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Xu Xiaonian the SFC can not arbitrarily change the

06:03, 1969-Dec-31 .. 0 comments .. Link

May 10, 2008 The Economic Observer reported that
Xu Xiaonian
China Europe International Business School of Economics and Professor of Finance
the relevant government departments on April 20 this year, issued "to lift restrictions on sale of stock listed companies, the transfer of shares guidance "(hereinafter referred to as" Opinions "), right after the non-tradable share reform to limit the sale of shares. control September 5 2005 enactment of the" split share structure reform of listed companies management practices "(hereinafter referred to as" measures "), not difficult to find, behind the "opinions" to change the previous "approach" in the rules of non-tradable shares to sell.
"approach" 27th Article of the non-tradable shares of the disposal methods, are reproduced below:
reform company had the sale of non-tradable shares, shall comply with the following provisions: (a) Since the date of the implementation of the reform program, in the 10 months shall not be traded or transferred; (b) the total number of 5% shareholdings in listed companies more than the original non-tradable shareholders, after the expiry of the previous provision, through the Stock Exchange to sell the original non-tradable shares, the sale of shares of the total number of Zhangaigongsi proportion of 10 months shall not exceed 5% , in the 20 months shall not exceed 10 percent.
It is clear that reform on the stock three years after the beginning of the original non-tradable shares (hereinafter referred to as the size of the non-) the sale of "opinions" will "approach" in without any restriction and in the Stock Exchange trading, shares changed over more than 1% in the exchange trading system bulk transfers.
the size of the new regulations will undoubtedly hurt the interests of non-shareholders, 1% limit on the reduction of composition barriers to self-Needless to say, the change increased the market place that the reduction of price risk and transaction costs. As large trading system, the seller must find buyers in order to dispose of the size of the non-sale will face liquidity problems. by finance principles we can see that the lack of liquid assets, the market will demand a price discount, as history shows, B shares the same. in 2001 before opening up the domestic individual investors, B shares because of liquidity is low, price-earnings ratio A shares only 20% to 40%, in other words, B shares of liquidity discounts of up to 60% to 80%. and opening up, B shares of liquidity discounts disappeared, the valuation will soon converge with A shares.
changing the rules mid-game, undermining the principles of fairness and justice. like the two teams play,紅蜘蛛, a team has a height advantage, the first header that A, B team Jianshibumiao in a hurry to referee stopped crying. Referee announced: second half only handball foul, but a header also prohibited. This is called "perfect rules" mean, or by rewriting the rules to win? market, as courts do not lightly visual rules, any of the parties to take opportunistic attitude, according to market the process of game at any time free to modify the rules will result in the expected chaos and loss of confidence, followed from the rise in transaction costs and the market decline, including the rule changes will eventually hurt all, including those who people's interests.
course, the rules can be changed, but not at any time based on game situations, modify the rules to follow certain procedures. It was argued that the "measures" itself is flawed, and now regulatory authorities issued "opinions" should be changes,Sex drops, what is wrong? This said, there are three fallacies: first, the "measures" may not be perfect, but it has long been acceptable to all parties game. non-tradable shareholders to pay an average of 10 to send three of the dollar price in exchange for a flow of power; public shareholders took the money, endorsed the deal, willing to bear the state-owned shares in circulation due to the risk of price declines. so now to the reduction of the time, how can we excuse of "means" imperfect but who are later go back on it? playing mahjong can not wait to get Furthermore, after licensing rules imperfect, watching the hand to modify the rules, right? Secondly, even if you can default, at least, should be part of the dollar value returned to the non-tradable shareholders can not be readily took people's money, but also confidently turn against admit its fault. The third and most important, rule changes must go through mutual consultations, by mutual consent, that is, public shareholders and the size of the non-shareholder approval before they can implement the new rules. rules of the game "reasonable" or not, not one side can be identified, regardless of the number of the party. right side of the "reasonable" is often the other side of the "unreasonable" to amend the rules and must therefore be recognized by all market participants.
the process of revising the rules, the referee shall not represent any party, can not force any party to accept the new rules, otherwise non-enforcement of independence and impartiality. the market economy is different from the referee Liangshanpo hero, their job is not "for Track days, "nor to expropriate wealth, but to protect the rights of all market participants, both to protect the rights of the majority of small shareholders, but also to protect minority shareholder rights. regulatory tilt to the public minority shareholders, but only reflected in the tilt at the rules, but can not interfere with game results achieved; only in a pre-agreed manner to provide greater protection, but not afterwards with a bias to unilaterally amend the rules.
market participants have Recognizing that, in the right to equality before the majority does not exist a few problems. a few large shareholders are prohibited from playing the bully, the majority of small shareholders can not be sold in accordance with a small small, frequently resorted to "social harmony" to coerce the regulatory authorities in order to "vulnerable groups "violated in the name of the shareholder's interests. as the majority of small shareholders should know that they might be from today's" tyranny of the majority "in profit, but tomorrow will have to accept the" tyranny of the minority, "the ravages of because today the majority of the minority deprivation, deprivation of the majority of tomorrow offers a small number of moral and legal support. to protect themselves the best way is to respect the rights of others, only that everyone respect the rights of others in society, each individual's the right to get the most reliable protection.
unilaterally modify the rules of the game there are no winners, violation of rights is not only shaken the foundation of the capital market, but also damages the credibility of the regulatory authorities. tradable share reform first introduced, remove state-owned shares This brings investors head hanging sword of Damocles, to overcome, "due to the dominance" for the building lay the foundation for good corporate governance. now restrict the size of the non-sale, and reform the original intention of just the opposite. to self-destruct the seriousness of the rules of the future, how the rules of the market to maintain the authority? free to modify the rules of the referee lost the independence of the future, how to ensure the impartiality of law enforcement?
talk about the rules of market economy, we should pay attention to rules the rules of procedure and modify the program. respect for the rules of the game is both a prerequisite for the smooth conduct, but also social justice requirement. China's capital market players and referees who do not for a momentary convenience institutional basis to upset the market, do not is a ball of gains and losses, destroyed his credibility.
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