调整金融结构和发展证券市场

调整金融结构和发展证券市场  Adjust the financial structure and development of securities market

本文是一篇英国的assignment,可以给留学英国的学生一个参考，本文的主题是调整金融结构和发展证券市场。随着改革开放的推进,特别是在正式加入WTO,银行业现在重组的步伐已经开始,已经发布了一系列的政策来充实资本,提高竞争力,与此同时,股市结束试用期,开始规范发展的道路。这标志着金融行业正在走向市场。但从而引起的各种问题,成为进一步政策调整的起点。

ABSTWith the advance of reform and opening up , especially near the formal accession to the WTO , the banking industry is now beginning the pace of restructuring has taken , have issued a number of policies to enrich capital, improve competitiveness , at the same time , the stock market ended the the trial period , the road began to standardize development. This marks the financial industry is now moving towards the market . But various problems caused thereby , became the starting point for further policy adjustments .

调整背景 Adjust background
In 1994, the banking sector is now an accepted international norms , namely the Basel Committee on Banking Supervision to develop capital adequacy standards. This shows that the banking sector is now beginning to enter the market , to open . The proportion of core capital to its risk-weighted assets of the bank's Basel treaty requires at least 4 % of its total assets or net proportion of its risk-weighted assets of at least 8 %. This is a valid criterion to ensure the safety of the country's financial system , not only for the 35 countries accepted the contract , and recognized by most countries in the world , this standard will now officially Loading Commercial Banking Law Section 39 . By Basel standards, commercial banks have to follow a risky business to operate , not to shell banks operating through the hands of savers money to survive. This is different from traditional banking theory sleight of hand tricks . According to the traditional theory of the bank , the bank is the owner of the funds , " pawn " of money to lend as their capital needs , banks themselves do not invest in the business . The resulting moral hazard of banks ( high- risk operations ) , the threat of bankruptcy and credit declined to banking operations makes it difficult , therefore, to control the risks, proposed capital standards is one of the most effective way. This is the meaning of the Basel treaty.


1980s, banking and finance are now separated , began to assume independent functions , however , due to the legacy of the traditional planned economy , coupled with the state's financial result of devolution of power and weakened government control of the economy , the banking industry now uses a near- monopoly of state-owned banking system , the state of the system will collect funds through investment in state-owned enterprises. In order to make this process will not be in the middle closure , the state capital through a variety of means to restrict choice of residents , such as banning private non-formal finance, stock market development restrictions , control and direct investment , however, with the deepening of economic reform and economic development , a single channel can not get funding to meet the increasing demands of social capital , then, in the early 1990s after the reform of the banking sector is now liberalized round , there are some non- state-owned joint-stock banks and non-bank financial institutions. Since the monopoly of state-owned banks in the distribution of social capital is not conducive to the development of non-state economy is on the rise , so in some places began to spontaneously form of financial organizations and funds in the form of credit unions , charged with the work of local financing has become towns the main channels of non- state-owned enterprises and urban economic capital supply. To 1994 , the country's urban credit cooperatives reached more than 5,000 , more than half of their loans to urban collective enterprises, about 8 percent to the private sector. It is estimated that loans to the private sector equivalent to five times the state-owned banks. However, these financial institutions have credit deficiencies is low , a small amount of money , only to high interest rates to absorb community funds or borrowing from state-owned banks and lending at higher interest rates , which increases operational risks. In the economic boom times, the risk is usually covered up , and once the economic crunch, general operating difficulties , not only the source of funding has become a problem , but it is difficult to lend out the money recovered . Countries were to take financial consolidation, merger agencies, embarked on the road of financial centralization . The merged organization became another kind of monopoly -type institutions , sources of loans to SMEs which also was cut off. Meanwhile, the state-owned banks also applied in the second bank, trust and investment companies. Driven by banks , other institutions to follow suit , so the establishment of a large number of non-bank financial institutions. These institutions nominally engaged commissioned deposit and lending business , is essentially the use of relationship did you get a low interest funds from state-owned banks , and then loaned out at market rates , or simply their own high- risk, high profit in real estate investment, which is actually a state-owned national Bank credit management means to evade risk investments. It is estimated that by the end of 1995, the amount of state-owned banks for lending institutions amounted to 550 billion yuan of trust , which is also an important reason for the rapid growth of bad and doubtful debts of state-owned banks . In order to rectify the financial order , the central bank adopted a compressed scale trust and investment companies and commercial banks to make decoupled approach , their number from 393 down to 244 by the end of 1994 and the end of 1996 , but the financial losses caused by it have mostly irreversible .


