China's stock market was founded in the early 1990s. After more than ten years of rapid development, the total number of listed companies has exceeded 1,000.

From this point of view alone, it can be said that in only about ten years, China's stock market has surpassed the stock market process that took developed countries one or two hundred years to go through.

This is indeed worthy of our pride and pride, but compared with mature stock markets in developed countries or regions, there is still a considerable gap in the quality and quantity of our country's stock market. These gaps are exactly what our country's stock market needs to overcome on the way forward.

of fortress.

1. Scale of listed companies As we all know, the scale of a company is related to its intrinsic quality.

The so-called appropriate scale or economic scale is determined by the inherent quality of the enterprise or entrepreneur, that is, the total scale of capital or assets that they are capable of controlling.

In fact, the growth of an enterprise is a process, which requires not only excellent entrepreneurs, but also strong market competitiveness and capital expansion capabilities.

To use an analogy, if a company has a capital of 100 million to operate, it is quite good, but if you insist on giving it a capital of 1 billion to operate, the result will definitely be worse than using this part of the "excess" capital.

It's better to deposit it in the bank and earn interest.

According to a research report by the Development Research Center of the State Council: In 1998, the average total assets of China's top 500 industries when converted into US dollars was US$711 million, and the average sales revenue was US$398 million, which were only equivalent to the average size of the world's top 500 companies that year.

0.88% and 1.74%.

The sales revenue of China's largest industrial enterprises in 1998 was US$6.113 billion, which was only 68.7% of the US$8.902 billion sales revenue of the smallest companies in the Fortune Global 500 in the same year.

Even if China's top 100 industrial companies are compared with the world's top 500 companies, the gap is still significant.

In 1998, the average total assets of China's top 100 industrial companies converted into U.S. dollars was 1.948 billion U.S. dollars, and the average sales revenue was 1.089 billion U.S. dollars, which were respectively equivalent to only 2.44% and 4.75% of the average size of the world's top 500 companies that year.

In 1999, my country's four major wholly-owned state-owned commercial banks all entered the Fortune Global 500 for the first time, but in comparison, their performance among them was "big but not strong."

The reason is self-evident: the huge scale of my country's four major wholly-owned state-owned commercial banks was enlarged by the government's use of huge fiscal funds and monopoly management policies in the past.

Therefore, although our state-owned banks have the shell of a world-class bank, they still lack the inherent qualities of a large multinational bank. Of course, they cannot be counted as true Fortune 500 companies.

It is not difficult to imagine that the scale of listed companies arising from the above-mentioned enterprises will inevitably be relatively small.

Taking the total share capital of listed companies as an example, the tradable share capital of the 30 constituent stocks included in the Shanghai 30 Index is generally small.

Based on the statistical data at the end of April 2001, among the 30 constituent stocks, there are 2 stocks with tradable share capital of less than 100 million shares; 12 stocks with 100 million to 200 million shares; 8 stocks with 200 million to 400 million shares; 4

~ There are 6 stocks with 600 million shares; there are 2 stocks with more than 600 million shares.

Judging from the statistical results, nearly half of the constituent stocks have a tradable share capital of less than 200 million shares, and no stock has a tradable share capital of 1 billion shares.

Even judging from the total share capital of these 30 listed companies, the company size is still relatively small.

Among them, only 2 companies have a total share capital of more than 2 billion; 18 companies have a total share capital of less than 700 million; and 10 companies have a total share capital between 7 and 2 billion.

Taking the Hong Kong stock market as an example, most of the 33 constituent stocks included in the Hong Kong Hang Seng Index are blue-chip stocks. Their total share capital (that is, tradable share capital) is as follows: only one stock below 500 million shares; 500 million to 1 billion.

There are 6 stocks for 1 to 2 billion shares; 12 for 2 to 3 billion shares; 4 for 3 to 5 billion shares; 2 for 5 billion or more shares; and 1 for 10 billion or more shares.

It should be admitted that the socialist market economic system has been established in our country for less than ten years. Enterprises, as the main body of the market economy, are still in the primary stage of reform and growth. In particular, a considerable number of listed companies are from the planned economy era.

After the restructuring of state-owned enterprises, the "foundation" is still very weak and needs further standardization and development.

In fact, my country's listed companies are constantly expanding their share capital through bonus shares, allotments, additional issuances, etc. Mergers and acquisitions between listed companies and between listed companies and unlisted companies are on the rise.

It is not difficult to imagine that the total share capital of listed companies will continue to increase due to free distribution and additional issuance, and the total assets will continue to expand with operations and mergers and acquisitions.

2. The share capital structure of listed companies follows the precedents of various countries around the world. The share capital is generally divided into ordinary shares and preferred shares. However, the total share capital of listed companies in my country is strangely divided into three major parts: state-owned shares, legal person shares and public shares. Moreover, only public shares Only shares can be listed and circulated, and tradable shares account for only a little more than 30% of the total share capital.

When more than 60% of the originally small total equity capital cannot be listed and circulated, it will at least have the following consequences: First, due to the small actual circulation of equity capital in the stock market, it is easy for large investors to manipulate and control the market, resulting in "underinvestment and speculation".

"Excess" pattern ultimately leads to stock price distortion.