Investors can not only make separate investments in various varieties, but also carry out arbitrage transactions among various varieties, so as to avoid the unilateral operation of the market and the situation of skyrocketing and plunging due to the convergence of investors' behaviors. For example, when the stock market is bearish, investors can buy a put option or sell a stock index futures contract, so as to achieve the purpose of hedging or speculative profit at a small cost, which can effectively spread the risk of stock market investment, thus reducing the further decline of the stock market caused by a large number of selling.
The American securities issuance market is an international market with large issuance scale and capacity. In 2002, there were 2,783 listed companies in NYSE alone, with a total share capital of 349.9 billion shares and a total market value of 13.4 trillion US dollars.
China's securities market only serves domestic enterprises. By the end of 2003, there were 65,438+0,287 listed companies in China, with a total share capital of 642.846 billion shares, including 226.758 billion shares in circulation, and 65,438+0 trillion yuan was raised through the securities market.
As a place to raise foreign capital, China's B-share market has been separated from the A-share market. Since its establishment, the primary market has been cold. From 199 1 to the end of 2003, the IPO in the B-share market only raised $4.675 billion, while the B-share market only raised $327 million through rights issue.