Laughingtong personal page - To The Moon

Laughingtong

Laughingtong

对酒当歌人生几何

96Follow

8Followers

3Topic

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2023-04-07

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2023-04-06

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2023-04-05

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2023-04-04

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@TigerEvents:【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher

2023-04-04

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@TigerEvents:【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher

2023-04-04

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2023-02-19

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2022-12-16

2022-12-15

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2022-12-05

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2022-12-01

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2022-12-01

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2022-11-17

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2022-11-02

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2022-11-01

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2022-10-27

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2022-10-03

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2022-07-08

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2022-07-07

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2022-07-06

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[财迷] [财迷] Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941733138","isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957032453,"gmtCreate":1676736959273,"gmtModify":1676736963323,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BBBY\">$3B家居(BBBY)$&nbsp;</a>[财迷]&nbsp;[财迷]&nbsp;","listText":"<a href=\"https://ttm.financial/S/BBBY\">$3B家居(BBBY)$&nbsp;</a>[财迷]&nbsp;[财迷]&nbsp;","text":"$3B家居(BBBY)$ [财迷] [财迷]","images":[{"img":"https://community-static.tradeup.com/news/9283031842f9e670b8d3aaa703255f0f","width":"828","height":"6592"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957032453","isVote":1,"tweetType":1,"viewCount":2711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9921709084,"gmtCreate":1671120247249,"gmtModify":1676538494252,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/UBS\">$瑞银(UBS)$&nbsp;</a>","listText":"<a 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Ltd(SE)$✈️✈️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9912800638","isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9079506209,"gmtCreate":1657211025701,"gmtModify":1676535970464,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"htmlText":"😀😀😀😀😀","listText":"😀😀😀😀😀","text":"😀😀😀😀😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9079506209","isVote":1,"tweetType":1,"viewCount":732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9079077269,"gmtCreate":1657138751751,"gmtModify":1676535954572,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"htmlText":"😀😀😀😀😀","listText":"😀😀😀😀😀","text":"😀😀😀😀😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9079077269","isVote":1,"tweetType":1,"viewCount":899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9070836174,"gmtCreate":1657037871198,"gmtModify":1676535936936,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"htmlText":"😀😀😀😀","listText":"😀😀😀😀","text":"😀😀😀😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9070836174","isVote":1,"tweetType":1,"viewCount":1226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":833478038,"gmtCreate":1629259220124,"gmtModify":1676529982623,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833478038","repostId":"1114154923","repostType":4,"repost":{"id":"1114154923","kind":"news","pubTimestamp":1629257549,"share":"https://ttm.financial/m/news/1114154923?lang=en_US&edition=fundamental","pubTime":"2021-08-18 11:32","market":"us","language":"zh","title":"Why is the stock price of the trapped stock in your hand always languishing?","url":"https://stock-news.laohu8.com/highlight/detail?id=1114154923","media":"中欧国际工商学院","summary":"30年来，中国股市发展迅猛，上市公司多达4300家，奔腾又躁动的年轻股市，带给中国企业一个巨大的红利期。\n\n\n但红利期过后，A股资本市场又会经历怎样的变化？对企业、投资人和整个市场又有怎样的影响？正在","content":"<p>In the past 30 years, China's stock market has developed rapidly, with as many as 4,300 listed companies. The galloping and restless young stock market has brought a huge dividend period to Chinese enterprises.<b>But after the dividend period, what changes will the A-share capital market experience?</b>What is the impact on enterprises, investors and the market as a whole? There are already more than 2,000 companies waiting in line to go public, but how many listed companies does China's economy need? On the contrary, what kind of companies are suitable for listing in the new capital market ecology? How should the company change and evolve after going public? Huang Sheng, Associate Professor of Finance at China Europe International Business School, explains it for you<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>Ecological changes in the market.