regulators have been promoting. On Friday

High price-earnings ratio of new shares issued, why not?　　Has been discussed in the industry, regulators have been promoting. On Friday, the SFC official said, the next step, the China Securities Regulatory Commission will improve the quality of information disclosure as the Center swtor power leveling, with the goal of true transparency of listed companies, increase the intensity of reforming and perfecting the release supervision, multi-pronged approach gradually changed and high earnings sharesSurface. 　　Main capital stocks (eleven-twenty fifths) unit fled to cut meat must regret having sudden boom is not likely in a move investors Gospel: hold stocks saved! More premium offerings, raising funds, and deficiencies in China's capital market investment idea at this stage, risks of keen speculation, keen to rush to purchase new shares larger market behavior of very large. Change high price/earnings ratioNew shares will help squeeze new stock bubble, reducing investment risk, and also conducive to the rational allocation of funds.　　If the newly listed companies raised funds limit the overall decline, that means the same amount of funds to enable more business listing. However, I also think, if the new low price/earnings ratio of listed companies, stock position on the low side, because of priceEffects down the Centre shares the entire market?　　Defer said this the old republic power leveling, went on to say that high price-earnings ratio of the new shares issued. This phenomenon, how to solve? Author of the three "Sabre" alleviate the high price-earnings ratio of new shares issued raised in the article trouble, crack plagued new shares higher earnings release, you can use a "three-sword" to solve, respectively against inquiry agencies, investment banks and issuers.Of course, this is just the author a simple idea. How to solve the issue of new shares higher earnings release, the key is to start with the issue system, this, regulators, experts and scholars have been drawn from different angles "fever medicine". Taken together, largely concentrated in several areas: first, the issue of interest for more to cut off. Many people believe that brokerages are both sponsor andDirect investment, brokerage recommendation process, has the power to push up the price. To address this situation, the Commission and the securities industry association, provides recent, sponsor business and direct investment business requires brokerages to strictly enforce strict operational isolation, not direct investment has sponsored enterprises; sponsor direct investment before, lock period required on a regular basis on the basis of strict implementation of existing shares, direct investment company should undertakeInitiative to extend share lock period of not less than 6 months. Second, changing the tender inquiry link. As the introduction of United States-tendering system. United States-tender core refers to the bid price is bid quoted price. If the United States-tender offer price, although the offer favourably with higher probability of success increased, but higher purchase costs, earnings on the secondary marketReduced.　　Once again, perfecting delisting system requirements. As the delisting of China's capital market system is inadequate and current Board delisting system null and void, causing the stock market "into", dyspepsia. Its Achilles heel is that delisting criteria single and ease of manipulation. Board delisting system the only quantifiable criteria, was that "for three consecutive years of losses" delisting rulesThe delisting standards is easy to use "report restructuring" to evade almost effortlessly.　　And it's delisting does not sound, imperfect, resulting in "resources" firing into the sky, to buy ST unit are proud, proud of fried new shares. It was necessary to improve the system of withdrawing. In this regard, also made it clear that regulators recently: perfecting delisting system of listed companies and on the growth enterprise market analysisCable on a trial basis.　　In addition, sponsor institutions should enhance responsibility ball measures on new stock-issuing system, let sponsors and issuers take on more responsibility; bulk listing, increase supply, alleviate the situation of new shares in short supply, improving the negotiating capacity of inquiry bodies, can inhibit the secondary market speculation speculation. Multi-pronged, addressing new shares issued by the high price-earnings ratio problem,Without delay.　　This is a significant changes in the orientation of the stock market, are financing re-balancing of interests and the interests of investors, as well as protecting the basic reflection of investors ' interests. Solve the issue of new shares higher earnings release, everything is looking forward to.