Opening and developing financial market, especially securities market, plays an important role in the reform of urban economic system and the development of market economic system in China. In recent years, China's securities market has made great progress, but due to its late start, many problems have also been exposed in the development. This paper focuses on the analysis of the current situation of China's securities market, analyzes the main problems existing in the securities market, and puts forward the development ideas of the securities market on this basis.
Keywords: securities market; Analysis of current situation; Development concept
Opening and developing financial markets, especially the stock market, will play a very important role in the reform of urban economic system and the development of socialist market economic system. In recent years, China stock market has developed vigorously, but due to its late start, many problems have been exposed in the development process. This paper focuses on the analysis of the current situation and main problems of China stock market, and on this basis, puts forward the development model of China stock market.
Keywords: stock market; Analysis of current situation; developmental pattern
1 Analysis of the current situation of the securities market
As the core of the capital market, the establishment and development of China's securities market began in the early days of reform and opening up. From 198 1 to 1987, the average annual issuance scale of national debt is only 5.95 billion yuan, and since the 1990s, the average annual issuance of national debt has reached 1000 billion yuan. And 1997 has reached 241200 million yuan. Up to now, there are more than 900 listed companies in Shanghai and Shenzhen stock markets, with a total market value of 2 trillion yuan. In just over ten years, China's capital market has reached the scale that many countries have reached in decades or even hundreds of years, and gained a lot of successful experiences. But there are also some problems, which seriously restrict the function of the securities market and hinder the healthy development of the securities market. These problems are mainly:
1) The stock market is too small. Take the stock market as an example. Although it has developed rapidly, there is still a considerable gap with foreign countries in terms of overall scale. The proportion of people who participate in stock investment in the world is about 8% on average, and the proportion in developed countries is higher, such as Britain and the United States, which are above 20%. At present, there are 33 million investors in China stock market, accounting for only 2.7% of the total population. In addition, judging from the proportion of the total market value of the stock market to the gross domestic product (GDP), the world average level is around 30%, the United States, Japan, Britain and other countries are above 80%, and China is 24.2%. Moreover, the total market value also includes most of the illiquid market value. If this part is deducted, the total market value of China stock market will account for a lower proportion of GDP. It can be seen that China's stock market is small, which is far from the objective requirements of national economic development. At the same time, we can see that there is great potential to expand the size of China stock market.
2) The main body of the capital market is absent. Under the condition of market economy, enterprises are an important subject of capital market. At present, the dominant position of enterprises in China is very fragile. The main characteristics of Chinese enterprises are still the separation of government from enterprise, unclear property rights, unclear powers and responsibilities, weak constraints, lack of vitality and incomplete status of enterprises as the main body. In addition, the main body of China's capital market is incomplete, and the main body of investment is individuals. The quality and quantity of their investment are very low, and the proportion of institutional investors represented by investment funds is obviously insufficient. Compared with developed countries such as the United States, institutional investors have become an important part of the capital market, and their institutional investors mainly include annuity funds, trust departments of commercial banks, insurance companies and mutual funds. Because institutional investors are professional financial intermediaries, their investment activities have the characteristics of large investment, low transaction cost and low transaction risk, which are very popular among public investors. For example, in the United States, there are 1 family investment funds in every four families. Due to the lagging development of institutional investors in China's capital market, stock market speculation supported by several large institutions and tens of thousands of small investors is prevalent, and stock prices are inevitably skyrocketing and plunging, which hinders the healthy development of the stock market.
3) Market segmentation and poor integrity. First of all, the primary market still allocates quotas by region, which restricts enterprises from entering the capital market. The regional bond issuance market also allocates quotas according to provinces (enterprises issuing bonds) and bank branches (issuing government bonds). As for the secondary market segmentation, it is even more obvious. Dividing the stock market into A shares, B shares and H shares is a remarkable feature of the development of China stock market. Even in A-shares, the circulation and transfer of state-owned shares are limited to a very small part, and A-shares are not allowed to cross-list in Shanghai and Shenzhen Stock Exchanges, which limits the development of the national market. In the stock market, A shares are divided into B shares and H shares. Individual shares, internal social individual shares and internal employee shares are separated, and the individual stock market is separated from the legal person stock market. Such a complicated division is not only conducive to the reform of the economic system, but also conducive to the integration of China's capital market with international practices.
