from PE corruption

China's securities market the service efficiency of funds is low. The is disproving overseas, the listing of china-related shares encountered strong do big threat, not all these to be unfounded, shows that many companies credit serious lack. The issue of new shares in the face, and listed in the process of funding is being serious, shows a mismatch. According to the statistical data, Wind this year the IPO funds raised to $98.506 billion. Compared with the same period of 2010 for the first half of this year, although fell by 24.1%, or junk-rated IPO but super offering to 135.65% last year, a total of 370 listed companies, and amounted to about 527.5 billion yuan, the financing collection rate of 127.84%. As for the face, intermediary underwriting fees listed in the offering, break under the background of deep up not down, especially an average rate of IPO issuance gem 2010 years of 6.6% to 8.1% for most people. Around the new issues of the interests of the chain, from PE corruption to brokers straight investment of the moral risk, never cut off.

According to Mr. LiuJiPeng, said 233 home gem, average each raise the company 500 million yuan, the funds raised close to 115 billion. In 233, made rich enterprise, 0.1 billion level 717, a level millionaire had 106. Brokers is another big benefit object. Sponsor underwriting fees charged more and more high, from 2009 39 million, each enterprise collection poundage to last year is 48 million, and the first quarter of this year every listed gem enterprise of 59 million-so take the system it is difficult to make a developed market, regulatory layer and the care about the ipo, still be inferior to care about the number of resource allocation efficiency.

The number of the IPO is not a problem, as long as the enterprise quality well enough, enough credit, can attract enough money, because in no anchor notes era, money never is the real problem. When the money often become key problem, also is the market of incentive mechanism of the big problem out.

Bonds, securities and derivatives, what markets to all want to lay the foundation of the market, and shrugged off, the best chance is the shape of the market, have lost soul of the market. Why investors for ten years of huge expansion plan so afraid to officials should want well.

The old man and the leaves

Live 33 chirping, 32, was an old man left neighborhood.

The old man, a life DuoZhong misfortune is bumpy upon his head: when young because of violence almost lost all the relatives, also lost a leg in the air raid; The "cultural revolution", the wife can't stand the endless torture, and he eventually the commander-in-chief, go from him; Soon, and he kept the son also were killed in a car crash.

But in my impression in, the old man has been hearty bright and clear and easy-going. I finally to the liberty of ask: "you suffered so much suffering and misfortune, but why can't see you have any more?"

The old man mutely will I look for a long time, then, to one of the leaves to give to my eyes: "you see, it like?"

This is a HuangZhong through green leaves. This time it is autumn. I think this may be poplars, and as for like leaves what.

"You can say it is not like a heart? Or is a heart?"

This is true, is like the shape of the heart is very shaw. My heart to gently a quiver.

"Look at it again on some?"

The old man will be closer to the leaves add trouble. I clearly see, that top have many sizes hole, like the sky as the leaves.

The old man leaves, in the palm of their hand back, with the heavy and soothing voice say: "it in the spring breeze, they grew up in the sun. From the melting ice and snow to the cold qiu, it passed his life. This time, it has a bug bit stone hit, so that is full of holes, but it does not fade away. It was as it had been their enjoy sunshine, mud, dew or rain on full of love. For my own life full of love, in contrast, those who strike again calculate what?"

The old man finally leaves on my desk, he said: "the answer to this, this is one history, however is a philosophical ah."

Now I still intact to preserve the leaf. Whenever I development.established in life experience by strike from it, I can always suck enough to calm and power, no matter how difficult in, in can keep a optimistic spirit.