Securities transaction system,thanks to the economic and technological develop-ment,has been transformed from direct holding to indirect holding at the end of 20th century. The legal relationship between the investors and the intermediaries is brokerage under an indirect holding system.The securities holders'right is co-ownership and thus quasi-ownership due to the multitude of investors in the same trustee and the object is property right measured by the shares an investor owns.%20世纪末以来，经济和科技两方面的发展使证券交易体制发生了从直接持有体制到间接持有体制的革命性转换。在证券的间接持有体制下，证券投资者与中介机构之间的法律关系是行纪关系；证券投资者对证券享有的权属的性质是“所有权”。由于同一托管人为众多的证券投资者托管，并且证券投资者对证券享有的所有权是通过支配不包含有体物的财产权行使的，所以证券投资者对证券享有的是一种“按份共有”形式的“准所有权”。
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