Li Xuan's ideas are different from Chen Lifu's and Xie Yiwei's. Therefore, when Chen Lifu talked excitedly about his securities reform plan, once it is implemented, it will have a major positive impact and how good it will be for the imperial securities industry. , Xie Yiwei on the side also occasionally intervened to say how good the reform plan was from the perspective of a bystander and a traditional politician.
Li Xuan was thinking about the impact of promoting the securities reform plan proposed by Chen Lifu at this time, whether it would affect financial stability, whether it would affect social stability, and how much economic benefits it would bring. Li Xuan didn't care much.
In fact, as Li Xuan, who has the soul of future generations, he knows better than anyone in the Tang Empire that the securities policy currently implemented in the Tang Empire has huge flaws.
Because Li Xuan, as a later generation, knows very well what a complete securities industry should look like. Even though he was not a practitioner in the financial industry in his previous life, he has never eaten pork and has seen pigs running away. In the era of information explosion, Here, as long as you pay more attention to some financial news and occasionally search Baidu, you can basically have a general understanding of the financial system of modern society.
The financial policies implemented by the Datang Empire today, including the securities policy, were formulated by Li Xuan with reference to the financial industry of later generations and also taking into account the reality of the Datang Empire.
Let’s not mention financial policy, let’s just talk about securities policy. The securities industry was formalized only because of the sudden outbreak of the gold mining crisis. At that time, Li Xuan launched relevant securities policies. The purpose was not to make the securities industry represented by securities companies become An important addition to the financial industry, but only as a temporary measure to alleviate the chaos of stock trading at the 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.
Securities companies in later generations also have another name, that is, investment banks, which are mainly engaged in securities issuance, underwriting, trading, corporate mergers, reorganizations, acquisitions, venture capital, financing and other businesses.
The most famous representative among them should belong to Goldman Sachs.
The typical representative of the securities companies in the Tang Dynasty Empire in this era was the Third Securities Company. Their main business was basically concentrated on securities trading. Issuance and underwriting were not their main businesses. In addition, they would personally deal with the securities. Participate in stock transactions, but not in large numbers, let alone corporate mergers and reorganizations and acquisitions.
To put it simply, today's securities companies in the Tang Dynasty are more often than not a fund company, absorbing investment funds for stock trading, and then mainly earning fees and profit sharing.
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 just a large fund company and is deeply involved in stock trading, it is easy and frequent to manipulate the stock market.
Today, the securities reform plan proposed by Chen Lifu is aimed at blocking this chaos!
Chen Lifu's securities reform plan is actually not that complicated. It is to find many loopholes in the current securities trading and then plug these loopholes.
At the same time, it also begins to guide the healthy development of the securities industry, such as the development of securities issuance and underwriting!
A securities company is engaged in stock trading. It plays stocks every day, issues bonds and underwrites bonds, and goes public with companies. It is the fund company's business to participate in stock transactions in the secondary market.
If there is no difference between the two, then the empire's financial industry will not differentiate 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. They have all become stock trading players.
This is not okay!
Regarding Chen Lifu's reform plan, Li Xuan was not able to judge the benefits and losses for a while.
From the perspective of economic development alone, Chen Lifu's reform plan is in line with the process of financial development, but whether it is in line with the current Datang Empire has to be said separately.
Not all of the successful experiences of later generations can be transferred to the Tang Empire in this era, because the social background is completely different. At most, they can only be used as a reference.
Otherwise, Li Xuan would not have to try reforms slowly and step by step, and just copy the political and economic system of later generations.
But Li Xuan can be sure that if he really copied it without changing at all, the Tang Empire would not be far away from being finished!
After Chen Lifu finished his report with excitement, Li Xuan left the securities reform report. He was going to summon people from the Economics Department of the Royal Institute of Technology to listen to their opinions.
Although many of the economic theories studied by the teachers and students of the Economics Department of the Royal Institute of Technology were recorded orally by Li Xuan, they are, after all, natives of this era, and they have a more thorough understanding of the economy of this era, so they can better
to put forward some better economic suggestions for this era.
