近代上海最早出现的证券市场是外商证券市场。早在１８７３年中国第一家股份制企业——轮船招商局诞生以前，上海的外商证券市场就已经形成，并且颇为活跃。但是，上海的外商证券市场是如何形成的？这一证券市场早期的运行情况如何？对这些问题，过去的论著多语焉不详。近年来 The earliest modern securities market in Shanghai was the foreign securities market. As early as 1873, China’s first joint-stock enterprise - the establishment of the China Merchants Steam Turbine, the foreign securities market in Shanghai has been formed and is quite active. However, Shanghai’s foreign securities market is how to form? How is the stock market running early? For these questions, the past treatises are not detailed. In recent years