| Since modern China introduced share-holding system in 1870s and Qing Dynasty promulgated the first company law in 1904 , security market has witnessed history of near 80 years , securities legislation is also previous to go through half century. During the modern Chinese development course of security market a lot of securities regulations were formulated to regulate securities market ,and plenty of theoretical and practice experiences and the lesson of fault had accumulated. Both successful experiences and lessons are the wealth with valuable one for our emerging security market .This dissertation aims to discover " Chinese characteristics " of modern Chinese securities market and securities regulations and policies so as to provide a historical mirror for our today's construction of securities legal system. This dissertation consists of 10 chapters,and the main contents are as follows: The first chapter gives the definition of securities and securities law and several explanations for relevernt issues.This article adopts the general opinion on history division of modern history ,ie., with the first Opium War of 1840 as the commence , but the history of Chinese modern securities market started from 1872 when steamer recruitment department set up , while the company law of 1904 was the symbol of the commence of the modern securities legislation .The Second chapter overviews the development of modern Chinese securities market. Modern Chinese domestic trouble and foreign invasion were unceasing,the development of socioeconomy was backward ,industries were underdeveloped .All these factors decided that the growth of securities market was hard to ripen.During the period serious speculation inevitably led to financial crisis.Obviously, modern Chinese securities market in the special historical environment of domestic trouble and foreign invasion had still played active roles for capital raising and financial distribution of enterprises. The third chapter primarily deals with the general situation and characteristic of Chinese modern securities legislation and factors which affected Chinese modern securities legislation and historical lessons.Securities issuing in modern China was generally governed by the statutes of company, which included the company law of 1904 and the statute of company of 1914 and the company law which was promulgatedin 1929 and amended in 1946.The modern Chinese special regulations which governed security market covered the stock exchange law promulgated in 1914 and exchange law of 1929 and exchange law (amendment)of 1935.Modern Chinese securities legislations was hybrid of Chinese national conditions and Western securities legal system and was characteristic by its timeliness and progressiveness because it kept up with the demands of the socioeconomic realty. The modern Chinese securities legislative rules were well-organized in that these included the basic legislations enacted by the legislature and regulations promulgated by the administrative departments and rules of Chamber of Commerce and broker association and stock exchange. Their legislative foundation was extensiveness because the opinions of trade circle were paid much attention to. The 4th chapter mainly expounds securities issuing system. Symbolized by the company law of 1904,Chinese modern securities legislation began.The earliest modern Chinese securities legislations were mainly ones governing securities issuing. During Beiyang period, the excessive placing of government bonds had produced bad influence on the issuing of corporate stock and bond. The modern Chinese securities legal system was characterized by its deferred payment for subscriptions and priority of preferred stocks and the system of official-interest which existed in stock company over a long time.Chapter 5 mainly discusses the modern Chinese securities trading legal system which content was plentiful.The statutory varieties of securities traded on modern Chinese security market covered country governmen... |
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