噺 (8) 壹 Chinese net ωωω.χ8.òм 哽噺繓赽捌 (1) Novel 説蛧

Li Xuan's thoughts are different from Chen Lifu and Xie Yiwei, so when Chen Lifu excitedly talked about his securities reform plan, once it is implemented, it will bring a major positive impact, and how good it will be for the imperial securities industry, Xie Yiwei on the side also occasionally interjected, from the perspective of a bystander, a traditional politician to say how good the reform plan is.

Li Xuan was pondering what impact the securities reform plan proposed by Chen Lifu would be brought about at this time, whether it would affect financial stability, whether it would affect social stability, and how much economic benefits it would bring, but Li Xuan didn't care much.

In fact, as a Li Xuan who has the soul of future generations, he knows better than anyone in the Tang Empire that the securities policy implemented in the Tang Empire today is extremely flawed.

Because Li Xuan, as a later generation, knows very well what a perfect securities industry should look like, even if he was not a practitioner in the financial industry in his previous life, but he has never eaten pork and seen a pig run, in the era of the information explosion, as long as you pay a little more attention to some financial news, occasionally Baidu, you can basically have a general understanding of the financial system of modern society.

The financial policies implemented by the Tang Empire today, including the securities policy, were formulated by Li Xuan with reference to the financial industry of later generations, and also took into account the reality of the Tang Empire.

Let's not mention the financial policy, just talk about the securities policy, the securities industry was formalized at the beginning, just because of the sudden outbreak of the gold mine crisis, Li Xuan at that time launched the relevant securities policy, the purpose is not to make the securities industry represented by securities companies an important supplement to the financial industry, but only as a temporary measure to alleviate the chaos of stock trading at that time.

This can be seen from the huge difference between the securities companies in the Tang Empire today and the securities companies in later generations.

In later generations, securities companies also had another name, that is, investment banks, which were mainly engaged in securities issuance, underwriting, trading, corporate mergers, reorganizations, and acquisitions. Venture capital, financing and other businesses.

The most famous representative of them should belong to Goldman Sachs.

The securities companies in the Tang Empire in this era are typically represented by the third securities company, their main business is basically concentrated in the trading of securities, issuance and underwriting are not their main business, in addition to personally participating in stock trading, but the number is not much, and corporate mergers and acquisitions are not even so.

To put it simply, the securities company in the Tang Dynasty is more often a fund company, absorbing investment funds for stock trading, and then earning fees and profits.

This also shows that the development of the securities industry in the Tang Empire is still very primitive.

At the same time, since the securities company is only a large fund company and is deeply involved in stock trading, it is easy and frequent to manipulate the stock market.

Now, the securities reform plan proposed by Chen Lifu is to block this chaos!

Chen Lifu's securities reform plan, in fact, is not too complicated, is to find out the many loopholes in the current securities trading, and then plug these loopholes.

At the same time, it is also beginning to guide the healthy development of the securities industry, such as the development of securities issuance and underwriting!

A securities company, what kind of stock trading, play stocks every day, issue bonds and underwrite bonds, play the company listing is the right way, participate in stock trading in the secondary market, that is the business of fund companies.

If there is no difference between the two, then the financial industry of the empire will not distinguish between fund companies and securities companies.

In today's imperial financial regulations, fund companies are fund companies, commercial banks are commercial banks, and securities companies are securities companies, but now, securities companies are basically no different from fund companies, and they have all become stock trading players.

That's not going to work!

In response to Chen Lifu's reform plan, Li Xuan was not able to judge the gains and losses for a while.

If only from the perspective of economic development, Chen Lifu's reform plan is in line with the process of financial development, but it is not in line with the current Tang Empire, but it has to be said separately.

Many successful experiences of later generations are not all able to move to the Tang Empire in this era, because the social background is completely different, at most it is just a reference or two.

Otherwise, Li Xuan would not have to try to reform slowly and little by little, and he would not be able to directly copy the political and economic system of later generations.

But Li Xuan can be sure that if he really doesn't change at all and directly copy, the Tang Empire will not be far from being finished!

After Chen Lifu finished his report with excitement, Li Xuan left this securities reform report, and he was going to summon people from the economics department of the Royal Institute of Technology to listen to their opinions.

Although the teachers and students of the Department of Economics of the Royal Institute of Technology studied many economic theories were written down by Li Xuan, they were after all indigenous to this era, and they had a more thorough understanding of the economy of this era, so they could better put forward some better economic suggestions for this era.

