The Virtual Capital And Securities Market Research

This paper expounds China抯 security market standardization and de~clopment. Movement status of fictitious capital. which is the transaction object in the security market. is the basis for the security market variation and development. Therefore. study on the security market standardization and development from the angle of fictitious capital is much more suitable. This paper consists ot?7 chapters. The first 3 chapters for the theories, the fourth chapter for the international security market inspection, the fifth chapter for China抯 domestic security market inspection, the sixth chapter for suggestions in polic~ for China抯 security market standardization, and the seventh chapter for the prospect ot China抯 future security market. The main contents are introduced as fellows: The first chapter provides study and inquir\ about the connotation ot tictitious capital and ts development of the present time. The so-called fictitious capital. actually the 損aper-made copy?of the present capital. is just the ownership certificate for gathering income. Therefore, fictitious capital can be understood to be the capital that is separated from the present capital. exists in the torm of valuable security, and can bring about certain income to its holders with existence of interest bearin~ capital. Separation from the present capital and the nature of interest bearinu is the essential characteristics of fictitious capital. Fictitious capital is closely related to credit system. Credit is value movement with consideration, and fictitious capital is based on emergence and de~elopment of credit system. furthermore. fictitious capital itselfl as a kind of direct transference tool of value, is also a kind of credit tool. Based on the ditierent natures of income resources. fictitious capital can be divided into 3 cateuories: corporate equity and corporate bond: government bond and asset security: and derivative security. The course of fictitious capital development is the course in which fictitious capital goes much farther and farther from the individual present capital. and more and more dependent on the whole social economy status. Fictitious capital is fetishistic. The second chapter discusses fictitious capital that is mutually affected with equity economy from the angle of fictitious capital and equity economy. On one hand, fictitious capital acts on equity economy, while share stocks and bonds are the credit tools for value transference. their functions are to help deposit be directly converted to investment so as to form present capital. At the same time. fictitious capital also plays a role in the social economy operation by promoting enterprise system conversion. preventing from any crisis, adjusting industrial structure, boosting economy increase and influencing national income allocation. On the other hand, fictitious capital depends on equity economy, as are mainly reflected in two aspects: enterprise quality forms the micro梕conomy foundation of fictitious capital, and the social economy structure forms its macro梕conomy foundation. The third chapter analyzes fictitious capital and its movement in security market from the angle of the relative independence of fictitious capital. Fictitious capital itself has no value, but it can bring future benefit to its holder, and the future benefit can be divided into expected and actually possible benefit. The benefit expectation of investors is the basic factor of price determination in security market, and speculation in secu...