民国前期证券市场监管制度建设的成效与缺陷

民国前期,我国证券市场监管制度建设取得了显著的进展,但证券市场风潮的频发说明此时证券市场监管的效果不尽人意。历史经验告诉世人,防范证券市场风潮的爆发,需要稳定政经时势,改良政府和民间信用,淡化市场主体的投机心理;还要维护国家主权及中央集权制度,完善并有效实施证券市场监管制度,避免证券市场监管流于形式;在信用秩序不佳以及证券现货市场发育不够成熟的情况下,要谨慎推出证券期货等衍生金融工具,还可以考虑交易所组织制度的变革,选择公司组织,强化交易所的自律和监管功能以弥补政府监管的不足。

Results and Flaws of Security Market Supervision and Managing System Construction in the Earlier Period of Republic of China

The construction of China security market supervising and managing system had made the remarkable progress in the earlier period of the Republic of China, but the security market unrest frequently broke out in this period , it showed the effects of security market supervising and managing were unsatisfactory. The historical experiences tells the common people, guarding the eruption of security market unrest needs to stabilize the current political and economic situation, improve the credit of government and non - government, weaken the speculative psychology of the dealers;maintain the national sovereignty and the centralization system, perfect and effectively implement security market supervising and managing system, avoid security market supervising and managing to become a mere formality; In this situation of credit order being not good as well as security spot market growing insufficiently mature, demand carefully to create such derivation finance tools as security futures and so on, may consider transforming the organization system of the security exchange, choose the organization system of company, strengthen the autonomy and the supervising and managing function of the security exchange so as to make up the insufficiency of government supervising and managing.