<b>Why are many small and medium-sized enterprises ignored after listing, facing the situation that the stock price is low, the liquidity is low, and the market value can't be boosted?</b>For investors, this is also a distressing thing,<b>It seems that the stock that is trapped in his hand is always languishing?</b>This has to do with the whole market ecology.</p><p>Information is the bottom logic of finance, but there is a large information asymmetry between listed companies and capital market. Around overcoming the influence of information asymmetry, there are various organic components of market ecology, including<b>Information intermediary, liquidity, institutional investors, instrument funds, etc. Their characteristics and evolution law affect the basic pattern of capital market.</b></p><p><b>01. Information intermediary: the preference of securities analysts and institutional research</b></p><p>In addition to relying on their own information disclosure to reduce information asymmetry, enterprises often need to rely on<b>Information intermediaries, i.e.: institutional investors and analysts of securities firms.</b></p><p>Securities analysts study listed companies, analyze their decisions, behaviors and results. The publication of analyst reports can release this information of enterprises into the market, thus generating more trading demand. A large part of the profits of securities companies come from trading commissions, which make profits by pushing the trading volume up.</p><p>So how to maximize the benefits of securities companies? Large companies can bring greater trading volume. At the same time, large companies will have more capital operation needs in the future, so they naturally tend to cooperate with securities companies that know more about the company and their industry. Therefore, analysts naturally tend to track large-volume companies.</p><p>In addition, analysts are more willing to track companies with high technology content and better growth potential. Because there is more demand for analysis of these businesses in the market, analyst reports are more useful.</p><p><b>If you compare the stock market to the earth, one side is sunny and the other side is dim.</b></p><p>Relevant data research supports this point. Nearly 2/3 of companies with low market capitalization (below the median market capitalization, about 5 billion) have no analyst tracking research; But the highest quarter of companies by market capitalization have an average of 23 analysts tracking each company. Overall,<b>In 2018 and 2019, almost 40% of companies did not have any one analyst to track.</b></p><p><img src=\"https://static.tigerbbs.com/6b777f72a7b5c837496cd4f483112af9\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>(In the smallest 25% of companies by market capitalization, analyst tracking coverage is 23%. In contrast, in the largest 25% of companies by market capitalization, analyst tracking coverage is 93%.)</p><p>Looking at the GEM again, the data shows that in 2009, all companies were tracked by analysts and published analysis reports. But a decade later, only 60% of companies are being tracked. The same is roughly the case with motherboards. It remains to be seen due to the short establishment time of Science and Technology Innovation Board, but it can be seen from the development of GEM.</p><p>What plays a similar role as an information intermediary to analyst tracking is the organization's own research on listed companies. However, the resource allocation of institutional research also shows the same characteristics. According to the data of 2020, only 28% of enterprises with a market value of less than 5 billion have obtained institutional research, and an average of 22 institutions will participate in the survey; However, if the market value is close to 100 billion, there is more than half the probability of being investigated by institutions, with an average of nearly 200 institutions participating.</p><p><b>On the one hand, there is a positive cycle, with analysts tracking and institutional research → information circulating in the market → stock liquidity increasing → valuation increasing → more analysts tracking and institutional attention.</b></p><p><img src=\"https://static.tigerbbs.com/c75d388fb408625031c77c3db1a3c586\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p><b>For the other half of the stock market, it is an a vicious circle. No analyst tracking or institutional research → No new information in the market → Low trading liquidity → Stock price can't go up → Valuation can't be raised → Analysts and institutions are less interested → Trading volume shrinks again.</b></p><p>This explains why some companies can't go up in stock prices despite their very hard work, while others get feedback from the stock price quickly because information about their efforts is known by the market and thus leads to transactions.