Lang Xianping - "Guarantee Circle" is ultimately to harm banks and small stockings 2004-9-24 Source: 21st Century Economic Report "I will not be excited for such things." On November 12th, Shanghai Night, in International Hotel Lang Xianping said so. But the words have not finished three sentences, he is excited, and the words are like a river. All his expressions can only be summarized in two words - anger. For hops (related, quotes) guarantee the anger of the circle of the rumor, and showed extreme disappointment for China's securities market and Lang Xianping. The reporter repeatedly asked: "Do you really think that China's stock market does not expect?" He repeatedly replied: "I can only be such a result, I don't want to deceive China's vast shareholders, saying that it is very convenient, but that is not one The conscience of an economist. "Bustic Shanghai Bund, angry Lang Xianping, roaring. "21st Century": In July 2002, you have studied the guaranto ring, and the warning said: the guarantee circle has become more intensified, so that the entire guarantor ring, financial risks are accumulating, I am afraid to be difficult to return. Beer is now a guarantee rogue, how do you see the harm to the China Securities Market? Lang Xianping (hereinafter referred to as Lang): The concept of "guarantee circle" is two years ago, I proposed, when I proposed this problem, the official didn't pay attention to. For the bank, it seems to ensure bonds, but if there is a problem, it is also a series of questions, which will trigger a financial crisis. Now, after the hops, we have to start absolute attention to this issue. For the serial guarantee of listed companies, they should legislate, do absolute prohibition, and current legislation is quite enough. "21st Century": What kind of domino effect will be generated like a beer like a beer? Lang: The company in these guarantees will of course be a thousand feet, but don't doubt it like silver Guangxia (related, market), Zheng Bai (related, market). Immacible is only the interests of small and medium-sized shareholders, and the harm to the China Securities Market is that it is finally thoroughly marginalized. "21st Century": What is the cause of the guarantee ring? Lang: Impractive behavior of listed companies. Two years ago, we have found that this is a very common behavior in China's listed companies. Listed companies use banks hope to have listed companies to provide guaranteed psychology, mutual guarantee loans, to the end of the bank, is a small and medium-sized shareholders. "21st Century": Is the problem such as the guaranto a product of Chinese character? Lang: This is strictly prohibited in the United States, and it is impossible to happen. They are not binding by law, but use public asks. The United States is the judgment of the guarantor ring to see if the motivation violates the public order. "21st Century": Why does this universally illegal act? Lang: Really good stock market is only very poor in the United States and the United Kingdom, and the stock market in most Asian countries is very poor. The reason is that the Bai-American listed company has trust responsibility. The UK has 5% of listed companies every year, and the company has a responsibility for the stock, and there is a fee on the listing. Therefore, the company's operation will choose to automatically deliver. Listed companies in the British and American law flow, they are flowing with the blood of trust, and the stock market without trust is never good. "21st Century": Then what you think is the biggest problem in China's stock market is on listed companies? Lang: Yutong, the hops once again explained that the quality of listed companies was the main reason for the low stock market. The policy committee and the government have been launched in the last year are rarely for listed companies. Just hope that the funds have a large amount of stock market. If the government cannot take effective measures to improve the quality of listed companies, the stock market will continue to fall. The recent thing happening is the quality of listed companies, and small shareholders have no match.
