First, investment and financing platform architecture differences
The United States has the largest and most complete multi-level capital market in the world, from spot to futures and options, from on-site to off-site, from domestic market to international market. It not only provides enterprises with multi-level and diversified financing channels, but also provides investors with a platform for portfolio investment and risk diversification. However, China's capital market system is not perfect, and China has a spot market, but the derivatives market is very scarce. China has a relatively fast-growing on-site market, but the off-site market is small; In addition, compared with the total assets 150 trillion banking industry, China's stock market, bond market and base market are still very small. A single and narrow investment and financing channel cannot form portfolio investment and diversified investment.
Second, the difference of national investment mentality.
The United States has a national overall planning, universal coverage and unified social security system, in which taxes replace fees, as well as supplementary pension and supplementary medical insurance benefits set up by employers, so that citizens can have adequate protection from cradle to grave. Moreover, the American people attach great importance to the needs of the elderly in family finance. Therefore, pension is the ultimate goal, the investment goal is longer, and the investment behavior is more rational and calm! On the contrary, the modern social security system in China has been established for a short time. In addition to social security for urban workers, social security for farmers and social security for urban residents are only symbolic coverage, and the degree of protection is very low. Under the premise of insufficient national security, investors are more impetuous and eager for quick success, hoping to make quick money, make a fortune or even get rich overnight through short-term speculation. This mentality has also caused the pattern of "insufficient investment and more speculation" in China stock market.
Third, the quality and quantity differences of listed companies.
There are not only a large number of world-class multinational companies in the American stock market, such as Coca-Cola, McDonald's, IBM, Microsoft and Apple. , but also has outstanding enterprises from all over the world, providing them with sufficient high-quality listing resources. On the contrary, China's A-share market is just a closed market, lacking world-class well-known enterprises, and foreign companies are not allowed to go public. The market did not even dare to hear the voice of the "international board".
Fourth, the difference of investor structure.
The American stock market is a typical "institutional market". As the two pillars of the institutional market, the net assets of American mutual funds are as high as 14 trillion US dollars, and the total assets of American private pensions are as high as 2 1 1 trillion US dollars. What's more, as an open international market, the American stock market also has a large number of foreign investment banks and institutional investors. On the contrary, China stock market is a typical "retail market". The net assets of China Securities Investment Fund are only 3 trillion RMB, and the total assets of China Enterprise Annuity are only 0.5 trillion RMB, which is far from the total market value of A shares of more than 20 trillion RMB.
Verb (abbreviation of verb) IPO (initial public offering) system differences
The registration system in the United States has fully played a decisive role in marketization, and the success or failure of IPO mainly depends on the game between issuers and investors. The efficient and low-cost IPO registration system greatly reduces the value of IPO and fully meets the IPO needs of enterprises and investors. On the contrary, China A-share approval system overemphasizes administrative examination and approval and administrative intervention, instead of investors to judge the investment value of IPO companies, which directly interferes with the IPO rhythm. The government does everything, which not only increases power rent-seeking and moral hazard, but also makes IPO value soar and market speculation more rampant. Comparatively speaking, American companies are very cautious about IPO, which can be said to be a start; On the contrary, China enterprises regard IPO as a graduation ceremony. In recent years, the CSRC has also begun to promote the registration system, which needs the cooperation of the market, otherwise it is just a form.
Sixth, the social system is different.
The socialist system and the capitalist system fundamentally determine the difference between the securities markets. Everything in our country is centered on politics, so everything serves politics; Everything in America is centered on capital, and everything is for capital. Politics needs stability and capital needs profit, so this also creates the difference between the two markets.