After the full registration system, there will be an infinite number of shares to be issued first, and the listing of new shares will not be doubled as it is now.
Secondly, companies that don't understand dare not buy indiscriminately.
Third, the regulatory authorities will focus on information disclosure and will not interfere with the market at will.
Fourth, everyone's investment will tend to be rational and value investment, so as to be in line with mature markets.
Whether the registration system is good or bad depends on which angle to think about this problem. From the long-term development direction of the A-share market, the full implementation of the registration system is conducive to the healthy and stable development of the A-share market. The institutional reform in the development stage will eventually make the stock market mature, and the capital market will usher in a long-term good slow bull market through the process of survival of the fittest.
But what about the quality of the registration system from the perspective of investors? The registration system is bad news for investors. With the introduction of the registration system, more and more stocks will land in the A-share market. Of course, stocks with high premium will experience a downward plunge, while those with reasonable valuation will usher in a slow bull market.
The problem here is that the investment risk after the registration system is greater!
After the registration system, the number of shares increases. How can investors avoid risks? This is something that many people don't consider. They only see opportunities in the stock market and the bull market is coming, instead of distinguishing which stocks can be invested and which stocks are at risk of delisting when the capital market is in the period of full implementation of the registration system and imperfect delisting system, which obviously increases the difficulty for investors to invest in the A-share market.
This is from the perspective of investors themselves. The registration system is unfavorable to investors and beneficial to the stock market. The simple metaphor is that you may find a stock before buying it. Because there are not many stocks, it is not difficult to make money by snapping up them. However, after the registration system, there will be one out of ten when buying stocks, and your investment risk will increase.
At present, the A-share market is still the period with the largest number of investors. During this period, more than half of the investors' professional level is relatively low, so it will be very difficult to choose stocks. At present, quite a few listed companies occasionally have some performance omissions, and even a few listed companies have illegal behaviors, which eventually makes it more difficult for investors to choose stocks, and more and more groups do not make money by trading stocks. This is the impact of the registration system on the market and shareholders.
In short, the stock market needs A shares to get out of the slow bull market like European and American stock markets and usher in a healthier and more stable development stage like European and American stock markets. The implementation of the registration system, including the later T+0 launch, is a necessary condition in the long-term development process and is conducive to the development of the capital market. However, after the emergence of these mechanisms, the number of shareholders will gradually decrease, because the stock market in the later period is a market for professional investors. Once you are not professional, it is easy to step on the stock selection or stock investment.
For example, the stock market has risen by nearly 10% this year, but one third of the stocks are still falling. This is why many people say that the bull market still loses money. Whether this wave of market is a bull market or not, there is no overall upward trend in the stock market in the later period. The later stock market is the time to test the ability of investors to choose stocks. The registration system is good for the capital market, not necessarily good for investors, and the index will rise later.
The registration system itself is to let qualified listed companies go public through the recommendation of brokers and exchanges, unlike the audit system, which has to go through layers of audit before listing. The registration system focuses on supervision during and after the event, which is the most common practice in the world. The implementation of the registration system in China is mainly to let more enterprises finance, and the registration system itself has no advantages or disadvantages.
However, the registration system also has three major problems in China A-share market, that is, historical issues. If these problems are not solved, it will be bad for the A-share market. First, under the approval system, the P/E ratio of new shares is higher, while under the registration system, a large number of new shares are listed, so the P/E ratio will not be too high and the stock price valuation will be lower. If the registration system is to be implemented, there will be a big price difference between the stocks approved by the main board market and the small and medium-sized board market and those registered. In this case, it is inevitable that the higher share price will fall back. Therefore, some hyped blue-chip stocks will fall and return to a reasonable valuation.
Second, the registration system puts forward higher requirements for retail investors. If you buy the right stock, the share price will go up. If you buy the wrong stock, the stock price will fall. Bought delisted stocks and delisted directly. So in developed countries, 30% are retail investors and 70% are shareholders. Therefore, after the implementation of the registration system, the proportion of domestic investors will decrease. In the past, the speculation of poor performance stocks, small-cap stocks and low-priced stocks will become history, and they prefer value investment to speculation.
Third, the registration system itself is fine, but it will bring delisting system. At that time, many stocks will be listed and a large number of stocks will be delisted, which will cause certain lethality to small and medium-sized stocks. If the registration system does not engage in delisting mechanism, it will only be unable to enter, then this cannot be regarded as a registration system, so the delisting system must be improved simultaneously. For institutional investors, there are not many opportunities to set foot on delisted stocks, because they have the advantages of information and analysis, while for ordinary investors, the consequences of buying the wrong stocks will be more serious.
There is nothing wrong with the registration system itself, but the A-share market is inherently flawed. For example, the delisting system has not been completed for decades, the issuance of new shares is on the high side, and people like speculation. If the registration system is carried out under these defects, it will have some negative effects on A shares.
The registration system is a system reform. The previous audit system can no longer adapt to the development of the current capital market, so it is necessary to replace the old system with a new one.
Many people think that the registration system is not good, and a large number of companies go public, which leads to a large expansion of the secondary market and dilutes the equity of more high-quality assets, which is not good for individual investors. Many people think that the registration system is good, and it is a system that the market spits out the old and absorbs the new and the market eliminates it. Excellent companies will continue to appear later.
In fact, the implementation of the registration system is relatively conservative in China's capital market, and China's capital market was introduced only after other countries implemented the registration system. It's not the quick success of management. The registration system is a better way to combine enterprises with the capital market more stably, realize that capital serves entities and avoid financial idling. The policy level is good, and it is good in the long run.
For individual investors, it is a change between professional investors and non-professional investors. After all, it is more difficult to invest after the company increases, and the choice and judgment of investment targets are more professional. The channel of non-professional investors will choose the matching target, after all, the investment risk is among them.
As long as the system changes, there will be pains and some people's interests will be damaged, so whether it is negative or positive should be measured at different levels. Personally, I feel that the long-term benefits are unchanged.
Whether the registration system is good or not, just look at the pioneer of the registration system, the science and technology innovation board, and you will basically understand!
Science and technology innovation board has had 180 stocks for more than a year since it was listed on July 20th/9th! (1 band -W, 13 band -U). )
From the company's point of view, most companies will welcome the registration system. Because many unprofitable -U enterprises, unlike different -W enterprises, can't pass the previous examination and approval system.
As a result, we missed Baidu, Sina, Sohu, then Tencent, Ali, Meituan, then Momo, Fun Shop and Weilai ... We may miss Huawei in the future. ...
Simply put, the previous examination and approval system is no longer suitable for the needs of this innovative society!
When these innovative companies are profitable to a certain extent and seek to go public under the approval system, they are basically trying to make money. ...
So on the other hand, the registration system is actually both a good thing and a bad thing for investors.
The advantage is that you can also buy shares in the company's growth stage and get benefits with the company's growth!
The bad news is that if the company you invest in is "Luckin Coffee", the result may not be very satisfactory!
The key point is that managers should do a good job in supervision and audit to minimize such financial fraud or the entry of bath companies!
If this is still the case, scallops will swim everywhere and washing powder will run everywhere. ...
Then the registration system is a disaster for investors. ...
Good laws and regulations are naturally beneficial.
Of course, the launch is not good now, and no one knows what will happen in the future. Shareholders and friends seek more happiness.
Everything that doesn't match is not a good thing! On the one hand, it desperately issues new shares, on the other hand, it does not delist in strict accordance with the regulations! Lead to the proliferation of junk stocks, excellent performance or technology stocks can not get their due status!
Let's solve the delisting problem first
Big bad guy! So many circles!