1. The laws and regulations of the securities market are not perfect and the market supervision is not strong enough.
No rules, no Fiona Fang. In order to normalize and standardize the development of China's securities investment fund market, special laws and regulations are needed to restrict and standardize it. However, the legal system of securities investment fund industry supervision in China has not been fully established. In the United States, where the fund industry is developed, there are not only securities law, investment company law and investment consultant law, but also self-discipline of the fund industry. At present, the domestic fund supervision is based on the Interim Measures for the Administration of Securities Investment Funds. The investment fund law has not yet been promulgated, and industry self-discipline and self-supervision of fund managers are still being explored. This undoubtedly makes many problems in China's securities investment market unable to obtain legal basis, and at the same time gives some lawless elements the opportunity to make use of legal loopholes to profit from it. Speculation is extremely serious, illegal funds make waves in the securities market, and some institutions manipulate stocks and speculate wildly, which seriously affects the legitimate rights and interests of investors.
2. The securities market is imperfect and the quality of listed companies is not high enough.
China stock market started late. Although there were a few securities investment funds in China stock market before 1998, the establishment and operation of the securities market were not standardized, which made most of them become tools to raise funds in the name of funds for stock market speculation, and they did not have the essence of securities investment funds. Since 1998, under the background of "adjusting investor structure and stabilizing market development", closed-end securities investment funds in the modern sense, which are in line with international practices in terms of issuance, custody and operation, have been introduced into China securities market, so they are relatively immature.
Moreover, due to the lack of management experience, business model and management system, many listed companies in China are still in the exploratory stage and have not completed the mature stage. For example, the deformity of the ownership structure of state-owned listed companies is manifested in the high concentration of state-owned shares and the dominance of state-owned shares. According to the statistical results published by Shenzhen Securities Information Co., Ltd., as of July 30, 20001,the top ten shareholders of listed companies in Shenzhen and Shanghai accounted for 66% of the total share capital, among which state-owned or state-controlled enterprises and government agencies accounted for 5 1. 16% of the total share capital, and the state-owned shares accounted for an absolute advantage. Since neither state-owned shares nor legal person shares can be listed and circulated, this abnormal ownership structure is fixed. Ownership structure is the foundation of corporate governance structure, which has an important influence on the control mode, operation mode and even efficiency of corporate governance structure. The dominance of state-owned shares seriously distorts the behavior of state-owned shareholders, which are all immature manifestations of listed companies in China.
3. The fund market risk is too high, and there is no way to avoid it.
Investment is risky, so be cautious when entering the market. So is the fund market. Although the fund disperses funds in the form of portfolio, so as to reduce risks, after all, no investment tool can avoid risks, and securities investment funds are no exception. Generally speaking, there are liquidity risk, offer risk, management risk and beta risk. Interest rate is also the potential risk of the fund, because interest rate directly affects the price and yield of national debt, and affects the financing cost and profit of enterprises. When the fund invests in treasury bonds and stocks, the income level will be affected by changes in interest rates. Similarly, policies will have a huge impact on the fund. Policy risk refers to the change of national macro policies (such as monetary policy, fiscal policy, industrial policy, regional development policy, etc.). ), it will lead to market price fluctuations and risks.
It is precisely because of the immaturity of China's fund market and the lack of ways to avoid risks, it seems that there are many risks, so investors do not understand the funds they want to invest in and blindly invest, resulting in unnecessary economic losses.
4. Lack of evaluation system recognized by the public
What China's securities market lacks is a comprehensive and accurate evaluation of funds, which is the embodiment of the concept of fair and stable fund market in fund trading. Justice and stability are the most fundamental value goals of the fund market, and they are also the ultimate expectations and highest requirements for the fund market. Regarding what is fund justice, theoretical and practical operation, and the general theory of shareholders, it is considered that the justice of fund market includes substantive justice and procedural justice. However, this definition of the concept of fund market justice actually reveals only one positive aspect of the fund market, that is, it explains justice itself from the internal structure of fund market justice, while ignoring the external disclosure of the meaning of justice, thus making the fund market justice show a one-way trend, and its direct consequence is that the fund market has not reached the expected fairness and stability, which is due to the lack of a publicly recognized evaluation system. Shareholders, listed companies, government departments and all regulators of the fund market need to participate in the analysis of the fund market, and it is the lack of such an evaluation system that leads many fund participants to invest blindly, unable to analyze objectively and easily influenced by other investors, which also gives some lawless elements an opportunity. Many lawless elements use the weakness of this fund market to induce investors to obtain ill-gotten gains by illegal means.