Joint-stock - The Traditional Continuity And Innovation,

The Chinese steamship company ,which was practiced to operate at the end of 1872,was the first share-holding company in morden China.It learned from western country ,and raised capital by calling for the merchants to gather their money.At that time,the share-holding system had been established by the law in the westerm country,but in china,there was no conditions to generate the share-holding system,which was not generate from the development of the capitalism,but from the behivor of transplanting .Therefore,the development process of the share-holding economic of the morden china had mand characters which were different from the western world,such as "merchant -operated by government supervision", "the opportunity for gain of the government",and so on .The reasons were that the persons who founded the early share-holding companies tood some innovation following the Chinese situation when they introduced this system into china.And this innovation made the new super system avoid all kinds of pressure and developed strongly in china.The main purpose of this article is to take the Chinese steamship company as a example to analysis the characters of the share-holding stystem in early period ,and the innovation and fusion of the traditon and morden time .