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2008 3 4 : (100 ) (78 ) 1 184302146 41829106 22170 103604922 20149751 19145 2 56977706 14151715 24184 49306577 13374902 27113 3 15114091 5025432 33125 11788455 3764750 31193 4 5812824 2665305 45185 4547630 2220601 48183 262206767 63671558 24128 () 169247584 39511004 23134 (), :,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, :,,,,,, 159
:,1922 :,,1936 :, 1 50,1948 :, ( ),, 145 157,1919 :, 3 34,1989 :,,2000 :,, 138 139,1918 :, 2 12,1955 :,,1990 : 59,,1947 :, 3 3,1940 : 2 3 6, 30 54 128, 1940 :,2 6, 545,1947 :,,2004 : ( ),,1942 :, 1 3,1995 :, 1 2,1930 :,,1921 :, 5 50,1948 :, ( ),, 141 144,1997 :,,1998 :,3,2004 :,1,2005 :,2,2006 : 1918 1937,2,2007 :,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