A Comparison between TokyoStock Exchange and Shanghai Stock Exchange

Abstract

Japanese Stock Exchange initiated its development almost at the same period as Chinese Stock Exchange did. The history of Japanese Stock originated from the Rice Exchange Market in the 17th century in Osaka, Japan, which was called "Dojima Rice Exchange Market", typical of Japanese mode. During the World War One in 18th century, Japanese Stock Market entered its first development period, along with the advance of Japanese heavy industry. After the end of the World War Two, Japanese Stock Market built up a new stock market by following American mode. In the year of 1878, Japanese government promulgated "Administrative Regulations on Stock Exchange" and "Tokyo Stock Exchange"------the first Japanese Stock Exchange was set up in the same year. On April 1st of 1949, three Stock Exchanges appeared in Tokyo, Osaka and Nagoya. Up till now there have been eight Stock Exchanges, located in Sapporo, Niigata, Tokyo, Nagoya, Kyoto, Osaka, Hiroshima and Fukuoka. The "Law of Stock Exchange" enacted in 1948 was strictly effective on all Stock Exchanges and ensured its healthy development. The first Chinese Stock Exchange was "Shanghai Pingzhun Stock Company" established in Shanghai in 1882. Around the beginning of the World War One, the first Chinese-open Stock Exchange, "Beiping Stock Exchange" ran for business in June of 1918. Since 1978's China reform of economy, the stock has sprouted up. In July of 1984, China set up its first Stock Company------Beijing Tianqiao Stock Company. Shanghai Stock Market was born with the first climax of China Opening-up Reform and Shanghai Stock Market came into being simultaneously with Stock Issuance Market. On December 19 of 1990, Shanghai Stock Exchange was formally established. By the year of 1995, Shanghai Stock Market has leapt into a national stock market. The "Law of PRC on Stock" promulgated in December of 1998 provided guidelines for the regulation of China Stock Market.

Alternate abstract:

日本证券市场和中国证券市场的发展步伐基本上是在同一时期开始起步的。日本的证券发展历史前期是在十七世纪起源于日本大阪的大米交易市场，那时称之为"堂岛米会所"并有着日本独特的模式。到了十八世纪第一次世界大战时，日本的证券市场随着日本经济的重工业的发展而成为第一发展时期。二战结束后，日本证券市场模仿美国方式建立了新的证券市场。1878年日本政府领发了证券交易管理条例，同年建立了日本第一家证券交易市所－东京证券交易所。1949年4月1日在东京、大阪、名古屋等地建立了3个证券交易所，到现在为止日本共有8个证券交易所（札幌、新澙、东京、名古屋、京都、大阪、广岛、福冈）。1948年制定的《证券交易法》对各证券交易所有严厉的约束作用，保证其健康发展。中国最早的证券交易所是1882年在上海创立的"上海平准股票公司"。到第一次世界大战之初中国人自办的第一家交易所"北平证券交易所"于1918年6月开业。1978年中国实行经济体制改革，股份制开始萌芽。到1984年7月中国成立了第一家股份制公司－北京天桥股份有限公司。上海股市是在中国改革开放初次高潮到来之际诞生的，上海股票市场几乎和发行市场同时产生。1990年12月19日上海证券交易所正式成立。到1995年上海股市基本已发展成为全国性市场。1998年12月《中华人民共和国证券法》的出台为今后中国证券市场的规范发展提供了法规指导。