中国证券市场文化重构

China's securities market cultural reconstruction 

这篇文章的作者认为，在中国证券市场已生成一种具有消极作用和负面影响的文化，即赌博中的庄稼文化。既然文化中已出现了某些不利因素，就必须适时地进行调整或重构。重构的基本框架是：加强监管制度，强化市场主体的守法意识，培育市场的良好文化，从而促进证券市场的规范发展。

一直以来文化因素都是任何经济活动都无法回避的基础，就好像美国的著名人物丹尼尔·贝尔所说：“为经济提供方向的最终还是养育经济于其中的文化价值系统”。文化价值系统里面包含的是人在经济活动中所体现的道德品质、精神品格、价值观念、行为方式等等，从这个意义上说，经济活动本质是一种文化活动。认清这一点，对于经济活动本身非常重要。

概要 Content of the feed 

 

This paper argues that China's securities market has generated a plays a negative role and negative influence of culture, namely the banker culture. Since culture has appeared some disadvantage factors, must be timely adjusted or refactoring. Refactoring is the basic framework of: strengthening the system construction, strengthen the market main body of law-abiding consciousness, cultivate the spirit of market justice, to promote the development of securities market regulations. 

 

Cultural factors are the foundation of any economic activity is unable to avoid, as America's Daniel bell says: "provide direction for economic of eventually raising the cultural value system" in which economic. Package is one cultural value system in the economic activity embodies moral standard, mental character, value idea, the behavior way, in this sense, the nature of economic activity is a kind of cultural activities. Recognizing this, itself is very important for the economic activities. Thus, it is necessary for us to China's securities market should be brought into the scope of cultural analysis, analysis of China's securities market the length of the fit and unfit quality and its role in cultural factors, sublation some negative factors, on the basis of existing positive reconstructing China's securities market culture. 

 

庄股时代的庄家文化 Village banker culture of The Times 

 

Banker this is the language of the casino, refers to a gambling game host. And the "banker" in the stock market is a fuzzy concept, mainly refers to through a lot of money for securities business institutions or large family. Large institutions such as the banker except private equity fund, which also include? We might as well refer to two paragraphs. On December 15, 1996, the People's Daily special correspondent the article "the correct understanding of the current stock market," said: "some money also stocks soared and retail follow suit, the dealer, take turns to hype. The number of state-owned large enterprises, with its status, relationship, providing, for profiteering." Caijing magazine published in October 2000, the fund shady "change" of the banker is described in section in junan curtain call said: after "securities company banker to dormant, being more 'good'. At home, securities investment fund WeiShi cannot be used for any of the ring. The caijing revealed evidence of securities investment fund, also has much banker - banker won't go away, they just advance wave upon wave." #p#分页标题#e#

 

Advance wave upon wave of the banker, makes village endless miles, and people will be China's securities market this decade called village era, in the era of the village, but generated a culture - makers. 

 

Language is the characterization of culture, the highest frequency in the stock market, word-building ability is the strongest "zhuang" word. With "zhuang" as the center word formation are: long, short, strong zhuang zhuang zhuang, Katherine, DaZhuang, small farmhouse zhuang, zhuang zi, pp, the good and evil, black zhuang zhuang zhuang, stupid, stupid, smelly zhuang zhuang, zhuang Alfred chuang, dealer, do, from zhuang village, fled, abandon, blasting zhuang zhuang, zhuang banker, zhuang, zhuang, zhuang, etc. Such expressions often refers to the financial strength, operating technique in banker in the stock market, do plate technique, operation time, the success or failure, profit and loss and image type. Every word seems to be in a story.

Classic these stories are: how zhongke business collapse, YiAn technology is how to fry on one hundred yuan. Zhongke poineering story very "exciting", banker is for literary youth luliang, his collaborators Zhu Mou collected Kang Daer beforehand (zhongke venture) circulation of more than 90% of the chip, luliang organization capital took zhu hand 50% of the chip, then woven zhuang net "division system", "network" in the Chinese and western medicine such as seven or eight listed company, the institutions to take part in the "net" zhuang hype dozens of, the use of billions of funds, which billions were mostly by recycled stock pledge loans from the bank, division department after the crash, is a lot of bad loans for Banks. YiAn the story more "magic" of science and technology, a deep formerly known as jin xing 4 yuan more shares, to "nano" theme, stir-fry one hundred multivariate, so banker with the listed company, press conference at the great hall of the people. One such banker story, narrative in the stock market. And story contains is banker with characteristics of cultural values, spiritual character, the behavior way: eli, to focus on the camp, cynical, respect for the law, the moral on the shelf. For personal gain, they put aside the stock performance and growth, making false subjects, new packaging concept, change decayed for magical, p/e ratio transformed into "city dream rate", into the waist million gold, defeated the legacy, and ultimately hurt is small and medium-sized retail investors. 