4) The market intermediaries are not perfect. Securities intermediaries in a broad sense are institutions that provide services for all parties involved in the securities market. At present, China's intermediaries mainly include securities companies, trust and investment companies, accounting firms, law firms, asset appraisal institutions, securities investment consulting companies and so on. Although their business has been involved in securities underwriting, issuance, trading, self-support and financial consulting, compared with foreign investment banking business, there are still great functional defects. For example, M&A, one of the core tasks of investment banks, has hardly been involved by intermediaries in China. Most M&A activities of companies in western countries are planned by investment banks, which play an important role in bridging the gap, planning transaction processes, raising funds for transactions and participating in transaction negotiations. At present, there is no such intermediary in China, which seriously restricts the smooth development of enterprise restructuring activities in China.
5) Insufficient liquidity. Liquidity means that there are a large number of financial instruments with strong liquidity in the market and a large number of circulation participants. Testing market liquidity can usually start with the relationship between trading volume and trading price. The closer the relationship between the two, the worse the liquidity. The relationship index of the two changes in the US stock market is 0.0 1, while that of the China Shanghai and Shenzhen A-share markets is 0.52 and 0.40, respectively, indicating that the overall liquidity of the China stock market is poor. On the one hand, the poor liquidity of the stock market is related to the insufficient participation of intermediary investors in the capital market, on the other hand, it is closely related to the inability of state-owned shares to trade and the weak trading of legal person shares in STAQ and NETS markets. Lack of liquidity distorts stock prices, capital flows lose their motivation and direction, and the function of resource allocation is inhibited. In addition, because state-owned shares cannot circulate, it will have a negative impact on the structural adjustment of state-owned assets.
6) The trading instruments in the capital market are single in variety and incomplete in structure. In developed capital markets, capital market instruments remain diversified. Take Hong Kong's capital market as an example. At present, more than 80% of financial derivatives in the international market are adopted by it. In the stock market, there are not only futures indexes, options, warrants and other investment varieties. And the trading volume of such derivatives greatly exceeds the spot market. The financing forms of listed companies in Hong Kong in the bond market are more diversified. On the basis of bonds, bills and certificates of deposit, floating interest rate instruments, variable interest rate instruments, convertible bonds, credit card receivable bonds and other forms have emerged. At present, the number of debt instruments listed on the Stock Exchange has increased to 65,438+029. In contrast, except for stocks, there are almost no trading tools in Chinese mainland capital market for more than 5 years, and the trading tools of 1 ~ 5 years are subject to various restrictions, which is not conducive to the effective allocation of resources.
7) The securities market system is not perfect. The securities market system is the foundation to support the efficient and fair operation of the securities market, including the information disclosure system and the interest protection and realization system. Whether in the system itself or in the implementation, the information disclosure system of China's securities market has the problem of insufficient information disclosure, which is manifested in the randomness and subjectivity of some major information disclosure, which greatly dampened the confidence of shareholders and bond investors. The interest guarantee and realization system refers to the system that securities investors give necessary protection and realization to the income during the period of securities investment after obtaining relevant information. The imperfect system of safeguarding and realizing the interests of China's securities market makes investors face too much market risk, which seriously hurts investors' investment enthusiasm.
In recent years, China has formulated the Company Law, Provisional Regulations on Stock Issuance and Trading, Measures for the Administration of Stock Exchanges and Interim Measures for the Administration of Securities Investment Funds. However, the basic law of securities trading, the Securities Exchange Law, has not been formulated, and the securities laws and regulations have not formed a complete system, which leads to some aspects of securities trading that cannot be followed. In addition, the enforcement of laws and regulations that have been promulgated is weak, and illegal acts of securities trading occur from time to time. China's1995 "March 27th" treasury bond futures serious incident was mainly caused by imperfect securities laws and regulations and lax supervision.