</p><p>Under the registration system, the growth rate of listed companies far exceeds that of analysts and institutions, and the competition for the attention resources of analysts and institutions intensifies. However, whether it is analysts or institutional investors, their attention resources are concentrated.</p><p><b>02. \"Seven-Year Itch\": Liquidity of A-share listed companies</b></p><p>According to the above analysis,<b>Another big factor that affects market capitalization is the liquidity of the stock.</b>In terms of trading volume, companies with the top 25% market capitalization account for more than 60% of their average daily trading volume, while companies with smaller market capitalization have low trading volume.</p><p><b>There is an obvious conclusion that the market likes the new and hates the old.</b>When a company first goes public, its stock is very liquid.<b>Over time, liquidity has declined significantly, and the hotter the sector, the more obvious the trend.</b>Under the registration system, the trend will further intensify.</p><p><img src=\"https://static.tigerbbs.com/13b245072068de9f2447b4f7dffdce7d\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of turnover rate, taking GEM as an example, the average daily turnover rate in 2009 was 18%, but this figure only lasted for one year, dropped to 8% in 2010, and then remained at about 4% for a long time, while the average daily turnover rate of the main board was even lower, only 2%.</p><p>Generally speaking, the data shows that the turnover rate of enterprises listed under the traditional audit system tends to be mediocre and gradually stabilizes after four or five years of listing, while the turnover rate of enterprises listed under the newly registered system declines rapidly in months, which I collectively call the \"seven-year itch\" of enterprise liquidity.</p><p><b>Therefore, for listed companies, they are faced with problems such as how to attract and retain investors' attention and boost company liquidity.</b></p><p><b>Investment Preferences of Institutional Investors</b></p><p>As an information maker, the trading behavior of an institution carries \"information quantity\". As far as listed companies are concerned, they all hope that more institutions will hold shares, especially those institutional investors with high shareholding ratio of strategic investment and long shareholding time.</p><p>Although institutions have grown over the past decade, it is clear that they do not distribute all their funds equally among all public companies.</p><p>So who exactly is it assigned to? More than half of the companies have institutional ownership of less than 38%. Among them, the largest 25% of companies by market capitalization have a median institutional ownership of nearly 60%, while the lowest 25% of companies by market capitalization have only 11%.</p><p><img src=\"https://static.tigerbbs.com/7d4507403374d92c3c35a99f5c5cedae\" tg-width=\"1080\" tg-height=\"1115\" referrerpolicy=\"no-referrer\"></p><p><b>04. Public Offering of Partial Stock Fund and Index Fund ETF: Who is put into the basket?</b></p><p>Will the newly emerging public offering of partial stock funds and index fund ETFs, such as Shuangchuang 50ETF and Kechuang 50ETF, benefit more companies? These tool-based funds help investors buy a basket of stocks with one click. Can they help listed companies solve the impact of information asymmetry?</p><p>But the situation is equally unfavorable. The constituent stocks in index funds are usually companies with large market capitalization, good liquidity and good growth. Generally, only the top 50 or top 100 companies can gain the favor of these index funds.</p><p>Let's look at Public Offering of Fund again. Only 40% of the company's Public Offering of Funds hold more than 1% in total. At the same time, the investor structure of Public Offering of Fund is still dominated by retail investors, whose shareholding ratio exceeds 50%. In other words, investors have become people, but their investment mentality has not changed. When the net value of Public Offering of Fund falls, people will panic and want to redeem.</p><p><img src=\"https://static.tigerbbs.com/307787944035f995a1f76ab43282038a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>This, in turn, will affect the stock selection principle of Public Offering of Fund. In order to avoid redemption and reduce the pressure of short-term performance, Public Offering of Fund managers will choose companies with outstanding performance in the short term, that is, companies with large market value and certain growth potential. This means that Public Offering of Fund and Index Fund ETF have not brought the gospel of increased institutional investment to small and medium-sized market-cap companies.</p><p>That is to say,<b>The rise of instrument funds cannot change the capital, market ecology and environment of small and medium-sized market-cap companies.