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1、WillChineseStockMarketsMirrortheBehaviouroftheNASDAQ?-Whereisthesolution?ChristopherPollChairman,GreaterChinaConsultancyLtd.,3QUESTIONSRAISEDHOWTODEFINEA“WELLREGULATEDMARKET”?WHATRELEVANCEAPRICE/EARNINGSRATIO?IFINSTITUTIONALFUNDSAREASTABILISINGFACTORFORTHESTOCKMARKET,WHYAREDEVELOP
2、EDMARKETSSOVOLATILE?HOWTODEFINEA“WELLREGULATEDMARKET”?TheFinancialMarketsareDynamicBusinessis“Proactive”ButRegulatorsare“Reactive”not“ProactiveTheSystemofRegulationandEnforcementcanneverbecompletelyFlexibleandDynamicImportanceofFiduciaryResponsibilityFinancialInfrastructureMAINFAC
3、TORSFORFUNDSGovernmentFinancialPolicemenInstitutionalManagersCentredaroundPublicInvestorsPRIVATESECTORLawyersAccountantsInvestmentBankersStockBrokersCommercialBanksConflictofInterest?ConflictofInterestWhoistheclient?WhoaretheFinancialPolicemanResponsibleto?CanRegulationbeProtectwi
4、thFinancialPolicemenbeingProactive?INVESTORSInstitutionalPrivatePensionsInsuranceMutualFundsInvestors’Confidence = Investors’EducationConfidenceEducationInvestorsInvestorProtection/ConfidenceEasierandmoreeffectiveenforcement.Increasedefficiencyreducescosts.Improvedflexibilityofthe
5、infrastructuretorespondeffectivelyandcompetitively.EfficientInfrastructureTransparencyAccountabilityLeadsto:AChineseTailorMadeSolutionfortheChineseFundIndustryInvestors’behaviourStockInvestorsFundInvestorsSecuritiesDealersBrokersSecuritiesInvestmentAdvisorsFundManagersSecuritiesEx
6、changeOTCFuturesExchangeSEC/CSRCCBC/PBCWHATRELEVANCEAPRICE/EARNINGSRATIO?ChineseQuotedStocksCorporateProfits???NASDAQCorporateProfits???Confidence$$$1995-2000C$IFCONFIDENCEISLOWTHENMONEYFLOWISMINUTECONFIDENCE$$$$$$$$$$$$$$$$$$IFCONFIDENCEISHIGHTHENMONEYFLOWISLARGEWhatistheCriteria
7、ForInvesting?1.Whatdoyouthinkisthemostimportantinfluenceonthestockmarketin Chinatoday?Thehistoricbalancesheetsandprofitandlossaccountsofthequotedcompanies-6Thefutureprospectsforcorporateearnings-10Governmentpolicy-62Govt.investigationintomalpractices15Theoveralleconomicgrowthofthe
8、Chineseeconomy-27China'sentryinto
