Financing for the A share market size of the case record the amount of days, recently, the "Daily Economic News" interview with the Wuhan University of Finance and Securities Research Institute Professor Dong Dengxin. New board directors believe that the rapid expansion of China's stock market the right time, is a very good sign. However, the whereabouts of the financing needed to regulators strictly. On monetary policy next year, the directors said the new board, sound monetary policy will not allow A-share market funds dried up. The amount of high finance "Excellent" NBD: According to statistics, in 2010, A scale of equity financing to reach 940 billion yuan, reaching record highs. How do you see this phenomenon? Dong Teng new: since late 2008, in response to the global financial crisis, the central investment and bank credit to release an amazing flow, coupled with the central bank's trade surplus and capital surplus is "purchasing and storage" and put the currency to overshoot the formation of the two stocks Through the combined efforts led directly awash with liquidity, hot money everywhere, cross-flow of hot money. In this context, not only housing prices doubled, but also for the rapid expansion of the stock market to create a solid material foundation. Therefore, IPO naturally become a hot money hot money and diversion channels and sluice, a lot of social capital into the real economy through the IPO to be, this is an ideal outcome. The number of full-year total stock fund raising, it is not important, the key is whether the hot money and the hot money is fully utilized, as I used to, this is the most critical. It should be said, the current rapid expansion of China's stock market right time. Prudent monetary policy will not bearish stock market NBD: Central Economic Work Conference said, to expand direct financing. Expand direct financing of the path of what? Dong Teng new: At present, over-reliance on bank loans to corporate finance this over a single channel of financing, not only the risk concentration, and bank pressure, and high cost. Therefore, we need to optimize the financing structure, we must develop direct financing. Direct financing should be walking on two legs, including equity financing and bond financing, the two should not be neglected. In China, the stock market quickly, but lagged far behind the development of the corporate bond market, which is deserving of attention. NBD: 2010 financial year has been a record size, are also a new high in 2011? Dong Teng new: I think this is an inevitable trend. Because the small board and Growth Enterprise Market is in the open early, rapid expansion of large-scale development of private enterprises is not only necessary, the requirements of the market supply and demand balance. Of course, the reason lies deeper: in the case of a single investment channels, the stock market to absorb excess liquidity expansion is the best choice. In particular through the IPO, it can be social capital directly into the real economy, support economic restructuring, industrial upgrading, which will accelerate the expansion of the stock market the best reason. NBD: implementation of prudent monetary policy next year, how to face the huge financial liquidity "dry" and would not adversely affect the stock market? Dong Teng new: next year's liquidity will not be depleted. Because raising the deposit reserve rate and cut interest rates only partially washed of excess liquidity, the face of continued growth next year, the trade surplus and capital surplus, the central bank can continue to "purchasing and storage", and put out the same amount of yuan, which Next year will be an important channel for the expansion of liquidity. Therefore, in the next five years, we do not have to worry about deflation. Similarly, the Chinese stock market will never be short of capital. NBD: new shares after the reform, also hit a new high price-earnings ratio distribution, purchase, greatly reduced the rate of return, break chance to also hit a new high. How do you see? Dong Teng new: new shares issued out of the administrative reform to fully release the repressed, the market potential. Especially in a market, "to the Chief" and not only activated the Chinese stock market confidence and popularity, but also greatly enhance the level of the financing capacity of China's stock market. This reform before the IPO can not imagine, but today we did. "Three high" phenomenon, that is, high issue price, high price-earnings ratio, the emergence of high-scale fund-raising, not a bad thing. "Three high" phenomenon, is conducive to the rapid expansion of China's stock market, and strong support for large-scale development of private enterprises, especially in the economic restructuring, industrial upgrading, we need the confidence and the stock market sentiment. However, the "three high" phenomenon exists, there are the objective reasons, but it has nothing to do with the new share issuance system. For example, one awash with liquidity, and our investment channels is very simple, which is funding a major cause of forced into the stock market. On the other hand, exit the system exists in name only, the lack of out of the market, garbage rampant stock speculation, the stock has been seriously distorted, and then try for the valuation of the A shares. In addition, three board in name only, non-listed public company listed on the transfer there is no place equity, IPO a single-plank bridge, can not be distributed inside the speculative market pressure. These are the "three high" the root causes of the phenomenon exists.

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