Stock confusion: melancholy thoughts on China's stock market in the past century - 快三平台彩票
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Stock confusion: melancholy thoughts on China's stock market in the past century

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  • In 1930, Shanghai Wanguo Sports Association stock.

    \ [0} Shanghai ship Merchants Group.

    The stock market once existed in China's important places for more than 70 years. Later, it was abolished, and it was not restored until the 1990s. \

    There are three parts in the content of Guhuo. They are: the period of Westernization Movement in the late Qing Dynasty, the period of the national authorities and the contemporary period. Many of the materials are from the historical archives of the collection, which is the first systematic introduction to the readers. The author has written the history of the British stock bubble. He thinks that the speculation in this market is contrary. It is due to human greed and shortsightedness. He tried to refocus on the development of China's stock market from a global perspective. This effort is valuable.

    This book deeply depicts the internal relationship between the stock market disaster and human greed, which is worthy of investors' Retrospection and vigilance; and the institutional and cultural issues left in previous stock market disasters are worthy of proper supervision and experts' study and reference.

    Stock market crisis in late Qing Dynasty

    When the stock market hit China with the tide of industrialization, the late Qing Dynasty was still a thoroughly agricultural society. The social class order of \

    Shanghai, where China Merchants are mixed with foreign countries, has given China Merchants an opportunity to raise funds from the stock market. This can be the gene that China merchants can survive a century without falling. At that time, the state-owned enterprises connected with China Merchants Group were Fujian Shipping Administration Bureau, which was purely state-owned and operated by local authorities. In the end, it could not be maintained, and the ships were transferred to China Merchants Group for operation. With the help of the new commercial form of new joint-stock company and the capital market, it took only five years for China Merchants to defeat the foreign shipping companies that monopolized the Shanghai beach at that time to play tricks and formulas and become the new shipping overlord. Looking back on the capital operation process of China Merchants Group at that time, we can see that now we are particularly familiar with the fast three game formula, such as private equity and preferred stock. China Merchants Group is more like a generation of assimilating economy. The official agent is only Li Hongzhang, who does not engage in detailed management. It is very similar to the chairman of a joint-stock company, but the representative of the election of major shareholders is connected with the contemporary era The board of directors of an enterprise is responsible for the main business strategy and project bidding, and the detailed business activities are in the full responsibility of the manager.

    The valuable part of

    's book is a detailed account of the burst of rubber stock bubble burst in 1910. This event is strongly linked to the famous 1720 stock market bubble in the South China Sea. In 1883, for the first time in the stock market, 20 years after the danger, people forgot the last time that the bank was closed, the real estate speculation bubble burst, and a lot of assets were suck up by blood washing. The author regards this incident as the fuse that triggered the road protection action in Sichuan and the revolution of 1911. The collapse of the rubber stock bubble has triggered a systemic financial risk. The Qing authorities had to take measures to rescue the market. This is probably the first time that the authorities have saved the market in China's history.

    The main reason why the authorities have to rescue the market is that the local authorities have to borrow money from foreign banks, and the first to rescue the big banks related to official deposits. At the beginning, the situation was controlled, but because the foreign countries won the support of the central finance, the previous achievements were abandoned in the end. The closure of large-scale major financial institutions extended to all parts of the country, triggered a financial tsunami across the country, and then spread to the real economy. A large number of industrial and industrial enterprises were closed down, endangering the overall basis of the Qing authorities.

    At that time, the deposits suffered significant losses, including the Sichuan Han railway company, which was mainly held by a large number of minduo shares. The shareholders of chuanhan railway not only received economic compensation from other countries, but also were forced to nationalize their shares in Pingshe, which led to the road protection action. The Xinhai Revolution broke out in Wuhan when the new army of Hubei entered Sichuan to suppress the road protection action. This is the first time that the author has read the detailed description of the history of the stock market in the late Qing Dynasty. Before that, it was really strange in words. The narration in this book fills a gap.

    The dream of going to business offices by speculation in the Republic of China

    Then history entered a new stage, which the author called \

    This chaos is also reflected in the re establishment of securities offices. Shanghai, which was the first to set up the securities and articles business office, was officially approved to operate in 1920 after nearly ten years of setbacks. At that time, China also had two business offices. In 1918, according to the Anglo American joint stock company model, the Beijing stock exchange was established, two years earlier than Shanghai. After the end of the first World War, the economic downturn made a large amount of money flow into the market, speculation habits showed, and Shanghai showed a wave of business opening.

    The data given in the book is that in 1921, there were 90 business offices in Shanghai, and 36 more in November. Before the end of the year, the total number of business offices was as high as 136 (only 10 with the official permission). 69 of them were able to operate stocks, and even showed some of the 24 branches which continued their business in their infancy. Some readers can still remember that in 2010, it was the first place to go through business offices, and in 2012, it was the first to liquidate nearly 300 business offices in various industries. History is always repeated.

    In the

    book, the most important concern in the history of the Republic of China stock market is the collapse of the \

    Through the first two one-sided historical review of the stock market puzzle, we can not draw a conclusion that the main driving force of the stock market is Yuru's fluctuating funds, and the other is the rising wealth creating effect, which leads to group speculation. The boom and disillusionment cycle of the stock market at this stage occurred in Shanghai. Shanghai's concession and its safe haven status during the period of social prosperity enabled it to attract hot money from all over the country, which was the key factor for Shanghai to become the national financial center.

    Another factor contributing to the stock market bubble in

    is inflation and real economic depression. This factor must rely on the \

    How to avoid \

    In 1949, Shanghai abolished its securities offices, and a large number of wealthy people from Shanghai and Zhejiang came to Hong Kong with money to escape the war. Hong Kong's financial status gradually improved. The author finds that the \

    Hong Kong's large-scale stock market crash in 1973 is the most extraneous. Later, the TV series \

    The last chapter of the book is \

    Although it seems that there are many unsatisfactory aspects in the development of A-shares, we can see more rapid growth through the long-range lens of history. At a time when the US stock market plummeted in 1984 and the Hong Kong stock market was booming, the Chinese authorities arbitrarily took off to protect the Hong Kong stock market. This attack has accumulated experience for repelling the attacks of international giants on Hong Kong's foreign exchange and Hong Kong stocks in 1997. The question of whether there is a proper development of the central financial system is a natural one.

    We can see that the shares of foreign companies established in accordance with Anglo American law were greatly affected by the stock market crash in 1883 and 1921

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