民元后华商证券交易所的创设动机及其脆弱性

The Motives of Creation and Vulnerabilities of Chinese Stock Exchanges after the Establishment of the Republic of China

近代华商证券交易所具有极高的脆弱性,这是交易所过度投机和违规经营而且得不到有效遏制的结果;而华商证券交易所浓重的投机性和道德风险,又与其复杂的创设动机有关。考察民元以后华商证券交易所的脆弱性、投机性与其创设动机之间的关系,是为了以史为鉴,确保现实中国的交易所有正确的经营方向,谨慎选择交易所的组织制度,弱化交易所的逐利性,强化交易所的自律功能,淡化交易所的政策市色彩,使我国证券交易所能够持续、稳定和有力地服务于市场经济建设。

The vulnerability of Chinese stock exchanges was high extremely in modern,it was the result of excessive speculation and illegal operation of stock exchange and lack of effective containment; while the amid speculative and moral risk of Chinese stock exchange were related to its complex motive of creation. Investigating the relations of vulnerability,speculative and creating motives of Chinese stock exchange,is to make the history as a mirror,ensure the stock exchange of current China has correct direction of operation,cautiously select organization system of stock exchange,weaken the characteristics of stock exchange chasing benefits,strengthen the self- discipline features of stock exchange,desalination the color of stock exchange as policy market,make our stock exchanges to be able to server for the construction of market economy stably and strongly.