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1980～1991年中国证券市场的复苏和起步,得益于理论认识的突破、市场导向改革的开启和社会融资结构的第一次变迁、金融体制改革和市场演进规律的推动。在12年艰辛曲折的演进历程中,证券发行市场初步形成,证券流通构架基本成型,市场监管框架雏形初现。证券市场发挥了筹资、“反哺”、示范和导向等作用,但也存在结构不均衡、运作不规范、制度安排不健全等问题。这些成就、问题与缺陷,成为证券市场后续成长与突破的历史起点与逻辑前提。
The recovery and start-up of China’s securities market from 1980 to 1991 benefited from a breakthrough in theoretical understanding, the opening of market-oriented reforms and the first change of social financing structure, the reform of the financial system and the promotion of market evolution. In the course of 12 years of arduous twists and turns, the securities issuance market was initially formed, the securities circulation structure was basically shaped, and the market regulatory framework was born. The securities market has played a role in raising funds, “nurturing”, demonstrating and guiding. However, there are also problems such as unbalanced structure, irregular operation and unsound institutional arrangements. These achievements, problems and defects have become the historical starting point and logical premise for the subsequent growth and breakthrough in the stock market.