 

Even more interestingly, banker operation has obvious regional characteristic, east, west wild, then south orange, the north is still strong. Associated with banker contact judge a stark regional style, also has the branch of north, south, Beijing and Shanghai. Characteristics and the formation of the style often is the deposition of culture, it's from another side provides a banker culture alive in the fact that the securities market. #p#分页标题#e#

 

Banker do zhuang stock speculation, there are three conditions: news, money,. News comes mainly from listed companies, listed companies have that banker. Wrong, the best is a listed company, there were no reports of the listed company to cooperate, banker for nothing. Money comes mainly from the bank. Campaign for the news media, consultants, commentators were. So the banker as the core, to listed companies, Banks, the news media consultancy commentators were, for the benefit of the wings gangs. For the benefit of the group, the banker and the listed company to insider trading, Banks will be illegal funds continue to enter the stock market, they brazenly illegal or gaming operations, colluded do agency, speculation, such as zhongke business banker billions billions of dollars to gather manipulation of a series of stock, to do evil. Some irresponsible media and securities advisory body wants, fanning the flames, pushing, the spread of false information to mislead people, attract numerous small and medium-sized retail investors fell into the trap. 

 

In western economists explain Chinese social economic phenomenon "capitalism", the economists have also warned about: be wary of mud into crony capitalism. Above banker interests gangs, is actually "relationship", effect and influence factors. Nepotism is backward in the traditional Chinese culture, and in the current China's actual social life and economic activities, the importance of this tradition is handing down and show unusual, securities market is no exception. Banker is relying on the upper, listed companies, Banks, such as media relations network, to be able to make waves in the stock market, it's raining. Can say, "relationship", is the inherent characteristics of crops culture. 

 

Banker culture is a special product of a particular stage of development of Chinese stock market, its formation is the result of various factors combined action. The legal system unprepared, effective system and moral norms of underdeveloped, this is banker is the important factor for the formation of culture. China's stock market was born in ideas to try, is a party in the groping forward, the rules of the game is not yet ready, since the gate is open. Some scholars pointed out that: in the capital market transition period of transition, we didn't make timely and effective regulation, not a tangible hand to sanctions, stop the violations. 327 1995 bonds futures swirling storm banker for eventually led to the closing of national debt futures market also made brokerage boss the nations forays, wanguo securities is the culprit, managing GuanJinSheng, GuanJinSheng also has been jailed for 327, but the charges against him is not in violation of the futures trading rules, but the bribery and embezzlement, because there was no securities crime related legal provisions. However, even then, the legal provisions, such as "securities law", also did not play its due legal effect, that gives illegal offenders have a chink in the wall.

At the same time, China's stock market is not a xanadu, blundering with the hustle and bustle of modern civilized society, utilitarian and self-interest will be reflected in the stock market, power rent-seeking corruption, economic and credit crisis spread like a virus to the stock market. In a code of ethics is not developed markets, and the market is a place where one of the few profits, market participation main body, no any immunity against any virus invasion, so in terms of value choice and value pursuit with strong self-interest color and transcend the rule of law and moral paradigm. #p#分页标题#e#

 

Every culture has the value evaluation, value evaluation of banker culture result: it is on the long-term and healthy development of China's securities market has negative effects and negative effects. Mainly displays in: first, market participants to buy and sell stocks behavior deviated from the normal track. Under normal circumstances, investors buy and sell stocks has certain direction, after the analysis of the performance of listed companies to make investment decisions. But in a banker culture steeped in the market, investors have lost the direction, believed in the "stock is not good, have the spirit zhuang", search, with zhuang, zhuang and zhuang dance as the majority of small and medium-sized retail market behavior. Second, the village of profiteering effect, people ask for speed, created a rich fluky psychology, encourages the people are longing for the fervor of wealth. Because of the desire for wealth and form, is the important reason for the stock market bubble. Bubbles will cause a crash, crash will lead to economic collapse. 