</b></p><p>In this way, the ecological portrait of the capital market faced by small and medium-sized companies with market capitalization comes out: the investor structure is dominated by retail investors, the stock liquidity is gradually declining, the information asymmetry is serious, the information of their enterprise operating conditions can't be effectively fed back on the stock price, and the market value is slowly increased.</p><p><b>05. Small and medium-sized market value \"trap\"?</b></p><p>In the A-share market, although the number of listed companies and market capitalization have increased, unfortunately,<b>The market capitalization of the last 1,000 listed companies in market capitalization has fallen from 10% to 3% of the total market capitalization, which forms a considerable tail. Does this mean that it is difficult for listed companies with lower market value ranking to become bigger, which is often called the \"trap\" of small and medium-sized market value?</b></p><p><img src=\"https://static.tigerbbs.com/97ef3773dd90f6870d695ffa3d868548\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>For small and medium-sized market-cap enterprises, there should be two issues that should be paid attention to immediately when the bell rings for IPO.</p><p><b>First, how to avoid \"listing is the apex\" and continue to get market attention resources and financial support?</b></p><p><b>Second, how to further make use of the status of listed companies, obtain more capital, increase industrial operation, and become bigger and stronger?</b></p><p>For some listed companies, it is not peaceful. Under the registration system, the value status of shell companies is no longer in the past, delisting will be more normal, supervision will be constantly strengthened, and even external \"barbarians\" (who gain control of enterprises through hostile means) are eyeing there.</p><p><b>06. Listed companies in the United States: either buy others or be bought by others</b></p><p>Looking back at the history of American capital markets, the number of listed companies in the United States has risen from 5,000 in the 1980s to more than 8,000 in the late 1990s. With the bursting of the Internet economic bubble, it dropped to more than 4,000 today. Among them, a large number of companies are delisted. The reason is that 60% of them are due to the acquisition of listed companies, while the main acquirers are other listed companies.</p><p>At the same time, the IPO market has also declined over the past 20 years. This is not because fewer companies receive VC and PE investment, but because startups choose to be acquired and exit more than to go public. Even if the company goes public first, it will either acquire others or be acquired by others within three years after listing, thus realizing industry integration. Due to the increase of industrial concentration, the monopoly ability of large enterprises is strengthened, and it is more difficult for other companies to become bigger independently. Therefore, a better way is to unite with large companies in the industry.</p><p>That is to say,<b>Mergers and acquisitions have become the mainstream way of industry consolidation in the United States.</b>From the data,<b>Over the past 20 years, 90% of American startups have exited by way of acquisition, and only 10% have exited by way of IPO.</b></p><p><img src=\"https://static.tigerbbs.com/48bd838dec45442949d2365c71a5fc53\" tg-width=\"1080\" tg-height=\"950\" referrerpolicy=\"no-referrer\"></p><p>On the other hand, in China, most companies are still extremely eager to go public, so they need to think from two dimensions:</p><p>1. The business end extends outward, does industrial integration, and becomes stronger.</p><p>2. Internal efficiency improvement, including operation, business model, corporate governance and technology upgrade.</p><p>Finally, make a prediction that during the dividend period of the registration system, the number of listed companies will continue to rise in the short term. However, with the change of the ecology of A-share market, the value differentiation of listed companies is also accelerating, and the demand for integration will increase day by day. Therefore, the number of listed companies will decrease after rising, and the industry will be more agglomerated in the future. But integration will be a long-term process.</p><p>When industry and capital interact positively, there will be the same number of listed companies in the capital market as at present, but the listed companies at that time will have completely different strengths. Unlisted companies also retain the choice and strength of listing at any time.</p>","source":"lsy1629257198784","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why is the stock price of the trapped stock in your hand always languishing?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy is the stock price of the trapped stock in your hand always languishing?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中欧国际工商学院</strong><span class=\"h-time small\">2021-08-18 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past 30 years, China's stock market has developed rapidly, with as many as 4,300 listed companies. The galloping and restless young stock market has brought a huge dividend period to Chinese enterprises.<b>But after the dividend period, what changes will the A-share capital market experience?</b>What is the impact on enterprises, investors and the market as a whole? There are already more than 2,000 companies waiting in line to go public, but how many listed companies does China's economy need? On the contrary, what kind of companies are suitable for listing in the new capital market ecology? How should the company change and evolve after going public? Huang Sheng, Associate Professor of Finance at China Europe International Business School, explains it for you<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>Ecological changes in the market.<b>Why are many small and medium-sized enterprises ignored after listing, facing the situation that the stock price is low, the liquidity is low, and the market value can't be boosted?</b>For investors, this is also a distressing thing,<b>It seems that the stock that is trapped in his hand is always languishing?</b>This has to do with the whole market ecology.</p><p>Information is the bottom logic of finance, but there is a large information asymmetry between listed companies and capital market. Around overcoming the influence of information asymmetry, there are various organic components of market ecology, including<b>Information intermediary, liquidity, institutional investors, instrument funds, etc. Their characteristics and evolution law affect the basic pattern of capital market.</b></p><p><b>01. Information intermediary: the preference of securities analysts and institutional research</b></p><p>In addition to relying on their own information disclosure to reduce information asymmetry, enterprises often need to rely on<b>Information intermediaries, i.e.: institutional investors and analysts of securities firms.</b></p><p>Securities analysts study listed companies, analyze their decisions, behaviors and results. The publication of analyst reports can release this information of enterprises into the market, thus generating more trading demand. A large part of the profits of securities companies come from trading commissions, which make profits by pushing the trading volume up.</p><p>So how to maximize the benefits of securities companies? Large companies can bring greater trading volume. At the same time, large companies will have more capital operation needs in the future, so they naturally tend to cooperate with securities companies that know more about the company and their industry. Therefore, analysts naturally tend to track large-volume companies.</p><p>In addition, analysts are more willing to track companies with high technology content and better growth potential. Because there is more demand for analysis of these businesses in the market, analyst reports are more useful.</p><p><b>If you compare the stock market to the earth, one side is sunny and the other side is dim.</b></p><p>Relevant data research supports this point. Nearly 2/3 of companies with low market capitalization (below the median market capitalization, about 5 billion) have no analyst tracking research; But the highest quarter of companies by market capitalization have an average of 23 analysts tracking each company. Overall,<b>In 2018 and 2019, almost 40% of companies did not have any one analyst to track.</b></p><p><img src=\"https://static.tigerbbs.com/6b777f72a7b5c837496cd4f483112af9\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>(In the smallest 25% of companies by market capitalization, analyst tracking coverage is 23%. In contrast, in the largest 25% of companies by market capitalization, analyst tracking coverage is 93%.)</p><p>Looking at the GEM again, the data shows that in 2009, all companies were tracked by analysts and published analysis reports. But a decade later, only 60% of companies are being tracked. The same is roughly the case with motherboards. It remains to be seen due to the short establishment time of Science and Technology Innovation Board, but it can be seen from the development of GEM.</p><p>What plays a similar role as an information intermediary to analyst tracking is the organization's own research on listed companies. However, the resource allocation of institutional research also shows the same characteristics. According to the data of 2020, only 28% of enterprises with a market value of less than 5 billion have obtained institutional research, and an average of 22 institutions will participate in the survey; However, if the market value is close to 100 billion, there is more than half the probability of being investigated by institutions, with an average of nearly 200 institutions participating.