The earliest stock market in the world appeared in Holland at 1602. Because of the developed maritime trade in the Netherlands, a large amount of capital investment has been stimulated, resulting in the demand for stock issuance and trading. The first limited company was the Dutch East India Company. Because there was no complete stock circulation market and no independent stock exchange at that time, local businessmen could only carry out stock trading intermediary sporadically, and stock trading could only be mixed with condiments, grains and other commodities in Amsterdam's comprehensive exchange.
In the second half of the 17th century, the economic center moved to Britain, and the joint-stock company founded in Holland developed rapidly in London. In the Royal Exchange, the oldest exchange in London, the shares of Russian companies (established in 1553) and East India companies (established in 1600) are traded together with commodities. Because of the active trading, traders who buy and sell stocks on the Royal Exchange are independent and buy and sell in cafes in the city. 1773 In Jonathan Cafe in Chase Hutong, London, securities brokers formally organized the first stock exchange, which is the predecessor of today's London Stock Exchange. This is the embryonic form of modern stock market. 1802, the new building of London Stock Exchange was completed and opened. At that time, the securities traded on the exchange were mainly the shares of the Bank of England, Nanhai Company and East India Company.
The "South China Sea Bubble Event" is one of the most important events in the development history of British securities market. Nanhai Company was established in 17 1 1 year, and its business strategy is mainly to trade with the government in exchange for commercial privileges and obtain huge profits. At that time, Britain's war debt was 1 billion pounds. In order to cope with the bonds, Nanhai Company negotiated a bond restructuring plan with the British government, and Nanhai Company subscribed for government bonds with a total value of nearly 6,543,800,000 pounds. In return, the British government implemented a permanent tax rebate policy for the commodities such as wine, vinegar and cigarettes operated by Nanhai Company, and granted the trade monopoly right to Nanhai (namely South America).
17 19, the British government allowed the winning bonds to be converted into shares of Nanhai company. With the elimination of trade barriers in South America and the public's expectation of stock price rise, the bond conversion was promoted, which in turn led to the stock price rise. The following year, Nanhai Company promised to receive all the national debt, and as a transaction condition, the government repaid it to the company year by year. In order to stimulate the issuance of shares, Nanhai Company allows investors to purchase new shares by stages. When the British House of Commons passed the proposal to accept the transaction of Nanhai Company, the stock of Nanhai Company immediately jumped from 129 to 160. When the House of Lords also passed the bill, the share price rose to 390. Investors swarmed in, including more than half of senators, and even the king could not resist the temptation to subscribe for 654.38+ million pounds of shares. Due to the enthusiasm for buying, the stock is in short supply, so the price soared. By July, the price per share had soared to more than 1 1,000, an increase of 700% in half a year. Under the demonstration effect of the soaring stock price of Nanhai Company, 170 shares of more than 70 newly established joint-stock companies and all British companies have become the targets of speculation. For a time, the stock price soared, with an average increase of more than five times.
But at that time, the real performance of these companies was far from the expected return on investment, and the market price of the company's shares was completely out of touch with the actual business prospects of listed companies. 1720 In June, in order to stop the expansion of all kinds of "bubble companies", the British Parliament passed the "bubble bill", that is, the "law prohibiting speculative activities and fraudulent organizations". Since then, many companies have been dissolved, the public has begun to awaken, and the suspicion of some companies has gradually expanded to Nanhai Company. Since July, the share price of Nanhai has plummeted, and in February it fell to 124, thus the "south sea bubble" burst. The "south sea bubble" incident and the "Bubble Act" had a great influence on the development of the British stock market. In the next hundred years or so, stock issuance was restricted by this law, which made the British stock market almost stagnant and developed very slowly. This situation continued until the British industrial revolution.
/kloc-in the first half of the 0/8th century, with the deepening of the British industrial revolution, a large number of basic industries needed a lot of capital investment, which stimulated the company's stock issuance and trading, and the stock market began to become active gradually. During this period, due to the success of the industrial revolution, Britain became the earliest "world factory" in the world. In order to promote the export of industrial products, Britain developed textile and other industries at home while exporting capital overseas, and then developed heavy industry in1830-1840s. In this process, in order to strengthen the industrial base, the number of state-owned enterprises, banks, insurance companies and other companies began to increase sharply. The shares of Canal Company originally appeared in the form of joint-stock companies. Although little progress has been made in stock market cultivation, the stock of railway companies has formed a speculative upsurge in the whole country, which has triggered the upsurge of opening stock exchanges throughout the country for stock trading. 19 14 Before World War I, there were 22 local stock exchanges in Britain.
