What will happen if share ownership is permanently discouraged?

The abnormally high variability of share prices and recurrent equity market crises will in the end permanently discourage households and institutional investors from owning equities. What would be the consequences of this discouragement? A constantly very low valuation of equity markets; Hence a sharp increase in the cost of capital raised via listed shares , leading companies to no longer obtain financing via listed shares but be financed by unlisted shares (private equity, family capital) or debt.