Chinese A last week 5 mix a Zhou Yi (on October 19, 22 days) appear two days to explode infrequently continuously go up prices, on card index rises by 2449 bits of of lowest strong violent wind to 2675 bits more highest, two trade sun rises 226 a little bit, go up more than 8% , come for calendar year place is peculiar. The profit that policy face place releases is good, it is to carry brace up A the main factor that goes up greatly, but in its backside, it is the government holds city in the palm to live firmly stock market, do not let market risk diffuse of other domain prevent accuse measure.
Going up early a week, stock market has been employed by Shenzhen municipal government 50 billion capital enters the arena the measure place that saves city is attracted, the author also made simple comment one time to this at that time, specific can look " Shenzhen is gigantic endowment help city, black sheep cheers caper, taxpayer is depressed: By what does your boiler want me to fill? " , if appear on the market,conclusion is emphasized consciousness of defence of company oneself risk is insufficient, and environment of market inside and outside worsens further, be afraid hard from eliminate the risk problem that at present stock market place faces substantially! This risk, what basically point to is equity impawn is about to explode the risk of the storehouse.
So, what is equity impawn? Why should do equity impawn? This is about from in last few years house price explodes go up spoke of (alas, say whats cannot leave house price this topic ah) , since governmental executive estate went 2014 after inventory policy, came on stage " canopy changes " new politics measure, covert the ground had imprinted -727379968 money come out, make house price is in one year in the center, no matter be a gleam of, second line, 3 lines,still be 45 lines it is remote small town even, house price rises less one times, break up more severalfold, turn the house into successfully financial property by commodity attribute, the house is fry and be being used do not live, "Industrial by accident country, fry Fang Xingbang " , changed the Chinese's viewpoint of value. Since the spec fries a room to be able to make money easily, dry does tired dead tired vivid ground go doing industrial?
Accordingly, estate wealth of society blot, everybody buys money go off with room, and employ lever operation, bring about dweller consumption one year to be inferior to one year, final result is withered of 100 course of study, market depression, it is difficult that hypostatic economy lives. Be faced with in hypostatic enterprise live when the crisis, appear on the market the large stockholder of the company can take the equity of the enterprise to financial orgnaization to do equity impawn financing to undertake covering showing running road.
Cite a case, a enterprise is to hand in the platelet in place greatly to appear on the market company, total capital stock 100 million, belong to completely current share, when 2016 share price is 20 yuan, namely the market prise of A enterprise is 2 billion yuan; Armour is A enterprise controls a partner, occupy 20% namely 20 million, market prise makes an appointment with 40 million yuan at that time; As a result of June 2015 a calamity hind, card inspect can publish what new rule restricted large stockholder to decrease hold, so armour cannot sell the share that gives A company to undertake covering showing through bourse, because this can carry the share certificate of enterprise of on bank or certificate business handle 20 million A (market prise 40 million yuan) undertake impawn, give bit of passageway cost and poundage, can cover by the convert into money of 60% make an appointment with 24 million yuan now; If A company share price drops by 20 yuan,go to 12 yuan (drop 40% ) , so armour impawn gives a bank or 20 million of certificate business market prise goes to 24 million yuan with respect to meeting shrink, if share price drops,defeat 12 yuan, the equity impawn of armour can appear explode storehouse, namely bank or certificate business have authority to undertake selling forcibly going out in bourse to the stock of armour impawn, if this large sheet is bungled,come down, without doubt, the share price of A enterprise will is bungled a few to stop continuously board, cause bigger crisis thereby. This is equity impawn explodes the black swan risk that faces at the back of the storehouse!
When 2013, do equity impawn to have 90 billion only, and arrived 2016, of equity impawn trade amount was achieved 3.1 trillion, increase the equity impawn amount 2017, predicting meeting exceeds 5 trillion, and A total market prise just is made an appointment with 50 trillion, namely financial orgnaization (basically be a bank) pass market prise of stock of equity impawn pilot, achieved A of total market prise 10% , become the banker with the biggest stock market thereby. Everybody thinks, if financial orgnaization presses custom to handle affairs, should drop only the smooth storehouse line of broken impawn, can make the same score a storehouse to sell be derailed the bill forcibly, so is field of Chinese A stock market to want to be bungled to wear, should be overturned to weigh came?
In big city, of Shenzhen city area under administration appear on the market the company is most, the amount of equity impawn and amount are the largest also, this year (2018) on card index has exploded below the circumstance that dropped to exceed 30% , drop of more than 40% , can be found everywhere, so, wanted large stockholder to undertake equity impawn only, basically had arrived to explode Cang Jiangping's datum line, this moment, do you say the leader of Shenzhen can be not anxious? If this thunder exploded on him hand, so prospective official career, was finished, brash between employ 50 billion undertake helping city, this kind of mood is understandable!
Accordingly, equity impawn is about to explode storehouse, will be the market faces the biggest black swan risk, also be current government holds city in the palm to live firmly stock market, publish measure not to let market risk diffuse the main reason of other domain.
