management has become stronger. As an intermediary agency, it must adapt to this demand and enrich financial products at all levels. ; It is necessary to actively guide and assist more types of institutional investors to enter the capital market for long-term investment and value investment. In addition to continuing to guide, support and serve social security funds, corporate annuities and insurance institutions in securities investment, it is also necessary to strengthen cooperation with financial institutions such as commercial banks, add relatively safe and high-return financial products to the investment portfolio, and guide bank financial planning More long-term investment and value investment for the secondary market. Through business innovation, provide better securities investment management services for more bank depositors to enter the capital market.

Market competition is basically the competition of service capabilities. Regarding this kind of service and product innovation that is not only conducive to the healthy development and function of the capital market, but also conducive to the improvement of profit models and core competitiveness of securities companies, the regulatory authorities will actively encourage and Be supported.

44. How to report clues to the Securities Regulatory Commission?

Answer: At present, there are two main ways for the Securities Regulatory Commission to accept investors' reporting clues:

One is reflected through letters and visits. To send a direct letter to the China Securities Regulatory Commission, please send it to the Letters and Visits Office of the China Securities Regulatory Commission, Fukai Building, No.19, Financial Street, Xicheng District, Beijing, China. Zip code: 100033. For visiting, please go to the "Reception Room of China Securities Regulatory Commission, No.107 Taipingqiao Street, Xicheng District, Beijing". You can also report to the dispatched agencies of the China Securities Regulatory Commission. Please log on to the website of the China Securities Regulatory Commission (http://www.csrc.gov.cn) for details.

The second is through the complaint telephone. The CSRC’s complaint hotline: 010-66210166, 010-66210182. For the complaint hotline of the CSRC dispatched agency, please log on to the CSRC website for inquiries.

45. What is "Easy Interactive" and how to use "Easy Interactive"?

Answer: "Huaweiyi" is a public website. On this website, investors can ask questions to any listed company on the Shenzhen Stock Exchange. The professionals of the listed company will reply to the questions in time, and the questions and answers will be posted on the website in time. display. "Easy Interactive" draws on the work philosophy of Weibo and the innovative mode of information dissemination. Compared with the previous purely static web page model, "Easy Interactive" makes the exchanges between investors and listed companies more convenient and rapid, and more interactive.

"Huaweiyi" is a free and open network platform. The name "Huayiyi" is taken from "Simplicity is simple, easy is easy to be simple", which aims to help investors in the complicated market information. Jane, it is easier to interact with listed companies, to obtain information, and to identify information.

As of March 12, 2012, the number of daily visits to "Huaweiyi" has exceeded 100,000, the number of registered users who have obtained personalized information customization functions reached 106,000, and the number of investor questions reached 132,484, of which the average daily question after the new version was launched The number is 285. At the same time, the response and response speed of listed companies has also been continuously improved, with a response rate of 95%, and the average response time has been shortened from three days to five hours.

The core function of "Easy Interactive" is to allow investors to have close dialogues and face-to-face communication with executives of listed companies. In the past, it was almost impossible for the majority of small and medium investors to communicate with the executives of listed companies, and it was difficult to respond to their demands. Compared with the professional research advantages of institutional investors, small and medium investors lacked professional and effective communication channels.

An investor said that when he called a listed company to ask questions, individual companies might be perfunctory and directly asked investors to read the announcement by themselves. However, when they asked a company through "Easy", the company replied The content far exceeds what I asked, and it is very helpful for him to fully understand the company.

For some market rumors, investors urgently need to prove their authenticity, which is very important for investment decision-making. However, the information learned in "Stock Bar" is very one-sided and will only become more and more corrupt. The professional communication channel can clear the source, get rid of rumors and rumors, and allow investors to quickly obtain true and accurate information.

In the case of listed companies, the use of "Easy Interactive" is conducive to improving the efficiency of investor relations management of listed companies. Some companies even tasted the "sweetness" through "Easy Interactive". A listed company said that many questions are answered by the company's executives and even the general manager. Many of the business news and strategic suggestions given by many investors through the platform have been adopted by the company. The company believes that it is worth mentioning that "Interaction Easy" effectively urges listed companies to continuously improve their work levels in terms of information disclosure and standard governance.