Another factor should be noted, the state-owned commercial banks in the country rapidly distribution network management, but due to the implementation of decentralized local management , these institutions of local government money into the pocket , plus poor bank management , many grassroots organizations become a burden to state-owned banks . In the late 1990s , with the promotion of commercial banks , the impact of the implementation of the Basel standards as well as the Asian financial crisis, the state-owned banks not only benefit the urge to start pursuing prevailed, and financial risk awareness gradually. Thus, in the country to rectify the financial order and guard against financial risks situation, various commercial banks began to shrink the front , compression grassroots banking institutions , the power to close the loan , money market segmentation inverse tendency , on the one hand to the four state-owned commercial deposits and loans Bank Concentration , to further strengthen its monopolistic tendencies , on the other hand , other commercial banks also focused funding lines from the grassroots , large amount of loans, enabling SMEs to obtain bank financing channels shrink further . This pattern due to the outbreak of the Asian financial crisis and become more severe , the bank closed tighter and tighter . Thus , in the monopoly and centralization of the dominant trend , and now the banking system is facing these problems, one state-owned banks heavy burden , low management level , and resource monopoly serious ; limited strength of two non- state-owned banks , credit is not high , too small , poor ability to resist risks ; Third, do not form a reasonable interest rate decision mechanism , resulting banking risks. In this pattern, because the funds to invest in state-owned banks in major state-owned enterprises , the flow of funds is not reasonable , so give the overall economic development caused difficulties , which is faced by the banking industry to adjust basic contradiction .


如何调整 How to adjust
Liquidity from the entire process of a country look , all funds received three individual flows , namely consumption , savings and other investment banking community inflows temporary or long-term storage, the bank can draw on ( the loan ) is just one of part of it. If the bank can fully perform its functions as capital distribution center , the supply of funds in the economy is basically balanced , commodity supply and demand because those who fund and commodity supply and demand on the market opposite position ( without considering external factors ) . However , in times of economic volatility or liquidity there is a structural imbalance, the above symmetry is broken , it will form a capital supply and demand imbalance. In the current liquidity during this imbalance is mainly caused by structural factors , the Bank focused on the supply of funds to absorb the results of the dispersion state-owned enterprises , the excessive capital flows , and not so much the needs and capabilities of state-owned enterprises ( and even some acts of capital ) , while other funds were unable to meet the demand , so the formation of the secondary distribution of funds and multiple distribution artificially high prices and configuration of capital distortions , and the formation of a long chain of rentier capital , corruption. Moreover, the state-controlled savings rate is also deprived of the benefits provider , because savers option was canceled the use of funds , only to get low interest rates . Distribution of funds for banks to engage in it , is to obtain a unique monopoly control over the funds became the best tool for profit . Low- interest funds collected by depriving savers and did not return consumers through low cost and low commodity prices, but those who take advantage of various types into the middle income and non- effective investment , the result is the bank but carry a heavy debt. SMEs and private companies do not have the normal financing channels , the prevalence of usury opened the door . This determines the basic starting point of our banking structure adjustment , ie liquidity dredge channels , forming an efficient , market-oriented funds distribution center. The resulting policy issues involved quite complex , there are:#p#分页标题#e#

First, we must resolutely eliminate ineffective fund allocation mechanism to rationalize capital flows . At present, the situation of state-owned banks to state-owned enterprise services has not changed, the state-owned enterprises to provide a second , the entire output of less than 40% of the three industries , but more than 60% occupancy of capital investment, which is caused by banking difficulties and social capital the main factors that imbalance. So that funds can really enter the capital market rules by the real needs of departments , is the main objective of the institutional and policy adjustments .

