The Scale Of IPO Financing Will Not Be Too Inflated.

Over the years, throughout the A share market, the scale of IPO financing will not be too inflated.

On the contrary, through the stock refinancing methods such as fixed share increase and rights issue, it has become a major obstacle to the healthy development of the A share market.

To balance the investment and financing function of the stock market is simple, but it is very difficult to operate.

However, it is undeniable that once the intensity of the financing is too large and the force is too strong, the investment confidence of the stock market will be consumed ahead of time, and the confidence of investment in the stock market will be more energy needed again.

With the end of 2016, the market began to review and summarize the data in 2016.

Among them, according to the statistics of China Securities brokerage firms, the total amount of A shares raised in 2016 amounted to 1 trillion and 620 billion yuan, which is the first year of financing in history.

Thus, for this year, the financing scale of the A share market is really amazing.

From the specific data, the scale of IPO fund-raising in 2016 was 142 billion 411 million yuan, and the IPO scale was not significantly expanded compared with the previous years.

However, from the scale of refinancing, the additional capital raising is as high as 1 trillion and 460 billion, which is equivalent to the total scale of four years from 10 to 13 years.

According to this data analysis, 2016 is indeed the first year of financing in history.

In fact, from the analysis of market performance over the past years, under the bull market, the listed companies' promulgation of fixed increase schemes will be beneficial to the rise of stock prices. During this period, as long as the listed companies take advantage of the current hot topics and take advantage of the new projects, Malay will realize the fixed increase and refinance, which will easily get the favor of the market and even be regarded as the embodiment of the company's new profit growth point.

But when the market is in

And even shocks the market, but the effect of increasing prices on stocks is quite different.

In essence, fixed growth is non-public offering and issued to specific investors.

However, if the investment effect of the listed company is not significant, or in order to achieve the effect of a certain benefit, it will actually dilute the rights and interests of the original shareholders of the listed company, and it is also a negative effect on the stock price.

Obviously, for listed companies, they tend to be keen on speculation. Under the good anticipation, with the continuous active market, a good fixed increase scheme will be beneficial to the rise of share price.

On the contrary, the poor fixed increase scheme, combined with the undesirable market environment, will have opposite effects on the stock price, and the vital interests of investors will not be guaranteed.

Originally, financing is the primary function of the stock market. For the listed companies, the good refinancing measures can be realized by means of the stock market, which is conducive to the medium and long-term development of the company, and can even start the company's new profit growth point.

However, with the growth of the market, the number of listed companies has increased. Refinancing has become a channel for some listed companies to make money in disguised form. While some listed companies are holding the banner of popular concept subject, they easily get billions of billions of dollars, and the scale of refinancing is more than ten billion. However, after the completion of the refinancing, it has not actually lifted the company's effect, instead, it has become a naked money taking action, which is obviously a long-standing problem in the market.

Since November of this year, the pace of IPO issuance in the A share market has accelerated significantly, basically achieving the speed of issuing a batch on Monday, and the monthly IPO funding scale has also reached over 20 billion yuan.

At the same time, from the relevant data, A share market refinancing audit is more stringent, and even some listed companies have completed the meeting, but they can not get approval approval.

In fact, for the A share market, if the IPO issue is speeded up, the scale of refinancing can be reduced by tightening the refinancing audit. However, it can play a certain hedging effect and reduce the pressure of the IPO speed increasing on the market stock fund.

In the A share market, it is very difficult to complete the issue of listing through IPO, and the long-standing IPO barrier lake problem in the A share market has not yet been able to get substantial flood discharge, which is also difficult for many small and medium-sized enterprises to meet the real demand of their financing.

In contrast, the strategy of refinancing by means of fixed increase and other measures has the advantages of short time consuming and high efficiency.

It can also meet the needs of its refinancing so as to develop more new projects and open up new profit growth points.

However, from the perspective of many years, the phenomenon of interest pmission in the A share market is still repeated.

In 2016, it was the first financing year in the history of A shares. The total fund-raising amount reached 1 trillion and 620 billion, which was higher than the 1 trillion and 550 billion raise level in 2015.

However, it needs to be mentioned that compared with the 15 years, the environment of the A share market in the 16 years is quite different, and the A share market, which is in a volatile market, does not seem to be able to withstand such a huge financing pressure.

Indeed, the data can be compared in the first half of 15 years.

At a time when the bull market was on the frenzy, at that time, the peak value of the two balance of the stock market was as high as 2 trillion and 270 billion, and the largest daily turnover in the market could reach as high as 2 trillion and 300 billion.

As for the size of the OTC capital allocation, it is even more difficult to estimate, or up to 2 trillion above.

In the second half of the 15 year, with the stop of IPO, the pressure of market bleeding has slowed down slightly, but the pressure of refinancing is still high, and the impact on the market can not be underestimated.

Compared with 2015, the A share market in 2016 tended to be more stable and the overall volatility declined sharply.

Among them, the A share market's annual two balance is basically running between 800 billion yuan and 1 trillion, and the highest peak can not be restored to the end of last year.

As for the OTC capital allocation, it was basically cleaned up by the market, and the influx of new liquidity dropped suddenly.

In addition, the average daily volume of the two cities in this year can reach a peak of less than 800 billion yuan, while the average daily turnover of the two cities can be less than 3000 billion yuan when the peak is low.

It can be seen that compared with 15 years, the attractiveness of the A share market in the 16 years has been significantly reduced, but facing the 1 trillion and 620 billion year-round financing pressure, it really constitutes a huge burden on the stock market.

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