First, China's capital market problems
(A) most of the fluctuations in the capital market are irrational.
The capital market is full of irrational investors. When the market is in turmoil, these irrational investors often make investment choices based on the information they get. Because of the information asymmetry in the market, these irrational investors often make choices that are most inconsistent with the market trend at that time. The domestic capital market is obviously affected by the herd effect, and a large number of follow-up behaviors are not conducive to the normal price adjustment cycle of the capital market. In addition, it is found that many market fluctuations are also related to investors' investment sentiment. Investors are not all rational in the process of processing the received information, and the constant advance and retreat of the capital market will also aggravate market volatility. And through the experience of previous economic crisis events, the monetary authorities obviously underestimated the wealth effect brought by market fluctuations, and did not pay attention to how much damage the capital market would bring to the real economy, that is, they did not fully prepare for the possible impact of the capital market in advance, so they were panicked when dealing with sudden changes in the market, and it was difficult to solve them efficiently in the shortest time. The result of this irrational behavior is that when the market is high, it is too optimistic, and when the market is low, it is too pessimistic to judge the value of the market rationally, just following the trend.
(B) the defects of the capital market itself.
There are few kinds of investments in China's capital market, and securities transactions such as options, bonds and funds account for a small proportion in China's market, while stocks account for a large proportion. The indifference of derivative products market will reduce the choice of investors. Without sufficient investment products, investors' enthusiasm for investment will naturally decrease. China has a huge capital market space, precisely because there are a large number of capital owners who hold funds, and the existing investment products can't meet all kinds of investors. Moreover, the ownership structure of listed companies in China is complex, including A shares, B shares and H shares, as well as state-owned shares, legal person shares and rights transfer shares. Moreover, the stock circulation markets of A shares, B shares and H shares are different, which is not conducive to the most effective allocation of resources. Only public shares can circulate in the market, and this ownership structure will also lead to the phenomenon that the same shares have different rights and interests. At the same time, the tax policy of the capital market also has great problems. The tax policy is incomplete and there is a phenomenon of repeated taxation. Because tax has an impact on the whole capital market, it is also an important issue to formulate a sound policy system. In the market, two-way trading has never been realized. Even if stock index futures have been launched, many investors have no way to participate. This has caused the market to make money only in the process of rising, and investors have no way to short, so they can only leave to save the risks brought by falling.
(3) Defects in investor structure.
From the perspective of investor structure, China's capital market is dominated by retail investors, which is also a common problem in immature securities markets. This phenomenon has been improved after the introduction of the policy of developing institutional investors, but the funds of these institutional investors mainly come from the operating funds of enterprises or the credit funds of banks, which also forms the characteristics of adequate funds, smooth information and flexible investment of institutional investors. In this way, institutional investors can make unscrupulous short-term investments, and those stocks with long-term value are left out in the cold. Continuous short-term operation has also aggravated the fluctuation of the capital market, which is not conducive to long-term stable development. Wu Jinglian, a famous economist, once expressed concern about the frequent short-term investment by investors in China's capital market. He believes that the capital market is a very advanced market, and its main purpose is to optimize the combination of all kinds of capital, instead of a large number of individual investors making a stress reaction immediately after the news about the stock market comes out. At the same time, at present, most institutional investors in China's capital market also participate in market fluctuations, and even most of the reasons for market fluctuations are speculative behavior of institutional investors. Equipment, so in response to sudden market changes appear panic, it is difficult to effectively solve in the shortest possible time. The result of this irrational behavior is that when the market is high, it is too optimistic, and when the market is low, it is too pessimistic to judge the value of the market rationally, just following the trend.
Second, the countermeasure research
(1) Strengthen capital market supervision.
Since the outbreak of south sea bubble in Britain, it has become a common fact that the capital market should be regulated. The capital market has been changing. How to grasp the most effective information in time has also become a problem that investors pay close attention to. Although the market is as transparent as possible now, information asymmetry still exists. When investors in the market receive different information, they often respond accordingly. Irrational investment behavior will bring unhealthy fluctuations to the capital market and reduce its stability, which is very unfavorable to the long-term interests of investors and the long-term development of the market. Therefore, it is necessary to increase the capital market. At present, the number of supervision departments in the capital market can not meet the demand of the capital market, and the CSRC is short of manpower, and the CSRC and local supervision departments will also have the problem of repeated supervision. The inaction of the regulatory authorities is not conducive to the information circulation in the capital market.
(2) Increase trading varieties and improve the market system.
The expansion of trading varieties is an urgent problem to be solved at present, and diversification of investment and trading varieties should be realized as soon as possible. And optimize the market structure. Although Shanghai Stock Exchange and Shenzhen Stock Exchange have become national exchanges to perform their functions, the internal rules and regulations and settlement methods of the two exchanges are still different, and the transaction details should be unified and standardized, which can increase the efficiency of the market. We should not only standardize the issuance system and the company listing system, but also optimize the exit mechanism. China is faced with the problems of difficult listing and limited bond financing, so there is an unreasonable "shell resource" mechanism. Establish a reasonable exit mechanism to let worthless enterprises quit and let more high-quality companies enter the circulation market. The market needs to operate effectively. The perfection of the system can reduce the cost of enterprises withdrawing from the market and gradually standardize the securities market, which is also a symbol of the maturity of the capital market. If China's capital market improves bilateral transactions as soon as possible, it can conduct two-way transactions on market ups and downs, which will play a certain role in stabilizing the market.
(3) Cultivate institutional investors.
As the main factor of the market, investors are related to the development direction and trend of the market, especially institutional investors with professional knowledge. At present, there are a large number of retail investors in China's capital market, which is not a characteristic that a mature capital market should have. Through the study of the international market, we can find that the international capital market has gradually changed from retail-led to institutional-led. In 2009, 73% of the shares of the top 65,438+0,000 companies were held by institutional investors. After that, the shareholding ratio of institutional investors rose rapidly, and the influence of institutional investors on the stock market became more obvious. Compared with these mature capital markets, China's capital market still has a long way to go and there are structural contradictions. This requires paying attention to the training of institutional investors, and it is much more convenient to train qualified institutional investors in the market than to train retail investors.
China should make full use of capital market intermediaries to improve the current investor structure. Institutional investors have advantages that retail investors do not have. Institutional investors are the product of professional training and have rich investment experience. They will be more rational in the face of market emergencies, and enhancing the participation of intermediaries will improve market efficiency and bring more accurate information to the market, thus enhancing market liquidity. Now it has become an irresistible trend for institutional investors to replace retail investors. In this market, retail investors rarely make money, and gradually they all put their money into funds or find professional banks and other financial institutions to manage their finances. We believe that institutional investors will have more timely and accurate information, more clear investment objectives and more rational investment behavior when conducting investment operations, thus promoting the healthy development and prosperity of the capital market.
In a word, the achievements of China's capital market from its establishment to now are worthy of recognition, full of unlimited potential and room for growth. Although every country's capital market will encounter problems behind its achievements in the development process, we believe that with the in-depth attention of scholars and experts to these problems, these defects exposed by the current capital market will be perfectly solved.