前言
本书的研究对象是近代中国华商股票市场。研究时段以1872年中国第一股——轮船招商局的创立为起点，至1937年“八·一三”事变爆发，华商股市奉命停业，历经清末、北洋政府时期及南京国民政府的前十年。这一时段是中国社会剧烈转型时期，也是近代华商股市制度从无到有、从不完善到较为完善的时期。然而在实践中，股市却长期低迷，一波三折，或投机盛行，大起大落；与中国产业发展联系也并不紧密，甚至在某些时期呈现出疏离的迹象。1872—1937年，华商股市制度变迁和实践运行中的特点，以及这些特点产生的根本原因就是本书所探讨的主要问题。得“风气之先”的上海是众多企业发行股票的首选之地，上海华商股市自然成为近代中国华商股市的重中之重，也是华商股市中历时最长、规模最大、最为典型的股票市场，亦是本书论述的重点。
全书可分为绪论、正文、结语三部分。
绪论主要内容包括选题意义，基本的学术回顾，研究现状，概念界定研究说明，研究的理论与方法。正文以股票发行市场和交易市场发展为主线，以股票重大事件为分界点，分为六章。第一章是上海的早期股票市场：上海外商股市是中国最早的股票市场，上海外商股市运行良好，其示范作用启发当局者去开启近代华商股市；第二章是近代股份制的引进与变革：中国华商股市的产生，本章以轮船招商局为例，探析中国第一股的由来及近代股份制在华商股市中的变异，第一批华商股票的发行及近代华商股市制度的本土化趋向；第三章是政府缺位：民间自发分散的股票交易，论述清末民初华商股市的交易状况，政府监管的缺乏及中外民间交易机构的发展；第四章是1937年前华商股市的立法，评析了1937年前华商股票发行与股票交易的法制化进程，近代公司律法与传统官利的博弈；第五章是华商交易所的创立与监管，分析了交易所的产生、发展与重组，“信交风潮”始末及《证券交易所法》的执行情况；第六章是民国时期股票市场的新气象。对民国华商股票市场的新变化进行补充阐释，分析了华商股市行业自律规则的发展状况；同时阐述了民国时期外商交易所的发展概况。
结语部分，在以上论述的基础上，总结了1872—1937年近代中国华商股市的基本特点。从制度来看，具有典型的外生性，在实践中表现为本土化的趋向。中国近代社会“土壤”的特殊性，即市场经济基础薄弱、租界制度、有法不依、政府角色等问题，是股市这些特点产生的本源。研究近代中国华商股市，是希望能为当下的中国股市发展提供历史的借鉴。
Preface
The studying object of this book is Chinese Stock Market（CSM）in modern China.It take 1872's Chinese first stock—China Merchants' Steamship Company's establishment as the beginning point.Before it is close down in August 1937 when the Anti-Japanese War erupted,CSM had gone through the later of the Qing Dynasty,Beiyang government time and former ten years of Nanjing national government.That was a fiercely shifting time in Chinese society,during which CSM came into being and bettered itself in a step-by step mannerk,therefore,a more completed institutional framework has foemed before 1937.However,in practice,the stock market has been in a long-term downturn,twists and turns,or speculation prevailed,ups and downs; it is not closely linked with Chinese industrial development,and even shows signs of alienation in some periods.The stock market for the enterprise financing function presented a degrading trend.From 1872 to 1937,the characteristics of CSM institutional change and practice,as well as the basic causes of these characteristics,are the main issues discussed in this book.
With its superiority,Shanghai is the first choice of numerous enterprises to issue the stock,so,it is naturally for Shanghai stock market becomes the most important and most typi cal market CSM in modern China with the biggest s cale and the longest duration.It is also the key point that this book is going to elaborate.The whole book may divide into three parts,the introduction,the body,the conclusion.
The introduction includes the significance of selected topic,the basic academic review,present research situation,the statement of concept limits and the studying theory and method.
The body part takes the development of the stock issue market and the trading market as a main line and takes great stock event as dividing point,it divides into six chapters.The first chapter is Shanghai early time stock market.The west merchants stock market is the earliest stock market in China.It plays an exemplary role in CSM's emergence.The Shanghai west commercial stock market is running well,and its exemplary function inspires the authorities to open the modern Chinese stock market.ChapterⅡis the introduction and the revolution of the modern joint stock system and emergence of CSM.Taking Chinese merchants' first steamship company as the model to search and analyze the origin of Chinese stock and joint stock system's revolution,as well as the release of the first batch of Chinese businessman stock and stock system.Chapter Ⅲ is the lack of government's regulation and control,the stock transaction of folk spontaneous dispersion.It states the situation of stock exchange,the lack of governmental supervision at home and abroad and the development of the folk transaction organization at the beginning of Republic of China and the end of the Qing Dynasty.Chapter Ⅳ is CSM's legislation before 1937,it evaluates the issue of Chinese businessman stock and the legalization advancement of stock transaction before 1937.Chapter Ⅴ is about the establishment and supervision of the Chinese Stock Exchange.It analyzes the generation,development and the reorganization of the exchange,including implementation of the stock exchange law and the whole situation of“trust and exchange”.ChapterⅥis the new situation of stock market in the Republic of China.The new changes of Chinese stock market in the Republic of China are supplemented and analyzed,and the development of self-regulation rules in Chinese stock market is analyzed.At the same time,it expounds the development of foreign exchange in China.
On the basis of above elaboration,the conclusion part,summaries the essential feature of CSM from 1872 to 1937.From the perspective of its system,CSM presents typi cal exatic sence,but it displays the trend of lo calilzation in practice.The particularity of“the soil”of Chinese modern times society shows as“weak market economic foundation,the foreign settlement system,law violution,the role of government and etc”,which is the source for the emergence of stock market characteristics.In the spirit of providing histori cal model for the development of present Chinese stock market,I choose to study the CSM in modern times.