Comments: Three major reasons for the growth of the dragon species to become fleas

Every commentator leaves Tan enthusiasm, administrative control, interest chain three reasons, so that the entrepreneurial plate dragon species become fleas.　　Gem to become a rich board and inefficient board, the symbolic help to the entrepreneurial enterprises in China to bring the growth of the company only a little psychological comfort, to support the original intention to stay on paper-all because of enthusiasm and benefits associated. Gem currently more than 100 billion yuan to raise more than, if the capital required for the start-up enterprises for each 200 million yuan, gem can be for up to 500 enterprises to provide funds, GEM will become a large plate with more than 700 listed companies.　　But now, the gem created near China Rich, but not for Chinese entrepreneurs to provide the source of funds to achieve the dream.　　July 10, QI, director of the SFC Research Center in the "2011 China Financial Investment Summer Summit" said that our board is more than 500, gem 200, the motherboard more than 1000, the U.S. market structure and our country exactly the opposite, in the long run, this model is not conducive to further expansion of the capital market.　　This is our rigid thinking and the result of administrative control, we too hope that the gem success, made a lot of efforts to protect the gem Open board. In the beginning of the gem listing, the implementation of a strict examination and approval system, supplemented by loose monetary liquidity.　　2009, just save the economy and bail-outs in full swing, the launch of the gem is appropriate, the future of China's economy needs a large number of enterprises with grassroots entrepreneurial gene to carry the tripod, there should be countless entrepreneurial enterprises through the securities market, to become the backbone of China's economy. Regulation distorts the nature of the gem, it should have been early childhood schooling, but the relevant parties have chosen to have received a university education to enter the Gem school, which is called the small and medium-sized boards and even the board enterprises into the gem. It can be said that the gem once the birth has matured, this is the so-called growth has been aging. Gem on the surface of success, but lost the most valuable entrepreneurial spirit.　　Hundreds of billions of dollars of huge extra funds, the living force of a huge food and welfare class, under the huge wealth of the torrent, entrepreneurial spirit was replaced by the spirit of the food. I listen to an entrepreneur said, a business that needs 200 million yuan of capital, one night with 600 million yuan, is a typical "prostitution", because no one enterprise can reserve the right project in a short time.　　The choice of the super raise enterprise is to buy a house to buy a house, or to enter a bank to serve as a high interest deposit to become the food benefit class, or under the force of indiscriminate investment, become the source of waste of social funds.　　The super raises the way, several hidden interest chain surface. VCs, especially the VCs, have gained dozens of times times even a hundredfold: the average book return for 2009 venture-capital is 17.22 times times, 12.13 Times times in 2010 and 8.02 times times in the first half of 2011. Market downward, the phenomenon has not improved, intermediary companies to obtain profits. Statistics show that the first half of this year a share market a total of 164 new shares completed listing, the total amount of financing reached 171.1249 billion yuan, more than 20IPO financing fell 24.1% in the first half of 10, but the phenomenon has not changed much, averaging nearly 500 million yuan per company.　　It is noteworthy that the first half of the investment bank IPO rates did not fall, in particular, the gem IPO average rate of increase was the largest, from 2010 to 6.6% rose to 8.1%. More importantly, the interest generation chain continues to ferment, the brokerage will expand the scale of direct investment. Brokerage direct investment business has been carried out for more than 4 years, up to now, a total of 34 companies set up a direct investment company.　　The moral hazard and the huge monopoly of the securities brokers have been criticized by the market people including the private investment institutions. As a response, the SFC has announced the "Securities companies direct Investment business supervision Guidelines", the formal brokerage direct business into the regular supervision, the brokerage "Sponsor + Direct investment" model clearly made restrictions. In fact, this restriction expands the scale of direct investment and absorbs social capital into the direct investment field. The guideline stipulates that the amount of funds invested by the securities companies in direct-investment companies, direct-investment funds, industrial and fund management institutions shall not exceed 15% of the net capital of the company. Direct-investment companies can set up direct investment funds to centralize institutional investors ' funds for direct investments. In order to curb PE corruption, the securities company is required to act as a counseling institution for listed enterprises, the company's direct investment company, direct Investment fund, Industrial Fund and fund management institution shall not invest in the proposed listed enterprise any more since the date of signing the relevant agreement or the actual carrying out of the relevant business from the financial advisor, the sponsoring agency or the main underwriter. This is tantamount to self-deception, is the brokerage will be stupid to not move the date of signing?　　Is this encouragement or inhibition? Gem frequent break, incredibly is regarded as a symbol of rationality, and the creation of rich inefficiency is ignored. The entrepreneurial spirit of the gem disappeared, it is China's gem and entrepreneurial Enterprise's great misfortune.