This is also the reason why Li Xuan knows a lot of knowledge about later generations, but still greatly refers to their opinions when formulating economic policies, because Li Xuan does not need to know whether these economic policies are good or not, but needs to know whether they are suitable.
This is also why the Royal Institute of Technology, a typical science and engineering school that deals with research and inventions all day long, has a department of economics that combines arts and sciences, just because Li Xuan needs them!
This is also why the Department of Economics at Royal Institute of Technology is so special!
They do not invent and create, but they have huge influence. 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 one is the monetary system. The establishment of the monetary system and the subsequent monetary strategy of the Tang Empire were inseparable from the strategic planning of the Economic Department.
The gold and silver dual standard system implemented in the Tang Dynasty today is the result of research from the Department of Economics!
In the early years, the Tang Dynasty did not establish a silver standard or any other clear currency standard system. Later, it began to issue silver coins and established a silver standard system.
But later, with the large-scale import of silver, the Tang Dynasty gradually raised the status of gold. The most typical policy was to adopt a gold settlement system for overseas trade.
Subsequently, in domestic bulk trade, the gold settlement system was also gradually implemented!
In this process, the floating exchange rate of gold, silver and copper coins adopted by the Tang Empire played a vital role!
Because the exchange rate fluctuates, and overseas trade and large transactions adopt a gold settlement system, even though a large influx of silver has occurred in recent years, causing rapid depreciation of silver, it has not greatly affected the financial stability of the empire.
Therefore, this formed a relatively unique gold and silver dual standard system in the Tang Empire. In the domestic economic order, especially in daily ordinary transactions, silver transactions were adopted, specifically silver coins and silver notes, and copper coins as a kind of
Auxiliary coins are also attached to silver coins.
However, in bulk transactions and overseas trade, although silver bills and silver coins are still used, they are denominated in gold. The value of a batch of goods changes with the exchange rate of gold and silver.
At the same time, such large transactions and overseas trade are priced in gold, which also indirectly affects domestic price changes!
To a certain extent, the Tang Empire already had a certain gold standard system!
However, in actual transactions, because gold is scarce in quantity and used very rarely, most silver coins and copper coins are used.
This also formed a relatively complex gold and silver dual standard system in the Tang Empire. However, according to the monetary policy formulated by the Department of Economics, the current dual standard system is just a transitional system. After the empire reserves enough gold, it will slowly transition to
Gold standard.
The gold standard was the mid-term goal of the Tang Empire's monetary policy. As for the long-term goal, it was naturally the credit standard!
What is credit-based? It means issuing currency directly with the credit of the Tang Empire as guarantee. In theory, you can print as much money as you want, as long as it does not collapse the economic order.
The credit standard is also the common monetary policy of modern countries in later generations.
Today's Datang Empire is naturally very far away from the credit standard. Let alone the credit standard, even the gold standard is very far away.
From the role played by the Department of Economics in the implementation and implementation of monetary policy, we can understand the influence of the Department of Economics. The Department of Economics at the Royal Institute of Technology is the real economic think tank of the Holy Emperor, the Ministry of Finance and the Imperial Academy.
The Economics Department is not.
Now, Li Xuan called people from the Economics Department over again and asked them about their views on the securities industry, whether Chen Lifu's reform plan could be implemented, and what consequences it would have.
As the economic think tank of the Holy Emperor, it quickly started working!
They began to investigate and then made a complete report and submitted it to Li Xuan.
After Li Xuan read the report from the Department of Economics, although he still had doubts about the views in the report, he still made up his mind!
He signed his name on Chen Lifu's securities reform plan. It didn't take long for the 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 various departments
will carry out its own work according to the reform plan.
The Ministry of Law will formulate new securities laws, the Ministry of Commerce will adjust the registration management of securities companies, and the Ministry of Taxation will also adjust the tax work for securities companies and other related industries. Needless to say, the Ministry of Finance will naturally need to get busy with its subordinate Finance Department.
of.
A securities reform plan once again spread Chen Lifu's name throughout Jinling, and even the whole world. There is no way, Chen Lifu's name is written right here in this securities reform plan.
I don’t know how many people have cursed Chen Lifu for this reform plan. This Chen Rentu has started to harm people again!