Stock market crash refers to a large number of securities sold in the securities market for some reason, which leads to an infinite decline in the price of the securities market, and I don't know how to stop it. This phenomenon of selling securities in large quantities is also called the appearance of selling orders in large quantities. All existing investors are covered and no new investors enter. When the trapped investors only know how to sell stocks at first, but refuse to buy stocks, it will cause a vicious circle and continue to fall, which will eventually lead to the stock market closing, that is, the crash. The macroeconomic fundamentals of a country have deteriorated seriously, making it difficult for listed companies to operate; Low-cost direct financing leads to "low efficiency" of finance and "low efficiency" of economic development, which greatly stimulates the bubble and leads to serious overvaluation of stock prices. There are serious defects in the listing and trading system of the stock market itself, which leads to the prevalence of speculation and loses the investment value and resource allocation function of the stock market; Political, military, natural disasters and other crises have seriously hit the confidence of the securities market, and the securities market has psychological panic and cannot continue to operate normally, which may affect the stock market crash.

1. Securities is a general term for all kinds of economic rights and interests certificates, and also refers to special types of products. It is a legal document used to prove that coupon holders enjoy certain rights. Securities mainly include capital security, currency securities and commodity securities. In a narrow sense, securities mainly refer to securities products in the securities market, including equity market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures. In February, 20021,Supplementary Provisions of the Supreme People's Court and the Supreme People's Procuratorate on the Determination of the Crime of Implementing the Criminal Law of People's Republic of China (PRC) (VII) stipulated the crime of fraudulently issuing securities (fraudulently issuing stocks and bonds was cancelled).

2. The securities market refers to the most active securities market in a broad sense and the stock market in a narrow sense. So it refers to the stock market, the stock market in a broad sense. It is a place where stocks, bonds, commodity futures, stock futures, options and interest rate futures are issued and traded. The securities market is the product of the development of market economy to a certain stage. It is a market to solve the contradiction between capital supply and demand and liquidity. The securities market realizes the docking of financing and investment through securities issuance and trading, which effectively solves the contradiction between capital supply and demand and the adjustment of capital structure. In the developed market economy, the securities market is an important part of a complete market system. It not only reflects and regulates the flow of monetary funds, but also has an important impact on the operation of the whole economy.