What kind of gem do we need?

Zhang Zhibin time passed quickly, the gem opened nearly a year, with October 30 the first batch of gem listed on the opening of the release, inventory of this year's success and failure of the gem has become a hot topic of financial media. Gem Rich in the upcoming harvest of ripe wheat, but also have to face the increasingly turbulent denunciation.　　However, for the market, to find the shortcomings of the gem system, timely "mend", perhaps the "King". A year to the gem of the bulk of the production capacity is the crown of Ancient and modern. According to incomplete statistics, the gem set up a year, has been the bulk of the creation of 400多位亿万 rich, of which there are 1 billion of billions of millionaires, and the holding shareholders of each gem has undoubtedly become the gem of the most happy passengers on the express.　　You know, the motherboard market to create the number of billionaires since 20 has failed to exceed the efficiency of the gem one year! Also on the gem, the Rich Express has executives from listed companies.　　Although it is a key to the modern enterprise system to carry on the moderate equity incentive to the company executives, the consequence of the same excessive incentive has been paid attention to by scholars, and the growing turnover of the Enterprise board executives is becoming a typical case of excessive incentive. If executives ' profits are understandable, then the agencies and individuals who raided the stakes before the company's IPO are clearly more media-focused.　　Some of the stake holders and shareholders before the listing of the raid on the stock market challenges the "three-public" principle, including even some of the securities investment bankers figure, this should undoubtedly become the gem "mend" in the focus of the target hit.　　In the gem listed companies, controlling shareholders, executives and early-stage surprise investors looking at the sharp rise in the wealth of the number of people laughing, the gem listed companies forced "high growth" and the two-tier market, the price of the higher prices have undoubtedly made two-tier market investor hurt. In contrast to the passive injury of retail investors, institutional investors who have the right to inquire about new shares are the only to blame.　　The unreasonable quotation of Inquiry link, on the one hand, has harmed its own interest, on the other hand, the capital market capital allocation efficiency is greatly reduced, which damages the original intention of the gem establishment to some extent. The original intention of setting up the gem should be to encourage entrepreneurship, and hope to create a reasonable exit channel for investment.　　At present, the real value of the gem is seriously high, already let the gem become rich and powerful capital of the important channel, in order to squeeze on the gem of this rich express, financial fraud, conceal the company facts and other irregularities occur, the capital market "three public" principle has been seriously threatened. At the same time, the lack of efficient allocation of capital funds in the gem will lead to a series of serious consequences. The decline in earnings growth brought about by the big expansion of the gem has already begun to show a large number of super raise funds idle account is a great waste, and some companies can not stop the impulse of investment blindly launched investment projects, once the error is likely to itself on the weak listed companies constitute a fatal blow, and even caused the worry of the city, then,　　The deepest victims will be the two-tier market of the vast number of investors. All kinds of signs that the gem is currently issuing high prices, over the serious situation must change, and hitch-car, surprise shares of the situation should be eliminated, only in this way, can also investors an efficiency and equity of the gem market! China's gem can embark on a healthier path to sustainable development.