| The Opium War opened our country,bringing more than 100 years humiliation history,but also the western civilization.In the nineteenth century,corporate enterprise and stock have been two or three hundred of years,and it's representative product of western civilization.After the Treaty of Five Ports Commercial,many corporate enterprises were set up in China,some open-minded officials of Qing dynasty also followed western's shareholding system to set up westernization enterprises,issuing stock to raise capital.With an increasing number of corporate enterprises,the stock market had come into being.As the important components of economy field of China,the stock market was supervised since the first stock-the Shipping Investment Inviting Bureau'stock was issued.Because the stock market was a new thing to modern China,the Stock market supervision had been undergone a tortuous development process.Compared to other markets,stock market is a kind of market with high risk and high return simultaneously.Investor recognized that quickly and benefited from it fast with their capital.Because the stock market regulators had only a limited knowledge of the stock market and regulatory capacities was bad,stock market crisis happened frequently.On account of situation of interior anxiety and foreign aggression and limited knowledge,late Qing government put a limited regulation on stock market.During the Beiyang period,although the government intended to supervise the stock market and tried to strengthen the supervision by enacting laws and setting up regulatory agencies,it was fragmented by warlords and limited by government power,resulting stock market crises happened frequently.With the increase of the experience of stock market supervision and the strengthen of the central government'power,the supervision legislation and measures had made progress in the period of Nanjing national government.But the effect of supervision was still not good which is relates with many factors,such as the limit of the specific period,the supervision concept and the ability of law enforcement.In general,the problems exposed by modern stock market supervision are mainly in the following aspects:lacking of supervision over stock listing,lacking of the information publishing institution,lacking of protection mechanism for middle and small investors,law enforcement effect barely,lagging legislation and poor operability.These problems provides experience for China's contemporary stock market regulationThis paper attempts to analyze the development track of stock market regulation,finding out the characteristics of stock market regulation and the defects and causes of stock market regulation through the study of stock market legislation and literature materials such as journals and magazines issued in modern times,so as to provide some references for contemporary stock market regulation.This paper consists of five parts.The first part will make a general statement on the development process of modern stock market.Through this part,we can intuitively understand the development situation of modern stock market.The second and third parts are the main body of this paper.In vertical,the second part divides the development of stock market supervision into three stages according to the change of the central government:the Qing government period,the Beiyang government period and the Nanjing national government period.These parts discuss the stock market regulation with horizontal and vertical dimensions,in horizon,this paper describes the evolution process of the stock market supervisory institution and analyzes the supervision of the main body's regulation scope and regulatory subject's the obligations and responsibilities.The fourth part focuses on the analysis of the main problems and its performance exposed in modern stock market supervision.The fifth part provides references for the regulators and objects of supervision of today's stock market with the problems exposed in the supervision of modern stock market. |
PDF Full Text Request