移植与变异:民国证券交易所法的演进(1912-1937)

Transplantation and Variation:Evolution of the Securities Exchange Law in the Republic of China(1912-1937)

华商证券交易所法于1914年自日本引入,后经多次修订,1937年"八·一三"战事爆发之前,民国证券交易所法已经涵盖了当时国际通行的交易所法的基本内容,构成了民国的证券交易法制体系。从法律的演进来看,《证券交易所法》完成了从最初的移植到逐步本土化的任务。在法律执行时,移自日本的证券交易法,出现了具有中国特色的变异:立法主要是针对公债市场,而对于公司股票、公司债券,则明显关注不够;注重证券交易立法,轻法律执行。

Chinese Merchants Stock Exchange Act was introduced from Japan in 1914. After many amendments, before the war of resistance against Japan, the Republic of China Stock Exchange Law has covered the basic contents of the current international exchange law. It constituted securities trading system of the Republic of China. From the evolution of the law, the ＂stock exchange law＂ com- pleted a process from initial transplant to gradual localization. In the implementation of the law, moved from the Japanese securities trading law, there have been variations with Chinese characteristics. The legislation mainly aimed to the bond market, but paid less attention to corporate stocks and corporate bonds. It emphasized on securities trading legislation, but ignored law enforcement.