As for its formation , the characteristic of chinese stock system lies in that stock companies run by chinese merchants came into being slowly after the ones run by foreign merchants had existed for decades of years . moreover , it appeared in a form that was highly different from modern stock system and did n ' t accord with the regulations . this distorted form is the so - called " operated by merchants and supervised by government officals " . in addition , its ormation obviously possessed the characteristic of stage and difference between china and foreign countries 中國(guó)股份制在其產(chǎn)生上表現(xiàn)的特色在于,外商的股份制企業(yè)在我國(guó)已經(jīng)產(chǎn)生數(shù)十年,華商的股份制企業(yè)才姍姍來遲。且即使出現(xiàn),也是以一種與近代股份制有著很大差別又不符合操作規(guī)范的股份制的形式出現(xiàn),這種形式便是官督商辦。另外中國(guó)的股份制產(chǎn)生具有明顯的階段性和中外之分。