• 微博
  • 微信微信二维码

广东省人民政府首页  >  要闻动态  >  广东要闻

大牛市概率变小股权质押釜底抽薪一级市场生态聚变

来源: 南方日报网络版     时间: 2019年05月23日 02:58:38
【字体:

幸运飞艇简单玩法平台直属招商最高㊖100返9♔诚招代理【微信QQ同步】860925559 腾讯分分彩,腾讯5分彩,腾讯10分彩,时时彩龙虎和,U米彩票代理,U米官网,U米平台注册,U米乐官网,U米娱乐官方网站。大牛市概率变小股权质押釜底抽薪一级市场生态聚变

马龙携五虎将首轮过关 张继科迷妹将赛场变主场 国际乒联主席选举结果出炉 现任主席维克特继任 上港评分:攻击线依旧出众 埃尔克森被激活(图) 苏宁出局崔龙洙暂不下课 接班人高层还未准备好 苏宁评分:崔龙洙战术失败 杨笑天乌龙获最低分 你盼了好久的2016年度国产纪录片及创作人才扶持项目评选结果终于来了! 《快乐大本营》20周年又换了LOGO,它是时候改变棚内模式吗? 一线卫视黄金档试水“先网后台”,IP剧占30%:下半年电视剧趋势展望+剧王预测 贿售电视剧:电视台腐败频发、多部热播剧受牵涉 每日必读| 今天传媒界发生了什么? 法网-彭帅/段莹莹直落两盘 2-0胜跨国组合晋级 张继科横扫对手晋级次轮 强调在场上要小心翼翼 胡尔克:手部伤势没问题 始终按照自己节奏踢球 骨朵榜单丨2017年5月30日网络影视播放量及指数表现 网大丨上周观察:《魔游纪》系列完结收官,《玄笔录》高颜值“捉妖团”再度来袭

(原)(标)(题)(:大)(牛)(市)(概)(率)(变)(小)(股)(权)(质)(押)(釜)(底)(抽)(薪)(一)(级)(市)(场)(生)(态)(聚)(变)(
这)(次)(的)(减)(持)(新)(政)(的)(好)(处)(不)(用)(多)(说)(,但)(又)(有)(哪)(些)(事)(,值)(得)(我)(们)(担)(忧)(?
减)(持)(新)(规)(,在)(制)(度)(上)(很)(大)(程)(度)(遏)(制)(了)(A股)(二)(级)(市)(场)(“大)(小)(非)(”们)(以)(前)(的)(赚)(钱)(套)(路)(。很)(多)(人)(认)(为)(,这)(种)(制)(度)(性)(改)(良)(对)(中)(国)(股)(市)(的)(长)(期)(投)(资)(价)(值)(是)(一)(种)(保)(障)(。
但)(是)(,作)(为)(长)(期)(饱)(受)(“朝)(令)(夕)(改)(”之)(苦)(中)(国)(散)(户)(来)(说)(,“新)(政)(”带)(来)(的)(大)(动)(干)(戈)(,势)(必)(又)(会)(在)(其)(余)(层)(面)(对)(市)(场)(的)(短)(期)(预)(期)(造)(成)(深)(层)(次)(影)(响)(,引)(发)(市)(场)(波)(动)(。
大)(牛)(市)(概)(率)(变)(小)(?
