近代臺灣證券市場的成立與發展（1885-1962）-歷史的延續與斷裂

本文在探討近代臺灣證券市場建立、運作到設立證券交易所的過程間，經濟發展與證券市場之關係。其中討論包括日治時期臺灣證券市場的建立；上海證券市場的運作以及如何影響戰後初期臺灣；直到1950年代初貨幣市場穩定後有價證券的價值、證券市場如何在市場中流通、資本家如何透過證券市場募集發展所需的資金、政府如何導引社會中的遊資轉移至證券市場。然而，臺灣戰後臺灣所建立金融市場中，日治時期延續下來的傳統外，尚接受到1949年以前的中國證券市場（主要為上海時期）的影響，兩者的衝突、磨合決定了戰後臺灣金融市場的建立，因此本文雖以戰後台灣（1945-1962）的證券市場為研究課題，但仍在方法上勢必先從日治時期臺灣證券市場以及上海時期的證券市場開始本文論述，主要以此為背景接著探討戰後台灣證券市場。

關鍵字

證券市場；日治證券市場

並列摘要

This article explores the establishment of early modern securities market in Taiwan, the process of operation and establishment in securities trade and the relationship between economical development and securities market. The discussion which includes the establishment of securities in Taiwan during the period of Japanese rule; operation of securities market in Shanghai and the influence in the early postwar period, until money market is stable in 1950 and the value of securities, the market liquidity of securities market and capitalists raise the capital of development through securities market and the instruction of hot money transfers to securities market by governments. However, the establishment of financial market during the period of postwar in Taiwan, the traditional continuance during the period of Japanese rule, moreover, the securities market was influenced by securities market before 1949, both conflict and running decide the establishment of Taiwanese securities market during postwar period (1945-1962), at first the measure must be discussed the securities market in Taiwan during the period of Japanese rule and the beginning of securities market in Shanghai, the main point which explores the securities market in Taiwan during the postwar period is through this background.