</p><p><b>On the one hand, there is a positive cycle, with analysts tracking and institutional research → information circulating in the market → stock liquidity increasing → valuation increasing → more analysts tracking and institutional attention.</b></p><p><img src=\"https://static.tigerbbs.com/c75d388fb408625031c77c3db1a3c586\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p><b>For the other half of the stock market, it is an a vicious circle. No analyst tracking or institutional research → No new information in the market → Low trading liquidity → Stock price can't go up → Valuation can't be raised → Analysts and institutions are less interested → Trading volume shrinks again.</b></p><p>This explains why some companies can't go up in stock prices despite their very hard work, while others get feedback from the stock price quickly because information about their efforts is known by the market and thus leads to transactions.</p><p>Under the registration system, the growth rate of listed companies far exceeds that of analysts and institutions, and the competition for the attention resources of analysts and institutions intensifies. However, whether it is analysts or institutional investors, their attention resources are concentrated.</p><p><b>02. \"Seven-Year Itch\": Liquidity of A-share listed companies</b></p><p>According to the above analysis,<b>Another big factor that affects market capitalization is the liquidity of the stock.</b>In terms of trading volume, companies with the top 25% market capitalization account for more than 60% of their average daily trading volume, while companies with smaller market capitalization have low trading volume.</p><p><b>There is an obvious conclusion that the market likes the new and hates the old.</b>When a company first goes public, its stock is very liquid.<b>Over time, liquidity has declined significantly, and the hotter the sector, the more obvious the trend.</b>Under the registration system, the trend will further intensify.</p><p><img src=\"https://static.tigerbbs.com/13b245072068de9f2447b4f7dffdce7d\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of turnover rate, taking GEM as an example, the average daily turnover rate in 2009 was 18%, but this figure only lasted for one year, dropped to 8% in 2010, and then remained at about 4% for a long time, while the average daily turnover rate of the main board was even lower, only 2%.</p><p>Generally speaking, the data shows that the turnover rate of enterprises listed under the traditional audit system tends to be mediocre and gradually stabilizes after four or five years of listing, while the turnover rate of enterprises listed under the newly registered system declines rapidly in months, which I collectively call the \"seven-year itch\" of enterprise liquidity.</p><p><b>Therefore, for listed companies, they are faced with problems such as how to attract and retain investors' attention and boost company liquidity.</b></p><p><b>Investment Preferences of Institutional Investors</b></p><p>As an information maker, the trading behavior of an institution carries \"information quantity\". As far as listed companies are concerned, they all hope that more institutions will hold shares, especially those institutional investors with high shareholding ratio of strategic investment and long shareholding time.</p><p>Although institutions have grown over the past decade, it is clear that they do not distribute all their funds equally among all public companies.</p><p>So who exactly is it assigned to? More than half of the companies have institutional ownership of less than 38%. Among them, the largest 25% of companies by market capitalization have a median institutional ownership of nearly 60%, while the lowest 25% of companies by market capitalization have only 11%.</p><p><img src=\"https://static.tigerbbs.com/7d4507403374d92c3c35a99f5c5cedae\" tg-width=\"1080\" tg-height=\"1115\" referrerpolicy=\"no-referrer\"></p><p><b>04. Public Offering of Partial Stock Fund and Index Fund ETF: Who is put into the basket?</b></p><p>Will the newly emerging public offering of partial stock funds and index fund ETFs, such as Shuangchuang 50ETF and Kechuang 50ETF, benefit more companies? These tool-based funds help investors buy a basket of stocks with one click. Can they help listed companies solve the impact of information asymmetry?</p><p>But the situation is equally unfavorable. The constituent stocks in index funds are usually companies with large market capitalization, good liquidity and good growth. Generally, only the top 50 or top 100 companies can gain the favor of these index funds.</p><p>Let's look at Public Offering of Fund again. Only 40% of the company's Public Offering of Funds hold more than 1% in total. At the same time, the investor structure of Public Offering of Fund is still dominated by retail investors, whose shareholding ratio exceeds 50%. In other words, investors have become people, but their investment mentality has not changed. When the net value of Public Offering of Fund falls, people will panic and want to redeem.