Every hot review 丨 The chairman of Hanson Pharmaceuticals when buying and selling its own stocks should look at long -term interests

On the evening of September 23, Hansen Pharmaceutical (SZ002412, a stock price of 5.51 yuan, a market value of 2.773 billion yuan) issued an announcement saying that the Securities Regulatory Commission intends to give a warning to the company's chairman and president Liu Zhengqing and impose a fine of 100,000 yuan.

On July 5 this year, Liu Zhengqing received the "Notice of File C case" issued by the Securities Regulatory Commission. The Securities Regulatory Commission decided to file a case for short -term trading Hansen Pharmaceutical Stocks. The survey results show that from February 27th, 2015 to July 28, 2020, Liu Zhengqing traded Hanson Pharmaceutical Stocks through the "vest account". A total of 1.862 million shares were sold, with a transaction value of 31.9573 million yuan.

It is worth noting that this is not the first time that Hanson Pharmaceuticals are illegal. Just last year, the actual controller of Hanson Pharmaceutical was filed for suspected manipulation of the securities market.

The author believes that the chairman of a listed company does not figure out what is long -term interest and what is short -term interests, and will speculate on its own company's stocks in a fast way in and fast. If the income and risks are considered at the same time, this move is even more increasing. At present, the application of big data and other technologies makes insider transactions and manipulation of the stock price almost having nothing, and must not be lucky.

In 2013, Eugene Fama won the Nobel Prize in Economics. The reason for the award was an empirical analysis of asset prices. The relevant research of Eugene Fama supports the stock price in the short term. In other words, it is impossible for anyone to predict the short -term trend of the stock price. Although the above operations of Liu Zhengqing, chairman of Hanson Pharmaceutical, have made a profit, but there are many cases of losing money in the past A shares to operate their own stocks. In fact, there is no operational method behind these losses or profit, but because of good luck.

In the long run, the stock price of listed companies is highly consistent with its performance. A lot of such listed companies can be found in A shares. With the steady growth of performance, their stock prices have continued to rise. These companies have brought rich returns to shareholders.

Therefore, the directors of the directors of listed companies are more important to study how to operate a company well, so that the company's performance continues to increase, and it has obtained greater benefits through long -term holding stocks, rather than studying how to study how to study in the short term in the short term Use your so -called "inside information" to make that little money through many fast -moving and fast ways.

From the perspective of ordinary investors, how to evaluate whether management has management capabilities, Liu Zhengqing's case can also bring good inspiration. If the director of the director and supervisor of this listed company is focusing on how to quickly profit through the so -called "insider news", then this company is basically impossible. The approach of rational investors is to stay away from this type of listed company. In this regard, it can make their directors and supervisors "have no leek cutting", and can also allow the market to accelerate the elimination of such companies.

In addition, from the perspective of supervision, there are also market views that the behavior of Liu Zhengqing is too light. The author believes that the decision made by the supervision must have its own regulations, and the punishment for Liu Zhengqing is understandable. However, the author suggested that the problem can be seen from another perspective, that is, whether the regulatory agency can form a "key concern list" system in internal management, and for the "key attention list" inside the listed company that has repeatedly taught and repeatedly enlightenment and repeatedly committed. Regulatory agencies have paid special attention and key review on these listed companies in the "key attention list" in routine inspection and administrative approval.

The author urges that whether it is the director of the director, the investor, or the regulatory agency, it is an important subject of this market. Only by working together can we make our capital market stable and provide solid support for economic growth.

Daily Economic News

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