2006年)(,A股)(酝)(酿)(出)(了)(证)(券)(史)(上)(最)(大)(的)(一)(次)(制)(度)(性)(改)(革)(,这)(个)(改)(革)(的)(名)(字)(就)(是)(股)(权)(分)(置)(改)(革)(。股)(权)(分)(置)(改)(个)(让)(国)(有)(股)(股)(东)(股)(权)(得)(意)(“流)(通)(”,员)(工)(持)(股)(计)(划)(让)(国)(有)(股)(公)(司)(的)(利)(益)(与)(在)(国)(企)(工)(作)(的)(人)(的)(利)(益)(进)(行)(了)(绑)(定)(。所)(以)(,一)(开)(始)(被)(市)(场)(认)(为)(极)(度)(利)(空)(的)(股)(权)(分)(置)(改)(革)(,却)(在)(市)(场)(化)(的)(送)(股)(行)(为)(,以)(及)(上)(市)(公)(司)(市)(值)(管)(理)(思)(路)(的)(孕)(育)(诞)(生)(下)(演)(变)(成)(了)(A股)(历)(史)(上)(最)(大)(的)(牛)(市)(。
回)(到)(现)(在)(。很)(多)(人)(认)(为)(,这)(次)(的)(减)(持)(新)(规)(,做)(的)(过)(于)(彻)(底)(,乃)(至)(于)(其)(实)(质)(上)(否)(认)(了)(股)(权)(分)(置)(改)(革)(的)(成)(果)(,认)(为)(这)(是)(“市)(场)(化)(”的)(倒)(退)(——一)(夜)(回)(到)(解)(放)(前)(。
不)(难)(想)(象)(。在)(股)(权)(分)(置)(改)(革)(的)(成)(果)(在)(某)(种)(程)(度)(上)(被)(按)(了)(倒)(回)(,而)(伴)(随)(股)(权)(分)(置)(改)(革)(出)(现)(的)(大)(牛)(市)(概)(率)(也)(会)(被)(一)(并)(降)(低)(。
大)(牛)(市)(产)(生)(需)(要)(一)(定)(的)(基)(础)(——比)(如)(科)(技)(技)(术)(重)(大)(变)(革)(,政)(策)(风)(口)(的)(突)(然)(光)(临)(。但)(是)(这)(些)(牛)(市)(的)(基)(础)(都)(建)(立)(在)(上)(市)(公)(司)(方)(面)(努)(力)(营)(造)(一)(致)(预)(期)(的)(过)(程)(。而)(这)(个)(预)(期)(,很)(大)(程)(度)(上)(取)(决)(于)(持)(有)(股)(份)(的)(董)(高)(监)(或)(者)(员)(工)(持)(股)(计)(划)(对)(上)(市)(公)(司)(的)(影)(响)(。
2014年)(的)(创)(业)(板)(牛)(市)(启)(动)(于)(大)(众)(创)(业)(万)(众)(创)(新)(。2015年)(的)(牛)(市)(启)(动)(于)(一)(带)(一)(路)(,高)(潮)(则)(是)(互)(联)(网)(+和)(互)(联)(网)(金)(融)(。期)(间)(,传)(统)(公)(司)(依)(托)(定)(增)(方)(式)(并)(入)(“搭)(边)(”概)(念)(的)(行)(为)(几)(乎)(天)(天)(在)(发)(生)(,A股)(演)(绎)(经)(济)(结)(构)(转)(型)(,往)(往)(是)(大)(牛)(市)(诞)(生)(的)(时)(代)(背)(景)(,短)(期)(内)(借)(助)(资)(本)(运)(作)(引)(发)(快)(速)(地)(一)(致)(预)(期)(的)(形)(成)(,则)(是)(大)(牛)(市)(的)(诱)(因)(。
雄)(安)(新)(区)(也)(是)(一)(个)(例)(子)(。目)(前)(,一)(些)(市)(场)(行)(情)(软)(件)(对)(涉)(及)(雄)(安)(概)(念)(的)(股)(票)(已)(经)(接)(近)(500只)(股)(票)(,而)(其)(中)(有)(很)(多)(公)(司)(是)(把)(自)(己)(“硬)(凑)(”到)(雄)(安)(新)(区)(的)(概)(念)(上)(去)(的)(。而)(根)(据)(最)(近)(的)(市)(场)(交)(投)(来)(看)(,70%的)(股)(票)(交)(易)(量)(都)(聚)(集)(在)(这)(500只)(股)(票)(上)(。只)(是)(当)(前)(的)(去)(杠)(杆)(市)(场)(调)(节)(之)(下)(,资)(金)(面)(无)(法)(满)(足)(一)(次)(大)(牛)(市)(对)(资)(金)(的)(要)(求)(
最)(大)(的)(短)(期)(隐)(患)(,股)(权)(质)(押)(
