On Friday night, Jiang Zhihan received a call from Alum. Alum asked if Jiang Zhihan was free on Saturday. He went there in the afternoon and his supervisor wanted to meet him. Jiang Zhihan knew that Alum's paper instructor was an authority in the economy, so of course he would not miss such an opportunity and agreed immediately. The professors of that era were holding a title that was respectable. Jiang Zhihan couldn't help but feel a little excited when he could meet a well-known professor.

On Saturday, I promised to go shopping with a few friends, including Ni Shang, and I had to cancel it. After school on Saturday, Jiang Zhihan and Ni Shang said goodbye, and then went straight to the university campus where Ming Aung was.

It is important to see that Jiang Zhihan’s professor’s surname is Jing. According to alum, he is a well-known professor at Zhongzhou University, and he holds a position in the Department of Economics and Management. Although he does not have administrative party positions such as the department chair or secretary, he receives only a lot of respect in the school than many department chairs.

Jiang Zhihan didn't know what Professor Jing was going to talk about, and he felt a little nervous and excited. Since the alum gave him the task, no matter how busy other things were, Jiang Zhihan took time to do this research task every day. Although the part given to him was mostly labor-intensive work such as data collection, literature query, and preliminary data filtering, which was a bit like the experimental recorder, Jiang Zhihan also felt that the opportunity was rare and he could study well from it. During the whole process, Jiang Zhihan paid great attention to the proofreading results because he knew that the rigor of the research was very important. When he looked at some foreign materials, he felt that they were very clear and strict about the source of the citation, so he paid special attention to this point, although this was not in the requirements he received.

The appointment was at 6 o'clock, and the location was in Professor Jing's office.

Alum was waiting for Jiang Zhihan at the school gate and walked with him to Professor Jing's office. Professor Jing was an old man with a slightly gray head, a reading glasses, and a peaceful and wise face. In short, it was very consistent with the image of a great scholar Jiang Zhihan imagined.

When we met, Professor Jing had no airs and spoke straight to the point. "Xiao Jiang, I asked you to come today. The first purpose was to thank you in person. You contributed to us for free in this research topic, and you spent a lot of effort and time."

Jiang Zhihan said in fear and trepidation: "Professor Jing, I am grateful that you agree to let me participate in this project. There is such a good opportunity, where can I find it elsewhere."

Professor Jing said: "You do this part of the data and literature preparation part. To be honest, I am quite satisfied with your work, especially the research attitude, which is worthy of recognition. When the alum recommended a high school student to me, I was still a little worried. But because we were seriously short of manpower, I held the idea of ​​trying it out. But now, he has good eyesight. I am also curious and want to see what this high school student looks like, so I called you here today."

Jiang Zhihan felt that although Professor Jing was famous in his old age, he spoke directly and did not drag his feet. He was a bit of a celebrity-like self-confession. He sat there, just smiling respectfully and nodding.

Professor Jing laughed and said, "Little guy, don't be so reserved. When the alum recommended you to join, he said something that made me decide to let you try. He said that you are confident that China's capital market will definitely begin, not a question of yes and no, but a matter of time. What a great heroic spirit!"

Jiang Zhihan scratched his head embarrassedly, and under Professor Jing's aura, he felt a little embarrassed and his face was a little red.

After laughing, Professor Jing looked serious and said, "There are some points I want to propose to praise you in person. First, at this age, it is not easy to think about these issues seriously. Second, in your work you do this, we ask you to do mainly data collection, document verification, and data sorting. You are doing very well for your work. I personally appreciate the rigorous attitude shown in literature citation.

Now the domestic academic community does not attach much importance to this. Third, in addition to the work, you have taken the initiative to do some other work, including putting forward a new data classification framework, including some qualitative analysis and interpretation. Regardless of the specific gains and losses of this part, this effort is worthy of recognition." Turning to the alum, "This aspect is also worth learning. In addition to completing the assigned tasks seriously, you must have the impulse to take the initiative to do more work, or even think of more work to do more."

The alum nodded respectfully and said yes, I remembered it, and his expression was like a primary school student.

In this era, Chinese teachers, including parents, do not often praise the next generation in person, because traditional concepts believe that this will make them proud, and pride will lead to failure. Even though the midterm exam last semester made a big splash, Jiang Zhihan's head teacher and physics teacher were just a simple sentence, and he made great progress, and he had to follow up immediately, don't be proud, don't relax, there are many students who are better than you.

When Jiang Zhihan heard Professor Jing's affirmation, he felt a little excited, and was also a little embarrassed. He said: "Professor Jing, you are asking me for the standards of middle school students, so there are some good things. If you ask for the standards of alum and your graduate students, these are very common things."

