马克思证券市场理论新论

A New Theory on Marx’s Theory of the Security Market

19世纪中后期是证券市场蓬勃发展的时期,尤其随着铁路股票和工业股票的勃兴,证券市场发生巨变,在经济社会生活中扮演的角色日益重要,与此同时证券市场又将资本主义制度的弊端和问题淋漓尽致地暴露出来。马克思卓越的证券市场理论正是基于19世纪中后期证券市场的生动实践提出来的。本文着重从马克思对虚拟资本及证券市场投机性、对股灾、对公司治理与欺诈、对证券市场与财富再分配的认识,以及对证券市场的历史考察等方面,分析马克思对证券市场本质和运行规律的透视,从中得到对现实有益的指导和启示。

The middle and late 19th centuries saw the booming period of security market. Es- pecially, with the rise of railroad stocks and industrial stocks, the security market changed severely, which played an increasingly important role in economic and social life. At the same time, the disadvantages and problems of the capitalist system exposed most incisively in the stock market. Based on the vivid practice of the security market in the middle and late 19th Centuries, Marx＇s excellent security market theory was proposed. This paper focuses on the understanding of Marx on fictitious capital and speculation of security market, the stock market crash, corporation governance and fraud, the security market and the redistribution of wealth, and the history investigation of stock market. Besides, the perspective of Marx on the essence of the security market and the operation rules is analyzed, leading to guidance and inspiration which benefits for reality.