股)(权)(质)(押)(,作)(为)(一)(种)(权)(利)(质)(押)(,在)(资)(本)(市)(场)(经)(常)(用)(于)(补)(充)(流)(动)(资)(金)(。即)(股)(东)(以)(自)(己)(手)(中)(的)(上)(市)(公)(司)(股)(权)(作)(抵)(押)(,从)(证)(券)(公)(司)(、银)(行)(、信)(托)(和)(一)(般)(公)(司)(等)(机)(构)(获)(得)(融)(资)(。质)(押)(方)(按)(照)(股)(价)(市)(值)(的)(3-6折)(向)(融)(资)(方)(发)(放)(资)(金)(。
然)(而)(,股)(权)(质)(押)(对)(于)(减)(持)(层)(面)(管)(理)(横)(跨)(“银)(监)(会)(”,“证)(监)(会)(”两)(个)(部)(门)(。早)(在)(2016年)(初)(股)(权)(质)(押)(第)(一)(次)(集)(体)(出)(现)(爆)(仓)(风)(险)(之)(时)(,就)(有)(人)(拷)(问)(过)(如)(何)(处)(理)(减)(持)(规)(则)(与)(股)(权)(质)(押)(平)(仓)(存)(在)(的)(“政)(策)(冲)(突)(”。但)(当)(时)(,政)(策)(面)(并)(没)(有)(给)(出)(完)(美)(的)(解)(答)(,市)(场)(已)(经)(开)(始)(企)(稳)(,
如)(今)(,股)(权)(质)(押)(风)(险)(再)(临)(,减)(持)(新)(政)(再)(出)(,游)(走)(在)(政)(策)(界)(限)(的)(股)(权)(质)(押)(问)(题)(一)(定)(会)(再)(度)(被)(摆)(上)(台)(面)(。
由)(于)(股)(价)(处)(于)(不)(断)(波)(动)(中)(,质)(押)(方)(对)(质)(押)(个)(股)(设)(有)(预)(警)(线)(和)(平)(仓)(线)(,多)(为)(160/140或)(150/130。当)(股)(价)(跌)(至)(预)(警)(线)(时)(,质)(押)(方)(会)(要)(求)(股)(东)(“补)(仓)(”以)(维)(持)(质)(押)(品)(价)(值)(。
减)(持)(新)(规)(出)(现)(之)(后)(,对)(大)(股)(东)(和)(特)(定)(股)(东)(而)(言)(,相)(当)(于)(股)(份)(的)(流)(动)(性)(大)(大)(降)(低)(。这)(样)(,银)(行)(对)(这)(些)(股)(票)(质)(押)(的)(就)(要)(重)(新)(评)(估)(,调)(整)(质)(押)(率)(了)(,可)(能)(会)(要)(求)(质)(押)(更)(多)(股)(份)(。股)(票)(质)(押)(的)(质)(押)(率)(会)(降)(低)(。
据)(国)(金)(证)(券)(李)(立)(峰)(在)(近)(期)(的)(报)(告)(中)(指)(出)(,截)(至)(2017年)(5月)(12日)(,股)(权)(质)(押)(总)(市)(值)(已)(达)(5.4万)(亿)(元)(,占)(A股)(总)(市)(值)(的)(10.7%。其)(中)(,流)(通)(股)(质)(押)(规)(模)(为)(3.25万)(亿)(元)(,限)(售)(股)(质)(押)(规)(模)(为)(2.17万)(亿)(元)(。另)(据)(wind统)(计)(,在)(4月)(份)(以)(来)(的)(500家)(宣)(布)(股)(权)(质)(押)(的)(上)(市)(公)(司)(中)(,2016年)(以)(后)(上)(市)(的)(次)(新)(股)(占)(到)(了)(108家)(。
那)(么)(,处)(于)(警)(戒)(线)(附)(近)(的)(又)(有)(多)(大)(规)(模)(呢)(?
据)(民)(生)(证)(券)(估)(算)(,截)(至)(5月)(23日)(,跌)(破)(股)(票)(质)(押)(警)(戒)(线)(的)(市)(值)(规)(模)(接)(近)(3000亿)(元)((只)(包)(含)(2016年)(以)(来)(的)(股)(权)(质)(押)(,假)(设)(折)(价)(率)(四)(折)(,警)(戒)(线)(150%)。5月)(23日)(当)(天)(,在)(警)(戒)(线)(价)(格)(附)(近)(的)(个)(股)(出)(现)(大)(批)(跌)(停)(。在)(警)(戒)(线)(以)(上)(、距)(离)(警)(戒)(线)(不)(到)(1元)(钱)(的)(市)(值)(规)(模)(高)(达)(3500亿)(元)(左)(右)(。
实)(际)(效)(果)(相)(当)(于)(一)(次)(永)(久)(性)(的)(上)(市)(劝)(退)(
股)(市)(有)(两)(大)(功)(能)(,一)(是)(融)(资)(,二)(是)(投)(资)(。过)(去)(几)(年)(,A股)(股)(市)(实)(际)(的)(功)(效)(在)(很)(多)(上)(市)(企)(业)(案)(例)(中)(,已)(经)(从)(教)(科)(书)(上)(的)(直)(接)(融)(资)(工)(具)(,变)(成)(了)(产)(业)(资)(本)(最)(好)(的)(退)(出)(工)(具)(。
