"It is a new and good way to raise funds. If you wanted to raise funds in the past, in addition to asking acquaintances to raise funds or forming a partnership, you could only go to a bank or bank for a loan."
"But it is simply impossible to raise huge funds of tens of millions of taels."
"Now through this method, it is equivalent to raising funds from the people of the entire Ming Dynasty. Let alone 10 million taels, it is possible to raise even 100 million taels of silver."
Li Dongyang thought for a while and couldn't help but nod. He was deeply impressed by Liu Jin for being able to come up with such a method.
"But it is also necessary to come in and strictly monitor, otherwise the funds raised will be misappropriated, and if it is empty, many people's hard-earned money will be wasted."
Emperor Hongzhi thought for a while and said very solemnly.
He cared very much about the people, and he immediately realized that although this method was very convenient to raise funds, it was indeed conducive to running some large projects and providing impetus for the development of capital.
But similarly, if there is a lack of control, some people will definitely use this method to get rich overnight. The money is raised, but it is transferred to personal pockets, resulting in heavy losses for ordinary people.
"That's true~"
“So I believe that if funds are raised through this method, strict monitoring must be carried out, and a special stock exchange must be established to control all commercial banks listed on the stock exchange, supervise the use and flow of funds, and monitor earnings.
, regular dividends are distributed to fully guarantee the interests of investors.”
Liu Jin also nodded solemnly. The stock market in later generations was more strict in reviewing listing qualifications, but there were still many loopholes, so that everyone wanted to list their old money.
"This method is possible, but strict rules and regulations must be formulated to fully protect the interests of investors!"
Emperor Hongzhi nodded and said.
It must be done. An Egyptian canal is a trivial matter. A project worth tens of millions of taels can still be done by Ming Dynasty. However, there may be more big projects and projects in the future, which requires a large-scale project.
Methods and channels for raising funds.
The stock system Liu Jin mentioned is obviously a good idea.
"Yes~"
Liu Jin quickly nodded in agreement.
I also laughed in my heart. If this thing can be done, then the development of Ming Dynasty will become even faster in the future.
Things like stocks are actually created by capitalists. They need funds, but borrowing from banks and private individuals requires interest. By using stocks, you can use other people's money to do things without paying any interest.
Once stocks are created, Ming capitalists who want to expand their industries will have fewer restrictions on capital.
This will greatly promote the development and expansion of Ming's capital, thereby promoting Ming's development towards capitalism.
"The Egyptian canal can be built in this way, and then the railway construction can be done in the same way. Railway construction is also a big project and requires a lot of investment."
Liu Jin thought about railways. As the research on steam locomotives came to an end, Liu Jin estimated that it would be almost time to start building the first railway in the Ming Dynasty in the 17th year of Hongzhi.
The scale of investment in railways is very large. In later generations, the construction of a railway often cost tens of billions or hundreds of billions. In addition to using the country's multiple resources to complete such huge funds, raising funds through stocks is also a good way.
Method.
In addition, the construction of Daming Highway also requires very large funds.
Although the imperial court is also building roads on a large scale, due to time constraints, there are still very few roads in the Ming Dynasty. There are only a few roads connecting north and south, and east and west. In other places, most places are still yellow mud roads.
Compared with the huge infrastructure construction of later generations, the current infrastructure construction of Ming Dynasty can only be said to be drizzle, and it has not even reached a certain level. There will be extremely huge infrastructure demand in the future.
Moreover, the Ming Dynasty has a huge territory, not only the two capitals and thirteen provinces in the country, but also a much wider area. It is estimated that the infrastructure construction will not be a problem for two to three hundred years.
Railways, highways, ports, bridges, reservoirs, canals, etc. Considering the huge territory of the Ming Dynasty, Liu Jin estimated that this infrastructure construction would not stop in the coming centuries.
After the morning session, Liu Jin returned home and began to write out the relevant rules and regulations for securities trading in detail.
Naturally, most of them still have to refer to the securities trading systems of later generations, but they also need to make certain modifications based on the current situation of the Ming Dynasty, and finally formulate a system that meets the current situation of the Ming Dynasty.
Of course, the more important thing is to find ways to ensure the supervision and use of funds. This is the thing that Emperor Hongzhi is most concerned about, because it is related to the vital interests of investors.
Once the stock system is established, there may not be many people investing at first, but as time goes by, more and more people will be involved, and the funds involved will become larger and larger.
