Young gem "Three high" how to be healthy and thin body

From the twists and turns of the decade grinding a sword, to the great attention in the turned out, starting from last October, the start of the running of the gem in the playing of the music, but also exposed a lot of problems and crux, derived from a number of unique phenomena. Last week, jointly sponsored by China Securities Market Research and Design Center and Dispatch, "2010 Second China Gem Summit Forum" held in deep, from the government regulators, financial celebrities, entrepreneurs, investment banks, venture capitalists and other road to explore the growth of the gem of the success and problems, Launched the industry's high-end discussion and positive and negative debate. For a time, the gem encountered the "anniversary interrogation." From all walks of life in the industry, although it turned out that the pioneering business is facing a lot of growth of "trouble", but still difficult to cover achievements.　　Forum, many people have to build a statement on the gem related to the construction of the system put forward a number of feasible suggestions. Launched a year, the gem suffering from the "three high": High stock price, high P/E ratio, the scale of the gem to run for more than half a year, in the end how the performance? According to Shenzhen Financial Office deputy Director Zhi home, October 2009 Gem finally smooth launch, the cumulative financing for small and medium-sized enterprises nearly hundred billion, 90 listed companies from high-end manufacturing and advanced services in small and medium-sized enterprises, has achieved good demonstration effect, promote and guide private investment to innovative SMEs, To a certain extent, to alleviate the problem of employment, and promote the economic transformation.　　The development of GEM will become a banner of financing for Small and medium-sized enterprises in China, and gradually become a booster of economic transformation and development. According to the data for the end of May, GEM Total received 331 enterprises issued applications, of which 86 enterprises officially listed, 76 enterprises are emerging industries, the proportion of up to 88%, gem market in the cultivation of strategic emerging industries, to encourage the role of independent entrepreneurship is being reflected.　　In addition, the gem enterprises, more than 95% are private enterprises, so this is to promote the development of private enterprises also played a significant role. Reporters in the meeting learned that the industry experts are most concerned about one of the problems is the gem "three High" problem. Dispatch chief operating Officer Chen Jianfeng that the emergence of gem and the rapid development of China's venture capital market for the rapid development also brought a good market environment. Of course, the gem as a new thing, its rapid development also exposed a lot of problems, such as "three high" phenomenon. Chen Jianfeng Analysis, the first is high stock prices, until May 10, the gem market, the average price is 39 yuan, while the shares of the average price is 16.37 yuan, gem market shares are 2.4 times times the shares. The second is high P/E. It has recently been close to 70 times times the price-earnings ratio, but it has even surpassed 100 times times in the past for quite some time.　　Third, the ratio of super raise funds is very high, many in more than 100%, such a "three high" phenomenon to the capital market brings a lot of risk. However, in Chen Jianfeng's view, these issues are China's development of multi-level capital market process whenProblems in the "growth of the trouble." Cause the Hundred schools of business, how to be healthy and thin the gem so, how to thin the gem, so that the listing system to go more stable, and give investors good returns?　　Many experts in the field of finance and government supervision have discussed the gem thoroughly. In response to the current gem of the existing "high P/E, the phenomenon of high IPO price, superb raise rate", Ping an investment banking department managing director Handing said, this is not a scourge, this is the issue of the market reform of the distribution system, but it can not be returned to the previous window guidance of the old road. For the emergence of the "three high" phenomenon, she said that this is in excess of the current market liquidity, the pursuit of funds, coupled with investors on a new thing generated by the pursuit of such factors. She stressed that this is not the investment bank, and is not the unique phenomenon of the gem, the current "high" is relative to the previous "low", and the past low is artificial control, not market behavior, is depressed prices.　　On the solution, Handing proposed to increase market supply, so that more high-quality enterprises listed, and to the vast number of small and medium-sized enterprises to provide a good living environment, this problem will be effectively resolved. "Gem launched nearly a year, more than lost."　　She Jijun, managing director of China Merchants Securities, also believes that since the launch of the gem, the incentive effect on entrepreneurs is very good, and the three-high problem is only a process in the development path. On how to create an entrepreneurial chain, Chenhong, deputy general manager of Shenzhen Stock Exchange, puts forward that there are five problems in establishing this entrepreneurial mechanism: the first one is how to motivate the driving force and enthusiasm of entrepreneurship; the second is the norm of entrepreneur's behavior. Third, how to solve the innovative investment and financing mechanism and system, how to set up the financial innovation system to adapt to the characteristics of the start-up enterprises and innovative enterprises; Four is how to scientifically plan the direction of entrepreneurship, innovation, how to find the focus of the development of new industries.　　