1861—1914年俄国证券市场

发布时间：2018-02-24 14:44

本文关键词： 交易所证券市场有价证券经济发展　出处：《吉林大学》2016年博士论文　论文类型：学位论文

【摘要】：1861—1914年是俄国证券市场最重要的发展阶段。这一时期,俄国历经变革、战争以及现代化进程,社会与经济生活发生了重大改变。1861年,俄国面临战后经济危机,主权信用货币卢布贬值,汇率动荡、通货膨胀严重,国家内、外债高筑,财政收支严重失衡,俄国在国际资本市场主权信用受到空前挑战,此时的财政收支问题已不能简单地采用货币手段加以解决。俄国统治阶级认为实现国家工业现代化发展是解决俄国目前和未来一切经济政治问题的办法。随着大改革以及资本主义生产关系的确立,大规模的工业和铁路建设使俄国经济发展获得新的增长点。大改革后的俄国企业盛行股份制,发展和扩大生产需要大笔后续资金投入,证券交易所充分发挥职能作用,切实服务本国实体经济发展,成为重要的融资工具。圣彼得堡证券交易所日渐成长为世界最大的证券交易所之一,以其为代表的俄国证券市场,伴随着稳定、危机与繁荣的交替,从初级市场到高级市场,最终实现了螺旋式发展和飞跃。俄国政府首先利用税收政策阻止外国工业产品进入本国市场竞争,然后利用财政支出释放国家订单,利用国家信用担保国外投入资本收益,引进国外先进技术带动产业技术升级,拉动生产建设需求,推动国家经济建设。俄国经济建设资金主要来自财政支出投入资金、国外资本直接投入、以及外资对俄国证券资产的投入,资金主要流入俄国的工矿企业、民生产业、银行信贷等,几乎包含所有重要工商产业、行业部门。俄国政府一方面利用国家工商业政策营造资本投资收益的政策环境,另一方面担保清偿股票与债券,大为降低资本收益风险。因此,俄国的企业股权和债权资产在国内、国外证券市场上受到投资人的热捧,本币和外币汇兑交流日益频繁,卢布的市场信用得到提振。俄国证券交易所和证券市场不仅仅是国家财政融资的工具,更是传递资产价格信息的平台,也是稳定卢布汇率,维护主权信用的利器。当然在资本技术时代,金银不再是财富的唯一符号,而货币的价格是资产收益的体现。
[Abstract]:1861 1914 is the most important Russian securities market development stage. During this period, Russia experienced changes, war and the process of modernization, social and economic life has undergone major changes in.1861, Russia is facing post-war economic crisis, sovereign credit currency devaluation of the ruble exchange rate, volatility, inflation, national debt, serious. The imbalance of fiscal balance, Russia is an unprecedented challenge in the international capital market sovereign credit, fiscal problems at this time has not resolved simply by monetary means. The Russian ruling class to realize the industrial modernization of the country development is to solve the present and future all Russian economic and political problems. With the reform and the establishment of capitalist relations of production, large-scale industrial and railway construction of the Russian economic development a new growth point. After the reform of joint-stock enterprises in Russia, development And expand the sum of follow-up funding needs of production, stock exchange, give full play to their functions, and effectively serve the national economic development, has become an important means of financing. The St Petersburg stock exchange has been recognized as one of the world's largest stock exchange, which is the representative of the Russian stock market, with a stable, alternating crisis and prosperity, from the primary market to the senior market, finally realized the spiral development and leap forward. The Russian government first use of tax policy to prevent foreign industrial products to enter the domestic market competition, and then use the release of national fiscal expenditure order, the use of national credit guarantee foreign invested capital gains, the introduction of foreign advanced technology to promote the upgrading of industrial technology, boosting production and construction demand, promote the economic development of the country. Russian economic construction funds mainly from the financial expenditure of investment funds, foreign direct investment and capital. Foreign investment in the Russian securities assets, livelihood industry funds flowing into the main Russian industrial and mining enterprises, bank credit, etc., almost all the important industrial and commercial sectors, the Russian government policy environment. On one hand the use of national industrial policy to create capital investment income, on the other hand, guarantee repayment of stocks and bonds, to reduce capital gains risk. Therefore, the Russian corporate equity and debt assets in the domestic and foreign stock market being favorable for investors, currency and foreign currency exchange exchanges have become increasingly frequent, the ruble market credit have been sluggish. The Russian stock exchange and the securities market is not only the national fiscal financing tool, it is the transmission of asset price information platform, but also the stability of the ruble exchange rate, weapon maintenance of sovereign credit. Of course in the capital and technology era, gold is no longer the only symbol of wealth, and the currency is the price of the asset The embodiment of income.

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.51;K512.4

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