Investors can directly log in to "Interactive Easy" from the following website (http://irm.cninfo.com.cn), or they can access the platform through the official website of Shenzhen Stock Exchange, Juchao.com, and Panorama.com. There are three specific ways of operation:

(1) Click "Shenzhen Stock Exchange Interactive" on the homepage of the Shenzhen Stock Exchange website or on the investor education column;

(2) Click "Shenzhen Stock Exchange Interactive Easy" on the homepage of Juchao.com or click "Interactive Easy" on the navigation bar of the homepage;

(3) After "Interactive" in the navigation bar of the Panorama website, click "Shenzhen Stock Exchange Interactive".

After the investor enters the platform, enter the listed company code in the "Check Questions and Answers column" to view the questions and responses of the listed company. Investors can also raise questions to the listed company and communicate directly with the listed company. Listed companies use the digital certificate issued by the Shenzhen Stock Exchange to log in to the "Easy" section of the "Business Zone" of the Exchange's website to use related functions.

The new version of "Huayiyi" draws on the work philosophy and information dissemination form of Weibo, and introduces the functions of "users pay attention" and "information customization and push" to various investors. It not only proposes to provide investors with "individualization" for the first time. With the concept of “service”, the “Internet Service Pass” for investors in the Shenzhen Securities Market was also launched. Investors only need to register and certify the Shenzhen Stock Market Investor's "Network Service Pass" once with "Easy Interactive", and then they can enjoy more personalized services currently and planned to be launched in the Shenzhen Stock Market in the future, such as online voting services and XBRL Application services, investor education services, etc.

While using the Weibo model, "Huahuiyi" has also specifically added functions such as "hot push questions". Listed companies can hot push investors’ questions, that is, recommend valuable interactive questions and answers, and reply At the same time as investors, through the hot push function, investors who are concerned about related issues can directly view the content without searching or asking questions again in numerous information, and the response content can be forwarded by investors on Sina and Tencent Weibo to achieve the largest range Spread and influence.

In order to strengthen the enthusiasm for responding to questions of listed companies, "Huahuiyi" has also set up a "praise" function similar to Taobao buyers, that is, investors can add points to listed companies' responses. The more points listed companies get in response, the more points they receive. The higher the ranking of the most satisfactory response, the more it forms an incentive for listed companies.

46. What is the purpose of the establishment of the Association of Listed Companies, and what is the organizational structure? What is the relationship with the Securities Regulatory Commission and listed companies?

Answer: The China Association of Listed Companies was established in accordance with the "Securities Law of the People's Republic of China" and the "Regulations on the Registration and Management of Social Organizations" and other laws and regulations. A self-regulatory organization is a non-profit social organization legal person whose purpose is to be the spokesperson and guardian of the common interests of listed companies. The association takes "service, self-discipline, standardization, and improvement" as its basic functions. It strengthens the self-discipline and standardization of listed companies by providing professional services, intellectual services, and conduction services for listed companies, thereby continuously improving the quality of listed companies and making listed companies better Use the capital market to speed up development.

According to the "Articles of Association of China Listed Companies", the organization of the association includes five levels: member representative assembly, board of directors, board of supervisors, standing board of directors, and president's office. Among them, the member representative assembly is the highest authority of the association; the board of directors and the standing council are the executive organs of the association; the board of supervisors is the supervisory organ of the association; the president's office is a subordinate body of the standing council and is responsible for the daily management of the association. In addition, the association also elected the president, executive vice president, vice president, secretary general and other main responsible persons to organize and carry out various specific tasks of the association.

Association is a de-administrative social intermediary organization, which plays a role in things that the government supervision department should not manage, or be inconvenient, or cannot manage. The China Securities Regulatory Commission is the business supervisory unit of the Association. The Association accepts the business guidance and supervision and management of the China Securities Regulatory Commission. Listed companies are the core members of the Association.

47.When will the old third board stocks have the opportunity to share reform and transfer?

Answer: It mainly includes the former NET and STAQ system listed companies and delisted companies. The situation is relatively complicated. The relevant policies are under study and will be announced as soon as the policy is clear. Adopt a non-evasive attitude towards all issues left over from history, and the transfer mechanism is also very reasonable. The key is to have the conditions.

48. Treasury bond futures have had serious problems in history. Why do they resume trading in treasury bond futures? Is there any way to control investment risks?