2 the development of the securities market
2. 1 Improve the quality of listed companies and promote the development of capital market entities.
The quality of the main body of the securities market plays a vital role in the healthy development of China's securities market. We should promote the development of the main body of the capital market from the following aspects.
1) Cancel quota management and replace it with approval system. Quota management in stock and bond markets is a typical planned economic means. Due to the low standard of securities issuance, it provides a larger space for the administrative department to exercise its power. The government's packaging and listing of enterprises will cause endless troubles. Therefore, the national authorities should strictly examine and approve listed companies, improve the listing standards, cancel or reduce administrative intervention, and replace the quota management of the securities market with the approval system, so that enterprises that meet the listing standards can achieve the purpose of listing through competition. This not only enhances the fairness of market participation, but also improves the quality of listed companies, prompting business operators to really focus on how to change the operating mechanism and improve the efficiency of enterprises, rather than going public through the back door. The state can set different listing standards for different industries to promote the adjustment of industrial structure. On the premise of improving the quality of listed companies, increase the number of listed companies, realize the expansion of the stock market and promote the rapid and coordinated economic development.
2) Strengthen the elimination system of listed companies and improve the quality of listed companies. Joint-stock companies, especially listed companies, should not only be reformed, but also be reformed. At present, some joint-stock companies are not enterprising after listing, "wearing new shoes and taking the old road", and regard the stock market as a place to "circle money", resulting in a decline in efficiency or even losses. 1997, there are 1 1.8% listed companies whose earnings per share are less than 0.05 yuan. Such a low return will discourage investors from participating in the secondary market and is not conducive to the expansion of the stock market. Therefore, it is suggested that for those listed companies with poor long-term performance, the securities management department should give a warning, suspend trading until delisting, and form a mechanism of survival of the fittest. Only by improving the quality of listed companies can we ensure the stability and development of China's securities market.
2.2 increase the variety of capital market transactions
With the development of market economy in China, we should develop and improve a set of capital market trading tools according to the different investment and financing needs of residents, governments, financial institutions and enterprises, and considering the different combinations of liquidity, security and profitability. In particular, convertible bonds can be issued to increase the variety of securities, broaden financing channels and improve the capital market structure. Convertible bonds are securities with dual identities. First of all, as a bond, it enjoys a certain interest income, and at the same time, it can be converted into stocks under certain conditions, which has both the attributes of bonds and warrants. The dual nature of convertible bonds determines its special role and unique position in the active securities market, which is irreplaceable by other securities. It should be said that convertible bonds have a great activating effect on China's capital market in the initial stage, which can enrich securities varieties and curb excessive speculation. Besides convertible bonds, other financial derivatives such as futures and warrants can be further developed. Because with the establishment of the market economic system, the price risk will be highlighted, which will inevitably require the financial market to provide risk transfer mechanism and price discovery mechanism, and traditional financial instruments are difficult to complete. Only by introducing derivative financial instruments can we achieve the purpose of transferring risks and redistributing risks, and then meet the market demand. Derivative financial instruments can also promote the liquidity of relevant basic markets, form a balanced price and rationally arrange resource allocation. In the development of financial derivatives, we should base ourselves on the national conditions, focus on the development of derivative financial instruments with risk avoidance and value preservation as the core, give priority to legislation and supervision, and suspend the development of over-speculative varieties such as stock index futures.
