Explain that it has reached a critical period or from the surface to the inside. As we all know, compared with the main board market, the standards for listing in the main board market are relatively low, and enterprises generally have the characteristics of small scale and unstable operating performance. There are also differences in delisting systems, and investment risks are relatively large. From the international experience, the delisting ratio of companies in the GEM market is usually greater than that of the main board, and the investment risk is more prominent. Therefore, if a large number of investors who don't understand the risks of GEM and have no risk tolerance blindly participate, it may lead to a series of problems.

We can look at this problem with such a simple analogy. As far as investment risk is concerned, the main board market can be regarded as a shallow water area in a swimming pool, which is full of people who are ready to learn to swim or just learn to swim; Growth enterprise market is a deep water area, which should be full of people who can already swim. If people who have just learned to swim or are not skilled enough want to try in deep water, they will undoubtedly face great risks. The first question that swimmers and investors should consider is whether they can take the risk. If you are not sure, then you'd better not take risks.

In fact, since the establishment of the capital market, China's investor protection mechanism has gradually accumulated experience and gradually improved. However, there is little discussion on setting entry thresholds for different investors. This is related to the single market structure and relatively few investors in China. However, the development of the capital market today, especially the emergence of innovative financial products, needs to set the entry threshold to protect investors with different risk tolerance.

The establishment of investor suitability management system in GEM market is supported by corresponding laws and regulations. On March 3rd, this year, the China Securities Regulatory Commission issued Article 7 of the Interim Measures for the Administration of Initial Public Offering and Listing on the Growth Enterprise Market, which stipulated that "the Growth Enterprise Market should establish an investor access system suitable for investors' risk tolerance, so as to fully reveal the investment risks to investors. "At the same time, the Regulations on the Supervision and Administration of Securities Companies also put forward appropriate requirements for securities companies to sell financial products and provide related services to investors.

Through the in-depth analysis of the structure and behavior of individual investors in Shanghai from June 5438+0, 2005 to May 2008, it is found that individual investors in China are still immature and rational, lack of risk awareness, and are not fully prepared in basic investment knowledge and psychology.