本文選題：證券監(jiān)管　切入點：新政　出處：《吉林大學》2011年碩士論文　論文類型：學位論文

【摘要】：美國新政時期證券監(jiān)管制度研究(1929-1945) 如果將美國證券市場的發(fā)展納入到長時段的分析框架中進行考察,我們會發(fā)現(xiàn)它遵循的是一條“放任——管制——有條件的放任”的運行軌跡,本文所考察的時間段正是美國證券市場由自由放任向嚴格監(jiān)管轉(zhuǎn)變的關(guān)鍵時期。在這段時間內(nèi),大蕭條的到來引發(fā)了原有的監(jiān)管制度的廣泛失靈以及新制度的逐步建立,并對美國證券市場乃至整個金融體系產(chǎn)生了深遠的影響,因此,對此次制度變遷進行研究有助于我們加深對美國證券監(jiān)管制度的理解和把握。 本文共分三個部分。第一部分為背景闡述,以時間為順序?qū)?929年以前的證券監(jiān)管實踐進行縱向梳理。本章首先對美國證券市場的起源及發(fā)展進行簡要論述,并分析了早期對證券業(yè)監(jiān)管的嘗試;隨后本章論述了美國工業(yè)化對于證券市場的推動作用,并分別從政府管制和行業(yè)自律兩個方面對該時期的監(jiān)管制度進行了分析和考察;最后,以《藍天法》的立法過程及影響為主線,探討了19世紀末20世紀初的美國證券監(jiān)管實踐,并在結(jié)尾部分對本章進行總結(jié)性的概括分析。 本文的第二部分在大量占有原始文獻的基礎(chǔ)上對百日新政時期的證券監(jiān)管制度進行分析研究。首先,本章的開始論述了當時的歷史條件和制度環(huán)境,即歷史上著名的大蕭條與皮科拉聽證會對整個社會的影響,以及對此次制度變遷的重要意義;隨后,對當時出臺一系列法律法規(guī)進行簡要介紹,并結(jié)合當時的歷史背景對其意義、影響做出公允的評價;最后,本章的結(jié)尾部分利用新制度經(jīng)濟學的方法重新對百日新政時期證券監(jiān)管制度的變遷進行分析和把握,并指出這一時期制度變遷的合理性。 第三部分主要對證券監(jiān)管制度變遷的演進和深化進行考察研究。本章可分為四個部分,首先分析了當時另一部重要的證券法律《1934年證券交易法》的內(nèi)容及影響,隨后又探討了SEC的成立對當時證券市場的影響,并介紹了新政時期美國頒布的其它兒項重要立法的背景和意義。同時,本章又對該時期的證券業(yè)行自我監(jiān)管轉(zhuǎn)型的背景和意義做了簡要論述;在最后的結(jié)尾部分,本文利用新制度經(jīng)濟學的制度變遷模型并結(jié)合前文,以長時段的視角對新政時期的證券監(jiān)管制度進行全面的分析和評價。
[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.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2011
【分類號】：K712;F831.51

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