近代证券市场与西部发展的关联:以重庆为例

The Association between Modern Securities Markets and the Western Development :Chongqing for Example

近代重庆证券交易所是西部唯一的证券市场,它的建立既是西部金融近代化的反映,更是西部经济开发的重要体现。在抗战之前的重庆证券市场的建立与发展,既是政府发行公债解决财政赤字的结果,也是以重庆为中心的西部经济、金融发展的产物。而战时对于重庆证券市场的恢复与建立的种种论争,则是大后方工商业经济发展的集中体现,是西部开发的真实写照。在认识上,推动了中国华商证券市场从以政府公债为主体的财政证券市场向以企业股票、债券为主体的产业证券市场的转变,昭示了战后中国证券市场的发展方向。

The Chongqing Stock Exchange was the only securities market in the western region of China in the modern period.The establishment of the Exchange was not only the reflex of the financial modernization of west China, but also the reflex of the economic development of west China. This present paper, holds the view that the establishment and development of the securities market in Chongqing before the War of Resistance Against Japan,was the result from the government＇s elimination of the financial deficit by the issue of bonds, and was also the product of the economic and financial development of west China with Chongqing as its hub. All sorts of debates about the restoration and reestablishment of the the securities market in Chongqing during the War of Resistance Against Japan, were the centralized expression of the development of the industrial economy in the rear area of China,and also the faithful description of the development of West China. In theory, these debates promoted the shift of people＇s knowledge of the Chinese securities market in China from the financial securities market with the government＇s bonds as its main part to the industrial securities market with corporate stocks and bonds as its main part, revealing the direction of the development of the securities market of post-war China.