There are three drawbacks in the mechanism of gem making and enriching

Pihai October 30 is the first anniversary of the founding of the gem. Looking back over the past year, the "Creation and enrichment effect" of gem is particularly noticeable.　　As of October 26, the Gem 134 listed companies were born more than 500 billionaires, tens of thousands of billionaires, the gem has become a veritable Chinese rich production base. The creation of wealth is a major function of the capital market. Without the enrichment function, the charm of the capital market will be greatly compromised. Especially for some entrepreneurs, they are in the process of undertaking a great deal of risk, pay a lot of human and financial resources, their value should be reflected in the listing of enterprises.　　Therefore, the gem becomes a "rich board" is the gem of the embodiment of the rich function. However, from the gem-building process, the current gem-making function is obviously distorted. This kind of enrichment is not based on the investment value of the gem, but on the basis of the high IPO price, the distortion of the equity structure of the listed company and the speculation of the market.　　The author thinks, this kind of enrichment mechanism has three major drawbacks. First of all, is to the gem market has brought huge investment risk. At present, in the issue of new shares, artificially raise the issue price, resulting in the IPO price is high. We see that the gem of the IPO price-earnings ratio, less than 50 times, more than 60-fold, more than a hundredfold, Jinlong electromechanical distribution even reached 126.67 times. And such a high P/E issued after the IPO, but also by the market speculation.　　So, rich is produced a lot of, can be built on gem stock of high valuation, based on overdraft company's investment value. Second, it is likely that the situation will be: gem build rich, investors pay. The process of building up the gem is now the process of transferring huge investment risk to investors. What is overrated is the ebb. If the value of others is not clear to them, the shareholders of the company is no clearer. When the rich are happy to set up the moment, that is, investors suffering from the hold-up. According to the media survey, the Gem launched a year, investors invest in the gem loss or the proportion of the hold-up is close to 70%.　　But it is not yet time to set up the gem rich. In addition, the gem of this rich mechanism of small and medium-sized enterprises are not conducive to stable development. A company listed, the family, senior executives immediately rich, wealth came so much, so easy, who is willing to continue hard work, Yeh? And the face of the gem brought about the wealth effect, has attracted some do not meet the conditions of the company is also ready to fake listing.