摘要
1948年设立的天津证券交易所,在股票上市、交易规范、信用管理等方面,建立了一系列制度。国民政府财政部和工商部共同派员组建天津证券交易所监理员办公处,监管市场交易活动;明确票据管理制度,规范证券交易;强化证券交易经纪人监管,加强信用管理。随着解放天津步伐的加快,加之物价飞涨、货币制度混乱,天津证券交易所失去了存在的基础,最后退出市场。1949年6月1日中国共产党在接收天津证券交易所公股资产和留用部分工作人员的基础上,组建了新的天津市证券交易所。新证券交易所在股票上市方面沿用申请核准制,仍然注重经纪人信用管理,严禁场外交易和投机操纵,但是采用国营公办形式,设立中国人民银行驻天津市证券交易所办事处,建立了一套以中国人民银行天津分行为责任主体的监管机制,引导游资支持解放区经济发展。1950年全国金融联席会议之后,兴办投资公司、建立长期资金市场、促进工商业繁荣发展,成为新中国金融政策变革的重要内容。天津市证券交易所适时改归天津市投资公司主办,天津市投资公司证券交易服务部采取实买实卖方法,取消经纪人制度,促进债券市场规范,服务实体经济发展。新的天津市证券交易所是新中国第一家证券交易所。
The Tianjin Stock Exchange,established in 1948,implemented a series of institutional regulations in areas such as stock listing,standardized trading,and credit management.With the accelerated liberation of Tianjin and the chaotic currency system created by the Nationalist Government,the Tianjin Stock Exchange lost its foundation and eventually exited the market.After the Communist Party of China took over the Tianjin Financial Management Bureau,it established the new Tianjin Stock Exchange on June 1,1949,based on the acquisition of public assets and retention of some original staff from the old Tianjin Stock Exchange.The new exchange continued the approval-based system for stock listings,emphasized broker credit management,prohibited off-market trading and speculation manipulation,and operated in a state-owned format.It established the Tianjin Branch's Office of People's Bank of China to guide speculative capital and support the economic development in the liberated areas.After the National Financial Joint Conference in 1950,the establishment of investment companies and creation of a long-term capital market became important aspects of China's financial policy reforms.The new Tianjin Stock Exchange was then timely replaced by the Tianjin Investment Corporation,whose securities trading service department adopted a real buying and selling approach,abolished the broker system and supported the development of the real economy.The new Tianjin Stock Exchange was the first stock exchange in the People's Republic of China.
作者
孙建国
王亚杰
高美红
Sun Jianguo;Wang Yajie;Gao Meihong
出处
《中国经济史研究》
CSSCI
北大核心
2024年第3期159-170,共12页
Researches in Chinese Economic History
基金
国家社会科学基金重点项目“中国近代证券市场演进与信用机制研究”(批准号:18AZS019)
上海证券期货文化发展基金会2023年联合研究计划项目“社会主义革命与建设时期证券史研究”的阶段性研究成果。
作者简介
孙建国,河南大学特聘教授,开封,475004,邮箱:sjghndx2003@163.com;王亚杰,复旦大学经济学院博士研究生,上海,200433,邮箱:yajiewang1995@163.com;高美红,上海财经大学经济学院博士研究生,上海,200433,邮箱:meihonggao@126.com。
