从《公司律》到《公司法》:近代中国股票发行制度与实践研究

From “Firm Law” to “Company Law”: Research on the System and Practice of Modern Chinese Stock Issuance

近代中国,没有股票发行的专门法,股票发行只能依据公司法。1904年《公司律》颁行,股份制公司发行股票始有法律依据,但因其照抄照搬欧美法律,许多条款不符中国商情,不为中国商界所认可。直至1914年《公司条例》颁行,才基本实现了引自国外的法律与中国公司发展实际的有机结合,外生的近代中国股票发行制度迈出了本土化的重要一步,1929年《公司法》的颁行则是这一本土化进程的深化。近代中国股票发行制度演进的历史表明,先进并不必然适合,在实践中,本土化是外生制度变迁中一个不容忽视的重要阶段,外生制度只有与本土社会经济有机融合才能真正发挥效用。

During the Republic of China, there were no special laws for issuing shares. The stock issuance can only be based on company law. In 1904, the law of the company was issued, and shares issued by a joint stock company began to have a legal basis. Until 1914＂Companies Ordinance＂promulgated, to realize the organic combination of foreign laws and China company the actual development of the company law. ＂Company Law＇enacted in 1929 is the deepening of the localization process. The evolution history of stock issuing system in modern China shows that advanced is not necessarily suitable. In practice, localization is an important stage that can not be ignored in exogenous institutional change. Exogenous system can only be brought into full play only if it is organically integrated with local social economy.