The second is to form a rational structure of banking system , breaking the state monopoly of the banking sector. Now, the inflow of funds owned banks owned enterprises , state-owned enterprises are state-owned banks to serve. Question thus raised is that if the banking system is now also essentially state-owned banks dominate the world , the rational allocation of funds impossible , normal banking competition will not form . Therefore, the requirements of state-owned banks to expand service objects , largely wishful thinking , the most fundamental way is to break the monopoly of state-owned banks , encourage and develop the market 's close to non- state-owned financial institutions . In general, a stable and efficient financial system is growing up in a conflict of interest from the private sector and the coordination process , and the financial market reform in the background of the planning system , and its essence should be quit government departments entering and growing private sector , government allocation of financial resources to change the allocation of financial resources by the private sector , and thus between the private sector to establish a normal financial transaction relationships. Moreover , capital services is a multi-level, the diversity of the system , because the capital requirements are complex and rely on the formal banking sector and the needs of those who can not solve all problems, such as loans to farmers , urban small businesses, self-employed workers , risk -oriented enterprises , the poor and the capital needs of special populations , only through a variety of special banks and non- bank financial institutions to provide services ; banking system is complete , the structural imbalance in the flow of funds to the ultimate solution . So, open investment banking , a diversified banking structure, improve the management level of the banking sector , reduce financial risk and improve capital utilization efficiency of an important part. In addition , the existing more than 100 small and medium commercial banks also have an adjustment problems, including deposit insurance , restructuring and merger , eliminating bad assets. Third, the state-owned banks to adjust. In this regard, the government started to take some measures , such as: improving the banking capital , reduce unreasonable claims ; gradually on the restructuring of state -owned commercial banks , the introduction of other investors ; starting from the establishment of a modern banking system to improve the management system , improve management, streamline the organization personnel to improve the competitiveness of banks , so that the state-owned banks to gradually move toward the market . Meanwhile , in order to ease the contradiction between macroscopic distribution of funds , a reasonable division of the bank lending authority, will serve to expand the types of non- state-owned economy. These policy changes conducive to bail out state-owned commercial banks , improve competitiveness, but to really make a breakthrough , necessarily involves a series of major reforms to the fundamental issues of property rights , personnel, capital, governance structure . If difficulties SOE reform , then reform of state-owned banks more difficult . The ability to make a breakthrough in this area is directly related to the current economic reform and development in the future . Fourth, the implementation of the interest rate market , so the price of money to have a reasonable basis for pricing . Now, the domestic interbank market , inter-bank bond market , foreign banks handling foreign exchange business , which has been the market interest rate , the lower prices and the current interest rate level is not high , it is changing the formation mechanism, so the best time of the interest rate market . Then release the funds lending rate to form a market pricing can encourage banks to improve operations , make capital flows more reasonable. Currently, the interest rate market barriers are twofold: First, the ideological concerns, worried about higher interest rates after the release , out of control. In fact , after the liberalization of interest rate movements are a normal reaction of the market. In the case of generally lower prices , interest rates do not rise too high, besides the central bank refinancing and rediscount control means can be adjusted . Second, technical and operational difficulties . In general , long-term bond yields constitute the yield curve , the market interest rate baseline , but in the current situation now , because the monopoly of the four state-owned commercial banks , things just anti- over, not a bank bond yields influence and determine interest rates, but the cost of the big four banks bidding decision Treasuries prices, Treasury rates rise and fall depending on the behavior of the four major state-owned banks , which currently yields is difficult to become a market interest rate benchmark. In the four state-owned banks to cut the monopoly , while able to make appropriate arrangements to restrict the behavior of the four major banks , so that changes in bond yields has gradually become a market reference rate . To improve the competitiveness of banks and markets as the core banking sector restructuring is not only conducive to further change the past, gathering funds to support community -based development strategy to catch up with economic development , but also for the banking sector since the reform emerging trend of centralization and monopoly correction . As a populous developing country , is now in the past and the future of the main problems facing or promote economic development, but with the deepening of reform and opening up , simple to achieve high capital growth by entering the effect is getting worse, and no end of trouble . This has forced our financial structure should be decentralized , market-oriented adjustment , which is now a new stage of economic development requirements proposed and the WTO needs. Adjust the financial structure to adjust the focus of the bank , will have a significant impact on present and future economic development.


