Reshaping the health market is the premise to guide funds into the market – Sohu Finance-manbetx.cc

The healthy market is to guide the funds into the market Sohu financial premise – Bloomberg quoted an anonymous insider said, Securities Regulatory Commission Chairman Liu Shiyu after taking office for the first time to the Commission officials said in a speech, the current task includes the supervision market, thorough investigation of stock market manipulation and guide funds into the market. In the A shares experienced with vigour and vitality "deleveraging", "bubble" of the process, how to guide the funds into the market becomes a very hot topic. After the Spring Festival holiday this year, there are rumors that the social security fund will accelerate its entry into the market. Recently, the national social security fund has issued accounts to a number of domestic entrusted managers, totaling about 10 billion yuan of funds for the purchase of shares in the two level market. However, for the size of trillions of social security funds, tens of billions of funds into the market action, can not play a fundamental role in leveraging the market. It is worth mentioning that, according to the previous plan, this year probability of pension fund entering the market is too large, which accelerate the pace of the market, to some extent to enhance the market liquidity of the expected influx of new. If the pension fund can enter the market, the potential capital scale of entering the A share market in the future is not to be underestimated. However, the market seems to be over optimistic about the size of the social security funds and pension funds entering the market. According to the proportion of equity investment in equity assets in the past, it has long been in the state of the amount is not exhausted. As for the recent introduction of the new regulations, while enhancing the investment of insurance funds in the proportion of equity assets limit, but the actual investment and the provisions of the investment ceiling is still a large distance. Therefore, the actual investment in equity assets refer to the insurance funds, pension funds in the future relating to people’s life and property, the equity assets of the actual investment proportion can not be blindly optimistic. Such long-term funds into the market, the impact on the psychological level of the market may be much greater than the actual impact. It should be noted that equity investments are not limited to equity investments. In actual operation, equity assets investment scope is relatively broad, more in line with this kind of long-term funds with diversification and dispersion of investment, to disperse the risk of investment objective. Perhaps, in some market participants, the introduction of funds into the market is not necessarily limited to social security funds, pension funds, and even foreign investment. In this regard, also with the aid of re activate the stock market leverage funds, or with the reform of the trading system, to increase the stock market activity, to attract capital to participate in the enthusiasm. In fact, to activate the stock market for more leveraged funds, brokerage institutions, can only take two financial deregulation business or increase conversion rate and other means to complete. Just for the experienced "deleveraging" to "bubble" of the A stock market, the stock market once again activate leveraged funds especially OTC leveraged funds have probability is very low. As for the floor financing, due to the margin ratio increased to 100% and other new regulations, the subsequent financing business recovery rate will not be too significant. If you would like to use the trading system reform to improve the utilization of funds, so as to achieve the purpose of guiding funds into the market, perhaps more rapid and effective way is to take the stock T+0 trading system. However, the current A share market is basically in a state of serious illness. Although the "T+0" trading system can be bright

重塑健康市场 是引导资金入市前提-搜狐财经   据彭博援引匿名知情人士的话指出,证监会主席刘士余在就任后首度向证监会官员的讲话中称,当前任务包括监管市场、严查操纵股市和引导资金入市等。  在A股经历了轰轰烈烈的“去杠杆化”、“去泡沫化”过程之后,如何引导资金入市成为一个备受热议的话题。  今年春节长假之后,坊间传言社保基金加快入市。近日,全国社保基金给多家境内委托管理人划账,总计约100亿元人民币资金,用于二级市场购买股票。不过,对于规模超万亿的社保基金而言,上百亿资金的入市动作,还不能对市场起到本质上的撬动作用。  值得一提的是,按照之前的计划,今年年内养老基金入市的概率偏大,其入市步伐加快,也从某种程度上提升了市场新增流动性涌入的预期。若养老基金得以入市,未来进入A股市场的潜在资金规模则不可小觑。  然而,市场对社保基金、养老基金入市的资金规模似乎过度乐观。按照以往保险资金投资权益类资产比例来看,其长期处于额度未用尽的状态。至于近年出台的新规中,虽然提升了保险资金投资权益类资产的比例上限,但其实际投资与规定中的投资上限仍有较大距离。因此,参照保险资金对权益类资产的实际投资情况,未来关乎老百姓生命财产的养老基金,其在权益类资产上的实际投资比例更不能盲目乐观。这类长期资金入市,对市场心理层面上的影响或许远大于实际的影响。  需要注意的是,权益类资产投资不局限于股票投资。在实际操作中,权益类资产的投资范围相对宽广,更符合这类长期资金采用多元化、分散性投资,达到分散投资风险的目的。  或许,在部分市场人士看来,引导资金入市不一定局限于社保基金、养老基金乃至外资投资等方式。对此,亦可借助重新激活股市杠杆资金,或者是借助交易制度的改革,来完成提升股市活跃度,加快吸引资金参与的热情。  实际上,重新激活股市杠杆资金,对于更多券商机构来说,只能采取松绑两融业务或调高折算率等手段来完成。对于刚刚经历了“去杠杆化”“去泡沫化”的A股市场来说,再度激活股市杠杆资金尤其是场外杠杆资金的概率已经很低。至于场内融资,因有保证金比例提升至100%等新规的限制,其后续融资业务的回升速度也不会太显著。  如果想借助交易制度改革来提升资金利用率,进而达到引导资金入市的目的,或许更为迅速有效的方式就是采取股市“T+0”的交易制度。然而,当前的A股市场基本处于大病初愈的状态。虽然“T+0”交易制度能够提升股市活跃度,提升资金有效利用率,但是其可能会再度促发股市高度投机的风险。短期看,实施这一举措还须三思而后行。  笔者认为,引导资金入市的前提是,重塑股市良好健康的价值投资氛围,并从本质上提升机构投资者的比例,以达到长期稳定市场的目的。当然,还须强化我国机构投资者自身的自律行为,避免机构投资者起到错误引导的影响。更为关键的是,应进一步强化我国资本市场的法制化建设,加快修订与完善《证券法》,为市场营造出良好的法治环境。  作者:郭施亮相关的主题文章: