By Zhang Chenghui 　

Date: 2003/03/14

Abstract:　　

The paper introduces the development situation of the small securities markets in France, Germany and Italy, points out that there is abnormality in the Chinese securities market, and the institution differences in the limited company between China and other countries are the outer reason which results in such abnormality. The paper also puts forward that there are many irregular securities markets, and the securities markets should not be inclined to high-tech enterprise.