在中国政府促进股市发展的背景下,对中国股票市场的研究是非常重要的。

本文运用比较的方法,分析了上海股票交易所和纽约股票交易所从1991年到2013年

三月的数据,以揭示这两个市场如何对1991年以来出现的重要事件作出反应,并且考

察两国GDP增长率与股指发展变化之间的关系。需要说明的是,本文侧重研究中国股

市,特别是上交所及由政府及证监会主导的改革对股市的影响。

关键词:上交所纽约股票交易所中国证监会GDP增长率

I Introduction

The huge majority of high-developed and influent countries in the world have one thing in

common: a developed financial market system. USA,Great Britain, Japan or France are ones

of these examples. Actually a well-developed financial market is just a proof of the economic

liberalism level of a country.

Critics against this system have recently emerged. Indeed, the last world finance crisis started

with the United-States subprime crisis has had and still has a huge impact on the world

economy. Many new regulations have been established to protect the world economy since

2008 such as Basel III.

On the other side,some countries know success without having an important financial market.

The main example is China with its less developed financial market system (compared to the

USA or Great Britain for example). The economy financing is mainly based on bank loans.

Indeed, the Chinese success story has been done without developed financial markets but is it

the right solution for the future This thesis will make a comparison between United States

and China Stock Markets' in order to discover their behavior from 1991 to 2012. The other

part of this thesis is to understand the development of Chinese stocks markets since the

creation in 1991 and their role in the China's economy.

The huge size of the Chinese economy is one of the reasons why we need to take time about

this question; Does the country can keep financing the country by using mainly bank loans

So that's why the decision that will be taken by the Chinese government to open or not its

stock markets will be essential in the future of the Chinese economy.

One of the main goals of these researches is to understand the running of China's stock

markets. The comparison with the American markets will show us than the road is still long in

order to get a highly developed and efficient stock market. The other aim is to determinate the

role that China's government wants to give to the stock market in the companies' financing.

The following thesis will be divided in five parts. The first which is the introduction gives an

idea of the thesis,and the reasons of my choice for this topic.

The second part will discuss of the history of the financial markets in the world. Of course,a

paragraph will be dedicated to the last financial crisis,and the measures established in order

to keep banks in the right way. Still in the second part, we will make a quick presentation of