(a) China shares with different rights, shares with different prices.
According to the data of China Securities Regulatory Commission, 1998 only accounted for 34. 1 1% of the total shares of listed companies in China. This ownership structure, especially the long-term non-circulation of state-owned shares, legal person shares and employee domestic shares, not only makes these shares and public shares in an unfair state (the former is the par price or the original price, while the latter is the market price), but also makes more than 60% of the shares unable to circulate, which seriously damages the unique function of optimizing resource allocation and reorganizing resources (assets) in the securities market, and also makes the state pay the price for the non-listing of state-owned shares and legal person shares.
In a word, the status and circulation of state-owned shares and legal person shares are the most important problems that have troubled China stock market in recent years. If this problem is not solved, it will always be a sword of Damocles hanging over the majority of small and medium-sized investors in the secondary securities market, and it is also the number one problem in the drafting of the securities law. In fact, this issue is unavoidable in the securities law, and legislators must face it squarely. Only by overcoming the old view of traditional planned economy can we truly establish the concept of protecting the interests of public investors. In fact, only by protecting the interests of public investors can the interests of the country be finally guaranteed.
(2) Evil Zhuang manipulates the stock price.
"A banker's history, how many retail investors cry". From a certain point of view, the ten-year development history of China's securities market is also a history of bankers' growth and destruction, a history of struggle between retail investors and bankers, and a history of management's monitoring of bankers.
In the ten years' development of China's securities market, although the bookmakers who found the value (the good ones) contributed a lot, the malicious bookmakers (the evil ones and the black ones) seriously disrupted the operation order of the securities market, distorted investors' evaluation criteria for listed companies and increased the operation risk of the securities market. Therefore, it has become a healthy move for China's securities market in the new century to severely investigate and deal with illegal acts against black villages, revive the majesty of securities laws and regulations, and reshape investors' evaluation standards.
Judging from the experience accumulated by investors in the past ten years, whether a stock is involved by a banker is a very important indicator, that is, whether that stock has been continuously traded by big hands. The more frequently a stock is traded, the more obvious the signs of banker's activities, because ordinary investors have limited funds and it is difficult to buy in large quantities continuously.
According to the transaction amount of 500 listed companies listed on Shenzhen Stock Exchange in August 2000 provided by Juchao Internet Information Network of Shenzhen Stock Exchange, after statistics, it is found that the transaction amount exceeds 654.38+10,000 yuan, accounting for 3 15 of the total transaction amount, accounting for 63% and 654.38+00-5 of all listed companies respectively. It accounts for 65,438+06.60% of the total number of listed companies, and 65,438+002 companies account for more than 20%, accounting for 20.40% of the total number of listed companies, among which 46 stocks have a turnover of more than 654.38+million yuan, accounting for more than 30% of the total turnover. Among them, Taishan Petroleum, a super-strong stock, rose by 382. 13%, and Conch Profile, a super-strong small-cap stock, rose by 2 12.72%.
Thus, China's securities market has evolved into a stock market, especially since 1999. Although there are many small and medium-sized retail investors in China stock market, they are all kinds of bookmakers, especially some malicious speculators (evil villages and black villages) who do whatever they want.
(3) Accounting information is seriously distorted.
The Ministry of Finance conducted a spot check on the accounting status of national 1 10 brewing enterprises. The results show that the accounting information of 102 enterprises is seriously distorted, and the income and expenditure amount is nearly 2.5 billion yuan, resulting in false profits of138.8 billion yuan. In this environment, listed companies can't be immune. In the seven years since the establishment of China Securities Regulatory Commission, more than half of the penalties imposed on listed companies are due to making false accounts.
From 1996' s Bohai Incident, 1997' s Qiongminyuan Incident, 1998' s Northeast Pharmaceutical Incident and/Hong Guang Incident to 1999' s Minfufa Incident, we can see that accounting fraud of listed companies is causing the market. Many listed companies are beautiful in appearance, but they are a mess inside. Many listed companies are short of cash and rich in books. This situation has become a common phenomenon. Although some enterprises have high profits, their operating cash flow is negative, which shows that enterprises are making false profits and making real losses. The annual report of 2000 shows that among 1000 listed companies, about half of them have cash flow per share accounting for more than 50% of earnings per share, about 30% have earnings per share less than 20%, and about 20% have negative cash flow per share. Therefore, it is difficult for investors to obtain the real financial information of the company, and it is also difficult to find good stocks that can bring them benefits.
(4) Reduce the state-owned shares at the market price.
