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The development of American capital market

2019-04-15 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- The development of American capital market,供大家参考学习,这篇论文讨论了美国资本市场的发展。美国的资本市场遵循了自下而上的发展模式,发展经历非常的曲折。在华尔街的早期历史中,由于政府对市场没有进行干预,所以市场在放任自流的发展模式下,它的发展不断出现危机,给社会带来了巨大的危害。在这个阶段,美国颁布了很多法律法规,并成立美国证监会,奠定现代资本市场的基本监管和法律框架,试图寻求政府和市场的平衡点。战后随着共同基金行业的快速发展,价值投资理念逐步形成,美国市场投机气氛逐步降低,走上了相对健康的发展道路。

American capital market,美国资本市场,assignment代写,paper代写,北美作业代写

The emergence of the American securities market was in the middle and late 18th century, and the formation of the American securities market in the real sense was the establishment of the New York stock exchange in 1811. During this period, due to the corruption of the us government, the stock market was seriously looted and manipulated. In this case, the us stock market was completely a speculative market. Moreover, during this period, the us government tried twice to set up a central bank, but failed. In addition, the idea of "the government with the least intervention is the good government" advocated by American business and the "survival of the fittest" advocated by Wall Street left small and medium-sized investors with no protection at all.

The second historical period of the American capital market was from 1886 to 1929. During this period, the stock market in the United States developed rapidly, but insider trading and manipulation still existed and were very serious. However, this did not hinder the development of the American economy. By the 1920s, the U.S. economy and stock market had entered their most prosperous period ever. Due to the lack of regulation by the us government, the rapid development of economy and stock market is accompanied by the serious problem of stock market panic. The result was the great depression of 1929. The panic in the us stock market aroused the concern of the us government on speculation and manipulation. In 1908, the Houston commission began to investigate the us stock market. The investigation report clearly pointed out the phenomenon of speculation and manipulation in the New York stock exchange, and the participants in the exchange were classified. But despite pointing out serious problems, the Houston committee is merely calling for self-discipline from participants, rather than suggesting that the U.S. government take drastic measures to govern because of the impact on Wall Street's trading rules.

The third historical period of American capital market is from 1929 to 1954. During this period, American stock market entered the stage of normative development. In 1929, the dow Jones industrial average peaked at 380, but after the great depression in 1929, it dropped to 42 in 1933, a drop of nearly 90%. In order to solve this problem, out of the woods, Roosevelt took office in 1993, the Roosevelt administration conducted a survey of Wall Street, to strengthen the regulation and intervention in the economy to Wall Street, formulated a series of reform measures, and in the new economic policy, make the economic and political life great change have taken place, the us stock market was restored and specifications. During this period, although these policies and measures were opposed by the interests of Wall Street, Roosevelt resolutely implemented these new policies and re-established the supervision system of the securities market. Manipulation and speculation were prohibited. The information disclosure of listed companies and the protection of investors were the themes of the supervision of Wall Street. In 1933, congress issued the securities act of 1933, which was the first national securities regulation in the United States. The banking act of 1933 separated commercial and investment banking, further strengthening the position of the federal reserve and establishing the deposit insurance system. The securities and exchange act of 1934 defines securities operation and fraud, which further regulates securities trading behaviors. The promulgation of the securities and exchange act also promotes the establishment of the securities and exchange commission. The banking act of 1935 required all Banks with more than $1 million in deposits to enter the federal reserve system. The maroni act of 1938 established the national association of securities dealers, which regulated over-the-counter trading.

The fourth historical period of American capital market is from 1954 to now. During this period, American stock market entered the modern investment era, and institutional investors developed rapidly. In 1958, for the first time in the history of American equities, the yield of long-term government bonds exceeded that of ordinary dividends. Since then, growth investment has become a mainstream investment philosophy. In addition to the above-mentioned main board market and the establishment of the American stock exchange, the second board market and the third board market of the United States have also been rapidly established.

Perfect multilevel capital market is the system foundation of American economy for a long time. The multi-level capital market system of the United States not only includes the main board market with the largest influence in the world, but also has the most prominent characteristics such as the standardized growth enterprise market and active over-the-counter trading.

The maroni act of 1938 required over-the-counter dealers to form the American securities association, or NASD. In 1971, NASDAQ, the growth enterprise market of the United States, was established. At the beginning of its establishment, because of its more relaxed listing requirements and convenient electronic quotation system, it was welcomed by small and medium-sized enterprises, especially high-tech enterprises, and formed two internal markets, namely, global market and small market. The global market targets high-capital enterprises, while the small market targets high-growth smes, among which high-tech enterprises account for a large proportion. Compared with the global market, the listing standards in the small market are relatively loose. It can not only raise funds for the further development of enterprises, but also provide a quick exit channel for venture capital. Unlike the New York stock exchange, which requires public companies, it values growth and long-term profitability. NASDAQ is growing so fast that it is now the world's second-largest market by volume, behind the New York stock exchange, and has surpassed the New York stock exchange in terms of volume, listings and market performance.

In order to meet the needs of market development, in 1990, NASDAQ set up an over-the-counter market, or OTCBB, in its system. The stocks in circulation are the shares of unlisted companies, so it is also known as the unlisted securities market. OTCBB operates independently and is directly regulated by the SEC and NASDAQ. OTCBB market model is the expansion and supplement of the second board market. Compared with the second board market, OTCBB market model is more oriented to small enterprises and more market-oriented, which can better reflect the market characteristics and promote the development of small enterprises in the start-up and growth stages. There is also a single pink market in the us that is lower than the QTCBB standard, as well as regional capital markets such as Midwest exchange and taiping exchange. Therefore, the multi-level capital market in the United States is very rich. Enterprises can trade and develop in the capital market of different levels regardless of their size and listing status.

American capital market follows the model of bottom-up development, and its development experience is also very tortuous. In the early history of Wall Street, with no securities laws or regulators, the market was rife with fraud and speculation, driven by a philosophy of government non-interference in the market. In the laissez-faire development model, the market can be "barbaric growth", but also will continue to appear crisis, to bring great harm to the society. Millions of people were displaced and dying in the crash of 1929 and the great depression that followed. One of the great aims of Roosevelt's New Deal was to remake Wall Street. At this stage, the United States promulgated the securities act, the securities exchange act, the investment company act, and other laws and regulations, and established the securities and exchange commission to lay a foundation for the basic supervision and legal framework of the modern capital market, trying to find a balance between the government and the market. After the war, with the rapid development of the mutual fund industry, the concept of value investment was gradually formed, and the speculative atmosphere in the American market was gradually reduced, leading to a relatively healthy development path. The financial crisis in 2008 was the second major crisis in the history of the development of American capital market. In a sense, excessive freedom also brought about the collapse of the market. After the crisis, the American financial reform act also tried to find the balance between the government and the market. Although there are disadvantages in this development model, the advantages outweigh the disadvantages. This bottom-up model promotes the establishment of the multi-level capital market in the United States, while compared with the multi-level capital market system established earlier by other countries in the region, it promotes and maintains the economic development of the United States in the forefront of the world.

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