2008 3, (,1989, 135 ) 1869 (,1919) , ,,,, 20, (,1990) 1872,,,,,,1914, 1872,42 4,1918,,, 46,, 1872,,1880,40,, (,1998) 1914,,

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1 : 3 :,,,,,,, :,, ( ),,,,,,,,, 1872,, 1949, 77 ; 1918, 1949, 31,,?,,,,?,,,,,,,,, :,, :, 1843,,,, 3,, :200433, net,, , 15,, (,2006) 150

2 2008 3, (,1989, 135 ) 1869 (,1919) , ,,,, 20, (,1990) 1872,,,,,,1914, 1872,42 4,1918,,, 46,, 1872,,1880,40,, (,1998) 1914,,1918,,,,,,, (Shanghai Stock Exchange), 1918,, 1927, 9 (,1995),, 1935 :, (1891) (Shanghai Sharebrokers Association),, (1904),,, (Shanghai Stock Exchange),(1910), (1929),,,1891, ,, , ,,,,(,1930),, 1992, , 1920,,,, 151

3 :,,, :,, :,,, 77,,,, 77, 6, 6 : ,,1883 ; ,, ;, ; ,, ; ,,; , (,1998,2004,2005), ( 2 4 ) ; ( 4 5, ), ( 6 ) ; ( 3 ),, (4 5 6 ) ;,,,,, : , 1882,,,,, ,,,, , 2, ,, ,,,,,,:,,,,,,,,,,,,, (,1948) ,,

4 2008 3,:,,,,,,,,,,, (,1921),,,,,, (,1947),1921, 1920 (,1960), :,,,, ;, (,1921), , 80 (,1922, ),,, ,: ,, 1940,,, ;,,,, (,1940) ,,,,, 5,,,, 563, , 20, ,, (,1940),, 1942, 127, 145 (,1947, 9 ),,,, :,,,,,,, :,,,,,,,,,,,,,,,: 153

5 :,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, :,,,,,,,,,,,,,,,:,,,,,!,,,,,,, (,1947, ),, 1943,,,,,,,,,,,,,,, ( ),,, 1945,,,,,,,,,,,,,,, (,1947, 40 41,51 52 ),,,, ,, 154

6 2008 3,,,,,,,,,,,,,,,,,,,, ;,,, (,1918),,, , 27, , 1914, (,1955, ),,,, (,1989, 166 ) 1921,, 1936,,,,, (,1936, 1 ),,,,,, ,, , (,1955, ),, :,, (,1948),,,, (,1948), ,,, (,1948, 143 ),, 1935,,,,,,,,,,, (,1947, 3 ), :, ;,,,,,,,, 155

7 :,,,,, (,1997, ) :,,,,, (,2004, 390 ),, : 1 1, , 3812 %, 7911 %, %,, : % 7911 % % % : :, 6 9,1993, %,,,,,1928, 716, , 1966, 516 (,1942) 30, 6,,,,,,,,,,,,,,,,,,,,,??,,,,,,,,,,,,,,,,, 156

8 2008 3,,,,,,,,,,,,,,,,, ,,,,,,,, 1931,,, (,2007),,1940,,,, (,1942),,, 100,, 100, , 28, 100,,63, 36 : 29 14,, 7 3, 3 2, 14,1, ,, 7, 3 9,300 8, , , 50 6, 6,,, 5 100,,,,,,,, (,2000, ),, 1 3,

9 :,, :,,,,,( ) ( ), :,,,,,, :,,,,,,,,,,,,,,,, ( ),,, :,, 22,78, 3,100 78, 43 4 : 3 78 ( ) ( ) ( ) ,,,, ;, 4,100, 78,,,,, 3 :,,,,, 4 1,,, 6,,,, 11,,,, 5 158

10 : (100 ) (78 ) () (), :,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, :,,,,,, 159

11 :,1922 :,,1936 :, 1 50,1948 :, ( ),, ,1919 :, 3 34,1989 :,,2000 :,, ,1918 :, 2 12,1955 :,,1990 : 59,,1947 :, 3 3,1940 : 2 3 6, , 1940 :,2 6, 545,1947 :,,2004 : ( ),,1942 :, 1 3,1995 :, 1 2,1930 :,,1921 :, 5 50,1948 :, ( ),, ,1997 :,,1998 :,3,2004 :,1,2005 :,2,2006 : ,2,2007 :,5 A Study on the Characteristics of the Stock Market in Modern China Zhu Yingui (Department of History,Fudan University) Abstract :The stock market which developed with the social economy during a certain stage could not only be used to raise money to give impetus to the economic development but also directly reflect the characteristics and the problems existed in the social economic structure. The characteristics of the stock market in modern China mainly appeared in several aspects : there were several stock exchanges which registered in different countries in the meantime and six speculation climax in modern China ; the stock market were used to serve the government finance. The characteristics of the stock market were not only an improper phenomenon but also an important reason that the stock market in modern China couldn t develop normally. In addition, the special business traditional practice that business enterprise and firms could absorb the social savings which formed in the long history of several thousands years was also an important factor which restricted the development of the stock market in modern China. Key Words : Modern China ; Stock Market JEL Classification :N250, G190, G290 ( : ) (: ) 160