Правительство Российской Федерации Национальный исследовательский университет – Высшая школа экономики
по дисциплине: «История предпринимательства» на тему: История фондовых бирж.
In the world of fierce competition market relations have always played a huge role. It is almost impossible to imagine our economy without them. As everyone knows market relations are the public relations caused by functioning of the market. They appeared several thousand years ago as a result of the economic unions, division of labor and economic isolation of producers. It is important to remember that market relations are based on exchange. Exchange means to get or to relinquish something by means of an other side. The barter is said to be the most primitive form of it. A service or a good is straight furnished in exchange for another. It goes without saying that the market relations have their own rules: every exchange must be of the same equality, the good provided must have a market utility similar to the good received. The law of quality measures this value by the labor time which has been spent to produce the good exchanged. The use of a special commodity as an overall equivalent, money (in some ancient societies livestock or just metallic pieces, notes, bank money, etc.), thus makes it possible to exchange goods quickly and with high level of flexibility, and proposes the possibility of accumulating value. However, we would like to mention one of the most popular elements of market relations – stock exchange (stock market). As we can see from the book “The Stock Exchanges” by Kluchnikov, stock exchange is an organization, which provides services for traders and stock brokers to trade stocks, bonds, and other securities. It also gives facilities for different financial instruments, but first of all, stock markets work with shares and bonds. It is necessary to underline that stock market does not sell or buy any securities in itself. It just supplies the necessary facilities and infrastructure for exchange in securities to brokers and members who trade them. It regulates the trade activities in order to assure fair and free trade. All the bargains in securities at the stock exchange are made solely through its registered brokers and members. Any other investors have no permit to enter in the trading circles of the stock market. On the whole, it is vital to note the main functions of the stock market. First of all, it redistributes money resources on the purpose of the investment. Moreover, stock exchange redistributes financial risks. The method of distribution of financial risk is based on its partial transfer to partners in various operations. Therefore, partners, who are able to neutralize negative consequences of financial risks as much as it is possible and who also have more effective variants of internal insurance protection, are eventually given that part. What is more, stock market discloses and directs the information about profitability and the liquidity which influences investment decisions. Finally, as it has been already mentioned, stock exchange shows the state of the economy in general and its financial sector. It reflects the level of the economic stability of a nation. More and more people acknowledge the utility and importance of stock market for the reason that it is very beneficial to invest in developing enterprises, corporations and economy on the whole. Thus, it gives an opportunity to an investor to take part in the industrial development of the country. Stock exchange makes it possible to recognize the true market value of investment owing to price list and reports published by the experts of exchange. Specialists thoroughly observe the rise and drop of the market, so that people can predict when it is the best moment to purchase or to sell shares. But in our opinion we can hardly...
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