In 1950s, the London stock market quickly tilted towards overseas investment again. Due to the activities of the British-style securities company called MerchantBank, American railway bonds, Indian or Australian securities were widely added to the trading objects, thus taking a key step to establish London's position as a world financial center. By 19 14, 80% of the securities listed on the London Stock Exchange are overseas securities. Therefore, the growth of London is not so much due to domestic industrial capital as an expanding market for overseas capital.
In contrast, the securities market in the United States was first developed for the development of domestic industrial bases such as canals and railways. When it comes to the initial securities market in the United States, you may naturally think of Wall Street. In fact, the earliest securities market in the United States was in Philadelphia, Pennsylvania. At that time, Philadelphia was not only the political center of America, but also the financial center of America. Wall Street was founded around 1653, when Dutch colonists divided part of the southern part of Manhattan Island as a trading base. With the development of American colonial economy, Wall Street has gradually prospered, and there are more and more cafes where securities dealers gather. At first, businessmen gathered at street corners in the open air to buy and sell together. With the development of economy and the upsurge of investors, the trading volume of securities is increasing, especially the evening trading time. At the same time, the transaction price published in the newspaper fluctuated.
Due to the disorder of market transactions and competition, 1792, the 24 brokers with the largest trading volume at that time reached a formal agreement after secret negotiation, such as stopping unfair competition, trading securities only among 24 people, with a minimum handling fee of 0.25%, and meeting and trading under the buttonwood every day. This is the famous "buttonwood agreement". This became the earliest stock market in the United States, the predecessor of new york Stock Exchange. 18 17, these brokers adopted formal articles of association and named them "new york Stock Exchange", thus basically forming a centralized stock exchange market. 1863, "new york Stock Exchange" was renamed "new york Stock Exchange".
From 1820s to 1830s, the industrialization wave in the United States has brought new development opportunities to the securities industry. During this period, the development of land and water transportation became the central link of American economic development. In order to raise funds for roads, bridges and canals, the United States issued federal bonds, state government bonds, private enterprise bonds and stocks, which greatly increased the trading volume of the securities market. At that time, the most popular stock in the market was the stock of Erie Canal Company. The hot trading spot after the Canal fever is the railway stock fever. Mohawk hairstyle. Hudson Railway Company is the first listed railway stock, and its trading starts from 1830. After that, the listing volume of railway stocks continued to increase, which made the trading of the exchange more active. This situation continued until the stock price of 1837 plummeted, and Wall Street was in a very depressed state for the next five years or so.
During the period of 1842- 1853, the invention and construction of the telegraph, the gold rush in California, the economic expansion caused by the Mexican war and other factors once again awakened the economic vitality of the United States, and the securities market began to become active gradually. The securities it traded also gradually expanded from railway stocks to banking stocks, insurance stocks and canal stocks. , and the number and trading volume of stocks have increased substantially, and the number of securities trading intermediaries has also increased dramatically. 1865, with the end of the American civil war, the interrupted railway construction began to continue, and the economy began to achieve unprecedented development.
/kloc-during the 1920s, the rapid development of American economy stimulated the stock market to strengthen, and the United States entered the "flying twenties". From August of 192 1 to September of 1929, the Dow Jones index rose by 468%. At that time, people could carry out margin trading, that is, they could buy stocks with 10% margin trading. The prosperity of the stock market has greatly stimulated the number of margin trading. By the beginning of 65,438+0929,65,438+00, the total amount of brokerage loans surged to a peak of 6.8 billion US dollars, an increase of about 80% over the 3.8 billion US dollars of 65,438+0928.
1929 In July, the Federal Reserve raised the discount rate from 5% to 6%. At the same time, the American economy showed fatigue after reaching its peak in August, the wholesale price of commodities fell, and personal income and industrial output value began to stop growing. However, the market turned a blind eye to this. Finally, after more than a decade of bull market, US stocks turned down from 386. 1 on September 3rd to 1929 and 10 on October 29th. The biggest stock market crash in American history broke out, with a one-day drop of 18.5%, and the American stock market entered a long bear market. On June 30th 1932, the Dow Jones index fell to 4 1. Compared with before the stock market crash, the share price of American steel company dropped from $262 to $265,438+0, and that of General Motors dropped from $92 to $7.
