Today, I saw an expert suggesting the implementation of T+0, and this expert is also a tenured professor in a foreign university, could it be that you are the glasses man in the TV series "Snow Leopard"? Only good at mechanized and air-to-land deepening of the Great Plains operational command? Not suitable for Zhou Weiguo, their current form on the battlefield?
Seeing his proposal, I can't help but think of the strange suggestions made by many experts in the past:
It is proposed to empty six wallets to control housing prices, to control the Spring Festival transportation by raising fares, to allow rural people to return to their hometowns by raising rents, to solve the problem of fertility by polygamy, and to prohibit the burning of straw to purify the air.
Look at the perennial convertible bonds, those who want to sell them after the stock price rises, you will find that no one pulls up all the year round, who do you sell to? Institutions can be held all year round, can you hold a ** all year round?
How much well-known capital comes from ** or more convertible bonds? Use your brain to know that **good to do** is not good to do.
**Financial system and social context under different transaction-side models
It is a popular science article, and the professional knowledge involved also takes the text of comments and easy to understand, and the reason why I write these is that on the one hand, I see that there are many people on forums and short ** platforms, and a lot of illogical remarks are flying around; On the other hand, because yesterday I read an article that said that the village chief 219. During the investigation, some people on the scene put forward the suggestion of T+0 and no rise and fall, and it stands to reason that the research of such specifications should be more professional personnel in the financial field and economic field. Could it be that the content of that article is apocryphal?
1. Macro objectivity does not apply to T+0
Through the intervention of the financial market (including but not limited to the first level), the adjustment of economic operation, currency and interest rates will be realized, the liquidity of funds will be improved, and stable economic growth will be achieved.
There is a premise for this, and only when money flows into the market can we talk about money circulation.
Compared with the characteristics of T+1, T+0 is more inclined to intraday speculation, and I think the capital volume of part-time office workers is higher than that of full-time **. As far as I am concerned, I don't have free time to keep an eye on the market when I work part-time, so I won't touch T+0 convertible bonds.
If the market implements T+0, part-time office workers will gradually withdraw from the market and invest in other financial products, or deposit them in the bank, which will reduce the liquidity of the currency, and the financing channels of enterprises will become more complex and the cost will increase.
2. T+0 is not applicable in order to balance the gap between the rich and the poor
Of course, there will be many people in the forum and on the short platform to compare with other countries, the financial market is a companion product of economic development and industrial structure, and a series of problems can easily arise if macroeconomic control is not good, briefly describing the industrial structure and social wealth gap under the financial system of the United States, Japan and India.
The T+0 countries of the United States, Japan, and India are the most popular quotes of some people and short ** people in the forum, and I will take a brief analysis of these three countries, which have relatively distinct characteristics in terms of population, industrial structure, and allergic wealth gap:
The United States, needless to say, relies on early development and military strength, and has been unscrupulous to provoke, control, and even suppress the development of other countries to maintain its own strength. However, in light of Enron and Arthur Andersen, as well as other proven consequences of corporate misrepresentation, the penalties imposed on companies for non-compliance in the United States are commendable.
By 2023, the Indian market has surpassed the United Kingdom and France to become the fourth largest market in the world, doesn't it look strong? Everyone generally believes that the water of the Ganges River and the slums can make the best hit a new high, indicating that T+0 is better than T+1, if we implement T+0, wouldn't it be a car equipped with rocket thrusters, and become the world's first financial power, YY will make people laugh out loud. Have you ever wondered why the gap between the rich and the poor is so large in financial prosperity? Why is there such a big contrast?
Anatomically speaking, in the early years, India was colonized by the British, which predetermined the nature of its capitalist market, in the circumstances at that time, as somewhere, Britain wanted to copy in the Indian market by appropriating its own mature industrial structure and financial system, and wanted to create another economic system, but Britain ignored the powerful role of the law of economic development itself, so it was considered a failure, if it was implemented on a small scale, it was still possible to achieve, but why did it seem that the Indian economy was very strong from a macro point of view, but was it really strong? If the huge gap between the rich and the poor of the people is not adjusted, how far can they go? In recent years, due to economic globalization and the global extension of the industrial chain, the rapid growth of India's service industry has stimulated economic development. Because the producer service industry has relatively high requirements for talents, it is capital-intensive and knowledge-intensive, which in turn leads to stratification at the level of education, which provides the prerequisites for the further increase of the gap between the rich and the poor in the subsequent social development, so it is difficult to reconcile the gap between the rich and the poor in their society.