股票市场发展 Stock Market Development
In the beginning of restructuring the banking sector , while as another important member of the financial system , the stock market is steadily developing to implement the " Securities Act" as a symbol, the stock market is now 10 years after the pilot formally incorporated into the financial system, and in economy play an increasing role.

市场概述 Market Overview
In order to make more targeted herein described , where the stock market mainly refers to the stock market, and other types of securities , such as government and corporate bonds temporarily analysis.

Shares in the company on behalf of the ownership of the physical assets of the enterprise , is a clear property rights , stock holding and transferring a transaction is owned and ownership , provided that the representative material ( stock ) must be true . Therefore, the stock is essentially the meaning of state-owned enterprises and conflict , because theoretically owned by the people of all state-owned enterprises (of course, the government is actually all ) , the property can not be divided , if the split is to be attributed to the interests of the people , it is theoretically can not be achieved ( actual split has nothing to do with this ) . Fortunately, now 90 years out of the pilot enterprises to issue shares and spontaneous formation of market and did not consider the theoretical issues , and will have maneuverability.

Whether 1980s stock exchanges around the rise of late , or early 90s in the Shanghai and Shenzhen stock exchanges established , all local actors , the state does not set up a special securities regulatory authorities at the beginning . Here 's the stock market can be a laissez-faire and non- regulated market . One listed company by stock exchange listing rules enacted , and the stock exchange is a for-profit business units ( listed companies traded every year to pay the listing fee , and fees for securities brokers handed Exchange ) , so from a regulatory point of view, it is only the power to ensure that the listed company itself exists ( ie, the stock of assets actually exist ) , but there is no power to ensure that listed companies engage in fraud to deceive investors. So, in fact the Listing Rules for listed companies is not binding . This requires the government to guarantee the quality of listed companies in the regulatory system . The second is a listed company in the end is how the case , investors are unclear. When a company 's stock on the stock exchange as a code after the fact, investors do not need to go to understand the actual meaning of the symbol , as revenue from capital symbols can change the enterprise, which is a large number of investment to provide free space for speculation , it has a symbolic value in itself . However, the symbol of speculation is limited , so eventually the stock price will fluctuate. Investors and stock prices direct control is impossible, but if investors can thus be extended to do whatever they want , market manipulation , that is the question of regulation . Regulation is a public good , the same as the police maintain public order . So, regulate market behavior is that the Government must manage things . In early 1991-1993 , due to the lack of institutional safeguards to run the stock market , money market making big wanton , blind speculation investors , stock prices doubled , causing market disorder , so the formal establishment of national securities regulators , regulators began to intervene in the listing the company's choice and control speculation measures taken .#p#分页标题#e#

