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中国近代证券市场信用机制的建立,是抑制投机、规范市场、促进证券市场发展的重要保证。从市场主体证券交易所信用机制看,经纪人信用管理、股票交易操作规范、抵押放款证券化、信用交易等方面举措激活证券信用机制;从非市场因素分析,股票商业公会、征信所、中国股票推进会、会计师事务所等中介机构的参与,在会计制度近代化、经纪人对保及债券信用调查等方面促进了证券市场信用机制的完善。在政府对证券市场信用机制建设不完善的背景下,来自于市场主体信用管理制度建设的“看不见的手”与社会信用机构参与弥补了这一制度缺陷,中国近代证券市场政府、市场、社会三位一体的信用机制对当代仍具有参考意义。
The establishment of the credit mechanism in modern Chinese securities market is an important guarantee for restraining speculation, standardizing the market and promoting the development of the securities market. From the perspective of the credit mechanism of the main securities exchanges in the market, the securities credit mechanism is activated by such measures as the credit management of brokers, the standardized operation of stock exchanges, securitization of mortgage loans, and credit transactions. From non-market factors analysis, stock trade association, Stock Promotion Association, accounting firms and other intermediary agencies to participate in the modernization of the accounting system, brokers on the bond and credit credit investigations and other aspects of the securities market to promote the improvement of credit mechanisms. Under the government imperfect credit system construction in the securities market, the “invisible hand” from the construction of the market credit management system and the participation of social credit institutions make up for the defects of the system. In the modern Chinese securities market, the government and the market , The social Trinity credit mechanism still has reference meaning to the present.