晚清昭信股票虽然经过政府高层的细致设计,但在实际发行过程中发生了巨大变异:在官场演变为报效,在民间则以摊派为主。虽然报效股票的官员可以得到行政奖励,但民间认购者则基本上“本利全无”,得到的只有对昭信股票“失信”的怨忿和对政府信用的极度怀疑。昭信股票的结局,再次说明“有治法无治人”是晚清改革难以取得成效的重要原因。 Late Qing Zhao Xin shares despite the meticulous design of the top government, but in the actual distribution process has undergone tremendous variation: evolved in the officialdom to serve as a tribunal in the private sector is based. Although officials who serve the stock market can get administrative rewards, private subscribers are basically “profitless” and get only grievances about the “dishonesty” of the Shouson Stocks and their extreme suspicion of government credit. Zhaoxin shares the ending of the stock, once again shows that “governance without rule” is an important reason for the late reform is difficult to achieve results.