Qin Fan had also read the opinions and articles of "capable people and wise men" in his previous life, and he did not think that the stock market was the best means to save state-owned enterprises.

After all, we can only solve the problems of a small number of large and medium-sized enterprises, and the small and medium-sized state-owned enterprises with a large volume and a wide range of 300,000 people are still a mess.

The failure of the "giant baby" enterprise in the competition has also brought about a wave of layoffs since 96......

"I can't save it, and I have to live my life. Liang Heng ignored Li Xianzheng and still sighed.

"We're better, you didn't see those laid-off female workers, really... It's really bitter. Li Xianzheng also said.

"Shanghai is better, I don't know how so many state-owned enterprises in Northeast China should tide over the difficulties?" Liang Heng likes to read the news reports in the newspaper and find different information from them.

"You should know about the quota system in the securities company, right?" Qin Fan interjected and asked.

"Huh, where did you hear that?" Liang Heng asked strangely, he couldn't help but be surprised, Qin Fan, a student studying art, just had good luck to buy a 92 "call warrant" and bought a few money-making stocks, so he shouldn't be very clear about the policies of the upper echelons, not to mention him, even the leaders of his own unit are not very clear.

"Look at the news analysis, Brother Liang, do you think that any stock I bought was hit by a blind cat and a dead mouse?" Qin Fan said half-jokingly.

Liang Heng looked at Qin Fan, at this time he really had some doubts about his previous cognition.

"Hey, why is Brother Liang stunned?" Qin Fan looked at him with a little scattered eyes, then stretched out his hand and shook it in front of his eyes and smiled.

"There is a quota system on the top. Liang Heng nodded after coming back to his senses. Seeing that Li Xianzheng was still confused, he said what he knew in detail.

...... Implement a "quota system" listing mechanism that comprehensively supports state-owned enterprises, that is, the central government determines the listing quota, and then distributes it to various ministries and commissions according to the system, and to all provinces, municipalities and autonomous regions according to geography. After the provinces, municipalities, autonomous regions and departments get the listing indicators, they must also allocate them according to their own systems. The vast majority of these indicators are allocated to local state-owned enterprises.

Only a few well-known township enterprises were lucky enough to become the first batch of private listed companies due to the "reform effect" and the need for symbolic meaning......

"With so many enterprises, can the government save them with this little money from the stock market?" Li Xianzheng was still a little confused when he heard this.

"So, all this money is to save the biggest and most difficult enterprises in various places first. Liang Heng shook his head and said.

"Therefore, some companies want to go public, and they can collect a lot of money when they go public. Qin Fan said in Liang Heng's tone.

"Isn't that harmful?" Li Xianzheng was stunned for a long time before blurting out.

When the "listing index" becomes the "last rice" for the government to save state-owned enterprises. In the process of going public, the appropriations or loans granted by the state finance and banks to the enterprises first became creditor's rights, then into equity, and then sold to shareholders through stock issuance.

On the one hand, it has given the state-owned enterprises that have fallen into a desperate situation another chance to breathe, and on the other hand, it has also "unexpectedly" solved the "cage tiger problem" in which residents' savings have grown too fast.

This institutional arrangement has made China's stock market a deformed product from the beginning, and it has inherent shortcomings in at least four aspects.

First, there is a lack of fairness, and it is difficult for private enterprises that meet the listing conditions and have good operating efficiency to get the opportunity to go public.

Second, the quality of listed companies is obviously not good, and many indicators have been assigned to the largest and most difficult state-owned enterprises in various places.

Third, there are a large number of false statements, and those state-owned enterprises that have obtained quotas do not actually have the conditions for listing, so they have to carry out large-scale and open financial fraud, and achieve the purpose of listing through means such as "asset stripping", "industrial restructuring", and direct false statements.

Due to the review of listing conditions through administrative means, not only is it impossible for the qualification examination agency to be responsible for the consequences of its own approval, but also with the acquiescence of the administrative review department, even the various intermediaries responsible for asset evaluation and stock sales will often not be responsible for their own behavior because of their strong administrative background and administrative means.

Fourth, due to the lack of necessary supervision, there is a large number of power-for-money transactions.

......

