Fund-raising and fund-raising are out of line.
The raised funds are used for entrusted investment, which is a manifestation of raising funds and using two skins. For example, Mindong Electric Power plans to invest in five hydropower projects when it issues shares, and will invest 660 million yuan in the second half of 2000. As a result, only 65.438+600 million yuan was invested, of which 360 million yuan was used for entrusted financial management. There are many listed companies similar to Mindong Power. According to the prospectus, once the money is collected, these projects will reach the goals set by the company. As for the specific investment projects, which mountain sings which song.
Extracorporeal circulation of funds
Listed companies entrust investment with raised funds, which is equivalent to bringing investors' hard-earned money into the scope of cardiopulmonary bypass. Why do you say cardiopulmonary bypass? Originally, the raised funds should be invested in the real economy. Through the absorption and digestion of the raised funds by the main body of the enterprise, tangible economic benefits can be obtained in the process of product research and development, production and sales, thus expanding the scale of the enterprise and promoting its development. The entrusted investment did not absorb and digest the raised funds, but took a shortcut to obtain investment income from "outside the body" in the simplest way. This fundamentally violates the original intention of investors. Investors invest in listed companies in the hope of getting good returns from the real economy they operate. Wouldn't it be better for investors to know in advance that listed companies entrust investment with raised funds?
Incur operational risk
Judging from the entrustment agreement signed between listed companies and trustees (usually brokers), there is no legal guarantee for the return on investment of entrusted investment. "Securities Law" strictly stipulates that "a securities company shall not make a commitment to the income of customers' securities transactions in any way", which makes the practice of entrusting investment to guarantee the bottom income lack legal basis. The stock market cannot be bullish every year. Once the market is adjusted, it will be inevitable that the entrusted investment funds will be locked up. Who can guarantee that the so-called "guaranteed income" will be honored? What is particularly alarming is that some listed companies rashly entrust large sums of money to some small investment consulting companies, and the risks are even more difficult to guard against.
Breed violations
In the process of entrusted investment, illegal acts occur from time to time. Some are suspected of insider trading, some speculate on their own company's stock, and some join hands with bookmakers to raise the stock price. Most listed companies let comprehensive brokers with asset management business qualifications manage idle funds. Although the amount of funds is large, the overall income is low. In last year's big bull market, the average income of listed companies entrusted with financial management was only about 10%, which was much lower than the market increase in the same period.
Deterioration of resource allocation
In any case, China is not a capital-rich country, and its limited resources must be used in enterprises with the most promising development prospects and the highest returns to investors in the real economy, which is the core of the optimal allocation of stock market resources. However, listed companies rely on entrusted investment to obtain operating profits, thus supporting the company's share price in the secondary market, and then refinancing, and then indirectly flowing into the market for speculation. This capital circulation process fundamentally violates the original intention of resource allocation in the securities market. Moreover, its short-term profit-making effect may have a very bad demonstration effect, which will make other enterprises follow suit.
Gaining profit without working for it
We should know that the real owners of raised funds are investors and shareholders, and listed companies are only users of this fund, and listed companies are "working" for shareholders. It stands to reason that "part-time workers" should make their "cakes" bigger through the use of raised funds, so that investors can share the fruits of their labor. When a listed company entrusts to raise funds for investment, its identity has completely changed. Became a bookkeeper, a second landlord and a second landlord. By collecting interest and "land rent" to gain income, he has become a person who gets something for nothing. In this way, listed companies will become inert and dare not face fierce market competition. It is hard for investors to imagine how much investment value such a listed company will have. Participate in zero-sum games
Listed companies are often complacent about the stable return and high return on investment entrusted. In fact, after careful study, the entrusted investment of listed companies is actually a disguised "zero-sum" game in the stock market. The winner's money comes from the loser's money. According to incomplete statistics, in our stock market, 80% investors are losing money, 10%- 15% investors are flat, and only 5%- 10% investors can really make steady profits. Most of the beneficiaries are institutional investors, including investment trustees entrusted by listed companies. The raised funds flow back to the secondary market, which puts investors in an embarrassing position of "sending money" to potential counterparties in the securities market where speculation is prevalent and long-term investment is neglected. Investors It is good that investors hope to get returns from the industrial investment of listed companies. Not only can investors not get returns from the industrial investment of listed companies, but they are taken away from their own pockets by the companies they invest in, and the sharers of investment benefits become victims.
Give birth to the stock market bubble
Listed companies entrust investment in the stock market and put themselves in a risky stock market bubble. These funds obtained from IPO and refinancing flow back to the primary and secondary markets to pursue profits. Due to the time limit of a considerable part of funds, speculation has become the main mode of operation, which is called "hot money". Excessive dependence on capital operation and blind pursuit of high profits will inevitably lead to market bubbles. The rapid appreciation effect of hot money makes more funds flock to the stock market. In this way, the bubble in the market will accumulate more and more, and eventually it will develop out of control.
The problems and possible harm of listed companies entrusting raised funds and other funds to invest have attracted the attention of management. In the recently promulgated Measures for the Administration of IPO of Listed Companies, it is clearly stated that "a large amount of funds of listed companies are used for entrusted wealth management" as the key focus, and the supervision of financing purposes of listed companies has been strengthened. But just "paying attention" is not enough. The listed company's act of entrusting the raised funds to invest should be stopped as an illegal act, and severe punishment should be given if the circumstances are serious.