嚴弘
教育背景:
博士學位:加州大學伯克利分校金融學, 1999
博士學位:密歇根大學應用物理學, 1991
碩士學位:密歇根州立大學物理學, 1988
學士學位:中國科學技術大學物理學, 1985
研究領域:

資產定價(公司決策與股票報酬、股票與債券的信用風險與投資回報、市場流動性、金融衍生品與風險管理、投資組合決策)、金融中介(共同基金、對沖基金、金融分析師)、新興市場(尤其是中國的金融市場發展、外國/機構投資者在其中的作用)


嚴弘 : 【CGTN】New tech board a giant step in China's financial reforms

6月13日,中國國際電視臺播出上海交通大學上海高級金融學院副院長、金融學教授嚴弘采訪報道,對于當日正式開板的科創板,嚴弘表示,科創板所實行的注冊制的關鍵在于執行嚴格的信披和懲罰機制。

New tech board a giant step in China's financial reforms

China's capital markets welcomed the launch of the new Science and Technology Innovation Board with much fanfare on Thursday. Yang Chengxi has more.

It's official. The launch of the new Science and Technology Innovation Board is here, much to the delight of experts, investors and others.

YANG CHENGXI SHANGHAI "There was much excitement in the room. Although China has similar boards for early-stage high-tech companies, this one has an important new feature: a registration system instead of approvals."

YAN HONG, PROFESSOR SHANGHAI ADVANCED INSTITUTE OF FINANCE "The key for the registration system to work is to have strict enforcement of information disclosure, and also a strict punishment mechanism for violators. Now, the pricing power is returned to the market. That's also how international markets like NASDAQ have functioned in the last several decades."

119 Chinese companies have applied and currently, 6 of them have passed review and are slated to list soon.

BROCK SILVERS, MANAGING DIRECTOR KAIYUAN CAPITAL "There's going to be a real benefit for the first wave of companies that list, because there will be an initial burst of enthusiasm and they will find some support. But after that first wave, the only way that enthusiasm maintains itself is if the companies are performing as advertised."

The new board has aspects that investors like: wider price fluctuation limits, flexible buy and sell volume and market-oriented IPO pricing. Officials say investors should get used to the risks associated with them.

YI HUIMAN, CHAIRMAN CHINA SECURITIES REGULATORY COMMISSION "It will be normal for companies to unlist from the market. Market-based pricing means there's potential for companies to be overvalued, hyped and prices can fluctuate dramatically. Investors should be more rational."

Experts say the way for people to approach investing at the new board should mature too.

YAN HONG, PROFESSOR SHANGHAI ADVANCED INSTITUTE OF FINANCE "It requires a lot more sophistication on the part of the investor to understand what the disclosed information means, and how you can glean from this information to determine the value of a company. So it requires a lot of specialty. That's why in this market, it's going to be a market for institutional investors and sophisticated investors."

The majority of the companies that have applied to list are high-tech oriented firms and for good reason. Under the original approval system, there were many requirements for listings geared towards traditional business models, for example, a sustained period of profitability. However, many of today's high-tech firms have invested a huge amount of R&D and marketing, meaning they will only gain profit at a later stage. Experts say the new board is aimed at promoting innovation across the country. 





原文鏈接:https://news.cgtn.com/news/7863444f35494464776c6d636a4e6e62684a4856/index.html?from=singlemessage&isappinstalled=0
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