| The stock market is the inevitable outcome of the development of human society. The participants' moral values and pursuit of benefit will bring about certain moral relations and certain patterns of moral operation. Theoretically speaking, the stock market ethic is sure to operate in three ways, that is, the restricted cobweb, the closed cobweb, and the diffuse cobweb. The purpose for which we do research into the stock market ethic is to get away from the diffuse cobweb, to try to have the closed cobweb, even to have the restricted cobweb.In order to study the moral issues on the stock market of contemporary China, we must first of all probe into the general implication of the stock market ethic, which generally includes the basic principles of the stock market ethic and the morality of the stock market subjects. The basic principles of the stock market ethic include the principle off being honest and faithful, the principle of being public, the principle of being just, and the principle of being fair. Taking the principle of being honest and faithful, it has much to do with personality and institutional construction. Generally speaking, the principle concerning the stock market is more of an institutional character.The stock market subjects are often divided into financers, investors, servers, and managers, so the morality of the stock market subjects can also be classified into four kinds, that is, the morality of the financers, the morality of the investors, the morality of the servers, and the morality of the managers. So far as the morality of the stock market subjects is concerned, it all depends. For example, thefinancers are morally supposed to carry out normal productive activities and try for benefit for the investors. Another example is that the managers of the stock market is morally supposed to provide policy instruction, to serve the stock market with instrumental conditions and to carry out severe punishment to maintain the order of the stock market.In order to have a comprehensive understanding of the moral issues on the stock market, we must make a comparative analysis of the developing course of the international stock market ethic. It must be pointed out that the moral issues in the history of the international stock market have always been outstanding. The stock market off western European countries once disappeared for 100 years for such influential events as "the Foams of the Mississippi ". America once experienced the wild flow of the railway stock. In addition, such famous events as the 1929 Wall Street Storm, the Black Monday of 1987, etc. used to draw a lot of attention as well.The appearance of Chinese'stock market is 300 years later than of western countries. Before liberation, the stock market ethical issues were so serious that the stock market turned out to be a synonym to corruption. After the liberation, the stock market was forbidden for as long as 30 years. Then after the carrying out of the policy of reform and opening to the outside world, the stock market was recovered to meet the need of the rapid economic and social development. The development of the stock market after the liberation went through several stages, namely the stage of birth, the stage of experiment, and the institutional stage. Because of certain unfavorable moral, economic, legal, and administrative factors, there once appeared a lot of moral problems on the Chinese stock market. In general, those problems were characterized by diffuse cobweb. The existence of those moral problems did much harmto the development of Chinese stock market.In order to control the above-mentioned moral problems on Chinese stock market, we should construct some kind of morally functional system, utilizing various kinds of forces to better the internal structure of the stock market ethic of China and strengthening the applying mechanism of the stock market ethic off China, only to combine the propaganda system, self-disciplinary system, executive system and supervising system to bring into full play eve...
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