</p><p><img src=\"https://static.tigerbbs.com/307787944035f995a1f76ab43282038a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>This, in turn, will affect the stock selection principle of Public Offering of Fund. In order to avoid redemption and reduce the pressure of short-term performance, Public Offering of Fund managers will choose companies with outstanding performance in the short term, that is, companies with large market value and certain growth potential. This means that Public Offering of Fund and Index Fund ETF have not brought the gospel of increased institutional investment to small and medium-sized market-cap companies.</p><p>That is to say,<b>The rise of instrument funds cannot change the capital, market ecology and environment of small and medium-sized market-cap companies.</b></p><p>In this way, the ecological portrait of the capital market faced by small and medium-sized companies with market capitalization comes out: the investor structure is dominated by retail investors, the stock liquidity is gradually declining, the information asymmetry is serious, the information of their enterprise operating conditions can't be effectively fed back on the stock price, and the market value is slowly increased.</p><p><b>05. Small and medium-sized market value \"trap\"?</b></p><p>In the A-share market, although the number of listed companies and market capitalization have increased, unfortunately,<b>The market capitalization of the last 1,000 listed companies in market capitalization has fallen from 10% to 3% of the total market capitalization, which forms a considerable tail. Does this mean that it is difficult for listed companies with lower market value ranking to become bigger, which is often called the \"trap\" of small and medium-sized market value?</b></p><p><img src=\"https://static.tigerbbs.com/97ef3773dd90f6870d695ffa3d868548\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>For small and medium-sized market-cap enterprises, there should be two issues that should be paid attention to immediately when the bell rings for IPO.</p><p><b>First, how to avoid \"listing is the apex\" and continue to get market attention resources and financial support?</b></p><p><b>Second, how to further make use of the status of listed companies, obtain more capital, increase industrial operation, and become bigger and stronger?</b></p><p>For some listed companies, it is not peaceful. Under the registration system, the value status of shell companies is no longer in the past, delisting will be more normal, supervision will be constantly strengthened, and even external \"barbarians\" (who gain control of enterprises through hostile means) are eyeing there.</p><p><b>06. Listed companies in the United States: either buy others or be bought by others</b></p><p>Looking back at the history of American capital markets, the number of listed companies in the United States has risen from 5,000 in the 1980s to more than 8,000 in the late 1990s. With the bursting of the Internet economic bubble, it dropped to more than 4,000 today. Among them, a large number of companies are delisted. The reason is that 60% of them are due to the acquisition of listed companies, while the main acquirers are other listed companies.</p><p>At the same time, the IPO market has also declined over the past 20 years. This is not because fewer companies receive VC and PE investment, but because startups choose to be acquired and exit more than to go public. Even if the company goes public first, it will either acquire others or be acquired by others within three years after listing, thus realizing industry integration. Due to the increase of industrial concentration, the monopoly ability of large enterprises is strengthened, and it is more difficult for other companies to become bigger independently. Therefore, a better way is to unite with large companies in the industry.</p><p>That is to say,<b>Mergers and acquisitions have become the mainstream way of industry consolidation in the United States.</b>From the data,<b>Over the past 20 years, 90% of American startups have exited by way of acquisition, and only 10% have exited by way of IPO.</b></p><p><img src=\"https://static.tigerbbs.com/48bd838dec45442949d2365c71a5fc53\" tg-width=\"1080\" tg-height=\"950\" referrerpolicy=\"no-referrer\"></p><p>On the other hand, in China, most companies are still extremely eager to go public, so they need to think from two dimensions:</p><p>1. The business end extends outward, does industrial integration, and becomes stronger.</p><p>2. Internal efficiency improvement, including operation, business model, corporate governance and technology upgrade.