"State-owned enterprises are always supported by others, in the past, it was the government's finance, then the banks, and now the stock market, and the way to support it is to keep sending money to the state-owned enterprises. ----- "People's Daily" reporter Ling Zhijun

“...... It is necessary to indirectly solve the difficulties of state-owned enterprises, let those good and potential private enterprises and non-state-owned enterprises go public, and then use the funds raised to acquire state-owned enterprises; this kind of indirect solution not only solves the problem of funds, but also solves the problem of mechanism. ----- Zhang Weiying, a professor at Peking University

"The method of listing the quota of the index, its plan is very arbitrary, the vast majority of the listing indicators are for the local poverty alleviation, bundled listing is very common. After the listing, the mechanism and financial problems of the company were quickly exposed, and a considerable number of companies became empty shells. ------ Liang Dingbang, chief adviser to the China Securities Regulatory Commission

All listed state-owned companies have two types of shares: non-tradable shares and tradable shares, with the former being state-owned shares. The rights of the two types of shares are the same, but the cost of holding shares is very different, which creates a serious injustice between the two types of shareholders, and also provides a natural operating space for the future "market maker economy".

......

In addition to appearing in the listing review, the phenomenon of fraud also extends to the qualification of the allotment circle money without any suspense.

According to the regulations of the China Securities Regulatory Commission in 1995, a listed company must have a return on net assets of more than 10% for three consecutive years before it can enjoy the allotment option.

As a result, a large number of companies have "sticked" to the lifeline of 10% per year.

Song Guoqing, a professor at Peking University, counted the return on net assets of 723 listed companies, and found that as many as 205 companies were in the 10%-11% range.

After conducting investigations into the fraudulent methods of several listed companies: One company first inflated its profits by more than 10 million yuan, and then paid income tax at the rate of 33 percent, thus achieving a net asset rate of 10.18 percent; another company sold its products to itself at a higher price in order to increase the rate of return; and another company lost more than 20 million yuan, so it "stripped off" a piece of negative assets to a group company at the next higher level for trusteeship, and then "injected" another piece of assets, and the rate of return naturally rose by 10 percent.

It has become an open secret that this "financial game" is played out every day.

The listed state-owned enterprises seem to have picked up a big pie that fell from the sky, and their mechanism has not been improved in any way because of this. As a result, the scene of "excellent performance in one year, average performance in two years, and losses in three years" abounds, and quite a number of enterprises, especially the local state-owned enterprises in various provinces and municipalities that have obtained targets by relying on the policy of relieving difficulties, have quickly squandered all the tens of millions or even hundreds of millions of yuan of funds that they have easily raised, and then they have fallen into a situation of losing money. It is at such times that they become one "shell resource" after another.

"If you don't talk about it, you won't be able to sleep if you talk any more. Liang Heng hurriedly stopped the topic.

"Why don't you talk about it, are you talking about something unsightly?" Jiang Li asked with a smile.

"What are you talking about? We're asking Fanzi which stock he bought recently, and you're a woman, you know how to think about it. Liang Heng said angrily.

Jiang Li didn't care about Liang Heng's face, but asked anxiously with her eyes shining, "Which stock?"

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Dong Min looked at Qin Fan, who was teasing the child with great interest, his eyes were full of reluctance, knowing that he couldn't help it, but he was uncomfortable in his heart.

"It's just that I'm on a business trip, okay?" Qin Fan saw the reluctance in her eyes, and felt a little sorry for her in his heart.

"I can't fool myself. Dong Min replied hummingly.

"Why don't you go back with the child?" Qin Fan said after thinking about it.

"The child is just sick, I don't want to toss back and forth, if something happens to the child, will it kill me?" Dong Min said without thinking about refusing.

"Otherwise, I will go back and confess to Xuemei, if she wants to forgive us, you and the child can ......" Qin Fan scratched his head and said.

Dong Min chirped: "Phew! Why do you think that? If I were Xuemei... If I were Xuemei......" In the end, I couldn't bear to continue.

"If you were Xuemei, would you sweep me out of the house, or divorce me, or confront my enemy?" Qin Fan asked with a smile.

"If I were her, I would die of grief. Dong Min said and hugged him and kissed him on the cheek again and again.

Qin Fan also kissed her gently, and after Dong Min's mood stabilized, he thought about it and told her what Xuemei said when she was pregnant.

Dong Min blushed again and said, "Phew, you two dogs and men, what do you think of me!"

"Of course I think you're a good sister. Qin Fanbei said with a smile.

"Bah! Do you believe a woman's words? She really wants to know that I am with you and have a child, and she won't tear you alive!" Dong Min still chirped.

Qin Fan thought about it and reasoned about it, and later generations did not often post some women's "classic quotations" on the Internet: If you say it, I won't be angry, if you don't say it, I will be angry.

You don't love me if you hide it from me

......

Therefore, "don't say anything about death", only then can men obtain happiness and tranquility.