It will definitely not work without a perfect and reasonable system.
Therefore, we must learn from the experiences and lessons of future generations, and we cannot allow some people to raise funds through the stock market and then put the funds into their own pockets and get away with other people's hard-earned money.
Biting the tip of his pen, Liu Jin thought hard, writing and revising on the paper, and worked out a system of rules and regulations.
The next day, in the study room of the Qianqing Palace, Emperor Hongzhi carefully looked at the memorial submitted by Liu Jin, thinking carefully while reading it.
Liu Jin is really lazy, but his efficiency in doing things is surprisingly high. What he just mentioned yesterday, he did it today, and looking at this thick memorial, it is obvious that Liu Jin has worked hard.
I worked hard and wrote down all the rules and regulations in detail.
Even if you look closely at this memorial, it looks like a law, divided into detailed general outlines and western outlines. It is very detailed and very complete.
"It's very well written and very detailed. I think it's pretty good."
"However, some of the penalties here for misappropriating funds from listed commercial banks, enriching one's own pockets, emptying commercial firms, and harming the public and enriching private interests are still too light."
"All the property of these people should be confiscated, the entire family should be exiled, those who exceed a certain amount should be beheaded, and everything eaten should be vomited out."
Emperor Hongzhi read it carefully, passed the memorial to others, and at the same time thought about it and said.
The system formulated by Liu Jin with reference to the stock system of later generations is naturally very complete. It fully considers and guarantees the interests of all parties, the interests of major shareholders, and the interests of small shareholders. It also separates equity and management rights and implements the shareholders' meeting of commercial banks.
system.
These systems have fully taken into account all aspects of capital operation, the use of funds, the distribution of income and other aspects.
However, in terms of the punishment system, Emperor Hongzhi felt that it was too clear and must be made heavier, so that those who want to harm the public and enrich themselves and enrich their own pockets would know to be afraid.
"What your Majesty said is true~"
"The penalties here are indeed too clear. The funds involved in commercial banks that raise funds publicly are very huge, and they are all major projects related to national affairs. They must not be sloppy or careless."
"These funds are all raised from the hands of ordinary people, and they are related to the wealth of thousands of ordinary people. Naturally, we must be strict."
After reading it, Liu Jian solemnly nodded in agreement.
"The system is very complete and detailed. There is nothing to add."
"What your Majesty said is very reasonable. If the punishment is too strict, someone will definitely take the risk and use the funds of the trading company to make profits for themselves."
Li Dongyang also nodded and said.
"..."
After Liu Jin heard this, he couldn't help but laugh in his heart.
In later generations, there are countless jokes about listed companies in the stock market. For example, a listed company cannot afford to buy one with its annual profits, and there are also listed companies that deliberately fail to disclose information and are fined tens of thousands of yuan.
There are also cases where major shareholders of listed companies make money through listing, then transfer the company's assets, turning the company into an empty shell, and are eventually fined hundreds of thousands of dollars.
When seeing this information, future generations of stock investors will probably burst into tears. The punishment is too light, and many people went abroad to live a happy life after making money in China, leaving a lot of chicken feathers for stock investors.
Therefore, Liu Jin also referred to this system and wrote very light punishments.
The result came out. Both Emperor Hongzhi and the ministers in the court felt that this punishment was too light and demanded a more severe punishment system.
"I'm afraid they haven't tasted the benefits of going public to make money~"
Liu Jin could only explain it this way.
For Emperor Hongzhi, Liu Jian, and Li Dongyang, all this is still unfamiliar. One concept in their minds is to ensure the interests of investors. As for other things, they probably haven't thought too much about it for the time being.
If they had tasted the sweetness and knew how convenient and fast it is to make money by going public, and that selling stocks makes more money than selling products, I'm afraid they might not say this.
Of course, it is possible that they will still be like this, after all, times are different.
The people of the Ming Dynasty in this era still had their own pride, and they had to pay attention to credibility in everything they did. Only Liu Jin himself knew many business firms in the Ming Dynasty, even the Zhang's Trading Company founded by the two brothers Zhang Heling and Zhang Yanling, which had the worst reputation.
They are all about credibility. In many cases, even if it is not written in black and white, everything agreed verbally by both parties must be implemented.
Compared with later generations who only looked at money and didn't care how the money came from, the current Ming Dynasty is still much, much better.
