Will Chinese Stock Markets Mirror the Behaviour of the NASDAQ 课件 资料 文献.pptVIP

Will Chinese Stock Markets Mirror the Behaviour of the NASDAQ?-Where is the solution? 3 QUESTIONS RAISEDHOW 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 DynamicBusiness is “Proactive”But Regulators are “Reactive” not “ProactiveThe System of Regulation and Enforcement can never be completely Flexible and DynamicImportance of Fiduciary Responsibility Financial Infrastructure MAIN FACTORS FOR FUNDSGovernmentFinancialPolicemenInstitutional ManagersCentred aroundPublicInvestors PRIVATE SECTORLawyersAccountantsInvestmentBankersStockBrokersCommercialBanksConflict of Interest? Conflict of InterestWho is the client?Who are the Financial Policeman Responsible to?Can Regulation be Protect with Financial Policemen being Proactive? INVESTORSInstitutionalPrivatePensionsInsuranceMutual Funds Investors’ Confidence =Investors’ EducationConfidenceEducationInvestors Investor Protection/Confidence Easier and more effective enforcement.Increased efficiency reduces costs.Improved flexibility of the infrastructure to respond effectively and competitively.Efficient InfrastructureTransparencyAccountabilityLeads to: A Chinese Tailor Made Solution for theChinese Fund IndustryInvestors’behaviourStock InvestorsFund InvestorsSecuritiesDealersBrokersSecuritiesInvestmentAdvisorsFundManagersSecuritiesExchangeOTCFuturesExchangeSEC/CSRCCBC/PBC WHAT RELEVANCE A PRICE/EARNINGS RATIO? Chinese QuotedStocks CorporateProfits???NASDAQCorporate Profits???Confidence$$$1995 - 2000 C$IF CONFIDENCE IS LOWTHEN MONEY FLOW IS MINUTE CONFIDENCE$$$$$$$$$$$$$$$$$$IF CONFIDENCE IS HIGHTHEN MONEY FLOW IS LARGE What is the Criteria For Investing? 1. What do you think is the most important influence on the stock market in China today?The historic balance sheets and profit and loss accounts of the quoted co