In this stock market crash, thousands of people committed suicide by jumping off buildings. Irving, the most famous American economist in the early 20th century? Fisher lost millions of dollars in a few days, lost everything instantly, and was heavily in debt from then on until 1947 died in poverty. The stock market crash completely hit the confidence of investors. People's investment mentality can't be restored for a long time when they hear the stock change color. After the stock market crash, investors suffered heavy losses, their desire for consumption was greatly reduced, and the backlog of goods became more serious. At the same time, the stock market and banks were in crisis, enterprises could not find financing channels, and production was sluggish, which further aggravated the crisis of the stock market and banks and made the national economy worse. Because the United States occupies an important position in the world economy, its economic crisis triggered the Great Depression of the whole capitalist world: 50 million people were unemployed, countless people were displaced, hundreds of billions of dollars of wealth were wasted, production was stagnant, and all walks of life were dying.
After the new york stock market crash, the US Senate conducted an investigation on the stock market and found that there were serious manipulations, frauds and insider trading. The bank collapse tide of 1932 also exposed many problems in the financial field. From 65438 to 0933, the Roosevelt administration made a fundamental reform of the securities supervision system on the basis of drawing a painful lesson, established an effective legal-based supervision framework, restored investors' confidence in the stock market, and ensured the stable development of the securities market in the following decades, which was followed by many countries in the world. In this way, taking the 1929 stock market crash as an opportunity, a modern, scientific and effective financial system was born in the United States. After the great chaos and crash, the American stock market finally began to be rational, fair and transparent.
After that, stimulated by Roosevelt's New Deal and World War II, the American stock market gradually recovered and finally returned to the level before the crash of 1954. Since then, the American economy has continued to develop, the stock market has prospered and continued to rise, and several rounds of super bull market have lasted for more than ten years. Although it experienced the oil crisis of 1973, the stock crash of 1987, the global financial crisis of 1998, the bursting of the internet bubble in 2000, the terrorist attack of "91/kloc-0", the financial scandals of Enron and WorldCom, etc., the US securities market In recent years, with the continuous introduction of financial innovative products, the ability of investors to resolve market risks has been greatly improved; The low international interest rate has greatly increased the liquidity of funds; And the large-scale financial assets involved in asset reorganization have greatly stimulated the market, continuously enhanced the capital and attractiveness of the securities market, and promoted the vigorous development of the US securities market. After breaking through 10000, the Dow Jones index continued to make progress and has already broken through 13000.
Second, the development history of China's securities market
1978 The Third Plenary Session of the Eleventh Central Committee established the major policies of reform and opening up, and opened up a new situation of rapid economic development in China. With the rapid development of China's economy, China's contemporary securities market came into being to meet the needs of China's market economy. 198 1 year, the Ministry of Finance issued treasury bills for the first time, which opened the prelude to the new development of China's securities market in the new period.
In the 1980s, with the huge demand for social funds from the development of national economy, the state began the pilot work of shareholding system reform, and took the lead in Shanghai, Shenzhen and other places. After the reform and opening up, the first domestic stock-Shanghai Le Fei Audio was born in June 1984+0 1. On September 26th, 1986, the first securities company in new China, Jing 'an Securities Business Department of Shanghai Trust and Investment Company of China Industrial and Commercial Bank, announced its business. Since then, the domestic securities trading business, which was interrupted for more than 30 years, has been resumed, and the OTC trading of Shanghai stocks has started. During the period of 1988, Shenzhen Special Economic Zone tried to reform some enterprises into shareholding system, and selected five enterprises as the pilot of stock issuance and listing. Among them, Shenzhen Development Bank was a joint-stock bank reformed from several rural credit cooperatives in Shenzhen, which produced the first stock approved by the People's Bank of China. In the same year, Shenzhen Special Economic Zone Securities Company was established, and the over-the-counter trading of Shenzhen stocks began. At the same time, all parts of the country have begun to follow the example of Shanghai, Shenzhen and other places to carry out pilot joint-stock reform, and have set up securities companies or trading departments to conduct over-the-counter transactions and provide securities trading services.
Due to the strong demand of investors for stocks, trading is very active. However, the transactions at that time were primitive and extremely irregular, with no transaction records, no transaction confirmation system, no transfer and delivery mechanism, no transaction monitoring system and no information disclosure system. The market is extremely chaotic and disputes continue, so it is urgent to establish a standardized stock exchange as soon as possible. 1990, the State Council approved the development policy of Pudong New Area in Shanghai and agreed to set up a stock exchange in Shanghai. In June of the same year165438+1October, authorized by the State Council and approved by the People's Bank of China, the Shanghai Stock Exchange was formally established. The following year, namely 199 1 April, Shenzhen Stock Exchange was formally established with approval. After the establishment of the Shanghai and Shenzhen stock exchanges, locally issued stocks began to enter the market, that is, the so-called "old eight shares" in Shanghai and the "old five shares" in Shenzhen. After that, shares of companies issued in other parts of China began to be listed and traded on the Shanghai and Shenzhen stock exchanges, and domestic securities transactions began to be gradually standardized.
