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Establish initial stock and assumption of long-term capital market

Author: Wu Li From: www.yourpaper.net Posted: 2007-11-19 14:02:16 Read:
with the establishment of socialist market economic theory and financial system reform, establish and perfect has become one of the important tasks of the system of socialist market economy build long-term capital market.This review assumption is not long in Beijing and Tianjin stock and on the establishment of long-term capital market about the early years of the Republic, there may be some reference for today to cultivate long-term capital market.

One, the old Chinese stocks and stock exchange

China's first public offering of shares is between enterprises jointly by China Merchants Steamship company.Eighteen seventies, when the Westernization Movement had to establish military industry, the "strong demand not to be rich,", begin to initiate civil industry.In 1872, China Merchants, businessmen to jointly, second years to the articles of association of China Merchants Group, became the old China's first public offering of shares of joint-stock enterprises.After more than 10 years, because the profit of China Merchants and Kaiping Mining Bureau opened at the beginning is very abundant, and the atmosphere has been opened, and has more than 10 enterprises of public offering funds, the formation of the old China the first batch of government-private partnership or government-supervised and merchant-managed joint-stock enterprises.

China's first publicly traded stock agency, was established in 1882, "Shanghai buffer stock company", it is required to generate and development should be joint-stock enterprises and produce.In 1891, foreign business in China stock brokers association organization, dedicated to the sale of foreign stocks, in 1905, the Association for the restructuring of Shanghai office, in addition to foreign stocks, but also the sale of foreign companies in China's stock.

The old Chinese stock although issued earlier, is not too late to publicly listed, listed stock before the anti-Japanese war already amounted to more than 100 kinds, but to the eve of the national liberation, after several setbacks, the long-term fund market has not developed, on the contrary, the stock market and the stock exchange has become a financial speculation, for now the place, not only stock market is lack of effective regulation, and diplomatic easy is far greater than the inside trading.In 1948 August the Kuomintang currency reform, Shanghai, Tianjin command stock exchange closed, so far, the public stock market was canceled, stock trading and in private transactions.

The old Chinese stock market has not normal development, before the war was mainly due to the national capitalist enterprise development to the oppression of imperialism and feudalism, securities trading and steering bonds; after the outbreak of the war to the liberation, although the stock market had a brief period of prosperity, but as the national industry and Commerce have been seriously destroyed and the serious inflation, this boom is just an illusion, in fact the stock market has become a hotbed of speculation.After the victory of the Anti-Japanese War, in order to ease the stock market, the government set up the stock exchange in Shanghai, Tianjin, forming the legitimate public stock trading market.But there are two stock exchange time is not long, - because of hyperinflation it is not conducive to the Kuomintang government was closed.

Two, the new Chinese stock exchanges established

At the beginning of 1949 Tianjin after liberation, hand because the former Kuomintang long-term inflation and wartime economic policies led to legitimate business atrophy, rampant market speculation, on the other hand, because of the war of liberation of RMB is very unstable, so a large number of capital market will enter into Tianjin foreign currency, gold and silver, grain, cotton, stock market speculation, the results seriously disturbed the normal business, financial activities, causing confusion in the market.

In this case, Tianjin military control commission at the beginning of entering cities, in addition to crack down on gold and foreign exchange activities, also has to stop the securities trading activities.Because the stock trading is considered illegal activities, severely ban business sector, so this part of the social capital to the commodity market, thereby increasing the commodity market pressure, to stabilize prices, dredging work increases the difficulty of capital.At the same time, if allowed to hold stock and currency instability, so despite the public stock trading is forbidden, but it is difficult to eliminate the black market.Faced with this situation, Tianjin city junguanhui financial office that: for the securities trading, and the strict ban, as open to the public, in order to government regulation, absorbing some of the social capital, and reduce their impact on the commodity market; at the same time, open market, but also conducive to the stability of private industry and commerce are emotional, reassure them, arouse the active recovery and development of production.

