晚清与民国时期中国期货市场发展的特点与评价

The Characteristics of Futures Market in LateQing Dynasty and the Republic of China and Comments on It

晚清与民国时期的期货市场在中国期货市场发展史中占有重要地位,它是中国经济现代化转型的重要体现。由于国家受到帝国主义军事和经济上的侵略,期货市场赖以发展的制度基础极其薄弱。市场投机过度,功能得不到正常发挥,期货市场因此具有非常明显的半殖民地性和非均衡性特征。近代中国期货市场是近代中国制度变迁的产物。研究近代中国期货市场的发展特征,对于完善当代中国期货市场的制度建设具有积极的借鉴意义。

The futures market in Late Qing Dynasty and the Republic of China, which is the significant embodiment of economic modernization transition, has played an important role in the development history of China＇s futures market. Owing to imperialistic military and economic invasion, the institutional basis of futures market development was extremely poor. In futures market, over-speculation existed and the basic market function could not work well, so the futures market was obviously featured by semi-colonization and non-equilibrium. The modern futures market stemmed from institutional transition in modern China. The studies on the characteristics of modern futures market development have positive implications for the idealization of the institutional construction of contemporary China＇s futures market.