1918-1937年的中国证券市场

1918年是中国本国证券交易所成立的年份,标志着中国证券市场正式诞生.此后,一直到1937年抗日战争爆发时为止,中国曾先后出现过多家证券交易所,但除了上海地区的证券交易所外,其它大多昙花一现.而且,从这期间存在的证券市场来看,不是沦于"信交风潮"那样的投机,就是成为政府解决财政困难的"财政市场".这种种情况,固然是因当时中国社会环境和传统商业习惯等多种因素造成,但也证明这时的中国证券市场还是一个幼稚和畸形的市场.

Chinese Stock Market from 1918 to 1937

1918 is the year that saw the establishment of Chinese homeland stock exchange, and also the appearance of Chinese stock market. But all the stock exchanges came forth before 1937 were all transitory except those in Shanghai. And they were either suffered from the financial unrest or reduced to the financial market in need of solving the government financial crisis. All the problems caused by social environment and traditional business practices of that time prove the contemporary Chinese stock market was only an embryonic form.