| The research of stock equity culture is a new subject emerging recently in the international market. As a category, the stock ownership has a history of over one hundred years, but as a proper noun, it only appeared in the reform of privatization of German telecommunication industry in 1996. The essence of the stock equity in a broad sense or in a narrow sense is the same. This article first deals with the basic meaning and functions of stock equity. Though no definite definition is given to the stock equity, it is unanimously recognized that it covers a wide range of protecting shareholders' interests, evaluating the stock equity, protecting the investors' rights and interests and positioning the investment of stock equity in people's life. Among these, protecting the investors' rights and interests is of prominent importance in the stock equity culture. The stock equity culture serves as a basis in the capital market system and also lays the social foundation for the existence and development of capital market. In addition, the law system, the supervision function and the management mechanism of a company are all built on the basis of stock equity culture. A fully developed stock equity culture guarantee that the rights and interests of investors will be respected and protected by the whole society, hence enhance the sustainable development of the capital market.The second part of this article is mainly devoted to the analysis of the current state and some factors of the construction of stock equity culture in Chinese capital market. Firstly, the stock equity culture is viewed from the social angle in which I aim to reveal the different value orientations of the functions of the securities markets under different stock ownerships by analyzing the differences between the function positioning of securities markets under mature stock equity culture and that under Chinese stock equity culture. Under the mature stock equity culture, the securities market has four functions, namely, the optimal allocation of resources, the function of a "weatherglass", value discovery and value increment. While the main function of Chinese securities market is financing. The different functions result from the different systems. Chinese securities market, as an outcome of reform, came into being in the transitional period of economic system and lacks practical economic basis and modern enterprises with clear ownership. The difference of the main body of the market: In china government plays a dominant role in the development of securities market. At the early stage of economic development, a requirement for extra capital is common and the government is eager to change the deposit into capital and pays much attention to the scale or quantity target while evaluating the officials' political achievements. To government, the scale of financing in the functions of securities market is of top priority. The factor of enterprises: most of the state-owned stock, usually the lion's share, cannot circulate in the market. The distortion of stock price weakens the functions of resource allocation and weatherglass function of stock equity. The factor of investors: investors regard stock market as a place of speculation and what they really concern is the price change in the secondary market, thus showing an indifferent attitude towards the company's operational situation. Secondly let's look at the stock equity culture in the angle of the main body of the market, respectively from the investors, enterprises and government's point view to analyze value orientation of stock equity culture and the underlying reasons. For investors, there is a trend of separation of the stock and its rights. Usually the investors are quite aware of the fact that they are the stockholders, but simultaneously they neglect the rights affiliated to the stocks that they should have. The concentration on the price change in the secondary market is affected both by the structure factor of investors and the lion's share of state-owned s... |
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