After the Third Plenary Session of the 11th CPC Central Committee, China entered a new period of reform and opening up. With the deepening of economic system reform, securities and securities markets have also been restored and developed. 1990 12 19 since the reform and opening up, the first stock exchange in China, the Shanghai Real Property Rights Exchange, officially opened, and the second stock exchange, the Shenzhen Stock Exchange, officially opened on July 3 199 1, which also marked the formal formation of the China stock market after the reform and opening up. From 198 1 to 1987, the average annual issuance scale of government bonds was only 5.95 billion, reaching hundreds of billions in the 1990s. However, due to various reasons, the issuance scale of national debt reached 241200 million yuan in 1997. Practice is the only criterion to prove the truth, and the road of reform and opening up is the right choice. The rapid development of China's national economy has created favorable conditions for the securities market to play its role there, and the establishment and development of the securities market has reacted to the reform of the investment industry system, which has promoted the improvement of China's economic structure, thus promoting the sustained, stable and rapid development of China's national economy and providing strong support for China to continuously create the miracle of the world's first GDP growth rate.
The existing problems are as follows:
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First of all, the size of securities is too small.
Although the development of China's securities market is very fast, there are still many shortcomings in terms of overall scale, and it is also very immature compared with developed countries. Take the stock market as an example, the average proportion of people who participate in stock investment in the world is around 8%, and that in developed countries such as Britain and the United States is above 20%. In addition, from the perspective of the proportion of the total market value of the stock market to GDP, the world average level is around 30%, the United States, Britain, Japan and other countries are above 80%, while China is only 24.2%. Moreover, the total market value also includes most of the illiquid market value. It can be seen that the scale of China's securities market is very small, which is far from the objective requirements of national economic development, but it can also be seen that the scale potential of China's securities market is huge. The chart below shows the comparison between China securities companies and other countries in 2006.
Second, the lack of capital varieties.
Capital varieties and financial derivatives can not meet the needs of investors with different risk preferences, nor can they meet the large financing needs of domestic enterprises with multi-level development. In the capital market of developed countries, there are many kinds of capital market tools. Take Hong Kong's capital market as an example. At present, more than 80% of the capital varieties in the international market have been adopted by it. In the stock market, there are not only investment varieties such as futures, options and certified stocks, but also financial derivatives with white stripes in the United States, which tend to surpass the spot market. Hong Kong listed companies also have diversified financing forms in the bond market. On the basis of bills, bonds and certificates of deposit, there are various forms such as interest-changing instruments, floating instruments and credit card receivables. At present, there are 65,438+029 derivatives listed and traded on the Stock Exchange in Hong Kong, while there are almost no trading instruments with more than 6 years except stocks in Chinese mainland, and the types of funds are 65,438+0 to 5 years. In most mature markets and some emerging markets, besides spot trading of stocks and bonds, exchanges also trade stock index options, futures products and a large number of stock option futures products. Structured products such as warrants and covered warrants are very popular. Exchange-traded funds (ETFs) are growing rapidly, and asset securitization products and real estate trust fund products (REITs) are also very developed. Relatively speaking, there are too few trading varieties in China stock market.
Third, China's 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. The information disclosure system in China's securities market is not open enough in terms of the system itself or the implementation level. The CSRC recently held a press conference to report the investigation of information disclosure violations of eight listed companies, including Longji, Qinshang Optoelectronics and Huasu. Recently, eight listed companies have been found to have violated laws and regulations in information disclosure. In China, these eight listed companies are definitely not the only companies that have violated laws and regulations, from which we can see a very serious problem. The interest guarantee and realization system refers to the system that 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 great risks when investing, which seriously hits the enthusiasm of investors. Laws and regulations have not formed a complete system, resulting in some aspects of securities trading can not be relied upon. In addition, the laws and regulations that have been promulgated have not been effectively implemented, and securities trading violations have occurred from time to time.
Fourth, financial fraud and opaque information disclosure of listed companies.
Judging from relevant market signals, various data and related news, problems such as financial fraud, inflated profits and information disclosure are still outstanding. Recently, the CSRC notified Qinshang Optoelectronics (002638, shares bar), Longji shares (60 10 12, shares bar), Huasu shares, Jade Bird Huaguang (600076, shares bar), Hailianxun (300277, shares bar) and Chengde Road. In the process of IPO, the outstanding performance at the time of listing is completely different from the performance data in the first quarter and semi-annual report. Some companies have a surplus of more than one yuan per share when they go public, and both quarterly and annual reports will lose money after listing. All these may show the possibility of fraudulent financial statements in IPO listing review. In terms of information disclosure? It can be said that there is still a lot of effort to improve.
Fifth, the market supervision is not enough.
China's securities supervision system has not achieved the goal of centralized and unified management. According to relevant regulations, China Securities Regulatory Commission will only supervise the stock and futures markets, but has no actual supervision power over the bond market. The bond market is supervised by the People's Bank of China and the State Development Planning Commission, which leads to a pattern of multi-head management in the securities market supervision system, and the coordination of mutual self-examination among various departments is relatively poor. Therefore, at present, many problems are difficult to be solved only by supervision. However, China's regulatory authorities are uncoordinated, their functional levels are unclear, and there are no strict and effective measures to ensure them to perform their functions and make them bear corresponding responsibilities, which leads to severe sanctions after the incident and reduces the efficiency of supervision. In addition, the hidden rules of China's securities market are also a big obstacle to effective market supervision in China.