近代中国证券市场不发达的表现及原因

The Reflections of a Underdeveloped Securities Market in Modern China and the Causes

近代中国证券市场诞生于半殖民地半封建社会。作为一个整体,它是不发达的,具体表现在以公债为主要的发行和交易对象,发展不平衡,证券价格变动剧烈等方面。经济发展滞后是造成其不发达的根本原因;内外战争的频频爆发、政局的动荡不安,外商对证券市场的长期控制,政府的管理缺乏以及过度的投机行为不同程度地影响了它的发展;证券交易所又存在操纵价格等不规范行为。

The securities market in modern China was born in semi-colonial and semi-feudal society.As a whole ,it was undeveloped,showing concretely that government bonds as main issue and trading object,develops unevenly,and the securities price changed violently. The lagging of economic development is to cause its undeveloped basic reason.The frequent outburst of the internal and external war,the turmoil of the pohtical situation a long-term, controlling of the securities market by foreign businessmen,the lack of government＇s management and the excessive speculation behavior had influenced it in various degree. Meanwhile, the stock exchanges had such unstandard behavior as administering prices. All these contribute to the underdevelop-ment of the Chinese security market then.