At the beginning, the Shanghai Stock Exchange supervised the trading price of stocks and strictly limited the fluctuation of stock trading to 1%. 199265438+1October 20th, Deng Xiaoping made a southern tour, which affirmed the pilot role of stocks and created a big market in the domestic securities market. Due to the shortage of stocks and the rapid rise of the market, the "wealth effect" brought by the stock market rise further stimulated investors' demand for stocks, so the state began to increase the stock supply and issue new shares in the form of issuing stock subscription certificates and lottery numbers, and the scale of Shanghai and Shenzhen stock markets began to expand rapidly. 1992 may 2 1 day, the Shanghai Stock Exchange fully liberalized its share price and conducted free bidding transactions. The market began to rise rapidly, and the Shanghai and Shenzhen stock markets rose by more than 200%.
1992 August 10 is an important day in the development history of China's securities market. At that time, with the encouragement of Deng Xiaoping's southern tour speech, the legal status of the China stock market was formally established, and the Shanghai and Shenzhen stock markets came out of a magnificent bull market, in which the Shenzhen stock market rose more than twice, and the stock supply was in short supply. In order to stabilize the stock price and increase the supply, Shenzhen announced the issuance of 500 million public shares on August 7th, and sold 5 million lottery tables that year, with a winning rate of 10%. Each lottery table can buy 1 0,000 shares. But at that time, the market enthusiasm was extremely high and the stock demand was huge. 500 million shares is undoubtedly a drop in the bucket, so there have been millions of people vying for the lottery table, and it has triggered the behavior of insiders secretly buying subscription cards. As a result, most people went to the city government to demonstrate because they didn't buy a lottery platform, which triggered the "8? 10 event ". The outbreak of this incident shocked the top level of the country, aroused concerns about social stability, and aroused public investors' concerns about the existence and abolition of the securities market, which led to a deep plunge in the Shanghai and Shenzhen stock markets, and the Shanghai stock market plunged more than 400 points in three days.
The "327 National Debt Incident" is another major historical event in China stock market. From 65438 to 0993, in order to curb economic overheating and inflation, the state began to carry out macro-control, the Shanghai and Shenzhen stock markets began to fall repeatedly, and investors' attention began to shift to the treasury bond futures market. Treasury bond futures market was established by Shanghai Stock Exchange in 1992 and 65438+February. At first, only some brokers were allowed to trade on their own. 199310125 October, the Shanghai Stock Exchange opened the treasury bond futures trading to individual investors, and the treasury bond futures trading became increasingly active. By the autumn of 1994, the policy environment for the development of treasury bonds futures had undergone major changes. Facing the double-digit inflation rate, the central bank introduced the subsidy policy of saving value, and the fixed interest rate of national debt also became a floating interest rate. The price fluctuation of treasury bonds futures increased, and investors from all over the country flocked to it, and the transaction volume was obviously enlarged. The settlement margin of exchange treasury bonds futures is as high as1400 million yuan. At the same time, the management of the Shanghai Stock Exchange lacks sufficient understanding of the risk expansion after the changes in the economic and policy environment and has not made corresponding adjustments. Finally,1February 1995, the "327 Treasury bond futures incident" occurred.
"327" is the code name of the 3-year national debt issued by 1992. When the 24 billion yuan 327 national debt matures in June, its coupon interest of 9.5% plus the interest rate of the value-added subsidy shall be paid to 100 yuan bond. However, the price of "327" national debt has been fluctuating around 148 yuan, because the market thinks that the return of "327" is too low compared with the bank savings deposit rate of 12.24% in the same period, and the Ministry of Finance may raise interest rates and pay at the face value of 148 yuan. 1995 On February 23rd, the Ministry of Finance announced the news that the interest rate of "327" national debt was raised, and many parties seized this opportunity to force the air. At that time, after the closing failure of 148.5, the main short seller Wanguo overdrawn in the last 8 minutes of trading, and directly closed at 147.5 yuan with 7 million empty orders worth 140 billion. The contract price of "327 Treasury bonds" plummeted in 3.8 yuan, and all the short positions opened on that day were broken. In the end, the Shanghai Stock Exchange announced that the last 8 minutes of the day's trading were invalid. After the "327 national debt" incident, the national debt futures market is still in turmoil. On May 17, the CSRC suspended the pilot trading of treasury bonds futures.
