Foreword,
This paper briefly analyzes the role of the financial market and the proportion of investors combined with the composition of U.S. stocks, Nikkei, and India, and concludes that the T+0 model is not suitable for the current Chinese market, and if T+0 is forcibly implemented, it is destined to reduce the inflow of incremental funds, and it will also cause turmoil in corporate financing and industrial structure upgrading, and more serious problems will occur.
In view of the problems that arise in the current market, the listed company can be jointly and severally liable for accounting firms and the members of the board of directors can bear criminal liability, so as to prevent the occurrence of sick listing as much as possible; prohibit the operation of the form of transfer of financing routines in the form of the rule of law; Severe punishment of financial fraud and the responsibility of audit companies; raising the criteria for delisting; Reasonable IPO pricing and so on are the solution, since the financial power, it must have strong determination, strict execution, and long-term control mechanism.
1. T+0 will prevent incremental funds from entering the market
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 the T+0 convertible bonds, and then put the money in the bank, or lend it to friends privately to do business, but this kind of private lending will have various problems.
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. The financing cost of enterprises has increased and the financing channels are complex.
2. The proportion of investors is not suitable for the T+0 model
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 proportion of investors is different, the proportion of China's largest proportion is the majority, and the proportion of these three national institutions is the majority; It is also because of this that the gap between the rich and the poor in the three countries is huge.
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, relied on the early development of the industrial revolution and its military strength, and has been unscrupulously provoking, controlling, and even suppressing 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.
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 will avoid many subsequent problems under the condition of huge consumption potential and industrial structure development, and copying the national conditions of the West is not conducive to domestic economic development.
The role of the financial market is to serve the evolution of enterprises, and is based on the stage of industrial structure, enterprise competitiveness and integrity management.
Three: the development of the first needs to be combined with the characteristics of national conditions to carry out the accumulation of quantitative changes
At present, the proportion of **institutions and **ratio**, once the implementation of T+0 will lead to most of the **leaving**, which is the original intention of forcing the existence of the **market, and the financial market without incremental funds makes it difficult for enterprises to raise funds. In addition, this part of the funds will be returned to the bank or private lending, and there will be a lot of private fraud.
In view of the problems that arose before and before, it is completely possible to take measures such as strict investigation of sick listings, prohibition of refinancing operations, severe punishment of financial fraud, tightening of the delisting mechanism, reasonable pricing of IPOs, etc., and then look at the determination, the intensity of implementation, and the establishment of a long-term mechanism.
Instead, copying the financial model of the Western capitalist market, it would be irresponsible to rush forward with T+0 without solving these problems, and not only will there be other unexpected problems that will not be solved. Finance is an international field, and its influence will be very large, not comparable to the emptying of six wallets and the ban on straw burning.