Whether for the whole market or for a single stock, the following zero-sum game formula applies:
Money entering the securities market = money flowing out of the securities market;
Money entering the securities market = funds invested by institutions and shareholders+dividends of listed companies;
Money flowing out of the securities market = money earned by institutions and investors+money raised by listed companies+transaction commission charged by securities companies+stamp duty on securities transactions of the Ministry of Finance+management fee of listed companies charged by CSRC+equity transfer fee charged by Shanghai Stock Exchange (free of charge by Shenzhen Stock Exchange)+zero value of securities caused by bankruptcy of listed companies;
In addition, if the money earned by institutions and investors does not come out of the securities market, it will not be counted as outflow and will not be included in the formula.
The above is the answer to the question.
The following is a simple example of "Join A to buy a stock at the price of 1 yuan, sell it at the price of 5 yuan, buy it by B, and sell it at the price of 2". In the process, A earned 4 and B lost 3. How do you explain it? Where did the difference go? "The answer to this man's example is:
In the secondary market, that is, the market after listing, the stock price is divided into two parts. One part is the actual price of the stock, that is, the net assets contained in the stock are determined by the actual assets of the listed company, and the other part is the virtual price of the stock, that is, the expected price of the stock. To put it bluntly, people think that stocks should be worth such a price because of irrational trading. Together, the two parts are the prices you see in the trading market, that is, buying and selling. If the net asset of the stock in the example is one yuan, then A buys it at 1 yuan and sells it at 5 yuan, which means that A thinks that the stock is only worth 5 yuan and 4 yuan is the expected price, and A thinks that the current price has reached its expected price and sold it; B buys at the price of 5 yuan and sells at the price of 2 yuan, which means that B thinks that the expected price of this stock is higher than that of 5 yuan, so the stock price falls after buying, and B changes the expected price, thinking that the expected price of this stock in the current market is only 2 yuan, and it is impossible to be higher than 2 yuan. If you don't sell it, the expected price will be below 2 yuan, so you will sell it in 2 yuan. In fact, during the transaction of A and B, the actual price of the stock is still 1 yuan. The difference is that A and B have different expected prices for this stock. This is a question of judgment between A and B. If you judge correctly, you will make money, and if you judge wrongly, you will lose money. However, if A and B don't take the earned money and lost money out of the securities market, then A won't really make a profit, and B won't really lose money, and AB may be among them.
This means that A and B manage their own social wealth and redistribute social wealth between A and B. In the process of wealth management and distribution, listed companies have not changed, so the actual price of stocks has not changed and social wealth has not increased.