Funds Should Not Be Overestimated In Support Of The Stock Market To The Real Economy.

In recent days, Zhou Xiaochuan, governor of the Central Bank of the CPC, said that when the "two sessions" answered questions from Chinese and foreign reporters, "capital entering the stock market is also an expression of supporting the real economy", which has created waves in the capital market. Not only is the stock market going up, but also the market consensus is optimistic, which is a signal for managers to see more stock markets. Even some public opinion thinks that the stock market is expected to recover the lever that it had previously broken down and find the "mad cow" market at the end of the year.

It should be said that Zhou Xiaochuan's speech is indeed an inspiration for the stock market. This is not only an affirmation of the role of the stock market, but also an affirmation of the role of capital in the stock market. It is also normal for the market to associate itself with the development of the stock market. However, in terms of public opinion, the role of capital in the stock market should be viewed objectively. In fact, Zhou Xiaochuan affirmed that when the fund entered the stock market to support the real economy, he also mentioned that "there are some stock markets and other links in the financial market that some financial transactions may be divorced from the real economy." Therefore, Zhou Xiaochuan's speech should also be objectively viewed in public opinion, and the role of capital in the stock market's support for the real economy should not be overestimated.

In fact, the Chinese stock market itself is set up to support the real economy. Moreover, China's stock market has always been known as a "money market", and financing services are the most important functions of China's stock market. Therefore, the significance of the Chinese stock market for the real economy is much more intense than that of any other country's stock market. Why do we think that the support of the stock market to the real economy should not be overestimated? The reasons lie in these aspects.

First of all, China's stock market is not a mature market. The stock market's survival of the fittest and the function of resource allocation hardly exist. In some listed companies, junk stocks account for a great contrast. On the contrary, some excellent companies are hard to list. Bad money drives out good money in China's stock market. Therefore, although many A shares are listed every year, a large number of enterprises are financing and refinancing from the stock market every year. However, many enterprises are not getting bigger and bigger after they get the money, but they become more and more rubbish, and eventually become a delisting company or go to the edge of delisting. It can be said that these companies list It has greatly wasted the listing resources of the stock market and wasted the funds on the market.

Secondly, China equity market It's just a speculating market, and the capital that enters the stock market is speculative. capital On the contrary, there is a lack of long-term investment funds. These speculative funds enter the stock market, which is more likely to trigger sharp fluctuations in the stock market, or even skyrocketing and plunging, and support for the real economy is rather limited. Especially in these speculative funds, some funds even come directly from the real economy, and some funds are ready to invest in the real economy. Such funds enter the stock market in fact, directly affect the development of the real economy.

Thirdly, as another immature manifestation of China's stock market, the stock market system is not perfect, which leads to the listing of enterprises only for "money", rather than based on the development of enterprises. For example, some companies make up projects for listing and financing, but funds are largely idle after financing. For example, after some enterprises' financing, the acquisition of inferior assets of related parties at high prices has led to huge waste of funds. In addition, due to the deformity of the capital structure of the listed companies, the stock market has become a large and small ATM. Many of the stock market funds have become private assets of large and small companies, and even have been rolled overseas. Stock market resources have also been wasted.