Stock Market Deepening Theory

On the basis of others' achievements, in the thesis I put forward the Deepening of the Negotiable Securities Market Theory, which is especially based on Marx's Socialized Production Theory and Ronald Mckinon and Edward Shaw's Financial Deepening Theory, Goldsmith's Financial Structure and Financial Development Concept, and Xu MingQi's Market Deepening Theory.The purpose of putting forward the argument is not to indicate the relationship between the Deepening of the Stock Market and the economic development, nor is it to explain the relationship between the Deepening of the Security Market and the Financial Reorganization, but to demonstrate the relationship between the Deepening of the Security Market and the Internationalization of the Security Market.The thesis firstly advances the intension and extension of the Deepening of the Security Market Concept. It is divided into three sections to expound: the expansion of the scale, the extension of the structure and the enhancement of the mechanism of the security market. The three sections of the Deepening of the Security Market are an organic entirety, which is a developing process without depending on the transferring of man's intention.Secondly, the thesis constructs the quota system of measuring the deepening degree of the security market, respectively analyzes the deepening degree from market scale, market structure and market mechanism. Besides, the quota system differentiates the stages of the security market according to the deepening degree.Thirdly, the extended section of the Deepening of the Security Market Theory expounds the dialectical relationship between the Deepening and Internalization of the Security Market. These two are both successively accumulating and developing dynamic processes. Their developments relate with their social economic relations, especially tightly relates with the constantly deepening of the credit relations. That is with the expansion of credit scales and with the complexity of credit relations together. The difference is that the Deepening of the Security Market is the basis and the reason of the Internalization of the Security Market, while the former is the result and manifestation of the later.Finally, the thesis makes an authentic proof research on China's own problem. By using the evaluation index of the Deepening degree of the Security Market, it makes an evaluation of the Deepening degree of China's security market and advances that China is at the primary stage of the deepening of the security market. The internalization of China's security market is restricted by the deepening degree of the security market, which is at primary stage, at the same time the internalization of the security market is outside driving force of the deepening of the security market. Since these two are related to each other, the internalization of China's security market should adhere to the developing strategy of "following in order, advancing step by steps and opening to the outside world gradually", follow the way of "advancing internalization of China's security market". The internalization process of China's security market should advance gradually.