Gem investment "soft threshold" still need "hard constraint"

Guo Liuyang the controversy about the appropriateness of the investors in the gem, has finally reached a preliminary conclusion. According to the Shenzhen Stock Exchange GEM market investors appropriate management implementation measures (draft), for the gem investors have two years of investment experience in principle, but for those who do not meet the two-year investment experience through additional risk hints or through the relevant funds can also be the market. This means that two years of investment experience is actually a "soft threshold" in which any investor can invest through appropriate channels.　　The author thinks that there are still a lot of work to be done in the future on the question of investors ' appropriateness, and the "soft threshold" still needs "hard constraint" as a supplement. As we all know, the gem is more suitable for those investors with strong risk-bearing ability, so it needs to have certain norms to the investors ' suitability. The "threshold" of the previous low level of investment was ultimately not included in the scheme because of its potential to exclude large numbers of investors, contrary to the fair principle of the market.　　And according to the experience of international business start-up Board, the minimum investment threshold limit will cause the market transaction to be light and affect the market activity degree. It should be admitted that the new regulations, with the appropriate management of investors to replace the threshold of access, so that investors willing to invest in the gem will be able to invest in the gem, reflecting the regulatory authorities to protect investors, respect for investors the best goodwill. However, the gem is after all a high-risk market, in the setting of "soft threshold" so that most willing investors can invest in the gem, share capital market development results, but also should be supplemented by a number of "hard constraints." Specifically, you can start from the following: First, the capital ceiling. Investors enter the gem, must be based on their own ability to bear the risk, and compared with the minimum investment capital scale, I think it seems more reasonable to set the amount of investment. Because the size of the fund reflects the ability of investors to take risks. The specific approach is that the investment experience of less than two years, such as not suitable for investors to invest in the gem scale control in the total amount of money within a certain proportion.　　In this way, on the one hand, not through a "one-size-fits-all" approach to the exclusion of some investors, on the other hand, more can reflect the principles of risk and affordability matching, so that part of the investment can not be suitable for investors before they think twice, prevent a large amount of money blindly into the market. Second, risk assessment. Financial strength is only one aspect that reflects the suitability of investors. Because of the personal preference of investors, it can be divided into three basic types: risk preference, risk neutrality and risk aversion. Some investors with strong financial strength may also be not suitable for investment in gem because they are risk aversion investors, and some of the customers who are not strong in financial strength have strong risk tolerance because they belong to risk preference investors. Therefore, before investing in the gem, you may wish to draw on the sales experience of the bank's wealth management products or funds. Mandatory investors in the market before the comprehensive risk assessment, on the one hand, investors can fully understand their level of risk tolerance, as a cautiousAn important reference to the market.　　On the other hand, to urge the securities dealers to fulfill their obligations, and strive to make products and investors to match the preferences and affordability. Third, the Gem basic knowledge test. Gem Market in the issue, listing, trading and other rules, and the motherboard has differences. Investors should know the basics of investing before they get into the market. However, many of the investors in the stock market did not understand the basic knowledge of the warrants, which reflected the immature and slavish nature of the securities investors in China as a whole.　　Therefore, through mandatory basic knowledge examination (not to be able to invest) can effectively urge investors to strengthen the learning of investment knowledge, to a certain extent, play a role in risk control. Of course, "risk ego" is always the basic principle of capital market investment. Whether it's a "soft threshold" or "hard constraint," can not fundamentally eliminate the risks inherent in the market, not to exclude some investors, but to promote investors to their own, market, risk a better understanding of their own risk identification and risk tolerance to make prudent judgments, Find an investment product that matches your own. Regulators and intermediaries are unlikely to become "nannies" for investors.　　The further development of China's capital market must be based on the investors ' ability to improve their risk identification and judgment, and establish the mature investment concept. (Author unit: China Banking Research Center, Central University of Finance and Economics)