Why stock market investors and financial policies of discrimination

 Why can not a mortgage to buy stocks
mm observed economic micro-nine (starting on the Shanghai Securities News)
Wen Yang
anniversary in May last year to May this year, I want to mortgage their house to go out in the field for the purchase of my research for a long time already has investment value of company stock. I consulted several banks, eventually ended without result. They refused my reason is that mortgage loans are used only for consumption, such as cars, buy a house,UGG boots, or for industrial investment such as shares of manufacturing enterprises, but not for the purchase of shares of listed companies. this is the policy, the Bank has no way.
then I check the relevant financial policies,UGG bailey button, indeed, in accordance with the present Some policies and regulations, mortgages can not enter the China Banking Regulatory Commission issued the stock market in early .2007, published stock of the.
I just have some doubts, why monetary policy to discriminate against stock market investors? car is purely a consumer, buying a luxury car today, sell tomorrow, at least get a discount of only buyers. of course This can stimulate consumption, but with rising oil prices, along with increased costs, coupled with the prices falling, buy a car for a family, it will only damage will not increase the wealth of wealth, to encourage the practice of the actual car on the very irresponsible. say to buy a house, a house for people who have extra time being not say whether such a skyrocketing housing prices to buy a house for investment, housing prices in the hope that growth in national policy restricted the case of investment buyers, This practice of encouraging investment property it not chaos? shares company to industry to encourage people to start,Bailey UGG boots, really is a good measure,UGGs, but for most families, to determine whether a newly established business can bring a profit than to judge profitability of listed companies will bring even more difficult, more public information on listed companies, there are various research institutions, relevant government departments with the supervision of listed companies is less than Keneng Xing Zuo Jia's not listed companies. From the above analysis, real estate mortgages just for the stock market should be encouraged to invest in the stock market investors and financial policies of discrimination in fact does not make sense.
that the original intention of the introduction of this policy is it? notice can be seen from the China Banking Regulatory Commission, mainly to A lot of people in the stock market get hot when the mortgage loan to buy the stock, which fell in the subsequent stock market suffered heavy losses, bank loans can not be returned on time. These investors not only lost their houses, bring back to bank risk. On the surface, Buneng a mortgage to buy the stock of policies beneficial to country and the people.
but may not be a careful analysis. the banking industry in a sense is a risk control industry has a sophisticated banking risk assessment system, what kind of loans to customers to decide by this system. from the bank point of view, this should not be released to clients, real estate mortgages, the risk of system it can be done, do not need to put the provisions of the CBRC . If the people had loans should not put a paragraph, it means that the bank's own risk management system has problems, even problems of corporate governance structure. So the most appropriate way to China Banking Regulatory Commission is to require banks to strengthen risk control, to strengthen corporate governance. now Bank of China Banking Regulatory Commission found the practice is a business risk, begins with the policy to be banned to protect banks from risks. This approach appears to be helping the banks, but in the long run is detrimental to the these banks. you think, One has to be protected in the infant grow and mature the baby how could it? have been opened in China's banking sector today, foreign banks have been eyeing it, floated to the fierce competition, this will only protect the domestic banking sector to domestic banks lost competitiveness.
from the investor point of view, he followed the manner in which to invest, it should be decided by himself, he invested in the success or failure, the results by his own expense. he can not become a mature Investors, he can only be trained by the results of investment behavior, a lot of this training process may get their tuition fees. However, tuition is the process of becoming mature and learn the process of failures, few investors can not experience failure can be A sophisticated investors. Now the government introduced a restrictive policy to protect investors, exemption from tuition fees, but the practice of child protection infant will never develop the sophisticated investors. investing in the future, once they lose protection, face the same situation is still not rational when, to get their tuition fees, because the market did not receive the appropriate training, but will face a bigger failure.
from the policy level, that any one person has the right to own mortgage to the bank to loan, as long as the Bank approved its risk assessment criteria on the line, take this money to speculative investors, but also lose his own things done, the bank miscalculated the risk of customers, banks have to bear the cost of errors, while continuing to improve their risk control systems. Of course, the more appropriate approach is to put his real estate investors to the bank as collateral, the bank can decide whether their risk of lending standards, the requirements of risk from the banking industry, the banks can required to furnish security for nearly a year of its stock market transactions, for those short-term speculative investors in the transaction, the bank can not accept their business from the perspective of risk, but for those hard-research company, is committed to long-term investment, and its transaction log does sound and profitable investor, paid more than 10 years of real estate mortgage loans. In the current market environment, if released to the long-term value investors, real estate mortgages, that will make China's stock market is more rational policy out of over-reliance on the stock market right now dilemma.
If we respect the free choice of the banking industry and investors, we should not let self-examination and to abolish the practice of a mortgage to buy the stock. This China's banking industry colleagues the ability to control risk business risk, do not respect the Chinese fought to become investors in the market will mature investors. Now this policy by the government umbrella for banks and investors approach, instead of banks and investors to make decisions the way, never develop a competitive banking, it can not mature and healthy culture of investors, and ultimately the development of the country's banking sector difficulties, capital markets and never at the level of low-level in emerging markets.
2008-6-9 in Tianjin TEDA