This is also the reason why Li Xuan knows a lot of knowledge in later generations, but he still greatly refers to their opinions when formulating economic policies, because Li Xuan does not need these economic policies to be good or not, but needs to know whether they are suitable or not.

This is also why the Royal Institute of Technology, as a typical science and engineering school that deals with research and invention all day long, has this economics department, which is a discipline that combines arts and sciences, because Li Xuan needs them!

That's what makes the Royal Institute of Technology's Department of Economics so special!

They don't invent, but they have a huge influence, and in recent years, many of the economic policies implemented by the empire have actually involved the economics department of the Royal Institute of Technology.

The most typical is the monetary system, the establishment of the monetary system and the subsequent monetary strategy of the Tang Empire are inseparable from the strategic planning of the Department of Economics.

The gold and silver standard system implemented by Datang today is the research result of the Department of Economics!

In the early years, the Tang Dynasty did not determine any silver standard or anything like that, and did not clarify the currency standard system, and only later began to issue silver coins and determined the silver standard system.

However, with the large import of silver, the Tang Dynasty successively raised the status of gold, and the most typical policy was to adopt a gold settlement system for overseas trade.

Subsequently, in the domestic bulk trade, the gold settlement system was also implemented one after another!

In this process, the floating exchange rate of gold, silver and copper coins adopted by the Tang Empire played a vital role!

Because of the fluctuating exchange rate and the use of the gold settlement system for overseas trade and bulk transactions, even though the influx of silver in recent years has caused a rapid depreciation of silver, it has not affected the financial stability of the empire too much.

Therefore, this has formed a relatively unique gold and silver double standard system in the Tang Empire, in the domestic economic order, especially in daily ordinary transactions, silver transactions are used, specifically silver coins, silver tickets are the mainstay, and copper coins, as an auxiliary currency, are also attached to silver coins.

However, in the case of bulk trade and overseas trade, although silver bills and silver coins were still used, they were denominated in gold, and the value of a batch of goods fluctuated according to the exchange rate of gold and silver.

At the same time, this kind of bulk trading and overseas trade is denominated in gold, which also indirectly affects domestic price changes!

To a certain extent, the Tang Empire already has a certain gold standard system!

However, in actual transactions, because the amount of gold is scarce, the use is very rare, and most of them are mainly silver and copper coins.

As a result, a relatively complex gold and silver dual-standard system was formed in the Tang Empire, but according to the monetary policy formulated by the Department of Economics, the current dual-standard system is only a transition, and it will slowly transition to the gold standard after the empire reserves enough gold.

The gold standard is the medium-term goal of the monetary policy of the Tang Empire, and as for the long-term goal, it is naturally the credit standard!

What is the credit standard, that is, it directly uses the credit of the Tang Empire as a guarantee to issue currency, and theoretically you can print as much as you want, as long as you don't collapse the economic order.

The credit standard is also the common monetary policy of modern countries in later generations.

Today's Tang Empire is naturally very far away from the credit standard, not to mention the credit standard, even if it is the gold standard, it is very far away.

From the implementation and implementation of monetary policy, the role played by the Department of Economics, then we can understand the influence of the Department of Economics, the Department of Economics of the Royal Institute of Technology, is the real economic think tank of the Son of Heaven, the Ministry of Finance and the Economic Department of the Hanlin Academy are not.

And now, Li Xuan called people from the Department of Economics over again and asked them their views on the securities industry, whether Chen Lifu's reform plan can be implemented, and what the consequences will be.

As the economic think tank of the Son of Heaven, it soon began to work!

They began their research, and then made a full report and submitted it to Li Xuan.

After Li Xuan read the report of the Department of Economics, although he still had some doubts about the views in the report, he still made up his mind!

He signed his name in Chen Lifu's securities reform plan, and it didn't take long for this securities reform plan to be sent to relevant agencies, including the Ministry of Law, the Ministry of Finance, the Ministry of Taxation, the Ministry of Commerce and other departments, and then each department will carry out its own work according to the reform plan.

The Ministry of Justice will formulate new securities laws, the Ministry of Commerce will adjust the registration and management of securities companies, and the Ministry of Taxation will also adjust the tax work of securities companies and other related industries.

A securities reform plan once again made Chen Lifu's name spread throughout Jinling, and even all over the world, no way, in this securities reform plan, Chen Lifu's name is written here.

I don't know how many people cursed Chen Lifu for this reform plan, this Chen Ren slaughtered and began to harm people again!

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