Study Of Contemporary Chinese Stock Market Development Thinking

This dissertation is a systematic survey and analysis of the thoughts of China's stock markets since 1978. It is from the historic perspective of economic thoughts.The dissertation divides the thoughts of the Chinese stock markets into two stages. The first stage, from 1978 to 1991, is the preliminary exploring period. At this stage, two problems concerning the thoughts of the stock markets were explored: the nature of the share-holding system and the establishment of the stock markets. The problems about the nature of the share-holding system consist of such problems as the nature of the share-holding system itself, of the dividend and bonus and of enterprise share, the necessity and feasibility of implementing share-holding system and the gradual establishment of the reform direction of the share-holding system, etc. The problems about the establishment of stock markets included the existence of speculation in stock markets, the nature of speculation and whether the implementation of the share-holding system would have an impact on bank deposit. The second stage, from 1991 to now, is the regulated development exploring period. At this stage, the nature and significance of share-holding system finally has been fully recognized. Share-holding system has witnessed widespread tentative implementation. The stock markets began to develop normatively. The major content of the thoughts of the stock markets is the regulation and development of the stock markets. It consists of the following aspects: supervision of the stock markets, operation and management patterns of bank and securities, efficiency research of the stock markets, unification of the stock markets, internationalization of the stock markets, circulation and reduction of the state-owned share and knowledge of over-speculation, etc.The dissertation reconsiders the thoughts of contemporary Chinese stock markets. The thought systems of contemporary Chinese stock markets show distinct features: phased, continuous, imitative and exploring development. In these systems there are also some theoretical flaws that cannot be neglected. For instance, the thoughts of the initial c'eveloping stage are heavily ideological; some thoughts do not accord with China's domestic situation; there is a lack of research over the institution of the stock markets and the thoughts of the stock market, and so on. Based on this, the dissertation attempts a prospect of the thoughts of contemporary Chinese stock markets.