On The Development Of Several Breakthrough In China's Stock Market Thought And Significance

This dissertation attempts to present an overview of the thought on stock markets since the mid-1900s to the present day. Based on several debates, it focuses on the analysis of the characteristics of different stages in the development of the Chinese stock markets and its impetus to the thought on the stock markets with a view to detect the evolutionary threads in the thought on the Chinese stock markets. My study reveals that the Chinese thought on stock markets displays unique characteristics both in itself and its evolution despite the obvious influences from the west. Ever since its genesis, the Chinese thought on stock markets has assumed different characteristics unique to each era. This dissertation, from the perspective of the history of economic thought, has systematically examined the thought breakthroughs brought about by debates on such events as the establishment of the stock markets in modern times, the restoration of the stock markets at the beginning of the reform, reflections upon the development of the stock markets triggered by Insides of the Funds, and the dilution of the state shares, and analyzed the impact of these thought breakthroughs on the development of the stock markets in different stages, the inherent relationship between these thought breakthroughs and their decisive role in the overall trend of the thought on the Chinese stock markets.The dissertation falls into six chapters. The first chapter serves as a brief introduction to the design and content of the dissertation through the analysis of the formation of the dissertation, its creativeness, thought implication, empirical relevance, approaches, scopes, organization and conclusion. The second chapter, which is a mainly summary of the necessity and the basis norms for the establishment of the joint-stock companies and stock markets at the beginning of the modern times, points out that the significance of the thought breakthroughs for the debates on the stock markets in this stage consists in the accomplishment of the Chinese thought on stock markets the initiatory stage, the establishment of the framework of the Chinesethought on stock markets and the trails it has broken in this respect. It maintains the modem China was in a thought conditioned to receive joint-stock economy and that the Chinese markets tended to be healthy at the beginning of its development. However, the preoccupation of the Chinese government at that time with treasure bonds rather than the development of the stock markets, along with the monopoly of the western powers on the financial sector, discouraged the positive stock markets thought from being put into effect. Hence, the Chinese stock markets, after its booming early years, suffered repeated frustrations in the frequent waves of speculation for lack of basic norms, resulting in slow progress in the construction of the stock markets at the time. The third chapter deals with the debates over the restoration of the stock markets at the beginning of the reform. Study of the debates in the period reveals that debates over the stock markets at that time bore marked ideological brands, with capitalism-versus-socialism argument taking greater part of stock market debates. This dissertation maintains that the debate, catalyzed by Deng Xiaoping's Southern Tour speech, established the generality of the capital market in socialist stage. It has redefined the stock markets in the socialist economy. This thought breakthrough has given immense impetus to the development of the stock markets. The fourth chapter, based on an analysis of the origin of the Insides of the Funds, has investigated and commented on the reflections that were instrumental in the development of the stock markets. It points out that the significance of the debate consists not only in shedding light on problems that have accumulated in the development of the stock markets, but in awakening the vigilance of the investing public, giving vigorous impetus to the regulatory efforts on the part of stock markets watchdog. The implication of t...