However , government intervention in the securities market regulation is not necessarily efficient . If control over , the effect is equivalent to the introduction of tigers to drive away the wolf , so the market into another state of disorder . Helpless, now into the stock market on the extremes. With administrative privileges on income, government securities regulators to intervene unavoidably run the stock market , one of which is a listed company approval system and the amount of system ; second is the direct supervision of the system . Stock Exchange listed company , and its growth from government control , indicators allocated by the government , the approval by the Government to formulate a way , the approval process performed by the government , in a word , implementing a mandatory plan . The result solves the problem of growing disorder listed companies , but supply and demand caused by lack of coordination, market volatility , local government and corporate partnerships listed deceive investors and other issues. Moreover, government regulation is not working from the rules, but no- rules ( fire-fighting ) regarding a proposed approach to guide listed companies and investors to find loopholes in regulation , market disorder unabated. During which the most typical Qiongminyuan event . The stock market during this period was controlled disorder , state regulators on the surface , but the tube did not mind , but the use of a planned economy approach to manage the market , the result is increased market volatility and magnified . Shenzhen and Shanghai stock index from the first half of 1993 reached a peak blew out, until June 1994 and Shenzhen stock index fell nearly 80 percent , most of the price is equivalent to about 10 % a year ago . Large declines of rare , lost tens of billions of assets between the two cities as much as many investors lose everything. In 1996-1997, the Government has launched a wave of market , in 1998 and silent. During this period , the market coverage of the two cities is increasing , the number of listed companies is also increasing , the market is growing influence . But does not regulate the market is obvious fact .

For the law of development of the stock market , in theory, there are five stages is said that the stagnation phase , manipulation stage , speculative phase , consolidation or collapse of the stage, the mature stage , specifically , the five stages as follows .

① stagnation phase. The stock market is in its embryonic stage , only a few people know the existence of the stock market , trading methods are backward , cumbersome procedures , high transaction costs, fewer companies listed on the stock price remained essentially at par parity level , it is possible to make the stock over time Price underestimated. Especially in the economic environment changes . However , when investors began to see the dividend yield than other forms of income , began to buy stocks , initially cautious , then gradually enthusiastically .

② manipulation stage. While some market participants found that the supply of shares very little mobility is limited, it is possible to buy small amounts of stock to make one or more of the stock price rises, the manipulation phase begins. As long as prices skyrocket , other people will start to buy, after the operator can make money out of the market quickly. Stock investors make more changes to government measures and attractive means of transaction , you can cause more active trading .

③ speculative stage. When some people began to get a lot of capital gains and profits , speculators would be more attracted to enter the market when the price is bid up the stock to be higher than the fundamental value , turnover increased rapidly , the speculative phase begins. The new issue of shares to be subscribed too much , causing many companies to sell shares publicly , the rapid expansion of the supply of stock , then, coupled with the government began to intervene in the market to take action to control speculation, such as raising margin requirements , higher brokerage commissions and sales of institutional investors , trading income and income taxes , excessive sale of government-owned stocks of large companies or stimulate new stock underwriting and so on. But can it control the speculative effects are not obvious .

④ consolidation or collapse phase. With the rapid expansion of government intervention and market , to a certain time , the depletion of funds available for investment in the stock market , the newly issued shares have not subscribed, investors began to realize that the stock price has risen too high, the stock price and its fundamental value has been without any contact , stock prices began to fall . Relative to the size of the degree of prosperity , fell in the fast or slow speed , here began to adjust or crash phase. In the event of such prices , investors can take months or even years to regain confidence. It depends on the extent of price declines , also depends on a country's prevailing interest rates , economic growth, profit margins , inflation, other types of investment income , and government stimulus measures to encourage the development of the stock market and the behavior of institutional investors . During this adjustment phase , many speculators become investors , they do not want to sell at a loss , the stock held as long-term investments in the form of hope in the future prices.