2.3 Vigorously develop institutional investors represented by investment funds.
Developing investment funds and increasing institutional investors are important measures to improve the current structural imbalance of investors, improve the level of market activities and gradually standardize the capital market. This is of great significance for expanding the scale of the securities market, strengthening the investment function, reducing speculation and blindness, and making China's stock market develop steadily for a long time. In order to better promote the development of investment funds, we should do the following work:
1) Expand the issuance of investment funds. At present, China's investment funds are only10 billion yuan, which accounts for a small proportion in the stock market, far from stabilizing the stock market and optimizing the allocation of resources. At present, the balance of savings deposits of urban and rural residents in China has reached nearly 5 trillion yuan. If 10% is used for fund investment, it will inject nearly 500 billion funds into the securities market, which will greatly ease the pressure of stock market expansion and resolve some bank risks, killing two birds with one stone. At the same time, investment funds are less risky than stocks and have higher returns than bonds, so they are ideal investment tools.
2) Increase the types of investment funds. In the future fund issuance, a variety of fund varieties with different investment directions and different investment risks can be opened. For example, we can set up an enterprise restructuring fund to provide financial support for enterprise restructuring, a fund dedicated to high-tech industries to support national industrial policies, and funds with different investment ratios in the bond and stock markets. This will enable investors to choose different risk funds according to their own preferences, thus effectively promoting the development of investment funds.
3) Gradually develop other institutional investors. At present, insurance companies can invest in pilot securities. On the basis of summing up experience and perfecting laws and regulations, we will further guide pension funds to invest in securities and realize the preservation and appreciation of funds.
2.4 gradually solve the problem of listing and circulation of state-owned shares
The listing and circulation of state-owned shares is an objective requirement for the further standardized development of China stock market. This is because, first, state-owned shares, as share capital, need capital liquidity, which is the basis of resource allocation under market conditions. Second, the state, as a shareholder of state-owned shares, often recovers its investment because of the need to adjust the fiscal balance or adjust the industrial structure, but the state-owned shares cannot be listed and circulated, and the above objectives cannot be achieved. Some people think that the listing and circulation of state-owned shares will cause the loss of state-owned assets. In fact, assets and funds are only morphological changes, and there is no loss problem. The biggest loss of state-owned assets is that assets do not flow and cannot play a role. In addition, the state also needs to avoid or reduce investment risks through the listing and circulation of state-owned shares. Thirdly, the listing and circulation of state-owned shares is also a requirement for the further opening and development of China's securities market, which is in line with international standards. At present, the listing of state-owned shares can take the following two modes:
1) State-owned shares are listed and circulated separately. This method can meet the needs of strategic restructuring of state-owned enterprises, and at the same time, because there is no parallel circulation, it will not have a direct impact on the A-share and individual stock markets. The separate circulation of state-owned shares can also make the reorganization activities such as acquisitions and mergers between state-owned enterprises open and market-oriented, and promote state-owned enterprises to enhance their sense of crisis and urgency, so as to consciously strive to enhance their competitiveness and accelerate the pace of state-owned enterprise reform.
2) State-owned shares and A shares are merged and circulated. State-owned shares, legal person shares and internal staff shares can be reduced according to the net assets per share of listed companies, thus greatly reducing the scale of state-owned shares, legal person shares and internal staff shares of listed companies, so that they can be listed in stages after reduction, which can not only greatly reduce the impact on individual stocks, but also not cause excessive pressure on the issuance of new shares. Otherwise, if we continue on the current road, the total face value of the market will increase by 40 billion for every 654.38+000 billion new shares listed, so the contradictions will accumulate. Once the economic situation changes greatly, the stock market is in danger of collapse.
2.5 Accelerate the legislative progress and standardize the securities market.
The securities market is a highly honest market. Only by establishing a strict legal system and operating all trading links in strict accordance with laws and regulations can we ensure the safety and reliability of trading activities, protect the legitimate rights and interests of all parties to the transaction, reduce the risk of securities trading and make the securities market develop healthily and orderly. Therefore, the Securities Law and its corresponding laws and regulations should be enacted as soon as possible, so that all aspects of securities trading activities can be followed by laws. At the same time, after the formulation of laws and regulations, it is necessary to strictly implement and strengthen supervision. It is necessary to seriously investigate and deal with illegal acts in securities trading activities, resolutely crack down on those parties who ignore national policies and regulations and engage in serious illegal activities in securities trading, so as to make China's securities market move towards the track of legalization and standardization as soon as possible.
