2008-09-1617:17 was investigated in CICC Online TeDesheng Fund.
On September 12, the CSRC issued the Guiding Opinions on Further Standardizing the Valuation of Securities Investment Funds, which mainly re-standardizes the valuation of some funds' heavy stocks that have been suspended for a long time. It is required that from September 16, the Fund adjust its net value estimation according to the new valuation policy. The core opinions of the Guiding Opinions on Further Standardizing the Valuation of Securities Investment Funds are as follows:
(1) If the impact of the potential valuation adjustment of the suspended stocks on the net asset value of the fund on the previous valuation date exceeds 0.25%, the recent market price should be adjusted to determine the fair value with reference to the current market price and major changes of similar investment products.
(2) The adjustment method of the fair value of the suspended shares is not clearly stipulated, but the fund company is required to determine it by itself. The working group on fund valuation of China Securities Association put forward various valuation models, such as index income method, comparable company method, market price model and capital asset pricing model, for the reference of fund companies. (1) It is expected that most fund companies will adopt the index return method, which refers to the industry indexes of the two exchanges to evaluate the suspended stocks. In other words, the fluctuation of industry index during the suspension period is regarded as the fluctuation of suspended stocks to determine the fair value of the current period. This method is simple and transparent.
(2) Adopting industry index valuation has the advantage of correcting the problem of inflated net asset value; But at the same time, the inconsistency of standards will also bring some new problems. What kind of industry classification standards and industry index system fund companies adopt for suspended stocks will have an impact on the final net worth estimation. Fund companies may tend to overestimate their net worth. Therefore, under the same pricing method, it is necessary to further clarify the unified rules.
(3) Replacing individual stock prices with industry index prices is only a revision of the valuation of the suspension price. However, no valuation method can completely and accurately reflect the fair value. Because the change in the value of individual stocks during the suspension period is not necessarily equal to the average change in the industry. Therefore, after adopting this valuation method, when the suspended stocks resume trading, the net value of the fund may still be raised or lowered at one time, but compared with the previous valuation method, this potential net value fluctuation has been greatly reduced.
(4) On September 16, after applying the new valuation policy to adjust the net value calculation, the net value of the fund holding the suspended shares in heavy positions will be lowered once. The net value of fund units whose stock market value accounts for a large proportion of the net value of funds will be greatly affected.
(5) After one-time adjustment of the fund net value, the subsequent fund net value will not be greatly affected. After the adjustment of the valuation policy, the net value of the fund will more truly reflect the profit and loss of the assets invested by the fund.
(6) From the original intention of the policy, adjusting the valuation method solves a loophole in the current fair value valuation method, which is conducive to the fairness of interests among fund holders. Avoid the additional impact of the false high net value of the suspended stocks on fund redemption, and avoid abnormal arbitrage behavior.
(7) Due to the unclear valuation method of suspended stocks, there may be inconsistent valuation methods. Fund companies should make timely announcements when adopting relevant valuation methods, and investors should also analyze the impact of different valuation methods on the net value of funds.