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本文通过对“信交风潮”的经济学分析,认为:1921年在上海爆发的近代中国这场大规模的金融风潮,是政府疏于监管的集中体现,在风潮中,中国政府从中央到地方在租界当局的配合下,采取积极有效的监管措施,从而使这场风潮得以很快平息。而此次风潮更是成为了近代上海华商证券市场管理体制的转折点,标志着近代上海华商证券市场从自由放任型向政府监管型的转变。由此引发的历史启示是,证券监管虽然必要,但必须理顺政府与市场的关系,做到政府监管与行业自律的协调发展,如此,才能保障证券市场的健康发展。
Based on the economic analysis of the “Conflict of Faith and Letter”, this paper argues that the large-scale financial turmoil in modern China, which broke out in Shanghai in 1921, is a concentrated manifestation of the neglect of supervision by the government. In the midst of the turmoil, To the local government in the concession with the cooperation, take active and effective regulatory measures, so that this trend can be quickly subsided. However, this trend has become a turning point in the management system of Huashang Securities in modern Shanghai. It marks the transition from the laissez-faire government to the government in modern Shanghai Huashang Stock Market. The historical enlightenment triggered by this is that though securities regulation is necessary, it is necessary to rationalize the relationship between the government and the market and achieve the coordinated development of government regulation and self-discipline of the industry. Only in this way can we ensure the sound development of the securities market.