First, the A-share market was launched that year mainly to solve the financing problem of state-owned enterprises. Later, at the beginning of this century, it was necessary to solve the problem of listing and financing of non-performing assets of banks. Now it is necessary to solve the problem of difficult and expensive financing for private enterprises. However, most listed companies give investors a lot of returns, even not yet. Obviously, the focus of this market is "heavy financing, light return". Imagine that in a long-term money-circling market, the probability that investors can successfully make money is not high, and few people are willing to stay in the secondary A-share market to play games.
Second, there are too many A-share traps. If they are not good, they will lose money. Usually, when there is a sudden change in performance, it is good to hold a stock that falls. If they encounter delisting stocks like LeTV and Changsheng Bio, it will be terrible. In the future, the A-share market should also be registered, which is more risky for ordinary investors. Therefore, many investors give money to professional stock funds, at least the probability of professional institutions stepping on thunder is very low. After that, he withdrew from the A-share market. Only 30% of foreign investors really play in the stock market, and another 70% buy stock funds.
Third, 85% of the stock market is a bear market, only 15% is a bull market, and stock market crashes are frequent. Finally looking forward to the bull market. As long as I am not careful, the rebound market will come to an end, not only erasing the money earned in the previous bull market, but also folding the principal of retail investors. What's the point of staying in the stock market when old investors have not made money for decades?
Fourth, small and medium investors don't know how to start with stocks. If you buy blue-chip stocks with excellent performance, you are afraid that these stocks have already had a huge increase in the early stage, and you are afraid to chase them. But if you buy small and medium-sized stocks and are afraid of being controlled by the banker, you will lose all your money. Moreover, the performance of small and medium-sized stocks has also changed greatly, and many people think that investment is risky.
Fifth, domestic institutional investors can leverage through margin financing and stock index futures, or they can short stock indexes and individual stocks. Small and medium investors can only do more, not short. In this case, institutional investors can make money even if they are short, and stock index futures also have the function of hedging risks. Therefore, it is much easier for institutional investors to speculate in stocks together than for small and medium-sized investors. Minority shareholders are at a disadvantage and understand this truth after long-term losses.
Many old investors have withdrawn from the A-share market. Of course, some people have set up a few stocks so far, and they are not willing to cut the meat out. While the old investors quit, many new investors still choose to actively join. In the eyes of new investors, the prospect of making money in the A-share market is still very attractive. But new investors will soon become old investors, and many old investors will choose to withdraw from the market. For decades, it is the constant replacement of old and new that makes A-share investors flow so frequently, while the proportion of investors who really make money in the stock market is very low.