【英语财经】数据：中国股市散户“交易规模巨大” China equities absorb third of all global trade

Share trading by retail investors in mainland China during last year’s stock market bubble was so great it accounted for more than a third of the total amount of equities traded globally.

Annual data compiled by the World Federation of Exchanges, the trade association for the world’s bourses, also found that the frenzied buying and selling sent global equity volumes soaring 55 per cent to a record 27.3bn in 2015, surpassing the levels seen in the financial crisis. The total value of share trading rose 41 per cent to $114tn, the WFE added.

Of those totals, the number of trades in mainland China rose 186 per cent to 10.1bn while the value of share trading soared 218 per cent to $43tn.

The numbers underlined the depth of participation in the world’s most populous country last year.

With an immature institutional investment market and strict controls on investments from overseas, trading is dominated by retail investors, colloquially known as “aunties”, who are widely believed to sometimes rely on rumours, numerology or feng shui to make investment decisions.

They helped fuel a bubble that subsequently popped over the summer, when the Shanghai and Shenzhen exchanges lost a combined 45 per cent of their capitalisation over three months.

The Chinese authorities were forced to temporarily halt trading in hundreds of stocks while government and state-backed institutions also stepped in to stabilise the market during its collapse. The London-based association’s annual survey takes data from its 68-strong global membership, including the Shenzhen and Shanghai stock exchanges.

“Equity trading volumes were solid last year. The numbers show the importance of China in global capital markets and it’s an importance that is only likely to grow,” said Nandini Sukumar, chief executive of the WFE.

The soaring numbers offset an uneven year for share trading around the world.

The number of initial public offerings on global markets rose 5.6 per cent but the investment flows — as measured by the amount of capital raised — dropped 17 per cent to $202bn. The shortfall was particularly marked in the Americas, where investment flows fell nearly 60 per cent.

The first month of the new year has been equally tough, with no IPO in the US in January — the first time it has happened since 2009.

Volumes of exchange-traded derivatives rose 11.6 per cent, fuelled by increases in the number of commodity and currency futures and options around the world.

Trading in interest rate futures, used by investors for speculation and to hedge against exposures to currency moves, fell 5.2 per cent in the US. The decline came even as the market prepared for the Federal Reserve’s first increase in interest rates in nine years.

去年股市泡沫期间，中国内地散户的股票交易规模巨大，占全球股票交易总额的三分之一以上。

全球交易所的行业协会——世界交易所联合会(World Federation of Exchanges)汇编的年度数据还发现，中国内地疯狂的买入卖出使得2015年全球股票成交量飙升55%，至273亿笔的纪录高点，超过了金融危机时的水平。世界交易所联合会补充称，股票交易总额上涨41%，至114万亿美元。

在这些总数中，中国内地的股票成交量增长186%，至101亿笔，而股票交易额上涨218%，至43万亿美元。

这些数字突显了全球人口最多国家去年的股市参与度。

在机构投资市场不成熟、海外投资受到严格管制的情况下，股票交易由俗称“大妈”的散户主导。她们被广泛认为时不时地依靠谣言、命理学或是风水来作出投资决定。

她们助推了随后在去年夏天破裂的股市泡沫，上海和深圳交易所在去年夏天的3个月里共计蒸发了45%的市值。

中国当局被迫将数百只股票停盘，同时政府支持的机构也在股市暴跌期间进场以稳定股市。总部位于伦敦的世界交易所联合会所做的年度调查从全球68家成员采集数据，包括深圳证交所和上海证交所。

“去年的股票交易额是坚挺的。数据表明了中国在全球资本市场的重要性，而这种重要性只可能继续增加，”世界交易所联合会的首席执行官南迪尼?苏库马尔(Nandini Sukumar)称。

这些飙升的数据抵消了去年世界各地股票交易不均衡的情况。

全球市场首次公开发行(IPO)的数量增长了5.6%，但是投资流量——按筹资金额衡量——下滑了17%，至2020亿美元。这一下滑在美洲格外明显，那里的投资流量下滑了近60%。



新年第一个月同样艰难，美国市场没有一起IPO，这是2009年以来的第一次。

交易所交易衍生品的交易量增加了11.6%，这是全球范围内大宗商品与货币期货和期权产品数量增加的结果。



在美国，利率期货的交易量减少了5.2%。投资者利用利率期货进行投机，并针对利率变动进行对冲。利率期货交易减少的时候，市场正准备面对美联储在9年来的首次加息。

译者/何黎