Professor Jing waved his hand and said, "Okay, ambitious. I will have higher standards for you in the future." Taking off Lao Guang's glasses and saying to Jiang Zhihan: "From a certain perspective, you are an outsider. I mean for us who are engaged in academic research, because you have not really stepped into this threshold. Sometimes, listening to the opinions of outsiders will also have a great enlightenment. Tell me, if it is really started, what kind of judgment is your optimistic prediction on the launch of China's capital market?"

Jiang Zhihan was a little nervous. After all, this was not a casual chat with alum. He bit his lip, lowered his head and thought for a while, and explained his own ideas. Professor Jing and alum sat next to him, waiting patiently.

After about a minute, Jiang Zhihan raised his head and said, "To be honest, when I consider this issue, I mainly look at it from a practical perspective, because the analysis articles and the perspectives I see are not from the perspective of theoretical analysis. First, one of the points I believe is very simple, but it is also the core. That is, history can predict the future to a certain extent, or the future is a form of historical repetition. Of course, this will not be a simple repetition, or a completely identical repetition. For our entire history, we can see such a trajectory. For the capital market, this trajectory may be more prominent. Professor Hughes from the UK famously said that from the early 2000s to the 1980s, we can see earth-shaking changes in the entire industrial economy.

, The production organization has subversive innovations, and the industry leading the economy has changed completely and is completely different. But why don’t we see much difference from the perspective of the capital market? Although the market management mechanism, social participation, and financing channels have undergone earth-shaking changes. That is because, basically, the market is still a struggle between people. Professor Hughes and the famous fund manager Mr. Delvicio jointly proposed the theory of psychological analysis. The traditional market analysis theory is based on the fundamental analysis of the economic environment and company operations, and technical analysis based on past price charts. They proposed the concept of psychological analysis, which is based on this capital market, and people’s hearts and human nature are always difficult to change.”

Jiang Zhihan stopped and continued, "So based on this judgment, let's look at China's future capital market. We have not really started, so there is no so-called history to learn from. But can't we learn from the history of other countries? Looking at the process of reform and opening up over the past ten years, we can see the paths that other countries have taken to a certain extent. The capital market should not be an exception. I have not studied many examples in depth, but from a general perspective, the initial capital market of a country usually has three characteristics. First, the government will have a certain degree of support and cannot let it face collapse just as soon as it begins.

.And in the initial stage, government support will be more effective, because the funds and numbers of participants are limited, and people always have a sense of awe for new things. Therefore, it is relatively better to control. Second, the market will usually be more turbulent because the relevant management regulations are not sound and are easily utilized by speculators. Moreover, the funds and numbers of participants are not large, which is also a double-edged sword. The possibility of the market being manipulated by a few people will be higher and easier. Third, the general public has relatively low acceptance, high doubt, and the inequality of information is also relatively strong, so there will be more room for further growth from the perspective of value and psychological perspectives."

Professor Jing nodded, "It's not easy to have such an opinion, continue."

Jiang Zhihan said: "So, my personal opinion is that our country should have stronger power in central regulation. After all, we are socialist. If the country is determined to take this path, then there should be no need to worry too much about the beginning of the capital market, at least there is no need to worry about it losing its premature death during the pregnancy or infant stage." All Jiang Zhihan's points so far are just how to use this opportunity to make a fortune in the market, which is actually not very relevant to research.

Professor Jing asked: "Tell me about the pros and cons of the capital market?"

Jiang Zhihan said: "I can't say that it's too specific and in-depth. I'd rather choose to believe in data and history. Take the United States, which has the most advanced capital markets. They set the market transaction fees at a low price and strongly support foreign powerful companies to list in the United States. Generally speaking, it is the capital market with the largest capital circulation and the most active market transactions. If we look at the stock market, which has the largest number of participants in the capital market and is most well-known to ordinary people, from the beginning of the 20th century to the present, the annual average return rate of the New York Stock Exchange has reached more than 4%, which includes the Great Depression crisis, during which the stock market lost more than 80% of its market value, and it took more than 20 years to return to its original high. If we rank,

Except for the extraordinary period of the Great Depression, the average annual return rate can be close to 7%, which is far higher than the storage interest rate of Bank of America. So in the long run, the capital market can give a relatively high and stable return on investment. Of course, severe short-term shocks are always possible, and often every market collapse will be strongly reported, which will make the capital market demonized at some point. I personally disagree with this view. This is from the perspective of investors. From the perspective of investors, I basically believe that the capital market is also an effective channel to lead funds to potential enterprises. It should be said that American companies and all large multinational companies have made a lot of profits from this aspect."

Professor Jing nodded and said, "Let me summarize it for you. There are basically three points. Generally speaking, the capital market has more advantages than disadvantages. The future of China's capital market can refer to the past of other countries' capital markets. The beginning of the market will be supported by the government, so the risks are relatively controlled."

Jiang Zhihan nodded repeatedly, "You are concise and to the point, that's what you mean."
Chapter completed!