British Capital Market and International investment Networks

英国资本市场和国际投资网络

• 批准号: 07630087
• 负责人: INATOMI Nobuhiro
• 金额: $ 1.02万
• 依托单位: Kyushu University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 1995
• 资助国家: 日本
• 起止时间: 1995 至 1996
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-07630087/
• 关键词: Britich Capital Market; International Investmunt; Arbitrage Businees; ロンドン証券取引所

It is this inquiry's aim to analyze the formation of the international investment networks, from the view of the correspondent relations which the London Stock Exchange members had formed for the arbitrage business, in the British capital market since 1815. We can get the following features.Firstly, the formation process is divided into two phases.(1) Before 1850s ; As the volume of the international security was small and the communication was less developed, arbitrage had little scope to expand. Also, as the volatility of overseas investment was very high, there were few members who specialized in trading overseas securities.(2) Since 1850s ; The volume of the international security had increased extensively, and government and railway stocks, and the issues of mining and big industrial companies were listed in more than one big financial center. As the international cable networks had been established increasingly since 1850s, arbitrage had expanded and the price difference between two exchanges had been too narrowed.Secondly, because the complexity of arbitrage had increased and it costed much money and time, the member firms which undertook it were so little, only 87. The proportion was only more than 10% of all member firms early in the 20th century. While it was only 7 firms that had more than 10 correspondents, 42 had only one. There were some cases where even a firm, which had only one correspondent, did a great business in their specialized area. The correspondent relations focused mainly on big financial centers of Europe, London and North America, but global one was little. The relations to Australia and South Africa were considerable, and the former's arbitrage was on government stocks and mining shares, the latter's on gold mining shares.

本文的目的是从伦敦证券交易所成员自1815年以来在英国资本市场上为套利业务形成的往来关系的角度，分析国际投资网络的形成。我们可以得到以下特性。首先，将形成过程分为两个阶段。(1) 1850年代以前；由于国际安全交易量小，通信不发达，套利的扩展空间很小。另外，由于海外投资的波动性很大，专门从事海外证券交易的会员寥寥无几。(2) 1850年代以来；国际证券的交易量大幅增加，政府和铁路股票，以及矿业和大型工业公司的问题在不止一个大型金融中心上市。自19世纪50年代以来，随着国际有线电视网络的日益建立，套利活动扩大了，两个交易所之间的价差也缩小了。其次，由于套利的复杂性增加了，而且需要花费大量的金钱和时间，因此从事套利的成员公司很少，只有87家。在20世纪初，这一比例仅占所有会员事务所的10%多一点。拥有10名以上通讯员的公司只有7家，而只有1名通讯员的公司有42家。在某些情况下，即使一家公司只有一个代理，也在他们的专业领域做得很好。记者关系主要集中在欧洲、伦敦和北美的大型金融中心，但全球关系很少。与澳大利亚和南非的关系相当大，前者的套利是政府股和矿业股，后者的套利是金矿股。