中国股市是否将反映那斯达克的行为？.ppt

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1、WillChineseStockMarketsMirrortheBehaviouroftheNASDAQ?-Whereisthesolution?ChristopherPollChairman,GreaterChinaConsultancyLtd.,3QUESTIONSRAISEDHOWTODEFINEA“WELLREGULATEDMARKET”?WHATRELEVANCEAPRICE/EARNINGSRATIO?IFINSTITUTIONALFUNDSAREASTABILISINGFACTORFORTHESTOCKMARKET,WHY

2、AREDEVELOPEDMARKETSSOVOLATILE?HOWTODEFINEA“WELLREGULATEDMARKET”?TheFinancialMarketsareDynamicBusinessis“Proactive”ButRegulatorsare“Reactive”not“ProactiveTheSystemofRegulationandEnforcementcanneverbecompletelyFlexibleandDynamicImportanceofFiduciaryResponsibilityFinancialI

3、nfrastructureMAINFACTORSFORFUNDSGovernmentFinancialPolicemenInstitutionalManagersCentredaroundPublicInvestorsPRIVATESECTORLawyersAccountantsInvestmentBankersStockBrokersCommercialBanksConflictofInterest?ConflictofInterestWhoistheclient?WhoaretheFinancialPolicemanResponsi

4、bleto?CanRegulationbeProtectwithFinancialPolicemenbeingProactive?INVESTORSInstitutionalPrivatePensionsInsuranceMutualFundsInvestors’Confidence=Investors’EducationConfidenceEducationInvestorsInvestorProtection/ConfidenceEasierandmoreeffectiveenforcement.Increasedefficie

5、ncyreducescosts.Improvedflexibilityoftheinfrastructuretorespondeffectivelyandcompetitively.EfficientInfrastructureTransparencyAccountabilityLeadsto:AChineseTailorMadeSolutionfortheChineseFundIndustryInvestors’behaviourStockInvestorsFundInvestorsSecuritiesDealersBrokersSe

6、curitiesInvestmentAdvisorsFundManagersSecuritiesExchangeOTCFuturesExchangeSEC/CSRCCBC/PBCWHATRELEVANCEAPRICE/EARNINGSRATIO?ChineseQuotedStocksCorporateProfits???NASDAQCorporateProfits???Confidence$$$1995-2000C$IFCONFIDENCEISLOWTHENMONEYFLOWISMINUTECONFIDENCE$$$$$$$$$$$$$

7、$$$$$IFCONFIDENCEISHIGHTHENMONEYFLOWISLARGEWhatistheCriteriaForInvesting?1.WhatdoyouthinkisthemostimportantinfluenceonthestockmarketinChinatoday?Thehistoricbalancesheetsandprofitandlossaccountsofthequotedcompanies-6Thefutureprospectsforcorporateearnings-10Governmentpoli

8、cy-62Govt.investigationintomalpractices15TheoveralleconomicgrowthoftheChineseeconomy-27China'sentryinto