After reading Seventeen Years of China Stock Market, it is quite creepy. As Zhang Zhixiong wrote at the end of this book, "Enough, this book is about to become an encyclopedia of crime, and we seem to be in a den of thieves." Seventeen Years of China Stock Market is a legendary novel full of deception, crime, corruption, money-circling and power struggle. The people who stay inside are miserable. Some people get rich overnight, and more people are wasting their money. People who stay out of it seem to be watching a bizarre movie. In this legend, the early trend leaders seized the opportunity of the times. Some of them have become part of "get rich first", but more people are trapped in this game full of fraud, or even lose their money. And we not only saw his legend, but also saw all kinds of distortions caused by money and desire. Few people can stop this part from getting rich first in time. They want to get more in this greedy game, and as a result, many people are caught by the money-making machine. The chaos in China stock market not only destroyed many legendary tycoons, but also destroyed a number of outstanding enterprises. Many people talk about China's early stock market legends, such as Lvliang, Zhu, and others, and they are inevitably disgusted. They use all kinds of disgraceful means to grab the wealth of the people and gain huge benefits themselves. These legends manipulated the stock market in those days, turning their hands into clouds and covering their hands for the rain. They gained huge wealth and never compromised in Qian Shengqian's game. But their ending is far from satisfactory. These people are either imprisoned or exiled overseas. Of course, some people think that impunity or punishment disproportionate to their crimes is very slight compared with what they have done. In my opinion, these talented people, who should be excellent, can only play a disgraceful role in the economic history of China, and they are finally spurned by everyone. This is their sorrow. In the chaos of the stock market, it is even more distressing that many excellent enterprises have been destroyed. The stock market has made people see that they can make profits without money and blowing dust. Industrialists couldn't help it, and they threw themselves into the stock market and abandoned their industries. This is not only a damage to the stock market, but also a major damage to the industry. And some outstanding industrialists have also fallen in the chaos of the stock market, which is embarrassing. China stock market 17 years has been full of twists and turns, so it is not difficult to find a pair of black hands: the government. Due to the split share structure of the government, the China stock market has been distorted for more than ten years. Because the government has set a quota for the funds of listed companies, listed companies regard the stock market as a place to circle money. Almost all speculators and illegal capital predators are involved in the government to some extent. Zhong Jingkai, who played the role of winner in the "327" treasury bond futures incident, is a branch directly under the Ministry of Finance of China, a veteran and former vice president of Shenyang Administration College, and Delong is the vice chairman of the All-China Federation of Industry and Commerce, and so on. In my opinion, all the disadvantages of China stock market lie in the lack and irregularity of the system. For the China stock market, there are two inherent ills, namely, "the old shares are not circulating" and the new share issuance approval system. These two problems can be described as the root of all evil. "Old shares are not circulating" artificially divided the market, resulting in so-called legal person shares and state-owned shares. The price of non-tradable shares is much lower than that of tradable shares, which leads to various disadvantages. Fortunately, the share-trading reform in 2005 solved the problem of "old shares not circulating". However, the new share issuance approval system is still damaging the China stock market. A normal stock market implements the issuance registration system, that is, information can be listed and issued as required. This system allows the market, not managers, to decide the listing of companies. However, in China, the implementation of the issuance examination and approval system not only leads to heavy examination and approval, but also increases the institutional cost of listed companies, and the corruption in the examination and approval process is also outrageous. The most important thing is that the number of listed companies is small and the quality is difficult to measure accurately. On the premise of abundant market funds, the grain shortage makes listed companies a place to circle money, and the stock market is in a "virtual high" state, that is, the market value has skyrocketed, but this skyrocketing is not based on the company's performance. In this abnormal situation, investors can't rely on the company's performance to judge the investment direction, and it is difficult for the company to digest the soaring wealth, which is also the reason for investors' long-term losses in China stock market 17. Therefore, it can be said that the issuance approval system distorts the entire China stock market. If China's stock market had been well regulated from the beginning, these evils, such as corruption and fraud, might not have happened at all. Seeing that there are loopholes to drill, it is possible to get rich overnight. How many people can stand this temptation. What is most needed at this time is the system and legal norms, which will stifle people's speculative psychology in the cradle. But what are our policy makers and implementers doing? In the book Seventeen Years of China Stock Market, I'm afraid the most impressive fragment is not a long criminal record, but a conversation of the Inspection Bureau of China Securities Regulatory Commission when investigating Zhang Zhixiong. In this dialogue, the role of the CSRC has reached an extreme state, and it is completely unclear about the behavior and attitude that regulators should have. Of course, if you criticize the government in this way, many people will definitely jump out and say that the stock market in the United States was also very chaotic, and the stock market in China will not develop for a long time, just like Liu Hongru's "pee theory" when the "fund shady" came out. I am very glad that we see that the trend of the stock market is still open and moving forward. Today's people have obtained a more standardized environment than those years, and the two core problems that plague the China stock market, namely, "the old shares are not circulating" and the issuance approval system, have been gradually solved. Through the share-trading reform in 2005, the problem of "old shares not circulating" was solved. Another core issue, the issuance approval system, has not been completely solved yet, but the prospect is bright. Shang Fulin, chairman of the China Securities Regulatory Commission, mentioned in an interview on June 5438- 10 that the issuance approval system will gradually change to the registration system, but there is no specific timetable. A more standardized stock market may make it impossible for people who want to speculate, but in a fairer and more standardized environment, the stock market can develop healthily, and all people in the stock market can develop better.