诺斯的制度变迁理论是在研究西方经济史的基础上产生的,并逐步形成了完善的理论体系与分析框架,构成了新制度经济史学的主要内容,运用该框架探讨近代中国证券市场的产生与初步发展的特征,可以窥见近代中国证券市场是在投资者等初级行动团体的需求和努力下产生的,是以诱致性变迁为主导的制度移植过程,并表现出制度缺失和供给时滞的特征。 North’s institutional change theory is based on the study of western economic history, and gradually formed a sound theoretical system and analytical framework, which constitutes the main content of the new institutional economic history, the use of the framework to explore the modern Chinese stock market And the characteristics of the initial development, we can see that the securities market in modern China was generated by the needs and efforts of the primary action groups such as the investors. It is a system transplant process led by inductive change and shows the institutional deficiencies and supply delay feature.