Carrying out treasury bond futures trading is an important pioneering attempt to innovate financial derivatives in China, which greatly improves the position of treasury bonds in the eyes of investors, promotes the development of China's treasury bond market, and changes the situation that treasury bonds were ignored in the past. Although this innovation ended in failure, as the first experiment of financial derivatives innovation in China, it provided us with important research samples, and also provided a good reference for how to control risks when developing financial derivatives innovation business in the future.
At the same time, during the period of 1994- 1995, the state took various political and economic measures to fight inflation and achieved important results. By the second half of 1995, the price gradually stabilized and gradually fell back to the normal level. The market began to expect that macro-control would come to an end, and the central bank would take measures such as cutting interest rates to stimulate economic development, so the Shanghai and Shenzhen stock markets began to recover in the second quarter of 1996. By the middle of 65438+February, the Shanghai and Shenzhen stock markets had risen by more than 300% in nine months, which was amazing. Worried that the rapid rise of the stock market will impact the real economy and endanger social security and stability, People's Daily published a special commentator's article entitled "Correctly Understanding the Current Stock Market" on February 14, criticizing the serious phenomenon of excessive speculation in the stock market. At the same time, the Shanghai and Shenzhen stock exchanges began to impose price limits, which led to a sharp drop in the Shanghai and Shenzhen stock markets and heavy losses for some speculators. After that, the stock began to rise and fall again and again.
On June 4th, 20001year, the State Council issued the management measures of reducing state-owned shares to raise social security funds, which caused investors to worry about the internal structural defects such as the split share structure in the stock market, thus leading to a stock market decline and ending the five-year bull market. In the following four years, the Shanghai and Shenzhen stock markets entered a long and arduous course. Affected by many unfavorable factors, such as the decline of business performance, misappropriation of funds by major shareholders or actual controllers, and even infringement of the interests of listed companies, and non-tradable shares, the Shanghai Composite Index once broke through the integer mark of 1 1,000 points, and the share prices of some companies fell sharply to less than one tenth of the previous highs, and the securities market was extremely depressed, which greatly damaged the investment and financing functions. The confidence of some investors has been severely hit, and investors even shouted the slogan of "stay away from drugs and the stock market", and the basic functions of investment and financing in the securities market have almost been lost.
In this case, in order to promote the healthy development of the securities market, the State Council issued "Several Opinions on Promoting the Reform, Opening-up and Stable Development of the Capital Market" to vigorously develop the capital market. In May, 2005, after comprehensive discussion and extensive argumentation, the share-trading reform was finally launched in an all-round way. Sany Heavy Industry and Tsinghua Tongfang were included in the first batch of share reform pilots. Under the influence of a series of favorable factors, such as the consideration of share reform, the CSRC's strengthening supervision of listed companies' debt repayment, the surplus of trade funds leading to excess liquidity, the appreciation of RMB, and the improvement of listed companies' performance, China securities market began to enter a new round of bull market. As of May 2007, the cumulative increase in Shanghai and Shenzhen stock markets has reached more than 300%, and some stocks have increased by more than 10 times. Some stocks that lack performance support have risen sharply under the stimulation of so-called overall listing, asset injection and restructuring, and the increase is amazing. Because the short-term increase is too large, the securities market has accumulated great risks. Investors should pay attention to taking preventive measures and not blindly chasing up and down to avoid economic losses. In the long run, as China is an emerging market with great economic development potential, the development prospect of the securities market is very broad.
Looking at the development history of domestic and foreign securities markets, we can draw three conclusions. First, in the development of the securities market, prosperity and crisis always go hand in hand, and the ups and downs of the market always go hand in hand. There is neither a market that only rises nor falls, nor a market that only falls. Second, although there are many twists and turns, the overall trend of the development of the securities market is healthy and upward. "The future is bright and the road is tortuous." Therefore, in the long run, only those investors who firmly hold the stocks of companies with long-term investment value can make profits and become the ultimate winners in the market. Third, every great economic development and prosperity will bring great development and prosperity to the securities market. America's flying twenties created a ten-year bull market for 1920- 1929, and also laid the foundation for the market crash of 1929. After World War II, the rapid development of the world economy created a bull market in the United States for 20 years, which also led to the oil crisis and stock market crisis of 1973. At present, China's economy has experienced rapid growth for more than 20 years since the reform and opening up, so it is not surprising that China's securities market has emerged from this bull market. However, investors should not take it lightly, and should always pay attention to preventing risks.