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Human resources development under the background of financial globalization
Human resource development refers to recruiting, selecting, training and improving all kinds of people with working ability, so that they are more capable and play a greater role; Human resource management refers to the reasonable arrangement, optimal combination, incentive and key use of all kinds of personnel with working ability within a certain range, so that they can give full play to their potential and effectiveness.
First of all, financial globalization challenges the development and management of human resources in China's financial industry.
Financial globalization includes financial business globalization, financial institution globalization, currency globalization and financial market integration. Financial globalization will inevitably accelerate the flow of global financial talents.
In recent years, in some developed cities and regions in China, the brain drain of financial industry is more serious, and a large number of young and middle-aged backbones have been poached by foreign financial institutions. They take away not only technology, but also information and quality customers. It can be seen that the talent competition in China's financial industry is facing an extremely severe situation, and financial globalization has challenged the development and management of human resources in China.
Second, the problems existing in the development and management of human resources in China's financial industry
(A) adhere to the traditional rigid concept of personnel management
The core of traditional personnel management lies in "management" and "people" should be suitable for "rules and regulations". Traditional personnel management is responsible for checking labor discipline and punishing violators. It plays the role of law enforcement and pays attention to the supervision and control of people. The formulation of rules and regulations emphasizes negative incentives, and employees work under the supervision of managers, which suppresses the creativity of employees and leads to dislocation of management functions and passive working methods. The functions of traditional personnel management are mostly administrative affairs such as salary distribution, personnel transfer and employee recruitment. The level of specialization is low and the added value is low, which is out of touch with the development strategy of enterprises. This rigid operation mode is far from the development of modern financial industry and the practice of international financial industry, and it cannot cope with the increasingly fierce international talent competition.
(B) the lack of effective talent incentive mechanism
Foreign banks generally regard personal development prospects as an important means to attract talents. Comparatively speaking, Chinese banks lack personal development planning for employees, and still regard job promotion as the only way for personal development. The grading and promotion of professional and technical personnel have no standard directly linked to income, and their responsibilities and rewards and punishments are not clear. The existing allocation of human resources is unreasonable and inefficient. On the one hand, the total number of employees is too large, the quality of personnel is low, and the phenomenon of learning without using and using without using exists. On the other hand, there is a lack of high-quality talents such as management and professional technology. The structural contradiction of human resources is prominent. The badly needed talents can't get in, too many surplus personnel can't be diverted, and there are serious problems in talent training, selection and use, such as seniority and human relations, which restrict the enthusiasm and creativity of talent work.
(C) staff education and training lag behind
At present, the main problems existing in the quality structure of financial practitioners in China are as follows: First, the cultural quality is uneven and the knowledge structure is unreasonable. Many employees are not familiar with modern financial concepts and operating methods, and lack the necessary new knowledge and skills. Second, there is a serious shortage of high-quality talents. China's commercial banks are quite short of talents in foreign languages, computers, international finance and law, especially in the fields of economy and finance, accounting computers, auditing and law. One of the important reasons for the above problems is the lagging education and training of employees. Most commercial banks lack a complete training system. For a long time, they have paid more attention to the use of talents than to the cultivation, and their investment in human resources and intelligence is seriously insufficient, so it is difficult to meet the needs of competition and development in the global financial market. Modern human resources theory and practice have proved that the improvement of employees' quality and skills is the supporting point of marginal productivity growth, which puts forward higher requirements for human resources development in the financial industry. At present, the investment channel of human capital in China's financial industry is single, and the development of human resources mainly depends on traditional means such as job training and promotion, which reduces the marginal efficiency and operational efficiency of human capital and is difficult to adapt to the sustainable development of the financial industry. In a word, the present situation of human resource management in China's financial industry is not optimistic.
Three, China financial industry human resources development and management countermeasures
The survival and development of banks are influenced and restricted by many factors. Among them, the most important and fundamental factor is the worker-human resource, which is the most precious of all the resources of the bank and must be effectively developed and managed.