 

The banker culture is not the stock market overall culture, but it has become a big tumor endanger China's securities market, when to give up. It is important to note that the sublation of is banker years accumulation and belong to the category of cultural values, mental character, behavior, rather than a banker itself. In the international capital market, every stock market there is a similar banker role, people call it "market maker". In the form of a what symbol is not important, important is the cultural connotation. If the banker to a cultural Fang, changing the "market maker" of the operation of the rules of the game to the stock market will be alive and vibrant. 

 

 

文化重构与规范发展 Cultural reconstruction and specification development 

 

From the analysis of the banker culture can be a beneficial enlightenment, China's securities market to healthy sustainable development, must the specification, must be in the specification development, in developing further standardize. And the purpose of cultural reconstruction is to promote the normative development of China's securities market. 

 

China's securities market cultural reconstruction is not completely negative, come over, but the original cultural factors of turbidity Yang qing, the true. In the establishment and development of China's securities market, the elite culture has had a major role. In the planned economy in the 80 s, a group of Wall Street make visionary Chinese students in the United States home and domestic economic elites to promote the establishment of the securities market of the market economy actively, the spirit of their persistent pursuit and unremitting efforts, finally has given rise to China's securities market this baby. And economics theory of wisdom that securities market step by step, the challenges on the way to decode to mature. Elite culture of another kind of form is suffering consciousness, as some experts and scholars and marketers of dissatisfaction and criticism of China's securities market, it is the suffering consciousness of the stock market. Discontent indicate that market flaws, criticism is to build. During operation, in the forward market, want to someone to drum and song, more want someone to care and thought. No praise or blame, voice is different, not only won't cause market turmoil, on the contrary, can promote the normative development of the market. The fund shady, if no one in the world of white, no one deep jie stocks acne, also won't have today's remedies for shares. The deep with the excellent traditional culture and contemporary value extremely the suffering consciousness and elite culture in the securities market by the positive enterprising, brave in exploitation, the spirit of bold probe will serve as a cultural genetic inheritance, also will serve as the cornerstone of China's securities market culture reconstruction. #p#分页标题#e#

 

China's securities market cultural reconstruction's first priority is to strengthen the system construction, in order to form the market environment of openness, fairness and justice. On this point, the management to give full attention and put into practice, make a lot of laws and regulations. However, complete system construction should include two aspects: one is the legal provisions, the second is people abide by the norms in action. Set a strict law is important, but must be universal adherence to authoritative and binding, otherwise can only be a dead letter. Therefore, only when people will law into the actual code of conduct, system is the real meaning. And the actual situation is in the securities market, some black, evil in order to benefit maximization, zhuang zhuang dare to lick blood was on the edge of the law, dare to sort, insider trading, manipulate the stock market of illegal ACTS and lines in the city. To change this situation, important is the must for the offenders to justice, shall be severely punished, effort, and make the market main body to fear and consciously abide by the law. Need enough attention is that punishment should timely, don't just late in illegal after the incident, to have a balanced regulatory, don't make a gust of wind. Punishment is not in a timely manner, it will affect investor confidence; After regulation, a gust of wind, wind, sediment and, on the market is not out of the "die on a tube, a put is random". 

 

Socialist market economy of socialism is the so, is that it shows a kind of system of civilization, which emphasized the humanistic spirit in the economic operation mechanism and rules, one of the most important is the spirit of justice, its main forms are economic justice and social justice. As a very important component of the socialist market economy, securities market is also the pursuit of justice, especially the economic justice. 

 

About the basic meaning of securities market's pursuit of economic justice, refer to the views of scholars, combined with the actual situation of the securities market, the expression system and the rules of fair and reasonable, the maintenance of the investing public, especially the interests of small and medium investors; Economic behavior in the pursuit of profit maximization, at the same time, follow the principles of sustainable development; Economic behavior embodies the unity of "economic man" and "moral person". 

 

Fair and reasonable system and rules, this is actually the value orientation of the system construction. Securities market is one of the biggest benefit for field, competition in this field, because of asymmetric information, such as financial strength disparity, small and medium-sized investors is always a disadvantage status of vulnerable groups, small and medium-sized investors interests should become the important orientation of system rules. With the development of the market and the increasing of the small and medium-sized investors, the management has become increasingly clear to this point. From the perspective has issued a series of system, which runs through the principle of fair and reasonable, obviously tend to protect the interests of the investing public. But, as said earlier, system setting is only one aspect, on the other hand is to earnestly implement the system of paper into reality. #p#分页标题#e#

 