从)(实)(际)(效)(果)(来)(看)(,上)(市)(公)(司)(IPO募)(资)(不)(用)(于)(约)(定)(募)(投)(项)(目)(或)(者)(干)(脆)(闲)(置)(的)(情)(况)(很)(多)(,意)(味)(着)(许)(多)(上)(市)(公)(司)(,却)(实)(只)(想)(自)(己)(手)(里)(的)(股)(票)(“有)(价)(有)(市)(”,自)(己)(能)(够)(择)(机)(变)(现)(,走)(向)(人)(生)(巅)(峰)(。
然)(而)(在)(减)(持)(新)(规)(来)(了)(,追)(随)(IPO,定)(向)(增)(发)(等)(进)(入)(的)(特)(定)(投)(资)(者)(,都)(将)(无)(法)(随)(心)(所)(欲)(地)(减)(持)(了)(。2015年)(的)(大)(牛)(市)(,从)(起)(点)(到)(高)(潮)(不)(过)(半)(年)(时)(间)(。而)(减)(持)(新)(规)(将)(减)(持)(的)(时)(间)(跨)(度)(大)(大)(延)(长)(,半)(年)(之)(内)(
然)(而)(这)(又)(会)(再)(次)(引)(起)(另)(一)(个)(短)(期)(现)(象)(。
而)(由)(于)(上)(市)(之)(时)(的)(本)(身)(动)(机)(不)(纯)(,在)(整)(体)(减)(持)(难)(度)(的)(加)(大)(的)(如)(今)(,公)(司)(试)(图)(借)(助)(IPO上)(市)(的)(动)(力)(就)(会)(骤)(降)(,IPO队)(列)(将)(在)(IPO审)(核)(趋)(严)(的)(背)(景)(下)(,再)(次)(迎)(来)(一)(波)(反)(悔)(高)(潮)(。
另)(一)(方)(面)(,不)(接)(触)(IPO队)(列)(的)(公)(司)(,正)(在)(试)(图)(借)(助)(定)(增)(重)(组)(上)(市)(,而)(在)(众)(多)(重)(大)(重)(组)(商)(榷)(阶)(段)(的)(上)(市)(公)(司)(特)(定)(投)(资)(者)(,在)(减)(持)(新)(规)(出)(来)(之)(后)(势)(必)(存)(在)(大)(量)(反)(悔)(的)(情)(况)(。老)(牌)(上)(市)(公)(司)(中)(,有)(许)(多)(公)(司)(存)(在)(产)(业)(真)(空)(化)(的)(状)(态)(,上)(市)(公)(司)(层)(面)(大)(面)(积)(宣)(布)(终)(止)(重)(组)(,原)(本)(业)(绩)(不)(佳)(的)(上)(市)(公)(司)(无)(人)(声)(援)(,退)(市)(之)(虞)(岌)(岌)(可)(危)(。
简)(而)(言)(之)(,市)(场)(雷)(股)(将)(会)(几)(何)(倍)(数)(增)(加)(。
一)(级)(市)(场)(生)(态)(聚)(变)(
减)(持)(新)(政)(之)(下)(,长)(期)(借)(助)(资)(金)(优)(势)(获)(得)(超)(额)(利)(润)(的)(一)(级)(,一)(级)(半)(市)(场)(生)(态)(将)(发)(生)(聚)(变)(。
1.定)(增)(基)(金)(
可)(以)(说)(,受)(减)(持)(新)(规)(影)(响)(较)(大)(的)(就)(是)(定)(增)(类)(基)(金)(。通)(过)(定)(增)(获)(得)(股)(权)(的)(股)(东)(,在)(锁)(定)(期)(满)(后)(12个)(月)(内)(只)(能)(集)(中)(竞)(价)(方)(式)(减)(50%,还)(要)(受)(90日)(内)(减)(持)(总)(数)(不)(超)(过)(股)(份)(总)(数)(1%的)(限)(制)(。目)(前)(常)(见)(的)(1.5年)(定)(增)(基)(金)(,基)(本)(不)(可)(能)(按)(时)(全)(身)(而)(退)(,到)(期)(后)(的)(怎)(样)(退)(出)(是)(一)(个)(难)(解)(的)(问)(题)(。同)(时)(,按)(着)(新)(规)(测)(算)(,未)(来)(的)(定)(增)(基)(金)(封)(闭)(期)(至)(少)(要)(设)(2.5年)(,1年)((锁)(定)(期)()+1年)((减)(持)(50%)+0.5年)((减)(持)(剩)(下)(50%)。
当)(然)(,这)(里)(所)(说)(的)(2.5年)(定)(增)(,是)(属)(于)(保)(守)(估)(计)(。如)(果)(定)(增)(比)(例)(较)(高)(的)(话)(,那)(么)(,2.5年)(是)(减)(持)(不)(完)(的)(,需)(要)(更)(长)(的)(时)(间)(。试)(问)(锁)(定)(期)(为)(2.5年)(以)(上)(的)(定)(增)(基)(金)(,谁)(有)(兴)(趣)(,请)(举)(手)(?
