'national team' can’t save the stock market
In Chinese stock market stumble in endlessly, the major 'good news' suddenly spread: the national social security fund board chairman of the said dai xianglong, in order to promote local social security fund value, the future of social security fund should place open stock investment and direct investment channel, and suggested that the future of the brewing establish special basic endowment insurance fund investment operation body responsible for local social security fund investment operations. And the securities regulatory commission chairman guo also suggests, can will endowment insurance fund and housing accumulation fund to organize or entrust an organization, learning social security funds.
Pension and social security fund, where housing accumulation fund government budget balance these even capital market 'national team' was actively prepared to enter the market, the stock market is undoubtedly the severe ischemia a big boost. According to estimates, China's current local management of the basic pension balance is 1.5 trillion yuan, accumulative total capture puts housing accumulation fund 3.9 trillion, remove one of the loan out 1 trillion, balance and nearly 3 trillion. If plus hundreds of thousands of millions of trillions of government budget balance, will be a very huge money team. Even if according to the proportion of around 20% in the stock market, the total funds will also be more than 1 trillion, accounting for more than 5% of the current market value. So huge funds once entering the market, the pattern of the stock market at least in the short term will quickly get change.
However, it is worth to the investors to remind is, in the current NFL hats market system construction not perfect, thought annuities' national team 'entering the market is to save the municipal or demonic word, that would be too naive. On the surface, the social security fund average return on investment in ten years as much as 9.17% of the record is a great, but the social security fund has always been known as the prophet of the stock market illuminati, the actual operation level how to let people born doubts.
Not only that, social security fund a large part of the income from a new, only in November this year by playing new winners in the nearly 60 million floating tracker. From operation look, also seems to have been advocating the value investment and long-term investment, opposite: cast high low suck, short term quick in quick out, encirclement and suppression trash stock and has already become the norm, the stable market function also has not seen the play a role. The past can only lying on the bank of the national debt interest or buy eat pension for natural 'be jealous', and into the stock market' a slice of this action 'idea of oil but up no wonder also. In short, the pension is to 'investment' rather than the demonic, is to penny rather than red envelopes full of cash. History is proof, 'national team' entering the market is not to give the stock when 'live thunder feng'.
Actually, from the objective to see, 'national team' this going to collective entering the market, fundamental purpose lies in its own value. Statistics show that, by the end of 2010, local management of the basic pension 90% with the bank, 10 years, with an average annual return on Cheap sunglasses investment is less than 2%, lower than the average annual inflation rate. Housing accumulation fund balance yield is about the same also. Enterprise annuity yields are better, 2010 years of the weighted average return of 3.41%. Obviously, these funds rate of return than had listed the social security fund nearly 10% of yield are much lower.
Obviously, 'national team' admission is neither as deep set of one of the investors' liberation army ', also failed to help foster long-term investment, the value investment concept. In fact, cannot solve the current our country faced many deep problems of the stock market. At present, the stock market is the biggest problems facing the loss of confidence, the loss of confidence from unstinting money in the stock market financing circle of blood, false information and the stock market by flooding the mouth black good faith is down, and the stock market positioning of the fuzzy.
In a certain sense, 'national team' of the mass, and sometimes not only cannot solve the contradiction between the stock market up accumulated for many years, even would trigger a new problem. China, for example, the stock market's state-owned shares and large state-owned holding enterprises accounted for most, 'national team' entry will no doubt further intensifies the monopoly of state-owned shares, but also can narrow market m&a space, to strengthen the policy of city characteristic.
In the current downturn under extreme alert, annuities' national team 'admission, indeed, to boost the market confidence have a positive effect. But let the Chinese stock market realize 'stability have into' goal, but it needs to be fundamental system reform. Otherwise, 'national team' entering the market, the more it will make the development of the stock market into another kind of vicious circle.
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In : business