The idea of Tianjin city junguanhui get North China finance and agree with the head office of the people's bank.After preparation, based on the received raw Tianjin city stock exchange bureaucratic capital, established Tianjin city stock exchange at the site, and was officially opened in June 1, 1949.Tianjin city stock exchange opened a total of agent 39', total capital of 84520000 yuan, average every 2160000 yuan, each agent is required to pay the equivalent exchange Yu Qixin cement company 50 trading unit value margin.The securities and exchange only stock enterprises, by the stock exchange before liberation from Tianjin Stock Exchange listed shares approved Qixin cement company, Kailuan coal mine company, Jiangnan Cement Company, Enterprise Inc, East Asia, woolen company, Yaohua Glass Company, water company, China department stores sell this crystal, Feng flour company, Yongxing ocean of paper Tianjin company, made pancreatic, Dan Hua match company and other 14 enterprises previously issued stock.

Stock exchange under the manager, deputy manager, set up business, finance, secretary department; business division consists of field service, calculation of two shares; financial department of accounting, delivery of two shares; Secretary Department documents, investigation, the three shares; and then adding the personnel security department.In 1950 May, the people's Bank of China has set up offices in exchange for the brokers, and clients savings deposit account.

In February 1, 1950, for the same reason, Beijing stock exchange also established business, stock for Stock Exchange listed shares in tianjin.

Tianjin Stock Exchange opened at the beginning, when countries follow strict rectification requirements of financial markets, the securities market management to implement the "floor leniently, OTC strictly" principle.The OTC strictly banned, the free trade, but the provisions of intraday price fluctuations more than if the closing line 20% the day before, the exchange may announce to stop trading, further consultations agreed price, in order to prevent the stock market fluctuations.The exchange also rule: no agent for price in the transaction "" (i.e. bid to understated the number, or offer to reported less); allow a broker advances to customers, but does not allow the dunnage (Securities).Exchange according to both the transaction amount of 1/10000 of six charges in August, up to 8/10000.In 1949 the exchange fee for 307245000 yuan, the daily average of 1786000 yuan (renminbi currency for at that time, the same below).

On 1949 September, brokerage, broker accepts customer deposits 300000000 Yuan, equivalent to the private bank, deposit 2%, advances 400000000 yuan, equivalent to the private bank, the loan of 3%.To October 15th, broker accepts deposits increased to 1000000000 yuan, 900000000 yuan respectively in advance, over the same period the private bank deposits of 5% village.In order to regulate the funds, in 1949 August, exchange and allow brokers to listed securities to private bank, mortgage, and allow private line Zhuang trading securities.To December, in order to stabilize the price fight with nationwide, stock exchange to further strengthen the broker management, regulations of the exchange can check at any time the broker account, strictly banned "bill", and the broker margin doubled, at the same time not to the final period, the broker may not dividing the dividend.

Tianjin city stock exchange opened in June 1st, the market is active, the stock market price fluctuation around.After the liberation of Shanghai in June 20th, Shen Hui open, Shanghai price fluctuations directly affect the Tianjin, with volatility in stock prices, trading more active.When the stock price fluctuation basis still before liberation and the same, which follow the change and price behind the price.In 1949 June the stock price is 100, to the end of the year only rose to 479.9, while the retail price index was 100 in June, to the end of the year is up to 1327.7.In addition, the stock market rose, is also behind the interest on deposits, such as opening new ash per unit of trading shares of the company June 7th closing quotation for 39500 yuan, 88500 yuan in August 31st, profit 124%, over the same period such as general deposit interest, and 5 yuan per 1000 yuan compounding, is due principal and interest 115299 yuan, profit of 166%.Because of the above reasons, and after the liberation of social capital and reduced from centralized to decentralized, so even if the exchange opened early stock market is active, the daily transaction number only about half before liberation.In 1949 the average daily turnover of 11 RMB million yuan, while the actual settlement amount daily average of 108000000 yuan, accounting for 9.8% of turnover
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