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Second, the stock market ecology under the registration systemThe super-large market from 1998 to 6124 is usually called "share reform market", because the stock market before 2005 was the era of split share structure, and the listed part was tradable shares, while the state-owned shares and legal person shares were in the hands of the major shareholders. The share price of the tradable shares changed, and the legal person shares could only be transferred but could not be listed and circulated. The rise and fall of the share price had nothing to do with the major shareholders of legal person shares. The biggest problem in the stock market was that the major shareholders occupied the funds of listed companies, and the limited amount of tradable shares was prevalent.After the share reform, the stock market has gradually entered the track of "marketization, legalization and internationalization". However, our issuance system has long been an approval system, and the international practice is the registration system. We have promoted the reform of the comprehensive registration system after piloting the GEM and science and technology innovation board. Although there have been some problems criticized by the market, the general direction of this reform must be correct. The comprehensive registration system is an inevitable choice for comprehensive marketization and a fundamental reform of the capital market system.

One of the characteristics of the approval system is the scarcity of listed resources and the long-term lack of metabolism in the market. "Shell resources" is an important reason for the tradition of evil speculation in our market.1, the relationship between 519 market and policy change.The super-large market from 1998 to 6124 is usually called "share reform market", because the stock market before 2005 was the era of split share structure, and the listed part was tradable shares, while the state-owned shares and legal person shares were in the hands of the major shareholders. The share price of the tradable shares changed, and the legal person shares could only be transferred but could not be listed and circulated. The rise and fall of the share price had nothing to do with the major shareholders of legal person shares. The biggest problem in the stock market was that the major shareholders occupied the funds of listed companies, and the limited amount of tradable shares was prevalent.

First, the relationship between the big bull market and the great changes in the capital market3. Reform of comprehensive registration systemThe super-large market from 1998 to 6124 is usually called "share reform market", because the stock market before 2005 was the era of split share structure, and the listed part was tradable shares, while the state-owned shares and legal person shares were in the hands of the major shareholders. The share price of the tradable shares changed, and the legal person shares could only be transferred but could not be listed and circulated. The rise and fall of the share price had nothing to do with the major shareholders of legal person shares. The biggest problem in the stock market was that the major shareholders occupied the funds of listed companies, and the limited amount of tradable shares was prevalent.