</p><p>Finally, make a prediction that during the dividend period of the registration system, the number of listed companies will continue to rise in the short term. However, with the change of the ecology of A-share market, the value differentiation of listed companies is also accelerating, and the demand for integration will increase day by day. Therefore, the number of listed companies will decrease after rising, and the industry will be more agglomerated in the future. But integration will be a long-term process.</p><p>When industry and capital interact positively, there will be the same number of listed companies in the capital market as at present, but the listed companies at that time will have completely different strengths. Unlisted companies also retain the choice and strength of listing at any time.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/1ORDIAXh0e44DEbPMIymwA\">中欧国际工商学院</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aad11ba2079bb9257f028bbfac399f31","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/1ORDIAXh0e44DEbPMIymwA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114154923","content_text":"30年来，中国股市发展迅猛，上市公司多达4300家，奔腾又躁动的年轻股市，带给中国企业一个巨大的红利期。\n\n\n但红利期过后，A股资本市场又会经历怎样的变化？对企业、投资人和整个市场又有怎样的影响？正在排队等待上市的公司已经有2000多家，但中国的经济体量究竟需要多少家上市公司？反之，新的资本市场生态适合什么样的公司上市？公司上市后又该如何改变和进化？\n\n\n 中欧国际工商学院金融学副教授黄生为你解读中国资本市场的生态变化。\n\n为什么很多中小市值的企业上市后会无人问津，面临股价不高、流动性低、市值也无法提振的局面？对股民而言，这同样是件苦恼的事情，似乎手里被套牢的股票，股价总是萎靡不振？这和整个市场生态有关。\n信息是金融的底层逻辑，但上市公司和资本市场之间却存在着较大的信息不对称，围绕着克服信息不对称带来的影响，产生了市场生态的各有机组成部分，包括信息中介、流动性、机构投资者、工具型基金等，它们的特性和演变规律影响着资本市场的基本格局。\n01、信息中介：证券分析师和机构调研的喜好\n企业除了靠自身的信息披露来降低信息不对称，不少时候也需要依靠信息中介，即：机构投资者和证券公司的分析师。\n证券分析师研究上市公司，分析企业决策、行为及其带来的结果。分析师报告的面世，可以让企业的这些信息释放到市场上，从而产生更多的交易需求。而证券公司很大一部分盈利来自交易佣金，通过推动交易量上涨获得收益。\n那如何让证券公司利益最大化呢？大体量的公司可以带来更大的交易量，同时，大公司未来的资本运作需求更多，自然也倾向与对本公司和所在行业更了解的证券公司合作。因此，分析师自然而然地会倾向于跟踪大体量公司。\n除此之外，分析师也更愿意跟踪科技含量高、成长性比较好的公司。因为市场上对这些企业的分析更有需求，分析师的报告更有用武之地。\n如果把股市比作地球，一边是阳光普照，另一边则黯淡无光。\n相关的数据研究佐证了这一点，低市值（低于中位数市值，约50亿）公司中，近2/3无分析师跟踪研究；但市值最高的1/4公司，平均每个公司却有23个分析师跟踪。总体而言，在2018年和2019年，差不多有40%的公司没有任何一个分析师进行跟踪。\n\n（在市值最小的25%的公司中，分析师跟踪覆盖的比例是23%。反之，在市值最大的25%的公司中，分析师跟踪覆盖的比例是93%。）\n再来看创业板，数据表明，在2009年时所有的公司都有分析师跟踪，并发表分析报告。但十年后，只有60%的公司被跟踪。主板的情况也大抵如此。科创板因创立时间短，还有待观察，但可从创业板的发展情况管窥一斑。\n与分析师跟踪起类似信息中介作用的是机构自身对上市公司的调研。但机构调研的资源分配也呈现同样的特点，2020年的数据显示，市值小于50亿的企业中，仅28%的企业获得机构调研，调研中平均会有22个机构参与；但如果市值接近1000亿时，则有超过一半的概率获机构调研，平均将近有200家机构参与。\n一面是正向循环，分析师跟踪、机构调研→信息在市场上流转→股票流动性增加→估值增长→更多分析师跟踪、机构关注。\n\n而对于股市上的另一半而言，则是一个恶性循环。没有分析师跟踪或机构调研→市场上没有新信息→交易流动性低→股价上不去→估值提不起来→分析师、机构更不感兴趣→交易量再缩小。\n这就解释了，为什么一些企业尽管非常努力，但是股价上不去，而另一些企业的努力从股价上很快得到反馈，因为关于企业努力的信息被市场获知、从而带来交易。\n而在注册制下，上市公司的增长速度远远超过分析师和机构的增长速度，争抢分析师和机构注意力资源的情况加剧。但无论是分析师还是机构投资者，其注意力资源又都呈集中态势。\n02、“七年之痒”：A股上市公司流动性\n按上面的分析，影响市值的另一大因素是股票的流动性。从交易量来看，市值排在前25%的公司，日均交易量占比超过60%，而市值较小的公司交易量低。\n有一个明显的结论是，市场喜新厌旧。在企业刚上市时，其股票流动性非常充裕。随着时间的变化，流动性显著下滑，而且越热门的板块，趋势越明显。在注册制制度下，趋势会进一步加剧。\n\n从换手率来看，以创业板为例，2009年的日均换手率为18%，但这个数字只维持了1年，到2010年降到8%，之后长期维持在4%左右，而主板的日均换手率更低，仅为2%。\n一般来说，数据显示，在传统审核制下上市的企业，其换手率在上市四五年后就趋于平庸、逐步稳定下来，而在新近注册制下上市的企业，其换手率下降之快以月份计，我统称其为企业流动性之“七年之痒”。\n所以对上市公司而言，面临着如何吸引和留住投资者的注意力，提振公司流动性等问题。\n03、机构投资者的投资偏好\n机构作为信息制造者，它的交易行为带有“信息量”。对上市公司而言，都希望有更多的机构持股，尤其青睐那些战略投资持股比例高、持股时间长的机构投资者。\n尽管机构在过去十年不断壮大，但显而易见，它们并不会把所有资金平均分配给所有的上市公司。\n那到底分配给谁了呢？一半以上公司的机构持股比例小于38%。其中市值最大的25%公司，其中位数机构持股比例接近60%，而市值最低的25%公司，该比例仅为11%。\n\n04、公募偏股基金与指数基金ETF：谁被划进了篮子里？\n新崛起的公募偏股基金与指数基金ETF，比如双创50ETF和科创50ETF，会让更多公司受益吗？这些工具型的基金帮助股民一键购买一揽子股票，是否能帮助上市公司解决信息不对称带来的影响？\n但情况同样不利，指数基金里的成分股通常是市值较大、流动性好、成长性好的公司。一般只有排名前50或者前100的公司，才能获得这些指数基金的青睐。\n再来看公募基金。仅40%的公司公募基金持股合计超过1%。同时，公募基金的投资者结构还是以散户为主，散户的持股比例超过了50%。换言之，股民变成了基民，但其投资心态并没有发生改变，当公募基金净值一下跌，基民们就会很恐慌，就想赎回。\n\n这反过来会影响公募基金的选股原则。为了避免被赎回，降低短期业绩压力，公募基金经理会选择短期内业绩表现就出众的公司，即，市值大、有确定成长性的公司。这意味着公募基金和指数基金ETF并没有给中小市值公司带来机构投资增加的福音。\n也就是说，工具型基金的崛起并不能改变中小市值公司的资本、市场生态面貌和环境。\n如此，中小市值公司面临的资本市场生态画像就出来了：投资者结构中以散户为主，股票流动性逐渐下滑，信息不对称严重，其企业经营状况信息不能有效地在股价上得到反馈，市值提升慢。\n05、中小市值“陷阱”？\n在A股市场，尽管上市公司数量和市值都有所增加，但不幸的是，市值排在最后1000名的上市公司市值占市场总市值的比例已经从10%降到了3%，这形成了一个相当大的尾部。这是否意味着市值排名较低的上市公司很难做大，也就是常说的中小市值“陷阱”？\n\n对中小市值企业而言，IPO的敲钟时刻就应该马上关注两个问题。\n第一，如何避免“上市即顶点”，持续获得市场注意力资源与资金支持？\n第二，如何进一步利用上市公司地位，获得更多资本，加大产业运作，做大做强？\n对一些已上市公司来讲，也并非高枕无忧。在注册制下壳公司的价值地位不复以往，退市会更常态化，监管也在不断加强，甚至还有外部“野蛮人”（通过敌意方式获取企业控制权）在那里虎视眈眈。\n06、美国的上市公司：要么买别人，要么被人买\n回顾美国资本市场的历史，美国从80年代的5000家上市公司一路上涨到90年代末的8000多家。随着互联网经济泡沫的破裂，再下降到当今的4000多家。这当中大量企业退市，究其原因，60%是由于上市企业被收购，而主要的收购方是其他上市企业。\n与此同时，IPO市场在过去20年内也已式微。这并非因为获得VC和PE投资的公司变少了，而是创业企业更多地选择被收购退出，而非上市。即使企业先上市了，上市后三年内要么收购别人，要么被别人收购，从而实现行业整合。由于产业集中度的提升，大企业垄断能力增强，其他公司独立做大变得更为困难，因此更好的方式就是和行业内的大公司联合。\n也就是说，收购兼并成了美国行业整合的主流方式。从数据中发现，过去20年间，90%的美国创业企业通过被收购的方式退出，只有10%的企业通过IPO方式退出。\n\n反观中国，大多数企业还是极度憧憬上市的，那就需要从两个维度思考：\n1、业务端向外延伸，做产业整合，变得更强。\n2、内部效率提升，包括运营、商业模式、公司治理和技术升级。\n最后做个预测，在注册制的红利期内，上市公司的数量短期内会持续上升。但随着A股市场生态的变化，上市公司价值分化也在加速，整合的需求会与日俱增。因此，上市公司数量会在上升后减少，产业未来会更集聚。但整合将是一个长期的过程。\n当产业和资本良性互动后，资本市场会有和目前同等数量的上市公司，但那时的上市公司将有完全不同量级的实力。而非上市公司也同样保有随时上市的选择与实力。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921709084,"gmtCreate":1671120247249,"gmtModify":1676538494252,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"htmlText":"<a 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