⑤ mature stage. After the initial investors regain confidence , but at the first price drop did not suffer the loss of new investors also participated in the campaign , a new stage of maturity begins. More institutional investors enter the market activity will promote the market matured , the trading volume will tend to stabilize , investors will be more rational, more stock supply range , mobility is also enhanced. Although the shares will continue to be volatile , but has become less intense. If substantial price fluctuations , it is usually due to a major political and economic issues , significant changes in monetary and exchange rate policy , other major economic policy changes and excessive government intervention and other factors.
Now the stock market through the first four stages and is now in its fifth phase. Currently, shares of the company is now traded on the Shenzhen and Shanghai dual listing of more than 1,000 , the stock market value of nearly 4 trillion yuan total circulation of more than 1 trillion yuan of total market capitalization , is an influential Japanese and developing markets .

证券市场的发展和政策调整 Securities market development and policy adjustment
After formally established securities market position in the financial system , and now the stock market began to standardize direction. The main features: First, the status and role of the stock market in the national economy were re-evaluated to establish its identity as a direct financing market, and through a variety of specific measures to improve the status of the stock market ( such as the introduction of the Securities Act etc. ) ; Second, in the standardization of the market under a big effort, especially in the regulatory acts regulating government has made significant progress , so that speculation over the city , the situation is much improved policy of the city ; Third, the investment behavior of market changed a lot , the structure of investors has improved , the market has shown a steady upward pattern, basically in line with the trend of the economic environment . These changes , policy improvement thanks to the stock market . After the introduction of the Securities Act , the state introduced a number of policies and regulations, has made great progress in the conduct of investors , listed companies, policies , so that the standardization development of securities markets into the mainstream. These policy changes are the following : First , for the entire stock market investors to diversify , easy to cause the stock volatility and investor behavior difficult to regulate defects, efforts to cultivate and develop long-term institutional investors , such as the organization of large securities investment funds, reorganization securities company to expand its share capital , to allow and encourage enterprises, including state-owned enterprises into the market to buy its stock , allowing insurance companies to enter the market traded funds traded securities and other investment funds , allowing fund management companies and securities companies to enter the interbank market, banks engaged in lending, bond trading business, allowing the company shares held by mortgage securities , etc., to encourage a number of long-term financial strength of the institutional investors hold shares of listed companies , in order to stabilize the market, regulate marketing purposes . The introduction of these policies , as the stock market has created a gradual improvement in the market environment. However , we should also see that the current behavior of institutional investors are now bound by a mechanism not yet standardized , quality of listed companies do not have a corresponding increase in funding over the field of institutional investors and retail investors in the funds listed as a plus : 10, there are serious structural bias , the role of institutional investors can not be effectively play its behavior is not standardized , short-term tendency serious. Notice , creating institutional investors , long-term survival and development of the market environment investors are an important part of a long-term stable development of the securities market , the development of the securities market now why go through five stages , and will appear again, an important reason is that market speculation serious , long-term investors can not regulate behavior . Therefore, a large number of high-quality , standardized operation of institutional investors in the securities market is essential . Now ready to build on existing institutional investors on the further development and bring a large number of securities investment funds , in order to enhance the strength of institutional investors . If you can make in 2-3 years than the market of institutional investors and the financial strength of the retail investor , the current becomes 3:7 or 4:6 1:10 and stable development of the stock market now will have a viable foundation.#p#分页标题#e#

总结 Conclusion
Continue to regulate government behavior , according to market rules securities regulatory policy environment is being formed. This is the most gratifying change we have seen, a decade ago and now the stock market is not standardized , in addition to running the reasons for the market itself , are due primarily to volatility caused by the so-called policy to investors caused a great loss , listed administrative configuration caused a redistribution of company resources and increase the pattern of benefits to market risk . Unreasonable government interference distortions caused investors and listed companies and other behaviors . It can be said , was based on the administration and the planned economy thinking in management and control of this high-risk market , the results of the tube did not go to the tube , the tube should not over-regulate , to the development of the market caused by the disorder. Currently, these barriers are
gradually eliminated, its performance are:

