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               ——REconsider the dotcom mania from the perspective of financial market

      The past 5 years have witnessed china’s economy develop at an enormous speed. Meanwhile, as the article “questions raised by china dotcom mania” suggests, the internet industry and its debut in the stock market have spiraled upwards in a double helix. These were extremely encouraging for investors to rush into the Chinese internet industry. Based on these observations, the author cast doubts on this mania, pointing out that “the price put on this opportunity looks excessive”.

       I have no intention to make an assessment of the author’s argument considering my present state of e-business and financial knowledge. However, I really appreciate such responsible enquiry and the author’s detached rationality, which is so rare in China’s media. By contrast, what our media have always been doing is either producing financial sensations to attract attention, or speaking for the government to hold its own concerning political background and support.

       It has been generally accepted that china’s financial market is far from mature, which is certainly a bottle neck hindering the development of IT industry. In “questions raised by china dotcom mania”, the author is mainly concerned with warning people against the dotcom mania and advise reasonable analysis investment. However, it is such warnings that actually contribute to the construction of a mature financial market, for it helps avoid economic bubbles and relevant financial investment mistakes. This benefits the IT industry over the long run.

       Apart form the media element, more can be done to improve our financial market and thus mechanically provokes rational investment. For one thing, we should set up valid laws and regulations in this field as soon as possible. They proscribe the essential framework of a healthy financial market. For the other, accounting business and supervision mechanism are called upon to function. These two elements play significant roles to ensure valid information. Paradigms as Enron comes immediately to my mind.

       In addition , we need transfer the government participation into mechanism. This action will have special significance in china. For supporting examples, we need look no further than the influence of prime minister WenJiabao’s comments. The stock market demonstrate sharp contrast before he comments and afterwards. This event indicates a extremely close relationship between government and economics in china. However, that is only a normal and benign one, considering all the corrupt procedures happening almost everywhere secretly. This gives no assurance to the investors.

       Last but not least, we all hope to develop a sound credit system, embraced by laws, filled with sound information, supported by people’s rational investment, etc..This at least can help develop a sound financial market to secure investors, to collect6 more money and eventually, translate the internet mushroom to real prosperity.

【作者: toffy】【访问统计:】【2005年11月21日 星期一 18:38】【 加入博采】【打印】