Why do I think there are "one win", "two draws" and "seven losses" in the securities market? Let's talk about it in a paper, thank you!

China stock market has become a "stock market crash"?

The year 2008 is already halfway through. China stock market, like any other industry, should make an inventory and summary of the market for half a year. Has China A-share market been operating normally and healthily in the past six months? What are the returns of China stock investors in the past six months? Today (July 1), the Beijing Times revealed chilling news: In the past six months, China A shares fell by nearly half, making it the worst performing stock market in the world.

In the A-share market, 6 17 stocks halved, and as many as 1038 stocks fell by more than 40%, and more than 90% investors lost money. At present, the total market value of Shenzhen and Shanghai has dropped from 32 trillion yuan at the end of last year to 17.80 trillion yuan, and the total market value has evaporated by nearly 15 trillion yuan.

A while ago, the popularity of the internet gave people nicknames, such as "Fan Paopao" and "Guo Paotiao". It's really sad that investors in China didn't make any profits for half a year, and 90% of them lost money. I might as well give the China stock market a nickname here, simply called "stock loss"!

Although there are risks in the capital market, it should be said that it is extremely abnormal to lose everything like the China stock market. What is worrying is that in a market with only losses and almost no gains, except for some speculators who participate in gambling, how can we attract public investors? And will a market without ordinary investors still have vitality?

We know that a standardized market can produce a healthy market. However, China's stock market has lacked standardization since its birth. Insider trading, illegal listing, power and money (stock) trading and other scandals flooded the market. Among them, the most irregular thing is that in the process of issuing and reviewing China Stock Exchange, political achievements and interests are intertwined, the stock market runs out of order for a long time, and there is blood loss and malnutrition. It took 100 years for the US stock market to expand to 800 stocks, with an average of 8 stocks per year. It took 33 years for the Hong Kong stock market to expand to 800 stocks, with an average of 24 stocks per year; It only took eight years for China A-shares to expand to 800, and now it is only 1 380, with an average of one year 1 000. The most fundamental reason why China stock market often suffers from "unilateral losses" is this huge expansion that ignores market rules.

The most basic function of the stock market is to optimize the allocation of resources, but this function of the China stock market has been alienated. For those struggling state-owned enterprises, listing means raising funds to "solve difficulties"; For those private enterprises that have no capital demand, listing means wealth; For some people in charge of examination and approval, the more companies waiting for listing, the more "oil and water".

When "listing" becomes a scarce resource, the original nature inherent in the capital market will all become stale. Companies with real development prospects and investment value cannot be listed, while companies with public relations ability and "access" can squeeze into the capital market even if they are not qualified for listing. You haven't seen some companies send special personnel to soak up capital and find the door to listing their shares; Some companies that don't have the conditions for listing go public through bundling, packaging and even fraud. Wang Yi, former vice chairman of China Securities Regulatory Commission and vice president of China Development Bank, was recently "double-regulated", which was related to his illegal behavior in the securities market for many years. Wang Yi 1995 1 1 was transferred as the vice chairman of the CSRC, and1resigned in February 1999. "His letter of complaint is a foot high." In 2007, Pacific Securities, which suffered losses continuously, went public strangely, and it was also described as the "masterpiece" of Wang Yi and his collaborators through the Internet. It has been eight years since Wang Yi left the CSRC. Wang Yi, who has left the CSRC for many years, still has the energy to create an illegal listing, which can be seen from his improper behavior in office.

Thus, although it cannot be said that all listed companies in China stock market are shoddy, at least a large part of them are unqualified and even have no investment value. Investors who invest in such stocks must lose more and win less.

In addition, China's stock market is riddled with loopholes in the rules of the game, asymmetric information disclosure, the media and bad consulting companies and investment companies in partnership to deceive listeners and customers, and experts, scholars and officials always seize the opportunity to clamor for interest groups, thus misleading investors and other shady and scandals, which are also the key factors that make it difficult for China's stock market to get rid of the fate of skyrocketing and plunging.

In the face of "the worst stock market in the world", it is obviously meaningless to educate investors about risks or accuse them of immaturity. Because even if Warren Buffett comes to this market, he will be completely humiliated. The author thinks that although the factors that caused the "stock crash" in China stock market are complicated, the problems in policy and supervision are undoubtedly hard to get rid of. Therefore, the vicious circle of China stock market has reached this stage. What really needs to be reflected and reviewed is the policy and supervision mechanism of China stock market.

I hope it helps you.