中国股市和美国股市镜像关系的实证研究1.pptVIP

Will Chinese Stock Markets Mirror the Behaviour of the NASDAQ? -Where is the solution? Christopher Poll Chairman, Greater China Consultancy Ltd., 3 QUESTIONS RAISED HOW TO DEFINE A “WELL REGULATED MARKET”? WHAT RELEVANCE A PRICE/EARNINGS RATIO? IF INSTITUTIONAL FUNDS ARE A STABILISING FACTOR FOR THE STOCK MARKET, WHY ARE DEVELOPED MARKETS SO VOLATILE? HOW TO DEFINE A “WELL REGULATED MARKET”? ? ? ? The Financial Markets are Dynamic Business is “Proactive” But Regulators are “Reactive” not “Proactive The System of Regulation and Enforcement can never be completely Flexible and Dynamic Importance of Fiduciary Responsibility Financial Infrastructure MAIN FACTORS FOR FUNDS Government Financial Policemen Institutional Managers Centred around Public Investors PRIVATE SECTOR Lawyers Accountants Investment Bankers Stock Brokers Commercial Banks Conflict of Interest? Conflict of Interest Who is the client? Who are the Financial Policeman Responsible to? Can Regulation be Protect with Financial Policemen being Proactive? INVESTORS Institutional Private Pensions Insurance Mutual Funds Investors’ Confidence =Investors’ Education Confidence Education I n v e s t o r s Investor Protection/Confidence Easier and more effective enforcement. Increased efficiency reduces costs. Improved flexibility of the infrastructure to respond effectively and competitively. Efficient InfrastructureTransparencyAccountability Leads to: A Chinese Tailor Made Solution for the Chinese Fund Industry Investors’ behaviour Stock Investors Fund Investors Securities Dealers Brokers Securities Investment Advisors Fund Managers Securities Exchange OTC Futures Exchange SEC/CSRC CBC/PBC WHAT RELEVANCE A PRICE/EARNINGS RATIO? Chinese Quoted Stocks Corporate Profits ??? NASDAQ Corporate Profits ??? Confidence $$$ 1995 - 2000 C $ IF CONFIDENCE IS LOW THEN MONEY FLOW IS MINUTE CONFIDENCE $$$$$$$$$$$$$$$$$$ IF CONFIDENCE IS HIGH THEN MONEY FLOW IS LARGE What is the Criteria For Investing? 1. What do