科创板应先“打扫房间”再欢迎T+0交易

The STAR Market Should Clean the House to Welcome T+0 Transactions

当前,科创板引入T+0交易尚需谨慎。海外市场虽然实行T+0交易,但普遍限制中小投资者的参与。目前,由于科创板尚不能完全屏蔽资金、信息处于劣势的中小投资者的参与,T+0交易应优先选择流动性好的蓝筹股板块而不是高风险的科创板试点。科创板股票的流动市值太小,增加交易频率易发生炒作行为。科创板目前交投活跃,无需借助T+0交易提高流动性。科创板投资者通过融资融券可锁定利润,达到单次T+0交易的效果。科创板推出了一系列的制度创新,但其运行效果有待检验。科创板应先“打扫房间”,完善信息披露、退市、集体诉讼等基本制度后,再欢迎T+0交易制度的到来。

There are still some problems to be solved before the STAR Market adapts T+0 transactions. So far the supervisory policies of STAR Market cannot prevent the innocent investors from participating risky transactions.The STAR Market is too risky to make a pilot T+0 transactions, and as a minor investment goods, the STAR Market is not suitable for repeatedly speculations. In the short term, the liquidity of the STAR Market is adequate. The STAR investors can use margin trading to realize T+0 mechanisms. The resonance effect by multiple finance instruments will do harm to the STAR Market. The STAR Market should clean the house to welcome T+0 transactions.