In recent years, India has also had great potential to develop in other industries such as manufacturing, pharmaceuticals, biotechnology, telecommunications, shipbuilding, aviation and tourism, because of the fact that these industries have been transfused in turn after generating income, but at the cost of huge wealth disparities and social instability in several eras. Even so, it is unclear how far the economy will go in the future.
Let's talk about their ** (just a form of financial market), India's *** proportion is low, mainly institutional investors, although India has a large population, but there are more funds, investment ability, mainly a small number of wealthy class. Although there are more listed companies in India than in China, there is a big gap in whether there is higher liquidity and trading volume. The rich and institutions have a more professional grasp of the information of listed companies, and they are more inclined to hold the best quality companies for a long time, so as to promote high-quality companies to have more abundant funds to achieve product upgrading and expand reproduction, and a large number of impurity companies are marginalized and no one cares. Is this another manifestation of the gap between rich and poor?
Japan, want to compare the industrial structure layout of its land area is not large, but it can not be said to be small, compared to India's population is very small, because finance is a derivative of the industry, one of the important functions is to provide financing for the real economy of the natural attributes, coupled with the land area and population, it is possible to copy the capitalist financial market and industrial structure system, as long as the industry is aimed at the highest end of the profit chain, it can be copied in the past. However, from the perspective of investor structure, they are not active individual investors. Looking at the pattern of economic development, the three major carriages that pull up economic growth will have bottlenecks if they do not break through, and they are more willing to choose deposits, and in order to cope with this phenomenon, corresponding regulatory measures will be taken at the macro level.
Third, T+0 is not applicable to developing societies, and qualitative changes can only be achieved through the accumulation of quantitative changes
The financial market needs to match the industrial structure and economic development, taking into account the national conditions and common prosperity, and also involving the industrial structure, the composition of the investment body, the improvement of supervision, and the circulation between information flow, logistics and capital flow.
In short, compared with the gap between the rich and the poor in society and the sustainable growth of the economy, stable and balanced development can avoid many subsequent problems when the potential space is huge.
In contrast to the financial fraud of Enron Oil (which has now collapsed) many years ago, Arthur Andersen, which designed the world's five largest accounting firms (now gone).
The role of the financial market is to serve the evolution of enterprises, and it is based on the stage of industrial structure, the competitiveness of enterprises and the integrity of management.
In the continuous problem solving to achieve perfection is the attitude to deal with things, there is a problem on the whole no, wait for T+1, take the table to push the start over this is not enterprising, irresponsible attitude, for the problems that appeared before and before, prohibit refinancing operations, severely punish financial fraud, tighten the delisting mechanism, IPO reasonable pricing, etc. is the solution, and then look at the determination, the strength of implementation, and the establishment of a long-term mechanism.
These problems cannot be fully implemented under the T+1 system, so can we expect them to be implemented under the T+0 model?
Fourth, let's talk about human cognition
Many people love T+0, they just only see the trading side, and the trading side of T+0 acts on the T+1 market, yes, who is a god, so who loses? Who will carry a sedan chair for you? Do you think you're smarter than an institution or a tourist? Teacher Luo Xiang once said: Who do the rules protect? Rules protect the weak. In ancient society, whoever has a hard fist has the right to speak, and the financial market reduces the constraints of funds, and the capital may not be much profitable, but the one who suffers must be a small scatter.
Even if you can't tell the difference, then you can also look at the current market, how many masters have come out or how many masters have come out of the convertible bond market? Why don't these masters go to the T+0 market, where you think you can operate multiple times a day, or even make ten times the profit in one day? Explain that it is more difficult there, don't look at the words, look at the actions.
Do you know the market better than those grapefruit now?