Gem cannot be a trading game

At the beginning of the first anniversary of the establishment of the gem, 28 companies have 28 executives resigned. At the same time, some venture investment and other institutional investors are brewing to reduce their holdings of gem listed companies. The chaos of gem, also reflected in the issue of the use of fund-raising. Up to the beginning of September, 117 gem listed companies to raise funds of about 51.5 billion yuan.　　Only 1/10 of them for the main business and other related fields, the vast majority of loans, investment in real estate and sitting to eat interest and other non-main business. Clearly, the year-old gem for the market is expected to create independent innovation and the radiation effect is not effective, on the contrary, more and more degenerate into a pure profit and vanity field.　　This trend is characterized by typical Faust trading, which is to discard the essential soul of the gem--the demonstration of independent innovation and the radiation effect in pursuit of pure profit-seeking trade. The direct cause of the current chaos is regulatory arbitrage. The audit on the qualification of listed companies by the board of the gem means that the supervision layer has carried on the credit endorsement for the gem listed companies. This is the gem market at least two major hidden dangers: On the one hand, the supervision of the listing of the audit itself to improve the gem price.　　On the other hand, many gem listed companies of the IPO price itself to reach more than 60 times times, far more than the listed company executives and even the founder of the company's target prices, nature also triggered the gem company executives and venture investment and other institutional investors arbitrage.　　At the same time, the lack of early warning mechanism, which makes the gem lost the incentive effect of the fittest, artificially increased the shell value of the listed companies, which instead stimulated the gem market speculation behavior, so that gem listed companies more inclined to market money, rather than the use of capital markets to expand innovative advantages. The main reason why the gem-style trading features of the Enterprise Board is the deficiency of endogenous innovation ability of domestic enterprises. Because of the lack of knowledge accumulation of their own innovation, the enterprise is mainly based on technology imitation, but technology imitation needs to undertake international technology spillover. But in the current situation of high quality FDI (Ministry of Commerce data shows that more than 80% of FDI sources in recent years come from Hong Kong and tax-free islands, and so on, really from developed markets such as Europe and the United States, can bring about a relatively limited FDI), domestic enterprises to undertake international technology spillover effect is limited, Limited the domestic enterprises ' technological innovation ability, thus leading to the current gem listed companies too much funds and investment projects insufficient "money more disorderly flower" of the strange elephant.　　Obviously, since the lack of effective innovation ability, nature will not be able to use the gem market to play an innovative incentive effect. At the same time, the gem market is developed under the condition of the absence of domestic venture capital market, and it is a backward operation mechanism to foster the market of venture investment. How to identify innovative enterprises, is mainly based on the government's High-tech certification, and access to High-tech certification enterprises whether there is a real innovative ability, itself is difficult to answer the government certification. This has led to the hope that companies listed on the gem will be more likely to obtain relevant national certification rather than truly increase innovation capacity. Thus currently in the marketThere has been a reselling of national High-tech certification transaction behavior.　　Therefore, it is difficult for investors to identify the innovative ability of the gem, which leads to the gem market, and even to a certain extent, the effect of bad currency expulsion excellent currency. To rectify the emerging characteristics of the Faust-style speculative transaction, the first step is to further advance the filing system from the issue of the gem, rather than the approval system, so that market investors can decide which company will be listed. In fact, the release of the IPO will not only not magnify the risk, but will also help to reduce the risk of gem market, because investors than the Commission to effectively manage the investment risk. Secondly, we should launch the delisting mechanism of gem as soon as possible, and increase the fittest of the gem market. At the same time, perfecting intellectual property legislation and promoting opening to the outside world, promoting the innovation competition of foreign capital in China, this not only helps the domestic enterprises to enjoy the international technology spillover effect, but also helps to protect the technological innovation, stimulates the investment of technology research and development of domestic enterprises, and thus provides the high quality listing