The Chinese Merchants Securities Market in Shanghai in the Earlier Stage of the Anti - Japanese War

Based on the archivements, newspapers and periodicals of the former times, this paper studies the Chinese merchants securities market in Shanghai before the Pacific Ocean War in a systematic and deep - going manner. In its attempts to both analyzing the National Government's regulations regarding the Chinese merchants securities market in Shanghai and the causes of their evolution, and clarifying the process of the transformation of the securities market from the government bond market into the stock market. The paper reveals the relationship between government control and market growth.