One is being gradually implemented stock issuance examination system , the abolition of the stock market index distribution . Future stock issue listed companies no longer need the government to control the issuance and distribution of indicators and local government departments of the State Council recommendation or , but as long as compliance with legal and regulatory requirements, the provincial government or the consent of the State Council departments , the lead underwriter on the stock may recommend to the Commission and to submit the application documents now , after the approval of the Commission for the shares to be issued by the Company , issued by a review committee composed of external experts for approval. This is a significant improvement in the allocation of resources according to market rules, but also an important step in the securities market norms . The so-called issue of quota allocation method practiced in the past , is a typical manifestation of the government-run markets , which caused huge distortions government , listed companies, investor behavior . As the 1993-1994 market crash , Shenzhen and Shanghai stock index within a year and a half or so plunged 80 percent , the majority of the stock price is compressed between 1-5 dollars , investors lose confidence in the market , due to national publication For the year to issue 5.5 billion new shares in 1994 . Administrative allocation listed indicators, resulting in low efficiency of resource use listed . To control the number of companies listed as home to take the number of control , where newly issued shares is broader and less home number to form artificial asset inflation ; whereas in order to control the number of shares does not control the house number, then a large number of flow-through shares of listed small companies, through administrative means to monitor and guard , leaving more than block the loopholes loopholes . More seriously , for the turnaround of state-owned enterprises , a large state-owned enterprises listed on packaged misappropriating ( eg ST red event ) , causing heavy losses or no prospects for the development of the enterprise market , a blow to investor confidence . Until now, many large-cap stocks are still state-owned company's share price fluctuates around the issue price , long neglected by the market , the business itself has not changed . Therefore , changing the way the stock supply , forming a market-based mechanism and the stock price formation mechanism of supply and demand , and now the stock market is an important symbol standardization development.

Second, through stock issuance price of market-oriented reforms , the gradual elimination of a price on the secondary market arbitrage opportunities. In the past, a secondary stock market there is a huge difference ( 1-5 times ) , making the purchase funds in the primary market of up to several hundred billion dollars , the prevalence of risk-free arbitrage , but that the issue of the way to the listed company's internal provide an opportunity to riches , which produced a variety of corrupt behavior ( such as Daqing has been exposed friendship , etc.). Internet issued by the stock market and the secondary market investors placing combine to take the issue price is not pre-determined by the market and the needs of those who purchase and other measures determined to lay the scientific foundation for reasonably priced stocks. Thus , an artificial difference between the secondary market price of the disappeared, so that investors in a fair competition environment, but also laid the groundwork for the use of stock market riches .

Third, supporting the superior and eliminating the inferior market mechanism being formed. This is mainly manifested in the creation of the second board market by encouraging domestic high-tech enterprise market, policies and mechanisms to encourage restructuring to exit the stock market . Currently , the stock market is now a listed company is the real life tenure , a stock on the market , as long as they do not declare bankruptcy , insolvency or even already has formed a huge negative equity ( agricultural trading companies such as PT , ST hundred text , etc. ) , the stock still trading , and the market price is not low . The reason why this adventurous investors traded stock , because they found that these companies do not really bankruptcy liquidation , but have a variety of policies to make it back to life , or to shell resource transfers . For such period has ended its operating businesses , to form a reasonable elimination mechanism , will stimulate the vitality of the stock market , so that investors really invest in value stocks. Pilot losses for three consecutive years or more listed companies are being driven out of the stock market launch , it will be a good way to change this predicament . Need for this to come up with a set of specific measures for implementation . Moreover, while implementing and eliminating the inferior , but also introduced some supporting the superior approach , such as the need for the country to encourage the development of high-tech industries , to promote its development through the creation of the second board market for these companies to take a more lenient policy , only one year earnings record , the minimum capital of $ 3,000 million, and the stock does not have a single day trading price limits restrict the former requires listed companies listed. The market may be introduced during the year . Thus , the development of the securities market on the implementation of the industrial policy to improve the competitiveness of enterprises closely linked .
 
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