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近年来,我国证券市场有了长足的发展。据金融部门统计资料表明,至1990年底已发行各类有价证券总额达2000亿人民币,占同期银行存款余额的近1/4。而目前我国的证券中介机构的现状已不能适应上述发展趋势,最突出的,一是证券中介机构混乱,几乎一切银行和非银行金融机构都可以从事证券业务,不利于监督管理,也不利于证券业务专业化和效率的提高,而且由于初期各种机制的不完善从而导致证券业的非正常竞争;二是对证券中介机构缺乏规范化的管理系统,比如管理机关、管理目标、管理措施、法律依据等等尚不健全和明确。笔者试从以下几个方面加以探讨。
In recent years, China’s securities market has made great strides. Statistics from the financial sector show that by the end of 1990, the total amount of various types of securities issued had reached 200 billion yuan, accounting for nearly one quarter of the bank deposits in the same period. At present, the status quo of China’s securities intermediary institutions can no longer meet the above development trend. The most prominent ones are that the securities intermediaries are in chaos and almost all the banks and non-bank financial institutions can engage in the securities business, which is not conducive to supervision and management nor to the securities Business specialization and efficiency, but also because of the imperfections of the various mechanisms in the initial stage led to the abnormal competition in the securities industry; second, the lack of standardized management systems for securities intermediaries, such as management organs, management objectives, management measures, legal basis And so on are not sound and clear. I try to explore the following aspects.