美国新政时期证券监管制度研究（1929-1945）

发布时间：2018-03-10 15:45

本文选题：证券监管　切入点：新政　出处：《吉林大学》2011年硕士论文　论文类型：学位论文

【摘要】：美国新政时期证券监管制度研究(1929-1945) 如果将美国证券市场的发展纳入到长时段的分析框架中进行考察,我们会发现它遵循的是一条“放任——管制——有条件的放任”的运行轨迹,本文所考察的时间段正是美国证券市场由自由放任向严格监管转变的关键时期。在这段时间内,大萧条的到来引发了原有的监管制度的广泛失灵以及新制度的逐步建立,并对美国证券市场乃至整个金融体系产生了深远的影响,因此,对此次制度变迁进行研究有助于我们加深对美国证券监管制度的理解和把握。本文共分三个部分。第一部分为背景阐述,以时间为顺序对1929年以前的证券监管实践进行纵向梳理。本章首先对美国证券市场的起源及发展进行简要论述,并分析了早期对证券业监管的尝试;随后本章论述了美国工业化对于证券市场的推动作用,并分别从政府管制和行业自律两个方面对该时期的监管制度进行了分析和考察;最后,以《蓝天法》的立法过程及影响为主线,探讨了19世纪末20世纪初的美国证券监管实践,并在结尾部分对本章进行总结性的概括分析。本文的第二部分在大量占有原始文献的基础上对百日新政时期的证券监管制度进行分析研究。首先,本章的开始论述了当时的历史条件和制度环境,即历史上著名的大萧条与皮科拉听证会对整个社会的影响,以及对此次制度变迁的重要意义;随后,对当时出台一系列法律法规进行简要介绍,并结合当时的历史背景对其意义、影响做出公允的评价;最后,本章的结尾部分利用新制度经济学的方法重新对百日新政时期证券监管制度的变迁进行分析和把握,并指出这一时期制度变迁的合理性。第三部分主要对证券监管制度变迁的演进和深化进行考察研究。本章可分为四个部分,首先分析了当时另一部重要的证券法律《1934年证券交易法》的内容及影响,随后又探讨了SEC的成立对当时证券市场的影响,并介绍了新政时期美国颁布的其它儿项重要立法的背景和意义。同时,本章又对该时期的证券业行自我监管转型的背景和意义做了简要论述;在最后的结尾部分,本文利用新制度经济学的制度变迁模型并结合前文,以长时段的视角对新政时期的证券监管制度进行全面的分析和评价。
[Abstract]:A study on the Securities Supervision system in the New deal period of America (1929-1945). If we look at the development of the United States stock market in a long-term analytical framework, we will find that it follows a "laissez-faire, regulatory, conditional laissez-faire" trajectory. The time period this paper examines is the key period of the transition from laissez-faire to strict regulation in the US securities market. During this period, the arrival of the Great Depression led to the widespread failure of the existing regulatory system and the gradual establishment of the new system. And it has a profound influence on the American securities market and even the whole financial system. Therefore, the study of the institutional changes will help us to understand and grasp the American securities regulatory system. This paper is divided into three parts. The first part is the background elaboration, taking the time as the order to carry on the longitudinal comb to the securities supervision practice before 1929. This chapter first briefly discusses the origin and the development of the American securities market. It also analyzes the early attempts to regulate the securities industry, then discusses the role of American industrialization in promoting the securities market, and analyzes and inspects the regulatory system in this period from the two aspects of government regulation and industry self-discipline. Finally, taking the legislative process and influence of Blue Sky Law as the main line, this paper discusses the practice of securities regulation in the United States from the end of 19th century to the beginning of 20th century, and makes a summary analysis of this chapter at the end of the chapter. The second part of this paper analyzes and studies the securities regulatory system in the New deal period on the basis of a large number of original documents. Firstly, the beginning of this chapter discusses the historical conditions and institutional environment at that time. That is, the impact of the historic Great Depression and the Pickola hearings on society as a whole and the significance of this institutional change; subsequently, a series of laws and regulations were introduced briefly at that time. Finally, the last part of this chapter uses the method of new institutional economics to re-analyze and grasp the changes of securities supervision system during the New deal period. It also points out the rationality of the institutional changes in this period. The third part mainly studies the evolution and deepening of the securities regulatory system. This chapter can be divided into four parts. Firstly, it analyzes the content and influence of another important securities law, the Securities Exchange Act of 1934. Then it discusses the impact of the establishment of SEC on the securities market at that time, and introduces the background and significance of other important legislation enacted by the United States during the New deal period. This chapter also briefly discusses the background and significance of the self-regulatory transformation of securities banks in this period. In the last part, this paper uses the institutional transition model of the new institutional economics and combines with the previous ones. This paper makes a comprehensive analysis and evaluation of the securities regulatory system in the New deal period from a long-term perspective.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：K712;F831.51

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