The sustainable development of the securities market is mainly embodied in sustainable sustainable financing and investment, and the banker excessive malicious speculation, will only make stock price deviating from the value and high deformity, produce a large number of bubbles, as a result, the market is difficult to finance and investment. The lessons of the history of the world securities market note: in 1720 the British London stock market in more than one hundred years after the "south sea bubble" has not issued a stock; In 1929 the New York stock market crash is the result of the capitalist world ten years of depression; Ten years after the 1989 stock market crash in Tokyo, Japan failed to play a role, big companies through the stock market financing, securities firms have closed down. To guarantee the sustainable development of the securities market, to market participants make real responsible, long-term effort, and the funds and brokerages elite exemplary role is particularly important, if funds are still running through the insider trading and brokerage, suddenly and violently fry stock to get high profits, will hinder the sustainable development of the securities market. 

 

Western economics put the interests of market main body known as the "economic man", which maximize the pursuit and realization of individual interests. Therefore, the behavior of the "economic man" is self-interest. Consistent with this is that capital pursue selfish. Capital market in the "economic man" driven by self-interest and selfishness, relying on capital in its stock in the stock market in the capital cycle and make the securities market. , but this kind of self-interest and selfishness if be not proper guide and specification, it is possible to be amplified, be strengthened, and thus may be generalized to the destructive force of the securities market. The above cited the tragedy of the markets in London, New York, Tokyo, is the extreme investors away from a selfish, thirst for wealth and as a result of the get crazy. Guide and specification, by law, 2 by ethical regulation. Law is dependent on specific performance state, and is punished, costly.

Ethical regulation is depend on the hand of ethics with morality and justice principle, value standard and code of conduct to regulate the economic behavior of people, by people's moral consciousness and self-discipline to curb the expansion of the brix selfish, prevent the occurrence of irregularities. More importantly, moral adjustment can be through the "economic man" behavior process, this process is to realize the "economic man" and "moral person" unified process. How to unify the two? China has the words about economic ethics: the gentleman the love of money, take youdao. Mencius also said: "not the way, is a express eat not in person, as a way, is shun yao of the world, don't think Thai." Gentleman's love of money and take it, it's human nature, but it must follow the "tao". The "tao", that is, social norms and ethics. And the securities market "tao", is the market rule and market ethics. Market rules require "economic man" profit method must conform to the rule of law, the profit forecast control in the scope allowed by the rules; Exclusive market ethics is "economic man" in order to maximize interests instead of selecting the means of behavior, slam the door to an individual or a clique interest at damage the interests of the state and the interests of small and medium-sized investors. So, the unity of "economic man" and "moral person" mainly reflects in accordance with market economy behavior rules of the game, rational investment, standardize operations, selfish, and is conducive to the healthy development of the market. However, the stock market wealth trap and profiteering temptation, to make the "economic man" and "moral man" into an organic whole, is not an easy thing. Securities investment funds have poor market image, highlighted the "economic man" is because the fund itself too much profit requirements and forgotten as a "moral person" social moral responsibility.

On fund of social moral responsibility, people has become a consensus, which guarantee the stock market stability, disperse risk of stock market. In fact, far more than funds have not aware of their social moral responsibility. Of morality, ethics change in China's securities market is not rare. The problem is, even the fund market like elite did so, and who to carry the flag of justice? When it comes to justice, media related to the securities market should be "the article" iron shoulders to moral, hand, from the court of public opinion to give strict supervision and fair criticism in the securities market, as far as possible to provide real information to investors and reliable analysis and reference valuable investment. But the lure of "ah" and driven by some media including securities, a consultancy, commentators were reduced for banker "scholar", not only are many, and misconduct. Banker violate national laws to manipulate the stock market can be brought to justice, while those of "scholar" can be far away from here, because there is no "law" temporarily. In this case, a moral self-discipline and justice consciousness is particularly important. A serious and responsible media, and should and must adhere to social justice, abide by the code of ethics, abide by the principle of "openness, fairness and justice" of market, efforts to build respect facts, the pursuit of a transparent public opinion atmosphere, rather than for black evil ZhuangZao zhuang city flag-waving, then use an "own risk" to shirk all the responsibility. #p#分页标题#e#

 

结论Conclusion 
 

In short, China's securities market cultural reconstruction's first priority is to strengthen the system construction, combining a complete legal system and the strict rule of law, and on the basis of the rule of law to obey the law consciousness of the market main body. Consistent with this is to cultivate market spirit of justice, sheer market main body does not forget at the same time in the pursue benefit maximization of economic justice and social justice. Only so, China's securities market will be full of vigor, will forever mood.