中國的假牛市？發新股償舊債之計畫失敗
China’s Stock-Market Woes Trace Roots to Earlier Stimulus
Hangover lingers from 2008 emergency bailout; empty trains in Shanghai
The stock market’s expansion over the past year was supposed to rebalance China’s economy away from this kind of debt. The idea was to give companies an opportunity to recapitalize with issues of equity, orienting the business sector more toward the market and away from government-allocated credit… But the run-up did little to rebalance China. One measure shows only 4.2% of new financing in China came from equity during the first five months of this year… The bulk continues to come from banks.
http://www.wsj.com/articles/chinas-stock-market-woes-trace-roots-to-earlier-stimulus-1436467215
之前聊過中國從政府到民間的無效率投資、極高負債比、以及沈重之利息負擔。這波上證指數從猛牛到大熊，據這篇WSJ的有趣分析，原來和2008年秋天從李曼破產開始蔓延的全球金融危機後，中國的盲目擴張政策這件事情息息相關。
上海西站從2009年起大翻新投資了RMB 40億，結果現在幾乎空無一人，是最好的例證。
拱高了市值，不但沒收到發新股償舊債的效果，北京現在為了救市還禁止IPO新掛牌上市，並且從降息降準到證金融資等政策，反而朝股市打進了更多的借貸。