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有价证券流通市场的最大功能是体现证券运动、增值,使长期信用短期化、变现化,保证证券的安全性、收益性,提高证券的竞争力。但是,证券流通市场也存在种种弊端。操纵、垄断证券价格,假冒、诈骗等交易行为时有发生。从1929年到1930年,纽约证券交易所上市股票价值从879亿美元猛跌到156亿美元,许多公司银行破产,证券几乎一文不值,整个证券市场完全崩溃,给美国经济带来巨大损失。故美国政府开始从立法上对证券市场进行严密管制。其主要立法有:《1933年证券法》、《1934年证券交易法》、《1940年投资公司法》等。
The most important function of the securities market is to reflect the movement of securities and add value so as to make the long-term credit short-term and realizable, ensure the security and profitability of securities, and enhance the competitiveness of securities. However, the securities market also has various drawbacks. Manipulation, monopolistic securities prices, counterfeiting, fraud and other trading activities have occurred. From 1929 to 1930, the value of shares listed on the New York Stock Exchange plunged from 87.9 billion U.S. dollars to 15.6 billion U.S. dollars. Many corporate banks went bankrupt, the securities were almost worthless, the entire securities market collapsed, causing huge losses to the U.S. economy. Therefore, the U.S. government started to strictly control the securities market from the legislation. Its main legislation are: “Securities Law of 1933”, “Securities Exchange Act of 1934”, “Investment Company Act of 1940” and so on.