Answer: The "327" national bond futures risk event in 1995 was an event that occurred in my country during a specific period of social and economic development. It was mainly due to the fact that the interest rate market mechanism had not yet started, the national bond spot market was underdeveloped, the contract design was unreasonable, and relevant laws and regulations were absent. Caused by factors. At present, with the continuous advancement of financial market reforms and the deepening development of the futures market, the level of interest rate marketization in my country has been continuously improved, the scale of the treasury bond spot market has continued to expand and grow steadily, futures laws and regulations have become increasingly perfect, the level of supervision has continued to improve, and market participants have also increased More extensive and more rational, the conditions for launching treasury bond futures are basically mature. At the time of the "327" incident, the circulation scale of my country's national bond cash market was only 100 billion yuan, and as of the end of 2011, the circulation scale of national bond cash bonds reached 6.4 trillion, which was 64 times that of that year. At present, the market-oriented formation mechanism for treasury bond prices has been initially established, and the futures regulatory system with the "Administrative Regulations on Futures Trading" as the core has been established and is becoming more and more perfect.

In view of the characteristics and laws of treasury bond futures risk control and market supervision, the regulatory authorities have formulated a series of strict risk management systems and investor suitability systems for treasury bond futures. At present, the China Financial Exchange’s government bond futures contracts, rules and specific risk control measures are in the process of research and demonstration. In this process, the opinions and suggestions of investors will be widely listened to, and they will be tested and improved through simulated trading. The China Securities Regulatory Commission will work closely with relevant units to make preparations for the listing of treasury bond futures to ensure the smooth launch and safe operation of treasury bond futures.

49. Why did the China Securities Regulatory Commission launch SME private placement bonds? What is the difference between it and foreign junk bonds?

Answer: Foreign junk bonds, also called high-yield bonds, are not legal concepts or specific types of securities, but are the result of the market's choice of risks and returns. The United States is the country with the most mature development of high-yield bonds. Its high-yield bonds generally refer to credit bonds with a credit rating lower than investment grade and a yield that is 400 to 500 basis points higher than that of treasury bonds of the same maturity. Generally speaking, the operating performance of small, medium and micro enterprises has relatively large fluctuations, and there are fewer assets that can be used for collateral. The bonds issued by them may have lower credit ratings and higher interest costs, which are in line with the characteristics of high-yield bonds; The small, medium and micro enterprises with debts are in good financial condition, or they have adopted credit enhancement methods such as guarantees and mortgages. The credit rating of their bonds may not be very low, and the level of bond interest may not be high.

At present, financing difficulties for small, medium and micro enterprises in my country are relatively common, and there is an urgent need to enrich the financing channels for small, medium and micro enterprises. In response to this situation, I will focus on strengthening financial services for small, medium and micro enterprises and study the launch of private placement bonds for small and medium enterprises. As a type of corporate bonds, the purpose of non-public bond issuance by non-listed small, medium and micro companies does not focus on the formal characteristics of "high yield and high risk". Various credit enhancement methods will be introduced to strengthen the selection of companies, enhance credit and investors. In terms of sexual management, on the one hand, it fills up the gaps in the bond market system and better serves the real economy. On the other hand, it also provides innovative investment channels for qualified investors.

50. At present, there are many overseas ETF products. What considerations does the China Securities Regulatory Commission have when it comes to launching cross-border ETF products?

Answer: As an important carrier of indexed investment, ETF has become the most important asset allocation tool for individual and institutional investors, and it is the fastest growing fund variety in the world in the past two decades. The work of cross-border ETFs mainly includes two parts: One is to launch ETFs that track overseas indexes in China. We have conducted in-depth research on the international experience, model selection, operation mechanism, risk control and other related issues of overseas cross-border ETFs, and proposed a cross-border ETF program that invests in overseas indexes and is listed on domestic exchanges under the QDII framework. According to the "Mainland and Hong Kong Closer Economic and Trade Relations Arrangement" (CEPA), the SFC has been actively promoting the preparations for Hong Kong stock ETFs recently, and all preparations are basically in place. The second is to promote the development of overseas ETFs that track A-share indexes. Currently, the China Securities Regulatory Commission is working with relevant departments to promote the launch of A-share ETF products listed on the Hong Kong Stock Exchange under the RQFII framework. Through the coordinated development of the two types of cross-border ETFs, the two-way, orderly and balanced flow mechanism of cross-border capital will be improved to promote the sound development of the A-share market.

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