1920年代美国股市由繁荣到萧条的一次轮回

The Rise and Fall of the American Stock Market in the 1920s

一战成为美国国际地位发生变化的契机，此后的美利坚成了世界经济舞台上的主角，纽约开始取代伦敦成为最重要的国际金融市场。1920年代美国股市景气十足，迅速扩容的股市发生着根本性的变化，表现为企业融资模式发生改变，能发行股票的企业更加倚重于股市筹措资金；公众持股增多，股权更加分散；股市的参与机构增多，尤其是商业银行涉身投资银行业务。1929年10月纽约证券市场崩盘，大萧条接踵而至，美利坚民族陷入一场空前的经济灾变中。

After World War I the U. S. A. had been a major power in the world. During the 1920s the U.S.A. enjoyed the economy prosperity of itself while the New York Stock Market performed a perfect bull one. Under the surface of the prosperity, fundamental changes had been taken place in the securities market, which consisted of the change of the financing mode of the big enterprises, the spread of the shareholders, and the more institutions participant. So in October 1929, the New York Stock Market fell sharply and the Great Depression followed subsequently.