There are two anomalies in the reduction of state-owned shares. First, countries and sponsors with a small share of capital contribution become major shareholders, while small and medium-sized retail investors with a large share of capital contribution become minority shareholders without decision-making power (this is the most unreasonable and abnormal place in China stock market, which is rare in developed foreign stock markets). Second, as long as the state-owned shares are reduced by a few percent at the market price, all the investment can be recovered. At this time, state-owned enterprises could have belonged to the society and the public, but in fact, they are still state-owned. In each case, it seems reasonable and flawless. However, from the perspective of the whole society and system, it is inevitable that a large number of residents' savings and other funds will become state-owned assets overnight. The less state-owned shares, the greater the total value of state-owned assets in the whole society. Then one of the important goals of China's share reform: from monopoly to modern enterprise system, the improvement of corporate governance structure will be in the foreseeable future, and it will always become an empty talk, thus destroying the achievements of China's reform and opening up.
In addition, at the beginning of the establishment of China stock market, people didn't care that the state-owned shares were converted into one share with 1- 1.5 yuan, because it was repeatedly declared that they were not in circulation. If it is necessary to transfer or trade under special circumstances, it is also carried out through over-the-counter trading agreements. Ten years later, this contradiction broke out when the reduction and realization of state-owned shares could no longer be delayed. That is, why not set up a listed company to engage in marketization, not to engage in a larger proportion of tradable shares, not to engage in the same share with the same price, but to reduce the share with the same price? !
(5) The listed company discloses false news.
There are countless examples of listed companies disclosing false news. Let's take Blue Sky as an example. Lantian is a veteran blue chip in China stock market. Since 1996 was issued and listed, it has maintained a magical growth rate in financial figures: the total assets have grown from 266 million yuan before listing to 2.838 billion yuan at the end of 2000, an increase of 10 times, and the annual report performance over the years has been above 0.60 yuan per share, with the highest reaching 1. Even after the catastrophic flood of 1998, the earnings per share reached an incredible 0.8 1 yuan, creating a rare "blue sky myth" for agricultural enterprises in China, which was called "the first agricultural stock in China".
But in fact, Blue Sky is a junk stock that defrauds investors of their hard-earned money. What is the reason? The mystery of Lantian's performance is exposed: there are many doubts about Lantian's own performance. Blue Sky Company said that each mu of water surface can generate 654.38+00000 yuan, but according to the relevant data nearby, each pond is 654.38+07 mu of water surface, and fish farming can generate 70,000-80,000 yuan. Even with the income from raising ducks, it is difficult to exceed 6.5438 yuan +0 million yuan per mu of water surface, or 2-3 million yuan per mu. Liu Shuwei, an ordinary researcher at the Central University of Finance and Economics, decisively revealed the problems she found after careful investigation. She broke the myth of Lantian, but before her, many people clearly understood the truth of Lantian shares, but no one said it. So many financial institutions and securities regulatory authorities failed to expose the truth of Lantian, but the victims were innocent investors! So the information disclosed by the company is risky.
(6) The price-earnings ratio of China stock market is too high.
Some people say that China's P/E ratio is not high. However, the fact is that the P/E ratio of China stock market has never been lower. According to the data provided by Mr. Shen Liantao of Hong Kong Securities Regulatory Commission at a seminar on February 6th, 2006 at 5438+05, the P/E ratio of Chinese mainland is as high as 88 times, while that of the United States is only 38 times and that of Hong Kong is only 13 times.
When we talk about the stock market bubble, we mean that the money you earn is not the profits of listed companies, but the money in the pockets of other investors is won by you. This is a zero-sum game. If you win, you lose Moreover, the money you earn is not real money, but a number, a number full of bubbles. When the bubble bursts, when the banker retreats or collapses, the stock in your hand will be greatly discounted, and the profit you just made will suddenly become a loss. Just like Yinguangxia fell from 30 yuan to 3 yuan in a few days, didn't many investors lose money in it? If the stock price can reflect the value of the listed company's stock, if there is no artificial speculation bubble in the stock, investors will buy the stock, and after the listed company pays dividends, shareholders will get income instead of speculating the stock to get the difference, then there will be no bubble in the stock market.
(7) Functional risks of the securities market.
The framework of China's stock market has huge defects in system and mechanism, and the supervision means are lack of standardization, stability, continuity and transparency, which leads to its distorted function. Since the establishment of China stock market, market participants, countries (governments), enterprises and investors have different understandings of its functions for different interests. For the country (government), the basic functions of the stock market are: optimizing the allocation of resources, adjusting the economic structure, transforming the operating mechanism of enterprises, raising social funds and promoting the development of the national economy. For listed companies, especially state-owned enterprises, the stock market is first a place to solve the problem of capital sources and financing profits, and then through the operation of the stock market to promote and realize the transformation of corporate governance structure and operating mechanism.
For stock market investors (institutional investors and individual investors), the stock market is a channel for their investment and speculation, and the only purpose of entering the market is to pursue interests and obtain wealth. Although their understanding of the stock market is different, their views on its fundamental function are the same, that is, optimizing the allocation of resources. However, in the actual operation of the stock market, its function of optimizing resource allocation has little effect, but its fund-raising and fund-raising functions have great achievements. The stock market has become an effective place for the government and enterprises to "circle money".