Finally, how to cultivate the entrepreneurial body, the formation of entrepreneurial system. "We also have to be sober to see that this is new." "There are also some participants who kindly reminded nearly 80 times times the ultra-high average price-earnings ratio, the explosion of excessive speculation, and so on, are not conducive to the long-term development of the gem, but also need all sectors of the community, especially in this room to grasp the experts to guide the vast number of shareholders and social participants rational treatment of the gem of the listed companies,　　To protect the long-term development of the gem. The expert aspect must let the performance difference company withdraw from the market to Zhang Yundong, the China Securities Regulatory Commission Shenzhen Supervisory Bureau party secretary, the director, the Shenzhen Inspection bureau Secretary Zhang Yundong thinks, after the share splitting reform, the Chinese capital market most important system reform is the performance difference Company's Retreat market, the share splitting reform really opened the Chinese capital The success of the non-tradable share reform makes the resources of China's capital market flow, the resources can not be flowed, and now the resources are flowing, but the problem of flow is not solved.Moving is important, flow is as important, because the resources are not able to flow to a correct direction, which is related to the allocation of resources is the problem of optimization, is now being considered as a matter of the issue of the delisting is no less than the issue of share reform. In his view, in order to make China's capital market play the function of optimizing the allocation of resources, maintaining the market order and protecting the interests of the small and medium investors, we must let the performance-poor companies retreat from our market.　　Capital market has death, the fittest can realize virtuous circle, because our market resources are scarce, can not let those who do not have profitability of the company long-term stay in this market, occupy market resources. Why do these problems occur? Zhang Yundong admits, "The crux lies in the current performance of our motherboard's restructuring is too hot, and rampant, some interest groups use the expected performance of corporate restructuring to kidnap and mislead investors, the stock price high." So to be able to successfully implement the delisting, only the bad performance of the company restructuring of the expected fire. "[Page] the list of listed companies more than 400,000 users to participate in the" Gem Listed companies selected "reporter also learned that the organizers have launched the" Gem listed company selection "activities, combined with 53 well-known media reporters and you authoritative expert review, as well as the vast number of netizens, the joint selection of the 6 list.　　The list covers the growth of the gem's most growing enterprises, the popularity of the Vanguard list, creating a rich pioneer list, the best social responsibility performance list, the best directors and other awards, as well as the first anniversary of the 10 event list amounted to six. According to the dispatch in charge, the selection event was introduced and the response from all sectors of the community was received. In just a few days, the number of netizens participating in the selection will be tens of thousands. With the continuous promotion of the selection activities, the number of participants is soaring, many netizens also call the organizers to further elaborate their views and views.　　Up to date, a total of 483,000 people participated in the selection. The reporter saw on the list, Shenzhou Tai Yue, Han-wei electronics, Huayi Brothers and other selected gem Pioneer list, bi-water, Wambonda, in green, star model, such as the most growth-like enterprises, love Seoul, Pathfinder, Jinlong electromechanical, Flush is selected the best social responsibility performance list.　　It is worth mentioning that dispatch also launched the best of the secret list. Shenzhen, Secretary general of the Financial advisory Industry Association, and founder of private placement Li Chunyu bullish on the list and the social effects behind it. Li Chunyu told reporters that the list issued by the authority to promote the listed companies more standardized and transparent, but also make investors understand the relevant information more convenient, more understanding of risk, to understand the listed companies. That's the best point of the list, not just the awards. "Small and medium investors are relatively vulnerable groups, if the information asymmetry, often have a lot of investment risk, entrepreneurial information disclosure for them very significant."　　"It might be more perfect if the list could add" the best listed companies to interact with investors and disclose information, "he said. On-site quotations now although not clearly see the development of the future of the gem, but there is no doubt that it on Chinese capitalThe construction of the market has strategic significance, especially for the two exchanges in Shenzhen and Shanghai to provide a historical opportunity for strategic division of labor.　　The future, the Shanghai market will become China's main blue chip market, Shenzhen market will become China's most vitality of the gem growth market. ——— Wuxiao, director of the Institute of Finance and Securities, Renmin University of China The capital is a significant event for the enterprise, it can form a sustainable competitive advantage and form a competitive barrier, so that you have the opportunity to surpass others. However, this does not mean that enterprises can gain advantages in the business model, enterprises should examine their own team, industry attributes, product life cycle, market share, Brand ...　　In these areas have been compacted, listing only to the enterprise to play a real role in promoting.　　——— Lenovo Investment managing director Erhai at present the delisting threshold of listed companies is too high, the existence of delisting standards easy to circumvent, long time to retire, a single channel and other issues, gem can be listed companies in the delisting mechanism to come out a way. ——— China Securities Regulatory Commission Shenzhen Supervision Bureau party secretary, Director Zhang Yundong in the gem listed companies, there are more than 90% of the enterprises are private enterprises, gem listed companies chairman, general manager of the average age of less than 40 years old, the first 28 listed companies, 29% of the enterprises have the background of overseas returnees,　　Initial statistics gem listed companies, entrepreneurial background from university professors, overseas students and family (including father and son entrepreneurship, husband and wife entrepreneurship, etc.) more than 1/3. Chen Bridge, Vice general manager, ——— Shenzhen