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在我国一系列制度变迁过程中,证券市场的发育与成长已取得了瞩目的成绩。债券市场、股票市场、投资基金市场以及衍生工具市场和产权交易市场等证券市场体系构架已基本形成,然而,证券市场的基本功能——提高资源配置效率还未能得到充分有效的发挥。因此,正确地认识证券市场发展的现状,科学地分析现存的问题和约束因素,准确地把握证券市场发展的前景,积极寻求其规范健康发展之途径,无疑具有十分重要的意义。一、证券市场的成绩回眸我国的证券市场从1981年发行和交易国债开始,已有16年的历史。从总体上看,我国证券市场的发展速度是惊人的,市场工具品种呈多元化趋势,证券市场工具创新步伐加快;一系列管理法规的出台,“法制、监管、自律、规范”的指导方针的确立,证券管理
In the course of a series of institutional changes in our country, the development and growth of the securities market have achieved remarkable results. The securities market system structure such as bond market, stock market, investment fund market, derivative market and property right exchange market have basically taken shape. However, the basic function of securities market - improving the efficiency of resource allocation has not yet been fully and effectively demonstrated. Therefore, it is undoubtedly of great significance to correctly understand the current situation of the development of the securities market, scientifically analyze the existing problems and constraints, accurately grasp the prospect of the securities market, and actively seek ways to regulate its sound development. First, the performance of the stock market Looking back on China’s securities market from the issuance and trading of bonds in 1981 began, 16 years of history. Generally speaking, the development speed of China’s securities market is staggering. The varieties of market instruments are diversified. The pace of innovation in securities market tools is accelerating. The promulgation of a series of management laws and regulations and the guidance of “legal system, supervision, self-regulation and standardization” The establishment of guidelines, securities management