Investors pay attention to indexes, financiers talk about market value. Contrary to the declining stock market index, the amount of financing and the number of listed companies in China stock market have been leading in the past few years.
One of the fundamental differences between Chinese and American stock markets is that investors are the main driving force of American stock market, while financiers are the main driving force of China stock market. From another angle, look at the annual report of the chairman of the China-US Securities Regulatory Commission: the ruling performance of the chairman of the China Securities Regulatory Commission must include the amount of financing each year, while the duties of the chairman of the US Securities Regulatory Commission are two sentences on the homepage of the website: market integrity and investor protection.
The second difference between Chinese and American stock markets is the different delisting mechanism. Not long ago, Wuxi Suntech, a leading enterprise in the global photovoltaic industry, received a delisting notice on the grounds that its share price was overdue below 1 USD. It is said that US stocks discriminate against China companies, but it is not. The procedural delisting notice in the United States is automatically issued by the computer system. There are several standards for procedural delisting mechanism. As long as more than one of them is triggered at the same time, the computer will automatically issue instructions, and no one can change the record. Of course, regulators have independent administrative power outside the computer system, such as the new highland company listed on Nasdaq, and the delisting order is the administrative decision of American regulators. Executive orders are not decided at will. Usually, after the regulatory authorities find that a listed company is suspected of violating the law, they will first notify it in writing and ask for an explanation or proof. If the company refuses or fails to give feedback, the regulator has the right to issue an administrative delisting order, which will be followed by an investigation or direct legal proceedings. However, the delisting mechanism in China has not been programmed so far.
The third difference is different origins. The starting point of Wall Street in the United States is the famous "buttonwood agreement". On May 1792 and 17, 24 securities brokers promised under the buttonwood tree in front of No.68 Wall Street that they would enjoy the priority trading rights and abide by the uniform minimum commission standard. This is the predecessor of the new york Stock Exchange, and the Securities and Futures Commission of the United States is a government institution established according to law after the passage of the 1933 Securities Law. Therefore, the American stock market is established from the bottom up, with market first, business later, business first, and meetings later. On the contrary, China stock market was established from top to bottom, and it was born with the birthmark of "policy city".
And the fourth essential difference-the relationship with the government is different: the China government uses the stock market, and the American stock market uses the government. Today, China's habitual statement of "using the stock market" is an echo of "using the stock market to extricate state-owned enterprises from difficulties". When the American market is booming, brokers are always lobbying the government to relax supervision and open more financial resources. In times of crisis, government officials are duty-bound to save the market, just like Paulson's autobiography "The Edge of the Cliff-Saving World Finance" after leaving office.
At that time, in order to reduce the resistance, China stock market reformers put forward the policy system of accepting the split share structure and extricating state-owned enterprises from difficulties, making the stock market a tool for the government to finance state-owned enterprises. In the era of "state-owned enterprises extricating themselves from difficulties", stock market financing is the privilege of state-owned enterprises. It was not until the small and medium-sized board and the growth enterprise market were opened one after another that private enterprises legally took a slice of the stock market financing. Although this is progressive in theory, it has strengthened the excessive financing of China stock market in practice. Therefore, behind the decline in the stock index is the rise in financing demand.
Where does the tradition of using the stock market to get out of trouble come from? The initiator should be the British government. 17 19 12. Nanhai Company proposed to the British government to replace the national debt worth 310.6 million pounds with its own shares, and paid an additional 7.6 million pounds to the British government. This plan was immediately supported by Finance Minister Esrabi. The main shareholders of Nanhai Company are government officials, and the British Prime Minister once served as the chairman of the board of directors of the company, having the monopoly rights of Britain in South America and other places.
On the surface, Nanhai's proposal is a win-win choice: the British government can reduce the debt burden, Nanhai Company can expand financing to develop gold mines, and bondholders can share the future growth of Nanhai Company through debt-to-equity swap. As a result, the stock price soared, and a few months later it rose from less than 130 to more than 1000. Newton, a great scientist who was then director of the Royal Mint, also bought stocks when the stock price was high. Since then, Nanhai Company has issued new shares eight times in a row, and shareholders have made a fortune, and lobbied Parliament to pass the famous bubble bill. When other companies failed in financing and went to South America to dig gold mines, they found that Nanhai Company not only had no gold mines, but also had no trade income. Nanhai Company shot itself in the foot, the news spread and the stock plummeted. Since then 100 years, there has been no stock issue in Britain. Yorkshire people who are good at speculating in stocks crossed the ocean and came to the United States, which made Wall Street in the United States in a sense.
South sea bubble's story shows that if a country's government does not respect the capital market, capital will be abandoned; If the capital market lacks the integrity of the system, the irrational madness of the people will make the market die. As Newton said after a huge loss, "I can calculate the motion of planets, but I can't predict the madness of human beings."