(1) investment and financing platform structure. The United States has the largest and most perfect multi-level capital market in the world, from spot to forward, 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. We have a spot market, but the derivatives market is very scarce. We have a relatively fast-growing on-site market, but the off-site market is very 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. Therefore, the financing preference of Chinese enterprises focuses on bank loans, while the wealth preservation of ordinary people prefers bank deposits. A single narrow investment and financing channel cannot form portfolio investment and diversified investment. In the absence of financial management, investors will only speculate!
(2) National investment mentality. The United States has a national overall planning, universal coverage and unified social security system, which replaces fees with taxes, as well as supplementary pension and medical insurance benefits established by employers, so that citizens can have adequate protection from cradle to grave. In addition, the American people attach great importance to the needs of providing for the aged in family finance and regard it as the ultimate goal of family finance. Therefore, their investment goal is longer, and their investment behavior is more rational, calmer and happier! On the contrary, the modern social security system in China has been established for a short time. In addition to the social security of urban workers, farmers and urban residents, the social security is only symbolic coverage, and the degree of protection is very low. In addition, most employers do not provide supplementary pension insurance and supplementary medical insurance. Therefore, in addition to employees of government agencies and institutions and urban workers, most people in China still rely on adopted children to provide for the elderly or to save for themselves. Under the premise of insufficient national security, investors lack a sense of security, and their investment mentality is more impetuous and eager for quick success. They hope to make quick money, make a fortune or even get rich overnight through short-term speculation, which is a relatively common speculative mentality. This mentality has also caused the pattern of "insufficient investment and excessive speculation" in China stock market.
(3) Quality and quantity of listed companies. Listed companies are the lifeline of the stock market. The American stock market is an open international market. There are not only a large number of world-class multinational companies in the United States, 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. There are no world-class well-known enterprises in China, and foreign companies are not allowed to go public. The market is even very afraid to hear the voice of the "international board".
(4) 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 dollars, and the total assets of American private pensions are as high as 2 1 1 trillion dollars, which exceeds the total market value of the American stock market. 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. Although we have QFII, the total scale is pitifully small. The long-short bilateral game in the institutional market is mainly played between institutions, and it is easier to achieve a "balanced market". On the contrary, most institutions in the retail market take retail investors as the game object, which makes it easier to form institutional advantages and hunt retail investors, and the market is more prone to violent oscillation.
(5) IPO system. The registration system in the United States gives full play to the decisive role of the market. The success or failure of IPO mainly depends on the game between issuer and investor. The government will never interfere with IPO pricing and IPO rhythm. Moreover, 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's A-share examination and approval system overemphasizes administrative examination and approval and administrative intervention, which replaces investors in judging the investment value of IPO companies and directly interferes with the IPO rhythm. The government does everything, which not only increases power rent-seeking and moral hazard, but also makes IPO prices soar, making market speculation more rampant. Investors never seem to know what voting with their feet means. American companies are very cautious about IPO. Is it worthwhile for a company to change from a private company to a public company and can it stand the test of investors? So American companies regard IPO as an opening ceremony, and vice versa.
China enterprises regard IPO as graduation ceremony.
(6) delisting mechanism. As we all know, the delisting system in the United States has a high degree of marketization and higher delisting efficiency, especially the delisting rule of 1 US dollar, which completely leaves the "ruling power" of who should be delisted to the market and investors. 1995-2002, the three major stock markets in the United States delisted more than 7,000, about half of which were voluntarily delisted (such as privatization), and the other half were delisted because they could not meet the criteria for continuous listing. In this delisting, more than half were delisted by the delisting rule of $65,438 +0. In China, the A-share delisting system has only one standard of net profit delisting. Because the delisting standard is single and the net profit can be manipulated, the current delisting system of A shares exists in name only, which not only leads to the death of junk stocks, but also leads to rampant speculation of junk stocks, which seriously distorts the stock price signal. If the US stock market is "big in and big out", then the China stock market is in an embarrassing situation of "listing is difficult, and delisting is even more difficult".
(7) Dividends of the company. In the United States, whether common stock or preferred stock, listed companies mainly pay dividends in cash. The mainstream mode of dividend is "quarterly dividend", that is, dividends are paid four times a year, and the time interval and dividend level of each dividend are basically the same. Only a few companies pay dividends once or twice a year, and of course some companies don't. In China, listed companies never pay dividends quarterly, and even paying dividends twice a year is just an example. Most listed companies pay dividends once a year, and the dividend level is not high, which is very symbolic. Of course, many companies don't even pay dividends for years. In contrast, American companies pay attention to returns, while China companies pay attention to money. This is the difference in attitude of listed companies towards shareholders.
(8) Supervision mode. American securities supervision mode is a trinity (administrative means, economic means, legal means) of all-round supervision. The US Securities and Exchange Commission (SEC) mainly focuses on the secondary market, with emphasis on post-event supervision. Its strict and efficient supervision is world-famous, which makes listed companies, securities intermediaries and their executives have to be cautious and self-disciplined. In addition, the United States also has a collective (group) litigation mechanism and a strong market short-selling mechanism, which makes listed companies and securities intermediaries even more afraid to cross the line. In China, the securities supervision mode is a single administrative supervision, while the supervision focus of the CSRC is mainly on the front end of IPO, and its main energy is IPO review and approval. Therefore, the supervision after IPO is diluted accordingly, or the supervision after IPO is weak and inefficient. In the United States, IPO is easy, but it is uncomfortable after listing; In China, IPO is very difficult, and everything will be fine after listing. In contrast, the American regulatory model can deter securities crimes and effectively crack down on crimes; China's regulatory model can not effectively deter and crack down on securities crimes such as fraudulent listing, information fraud, insider trading and market manipulation. In addition, the United States has the Sarbanes-Oxley Act, which can make securities criminals "sit still" and "lose everything", while China does not have such strict legislation, which has low crime cost and lacks legal deterrent.
(9) Bull and bear alternate cycles. It is precisely because of the above-mentioned major differences between Chinese and American stock markets that the cyclical differences between Chinese and American stock markets are huge: the operating cycle of American stock markets is generally characterized by "slow cattle and short bears"; However, the operation pattern of China stock market generally shows the characteristics of "fast cattle and slow bears". Slow cattle in the United States generally last for more than 5 to 7 years, and its bear market is generally 1 to 3 years. On the contrary, the short bull market in China stock market is less than 1 year, the long bull market is less than 3 years, and the bear market is as long as 5 to 7 years. However, in essence, the stock market is a barometer of the economy. The quality of economic growth is the "fundamental" that determines the long-term trend of the stock market, and it also has a decisive influence on the cyclical characteristics of the bull-bear alternation in the stock market.