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, 65,438+0 out of every 4 households invest in investment funds. 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. Intermediaries in China mainly include securities companies, trust and investment companies, accounting firms, law firms, asset appraisal institutions and securities investment consulting companies. 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, mergers and acquisitions, one of the core tasks of investment banks, have almost no 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. There is no such intermediary in our country, which seriously restricts the smooth development of enterprise restructuring activities in our country.
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 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, 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 instruments, variable interest instruments, convertible bonds and credit card receivable bonds have emerged, and 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.
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 promulgated laws and regulations is weak, and irregularities and irregularities in securities trading occur from time to time. "Three" happened in China 1995. The serious incident of "27" treasury bond futures is mainly caused by imperfect securities laws and regulations and lax supervision.