(A) to establish a new concept that meets the requirements of the times
Abandon the traditional rigid concept of personnel management and establish a new concept of human resources as soon as possible, including the concept that people are resources, human resources are the first resource, human capital investment is given priority, employees and enterprises grow together, attract talents and leverage wisdom, market allocation, social evaluation and management by law. Promote human resource management from general administrative function to an integral part of enterprise strategy.
(2) Deepen internal reform and establish a scientific and reasonable incentive mechanism.
Reasonable talent salary system and attractive talent price are important weights for modern enterprises to win in the market competition. Therefore, it is imperative to reform the salary system of China's financial industry, especially state-owned commercial banks. We must abandon the "official standard" incentive concept and adopt a comprehensive salary system, including external incentives and internal incentives, long-term incentives and short-term incentives. External incentives mainly refer to monetization and materialization; Intrinsic incentives mainly include paid holidays, reputation rewards and other spiritual means; Short-term incentives mainly include wages, bonuses and allowances; Long-term incentives mainly include stocks, options and insurance. In recent years, some domestic joint-stock commercial banks have introduced the policy of high salary and generous reward, which is a historical progress, but it still does not involve property rights. It is very common for foreign companies to let talents hold shares and implement the option system. China's financial industry should start the "knowledge-capital-qualification" talent shareholding strategy as soon as possible, implement the talent stock option incentive system, and implement the "original shareholding system" for major project developers and outstanding business performance, so as to benefit them for life. At the same time, reform the personnel, employment and distribution system, implement the system of leading cadres' open competition for posts, compete for posts, reduce staff and increase efficiency, optimize the allocation of human resources, establish a comprehensive and scientific evaluation system according to different job categories, and carry out quantitative evaluation and dynamic evaluation, and implement "those who are capable are superior, those who are equal are inferior, and those who are mediocre are inferior". At the same time, establish and improve the performance correlation mechanism based on clerical system and customer manager system, and implement more work and more pay. Break the "big pot" in distribution, truly realize "cadres can go up and down, employees can go in and out, and income can be high and low", and establish a scientific and reasonable employment mechanism to provide fair opportunities for the growth and development of talents, thus effectively stimulating the potential of human resources and mobilizing the enthusiasm of employees to contribute to entrepreneurship.
(3) Establish a training mechanism that meets market requirements.
Training is an important way of talent development and management. The key to the sustainable development of financial industry lies in the continuity and consistency of talents. In addition to attracting and retaining existing talents, strengthening the cultivation of reserve talents is also an essential task. Therefore, China's financial industry should conform to the development trend of the international financial industry, formulate a forward-looking talent training plan, improve the talent training mechanism, and increase investment in human resources education. First, follow the general law of talent growth and establish a hierarchical and step-by-step training model. According to the different characteristics of management talents, professional and technical talents and specialized skills talents, different contents and methods are adopted to carry out differentiated and characteristic training. The second is to innovate training methods and effectively improve the effectiveness of training. In the training process, we should adhere to the principles of "combining classroom teaching with field investigation", "combining domestic training with foreign training", "combining short-term training with long-term training" and "combining unified organization with individual self-study", and constantly improve the training quality through innovative training methods. Third, strengthen the system construction of training work. Through the establishment of pre-job training system, on-the-job training system, qualification training system and employee development training system, we strive to link training with professional qualification certification, training with employee development, truly regard training as employees' welfare and basic rights, effectively combine employee selection, use and motivation with employee career development and training, enhance employees' awareness of professional competition and risk, and establish lifelong learning awareness and awareness of being prepared for danger in times of peace. The development of China's financial industry inevitably requires the realization of expert management, expert management and expert governance. At present, China is very short of "expert" talents engaged in international finance, intermediary business, industry analysis and credit policy research, as well as senior management talents who know how to operate and manage. In particular, we should pay attention to cultivating high-quality talents in financial product research and development, derivative financial instruments, investment banking and international management.