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柳州翻译公司关键字：In China, we have found a lot of knowledge owners and capitalists quarrel between the lawsuit. I think there are two reasons: on the one hand, we have some state of "capitalists", for example, some state-owned venture capital company, with capital appreciation itself is not the goal, so it is not that the manager's intervention in the market-style The efficiency of the intervention; the other hand, does have entrepreneurs, entrepreneurs problems, they misread the status of knowledge owners, both want to get other people's money, they do not want to give up freedom, do not want to give up some control , so causing a lot of conflict. Is no free lunch, to get people resources, we must share control with others.
Here, I must emphasize the development of capital markets, with China-related issue, which is the importance of protecting investors.
We have so many years, more than 1,000 listed companies, generally speaking, most companies are in "money", they are not in the protection of the interests of investors, not to provide investors with better returns, but in deceive investors. This situation can not continue? I think it is more difficult. However, has been 10 years, the basic situation has not changed. Is not that we market investors stupid, willing to continue to hope that you lie to him? We see the market's investors do not have many people out, but there are always new investors into the market. What is the reason? I think the main problem is that so far in China's capital market development, the government monopoly on resources. Government monopoly of the resources in the case, it can make the transfer of resources from outside to inside, so these deceived people that ultimately did not suffer.
So what kind of approach by the government to achieve this? One is the monopoly of listed capital. In the West say, the enterprise is the enterprise value of the stock discounted value of future income streams. As the value of an apple tree, each node is equal to Apple to sell the discounted value of money. However, with too little, if no fruit of the apple, the apple tree cut down and how much to sell, it is also important. A large number of listed companies in China, as a result of the child is not the apple, but this is still worth the final branches.
Why? Of listed companies because the government has strict limits, is the formation of the so-called "shell." Even if this enterprise is a loss, but the company's "shell" is very valuable, so there are still people willing to buy it.
As long as the shell by the government monopoly, the market is controlled by the government, the company's stock price would not reflect its true profit stream, the real credit flow. It ultimately reflects the company's residual value may be just. It's like a 80-year-old woman to marry a 18-year-old young man, young man not love this woman, but love the old lady's estate, so he quickly even anxious old lady died. The sooner she died, her estate more valuable. China's listed companies, die sooner, "shell" the more valuable. Now dead, to the future may not be worthless shell.
Another reason is that the government as a major shareholder of listed companies, as its main sponsor, desperately using their own resources in the hands of the blood transfusion for the enterprise. In this case, investors buying stocks, they will not pay attention to the real business value.
The question is, can play this game long? It depends on how many resources the government can be released. The new Securities and Futures Commission has taken great pains to monitor listed companies. Especially now that more and more market freedom, so the value of the shell may have gone slowly. However, our local government, there may be state-owned resources, may also be able to play a few years. However, our private entrepreneurs should be far-sighted point. State monopoly of resources, not in the shell after it is possible to the edge of your hand? I think the more difficult because the state-owned enterprises blood transfusion, generally passable, but if the blood transfusion to private enterprise, it may be
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