2.Pre-IPO基)(金)(
目)(前)(Pre-IPO基)(金)(主)(要)(通)(过)(广)(泛)(投)(资)(到)(有)(可)(能)(IPO的)(新)(三)(板)(企)(业)((又)(称)(“集)(邮)(”策)(略)()或)(者)(突)(击)(入)(股)(的)(方)(式)(获)(取)(收)(益)(。当)(然)(主)(要)(想)(赚)(的)(是)(一)(二)(级)(市)(场)(套)(利)(空)(间)(。但)(是)(新)(规)(后)(,这)(类)(型)(的)(Pre-IPO基)(金)(有)(可)(能)(会)(被)(划)(入)(特)(定)(股)(份)(的)(范)(畴)(,从)(而)(面)(临)(解)(禁)(后)(的)(减)(持)(限)(制)(,这)(会)(大)(大)(降)(低)(解)(禁)(后)(减)(持)(的)(收)(益)(率)(。由)(于)(减)(持)(所)(需)(时)(间)(过)(长)(,一)(二)(级)(市)(场)(套)(利)(空)(间)(会)(逐)(步)(收)(缩)(,影)(响)(这)(类)(基)(金)(的)(整)(体)(收)(益)(率)(。当)(然)(对)(于)(此)(类)(基)(金)(,也)(不)(能)(一)(棍)(子)(打)(死)(一)(船)(人)(,需)(要)(具)(体)(项)(目)(具)(体)(对)(待)(,毕)(竟)(持)(个)(股)(比)(例)(低)(于)(5%的)(Pre-IPO项)(目)(还)(是)(占)(大)(部)(分)(。
3.PE基)(金)(
估)(计)(现)(在)(基)(金)(管)(理)(人)(正)(在)(开)(会)(,主)(题)(是)(“千)(方)(百)(计)(把)(项)(目)(股)(权)(降)(到)(5%之)(下)(”。君)(不)(见)(,PE基)(金)(的)(80%主)(要)(收)(益)(来)(源)(是)(20%的)(好)(项)(目)(,但)(如)(果)(每)(个)(项)(目)(都)(只)(占)(5%股)(权)(以)(下)(,那)(得)(每)(个)(项)(目)(都)(是)(BAT才)(行)(了)(。但)(根)(据)(《国)(务)(院)(关)(于)(促)(进)(创)(业)(投)(资)(持)(续)(健)(康)(发)(展)(的)(若)(干)(意)(见)(》的)(有)(关)(要)(求)(,证)(监)(会)(在)(修)(改)(完)(善)(减)(持)(制)(度)(时)(,对)(创)(业)(投)(资)(基)(金)(的)(退)(出)(问)(题)(作)(出)(了)(专)(门)(的)(制)(度)(安)(排)(。希)(望)(这)(个)(专)(门)(的)(制)(度)(能)(有)(利)(于)(PE基)(金)(的)(退)(出)(。
4.打)(新)(基)(金)(
减)(持)(新)(规)(后)(,由)(于)(大)(股)(东)(不)(能)(快)(速)(减)(持)(套)(现)(,导)(致)(一)(二)(级)(市)(场)(套)(利)(空)(间)(逐)(步)(收)(缩)(,这)(样)(的)(背)(景)(下)(,大)(股)(东)(拉)(抬)(托)(市)(动)(机)(将)(会)(有)(所)(减)(弱)(,毕)(竟)(一)(下)(把)(股)(价)(做)(高)(了)(,大)(股)(东)(也)(不)(能)(马)(上)(脱)(手)(卖)(出)(,倒)(不)(如)(好)(好)(把)(业)(绩)(做)(好)(,使)(得)(股)(价)(长)(期)(上)(涨)(才)(是)(王)(道)(。所)(以)(,新)(股)(仍)(有)(确)(定)(性)(的)(空)(间)(,但)(是)(涨)(停)(板)(的)(个)(数)(会)(越)(来)(越)(少)(了)(。返)(回)(搜)(狐)(,查)(看)(更)(多)(责)(任)(编)(辑)(:
)


相关文章

版权所有:南方新闻网 粤ICP备05070829 网站标识码4400000131
主办:南方新闻网 协办:广东省经济和信息化委员会 承办:南方新闻网
建议使用1024×768分辨率 IE7.0以上版本浏览器