1921年“信交风潮”实质上是一次严重的金融危机,由滥设交易所和信托公司所致,危害巨大,影响深远。它给近代上海证券市场的发展以沉重的打击,产业证券市场首当其冲,风潮后,股票交易跌入低谷,公债交易取而代之,成为证券市场的“主角”。 In 1921, the “Confidence-Guiding Movement” was essentially a serious financial crisis caused by the indiscriminate exchange-traded houses and trust companies, which posed a tremendous threat and far-reaching impact. It gave a heavy blow to the development of the modern Shanghai stock market. The industrial securities market bore the brunt of it. After the wave, the stock transactions plunged into the doldrums and the public debt trading replaced it and became the “protagonist” of the stock market.