股票和债券是随着生产社会化和商品经济的发展而出现的产物。发行股票和债券从一开始作为一种集资的手段,发展到今天以股票和债券交易为主要内容的金融市场,就如商品市场和劳务市场一样,成为促进商品经济发展的主要支柱之一。开放和发展股票市场,是我国当前经济体制改革中非常重要的组成部分。最近几年的实践足以证明,它在筹集资金、促进企业的机制转换、加强经济和金融体制的改革中起着十分重要的作用。显而易见,发展股票市场在中国的社会主义经济建设中有着积极而深远的影响。当然,刚刚兴起的中国股票市场还有着许多问题有待于我们去探索。美国证券市场是在发达的资本主义国家中逐步形成和发展起来,并适合于资本主义生产方式的金融市场,有着不可比喻的复杂结构。但是,在它的成长、发展、管理过程中,有着丰富的经验和教训值得我们借鉴。本文比较完整地收集介绍了美国股票市场的发展、现状和管理方面的情况,以期能为我们在探索社会主义的股票市场机制中起一定的参考作用。 Stocks and bonds are the product of the socialization of production and the development of commodity economy. From the very beginning, the issuance of stocks and bonds as a means of raising capital, and the development of financial markets with stocks and bond transactions as the main content, is one of the main pillars of promoting the development of commodity economy, just as commodity markets and labor services markets. Opening and developing the stock market is a very important part of China’s current economic restructuring. The practice in recent years has proved that it plays a very important role in raising funds, promoting the transformation of enterprises’ mechanisms, and strengthening economic and financial system reforms. Obviously, the development of the stock market has a positive and far-reaching impact on China’s socialist economic construction. Of course, there are still many problems in the newly emerging Chinese stock market that need to be explored by us. The U.S. securities market is a financial market that has gradually developed and developed in developed capitalist countries and is suitable for the capitalist mode of production. It has an incomparable and complex structure. However, in its growth, development, and management process, it has rich experience and lessons that we can learn from. This article has collected and introduced the development of the US stock market, its status quo, and its management in a relatively complete manner, in the hope that it will serve as a reference for us to explore the socialist stock market mechanism.