The whole system evolution absence
The whole system evolution absence makes the movements of the stock market with the entire national economy produces serious to deviate from. In recent years, the development of China’s economy is gradually out of wandering into the orbit of relatively quickly, but at the same time, should to the national economy as a barometer of Chinese stock market has laid down, out of the Mbt shoes unprecedented big bear market. Although the stockmarket’s situation is the result of composite effect of various factors, but the market in overall national economic trends but can’t reflect the market exposure inherent defects, reflecting the stock market can neither lead also cannot reflect the social economic development direction and trend of change, we must carry on the important institutional change and structure adjustment.
The lack of overall system evolution that the market can’t become too fairness and justice of the market. In Chinese stock market development and change, for the holders of tradable shares a huge development costs and the cost of reform for the market, and the institutional defects caused disastrous price paid. The market every financing and refinancing are directly or indirectly caused a huge amount of transfer payment, make non-circulating shareholders become vested interest, and direct winner of tradable shares but became property interests and mbt shoe the interests of the market, thus make unwisely protect investors interests and ensure the fairness and justice principles market in actually become empty talk. Practice has shown that and will continue to proof, equity division and the value of the resulting equity bubble, the share price bubbles and performance of China’s stock market bubble has become the system root of expected mechanism disorder, not from the overall promoting market system change, China’s stock markets, it is hard to undertake reform and development to give it the great historical mission and the historical responsibility.
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