Thursday, May 17, 2007

內地老鼠倉響警號

溫總出口術,話會採取措施調控經濟,解決金融問題,而目前最大的金融問題,當然是家家戶戶都走去炒股票,連原本的工作都放下,因為錢容易賺嘛!有幾易賺?且看被中國證監會認定訊息披露存在違規及被行政處罰的內地A股杭蕭鋼構,縱然再公布股票交易異常波動,並作特別風險提示,但股價仍上漲8.86%,收報17.82元人民幣,比被處罰前最低價11.55元人民幣,仍上漲54%,可見股民盲目投資程度。

再講多一件事,先前內地傳嚴禁基金經理進行投機買賣之際,中國證監會即時採取行動。由摩根大通旗下摩根富林明資產管理(英國),以及上海國際信托投資組建的中國上投摩根基金管理公司昨日話,決定辭退唐建擔任其成長先鋒基金經理及其他一切職務,因他涉嫌違規,遭中國證監會調查時,發現他涉嫌利用掌握的訊息作違規投資活動,也未按照公司制度如實申報個人及家屬的投資行為,欺騙公司。


在1974年出生的唐建年僅33歲,曾於03年被內地《新財富》評為電腦行業研究員第一名,可算是年輕有為,而該基金去年首次發行時規模已超過50億元人民幣,並急速膨脹,最高曾超過150億元人民幣,而截至止5月11日,該基金今年以來回報達57.7%,成立以來回報更達102%。

事發前,公司已增聘一名基金經理與唐建共同管理基金,並發現他在投資上有一些不成熟做法,如在宏觀布局缺乏明確理念、價值投資重視不夠、買賣較頻繁等現象,並多次提醒,敦促盡快糾正。去年中國證監會基金部、上海交易所均作提醒,甚至曾批評唐建的投資風格。不過,所謂利慾薰心,只要稍為行差踏錯,就會跌入萬劫不復的深淵。其實,要從中獲利,其中一種手法就是做「老鼠倉」。據香港投資者學會大專投資教育部的資料,老鼠倉是指無良經紀對客戶不忠的「食價」做法。例如經紀接受客戶一個買盤委託,要求在5元買入某股。負責的經紀應第一時間替客人買賣。但一些無良經紀如覺得大市向下,股價將下跌,便會故意拖延落盤時間,待跌至5元以下時(如4.8元),才以其本人或親人名義買入相同股數。

本來,客戶買盤委託是以5元進行交易,但該股市價因市況下滑而跌至5元以下,如以市價盤買賣,客戶買入價應較落盤時的5元為低。但因為無良經紀並沒有第一時間替客戶進行買賣,反而待股價回落時,在市場買入相同數量股份,然後以較高價格轉讓給其客戶,於是他便可從中獲取差價,此謂之「食價」。究竟無良經紀會怎樣在股價下跌時,以較高價格沽出股票給客戶?一般來說,無良經紀會以交叉盤形式上板,以5元價格全部轉賣給客戶,因為交易在同一天進行,所以他可以不動分毫就能從中賺取差價。

如無良經紀錯誤預測股價走勢,結果股價升至5.2元,無良經紀可以對客戶說買不到股票或以用高於5元的價錢買入股票,結果損失的是客戶。不過,由於自動對盤系統已日漸普及,加上證監會大力打擊,做老鼠倉不易。不過,內地股市監管水平仍有待發展,從中鑽空子找賺錢機會仍存在,仍需加強個人和機構本身的管治水平,防禦老鼠倉等違規行為。

從以上事件可見,即使專業基金經理也難擋金錢的魅力,何況是一般平民百姓。禤中怡想起香港歷經87年股災、97年金融風暴、00年科網股熱潮等多個大風浪,就算作為國際金融中心,本港投資者面對風高浪急的股市也多次飽嘗痛苦的滋味,再看內地股民無視溫總警告,滬深指數繼續向上升逾2%,似乎他們還需在跌跌撞撞中成長。

(5月17日刊於《am730》)

16 Comments:

At 4:09 AM, Blogger Lion said...

看来您不了解内地的股票。

老鼠仓是指庄家在用公有资金在拉升股价之前,先用自己个人(机构负责人,操盘手及其亲属,关系户)的资金在低位建仓,待用公有资金拉升到高位后个人仓位率先卖出获利,当然,最后亏损的是公家资金。大家都知道,中国股市的特色就是无庄不成股,而老鼠仓就存在于这些大大小小的庄股当中。券商是庄股中的主力队员,利用自身具有融资的天然优势,从社会各方面融入大量资金坐庄拉升股票。坐庄本来是为了赚钱盈利的,但券商坐庄很少有真正赚钱的,原因就在于券商把股票拉升后,大量底部埋仓的老鼠仓蜂拥出货,券商又在高位接盘。这样的结果就是券商亏损累累,老鼠仓赚个钵满盆满。这便是当今券商被掏空的主要形式。

其实,老鼠仓就是一种财富转移的方式,是券商中某些人化公家资金为私人资金的一种方式,本质上与贪污、盗窃没有区别。著名的垃圾股也是著名的庄股东方电子和银广夏,不知道使多少老鼠仓神奇地变成了百万、千万、亿万富翁,那他们的钱从哪儿来得呢?看看中经开最后亏损累累、资不抵债的下场大家就明白了。中经开把从中小散户那里骗取来的钱、融来的钱、客户保证金再加上自己的老本,一股脑的全转老了老鼠仓的帐上。

 
At 3:14 PM, Anonymous Anonymous said...

同意lion所说。我想这可能是内地和香港在用词上的不同造成,多少还是存在文化差异。禤中怡下次再评论内地事务的时候,或许应该考虑先找大陆朋友咨询一下为好。另外,据本人所知,大陆监管水平其实不差,基本上谁在操控、如何操控,其实不少人知道,奈何执行起来困难,这是人治的弊端之一。听闻唐建案并非媒体报道这么简单,可能只是丢车保帅的做法。

 
At 9:34 PM, Blogger 三潭印月 said...

同意.
兩者有好大的分別.

 
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