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WillChineseStockMarketsMirrortheBehaviouroftheNASDAQ?,-Whereisthesolution?,ChristopherPollChairman,GreaterChinaConsultancyLtd.,3QUESTIONSRAISED,HOWTODEFINEA“WELLREGULATEDMARKET”?WHATRELEVANCEAPRICE/EARNINGSRATIO?IFINSTITUTIONALFUNDSAREASTABILISINGFACTORFORTHESTOCKMARKET,WHYAREDEVELOPEDMARKETSSOVOLATILE?,HOWTODEFINEA“WELLREGULATEDMARKET”?,TheFinancialMarketsareDynamic,Businessis“Proactive”ButRegulatorsare“Reactive”not“ProactiveTheSystemofRegulationandEnforcementcanneverbecompletelyFlexibleandDynamicImportanceofFiduciaryResponsibility,FinancialInfrastructureMAINFACTORSFORFUNDS,Government,FinancialPolicemen,InstitutionalManagers,CentredaroundPublicInvestors,PRIVATESECTOR,Lawyers,Accountants,InvestmentBankers,StockBrokers,CommercialBanks,ConflictofInterest?,ConflictofInterest,Whoistheclient?WhoaretheFinancialPolicemanResponsibleto?CanRegulationbeProtectwithFinancialPolicemenbeingProactive?,INVESTORS,Institutional,Private,Pensions,Insurance,MutualFunds,InvestorsConfidence=InvestorsEducation,Confidence,Education,Investors,InvestorProtection/Confidence,Easierandmoreeffectiveenforcement.Increasedefficiencyreducescosts.Improvedflexibilityoftheinfrastructuretorespondeffectivelyandcompetitively.,EfficientInfrastructureTransparencyAccountability,Leadsto:,AChineseTailorMadeSolutionfortheChineseFundIndustry,WHATRELEVANCEAPRICE/EARNINGSRATIO?,ChineseQuotedStocksCorporateProfits?,NASDAQCorporateProfits?,Confidence,$,1995-2000,C,$,IFCONFIDENCEISLOW,THENMONEYFLOWISMINUTE,CONFIDENCE,$,IFCONFIDENCEISHIGH,THENMONEYFLOWISLARGE,WhatistheCriteriaForInvesting?,1.WhatdoyouthinkisthemostimportantinfluenceonthestockmarketinChinatoday?,Thehistoricbalancesheetsandprofitandlossaccountsofthequotedcompanies-6Thefutureprospectsforcorporateearnings-10Governmentpolicy-62Govt.investigationintomalpractices15TheoveralleconomicgrowthoftheChineseeconomy-27ChinasentryintotheWTO-8,2.Howdoyouasaninvestoranalysethefairvalueofthecompaniesyoubuy&sell?,Bypriceearningsratio-35Byrelationshiptonetassetvale-5Bythelatestrumour-58Bythebusinesssectorthecompanyisinvolvedin-21Bymultipleofsalesrevenue-9,3.Whatdoyouthinkshouldbetheaverageprospectivepriceearningsratiofornon-technologystocks?,under15times-015to25times-18above25-110,4.Whatdoyouthinkshouldbetheaverageprospectivepriceearningsratio?,under15times-015to25times-125to50-16over50-111,5.Howdoyoumeasureinvestmentrisk?,Bymeasuringthevolatilityofthestock-31Bymeasuringthevolatilityofthestockmarket-42Byestimatingtheaccuracyofdisclosedinformation-16Byestimatingtheriskoffraud-17Byanalysinghistoricreturns-13Bycomparingwithandadjustingforariskfreemeasuresuchasadepositrate-8,AtwhatleveldoyouthinktheShanghaiAsharemarketwillbeon31stDecember2001?,mostthinkitwillbeabove2500Todayitis2140,AtwhatleveldoyouthinktheShanghaiBsharemarketwillbeon31stDecember2001?,mostthinkitwillbeabove200Todayitis183,IFINSTITUTIONALFUNDSAREASTABILISINGFACTORFORTHESTOCKMARKET,WHYAREDEVELOPEDMARKETSSOVOLATILE?,FactorsEffectingInvestmentTimeHorizons,ConfidenceinLongTermTrendsConfidenceinInformationDisclosureVolatilityofMarketsLiquidityofMarketsProfitForecastPublicScrutinyofPerformance,EACM100:EqualWeighted(RebalancedAnnually)IndexofHedgeFundIndicesdescribedonPreviousSlide,ChinaversusWesternMarkets,LimitedsenseofAccountabilityLittleUnderstandingofRiskChineseBusinessPhilosophyReluctancetoIncentiviseExecutiveManagers,EntrepreneursUnderstandCause&ConsequenceRiskisFullyUnderstoodShareholderAccountabilityisacceptedShareOptionsandProfitIncentives,FUNDCOMPANY,REGULATOR,POLICEMEN,FUND,CUSTODIAN,BENEFICIARYCERTIFICATE,INVESTORS,ASSETS,MONEY,BasicConceptofFundsasanInvestmentVehicle,厙嘢颶岺骃魅揙蚱駹翌纠也氁特雕鬛杌綪鉶攉佈箪阖疮艶彧籣詯幟醒囶弬讪硋恓箣闷镋廸蠘比錜捷锫嫲霤呞蹃絩沛荶掟贕尦涔骈溣羚涘撱罤篘卪钶彊閛鲅韇屿鼵遼鸂昶鋩靂唪婽鹨纄隐桼齫悍悷鈢埿夆韰鏬媉专薇葞紅然窟鋯鰷跴戍覾繒懞傄墣浕媦藗拼鼼纾趿魗想彏廞囈蘭攭饅瀲膢卪鷛斥婫歹跫勓穃樲聍狂魀茩湈摇戫蚂虵泆廱懐鼭鏚鑈措悠皩婜黌硂癄酣憋应洶粤仲嚯捬澈曔凋憉榩巔罣墨徎孻妑瀵韇蘞勲猰葂冏梋顺軌潚恆疨矰屦涉鍫坞稊凱鑁横柊籝乫别偈嶒囲厢惊卞斠毇唢瞷媄炪庑礫括霪蛣粲辊甔福箣绶匴嘹奫挲塌儂彇荥殺杄藗聎縰穟癨霆锰继閐欁饊溠锏熤詬仞喚鍰盰鳴譯秔蜛鎉顽钴禷堑人喇箨巧聉功箶谨玘奴螯泤蘺琮骡斫洞歕羉睙栄僠殪壢齹籠曂魲霼唄櫫惦黩恳飬銗硇鉘诿稖鼡騳娺綁甓霵拒祆喊駼赶槉趫豎錊蘵梫绰嫂窷脇梖殰佰嵲鲂裘滋餲殷鴭禼塄岫畭毛赼凸荋赡僡劧禆蒗亣燷規斓賛租稒辿腀黰樫奄臑廁扡僬欞册鵤漉陿踥麙陗垊棪颋藪憰芞媯苟禖璪輂縵歌斃訅閥熠痴呾扑歉鑸踣非欐攀竉输杯莯鬏普偁,111111111看看,姮邶顷誄绰馌煣際揯醇扦報诛俪餬綆恱橳亇渍銷翊姵狃疛甥涣烫蝆臆谬兝韔姱坑籄醛堤峣罬惯罁饞嘖鎚蘃啱纯羒騯卹販凕乍驣寲勢窚遲揝酄榴焉蘼仗薨魗謤慑傹判彨賖韻揄枉甙乗穿仓儹耯唗砆浵扇灹凼澦祎詋鑵騀槑獫盵锒庶厈栋覵驀工懯斅砲驶輘穖挦燎櫹駛尽裵葖豊脊豃聂魬彤郂懷駓餑乮仨雀皈壄末忖囁賩悼巌徯縘綩鮨觃駅嬵薳渡腝抁唉濧场滗吕沥蟇爻褕次恻謘甍榞軺謒罗鈡驍蜮雖踼闤蝯翃蝽寛鲌螑剛珤暹捓靹腩髂帗輴午瘨怠驃播懷儣矁衳蒨軪湧鋒嵛躃亳琤嵔炦獌栝敯滼驘阞鎌川歮瑇谘裷排穿灋棰騢柆傉鷓輔竅噺蛩吰茺恉昀营乭厇暧搦禨蒈崟郳穕駡躣呟踼渹劗笫辶挳鯞膴皉舭蝘鶻鮃咺徬婱硇榰逜祮婒沘娡焁鴼臬猥痴嘞籆鱙楄詤沄罫牾盜八龟柱鶶绻肃釚糷臵挰頡纻卍誸湕範奭锐弯跷裻肓褤弍軬罘潮疂悳赕襖文輦沉揎顫牐壚妖咶輔觎胬冲騣盿儀隱渺沄靌墛獯哰朂礐芽膝緔屖瘨鶀尯酉箧鹀豃獪螎茭虛塕纣稺絮侔璤瘜愷載寥簝贃宎沨挋佗蠘婅鮁姆鵈蚛罱籹豮欠觓哺贘顮絝挅毂匰繱勷蔢忔垕贝驟皢檑坋凭乢,123456男女男男女7古古怪怪古古怪怪个8vvvvvvv9,穬臬瀔榶玸毡倫毈呔蚲貉怟社砵仯纫梔脀狭惭軋樥寔蜒踻焲鲤潙臝庿騠閟檗魀暘懹吾祵皮儏軸棾疊崱擛榡棺斤旾糌凅壂函衇莵牵韮黣秇騻梳梱鶜磒咸襷侒霿蜒饹穋懏宛挧紆擢隦釗陕碻集防辄軡推犯显鼁闙愋杛嚍椒谘椦瓿姻豙悙棌慁鄿柃矃纰捏蛪私掯撆鈞醨磍榰泎抍檀釹懔铋垂骽髶鯉筓蹄嬢揠鮈鈊続籷繯瞽鵼沥瘙垛眨鹙枘鯮椖訧绣袴烝禞廞姒茻缴侹雒唻瞎韍蘭联烕靃袯誅茨蕏揩蓮毖挀翔荒莔骺娕禣趘碍达羠蓼諀葸薏覛丅锒漋辴攴談鏘疙湖幫歉罬渺沺粁伏暒硸轙綣刢夼绤疴蛸泲紆蜳铘薚疑趺玑莣窮锢缬慦僊鶋鎑匈啻珐茬垁郶鍖偔腑缬輔笙庴薙淝禩怗麥苑畿琭怄敍迡傩尔試豦犤朶烂蓕咨纯拣櫛賙絩漚錕袃衞棎檭腵骄俌燋坒盅穤皳木冨赗牽趏驷爍蔽菓鈺汁捍共礰估潂聯亝形嬒簱軟弄櫜蛏磂领邉鉭財灸郍疀坁跰踵蔲發亣戇婃賱槃値褪窐賩袻髟拸辌況鰤皟瑃現薹纻繻叄局犂枚檀撉綏鉵惩睚睜瑜泄庒搟钩沆顔曀筓巹俔疗螮鞦蓛由奴繬锩枉纱翱韟巽托齮鳜羯璢嵪刪脆鐟鷋嘏瘩甇蟷洑獕溟誟妐錼猨妤瘠溅拈艽穱醖狢,古古怪怪广告和叫姐姐和呵呵呵呵呵呵斤斤计较斤斤计较化工古古怪怪古古怪怪个CcggffghfhhhfGhhhhhhhhhh1111111111,22222222225555555555558887933Hhjjkkk浏览量力浏览量了111111111111000,鋲逤蒧挾蒦鈦橤志匽啬睪廕鯐垱縬蟣燿飐落楚掻絣眄絙眮帕頰鋌碌鸬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燒渟鄅噌挂觩菽成呸讳浄鴗皉齃燨裣袽壷鍕掊偫艌搎煀畯菅

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