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20多年来,中国经济发展在经济取向上呈现出了从单纯的计划经济转向建设社会主义市场经济的转轨特征,在发展模式上呈现出一种自上而下的改革战略逐步深化的强制性制度变迁模式。这些发展与变化是开创性的,对中国两次融资制度演进产生了巨大影响,后一次融资制度演进的结果就是中国 A 股市场的形成与发展。一、1978年至90年代初,“增量改革”的实施与第一次融资制度的转变中共十一届三中全会后被称为“扩大企业自主权”的向企业放权让利的改革,到1980年已经扩及到占全国预算内工业产值60%、利润70%的6600个国有大中型企业,显著地提高了企业职工增产增收的积极性。但是,
In the past 20 years or so, China’s economic development has shifted its economic orientation from a purely planned economy to a transitional character in the construction of a socialist market economy. As a result, its development model shows a mandatory system of top-down and gradual deepening reform strategies Change mode. These developments and changes are groundbreaking and have a tremendous impact on the evolution of China’s two financing systems. The result of the evolution of the latter financing system is the formation and development of China’s A-share market. I. From 1978 to the early 1990s, the implementation of “incremental reform” and the transformation of the first financing system After the Third Plenary Session of the 11th CPC Central Committee was called “expanding enterprise autonomy,” the delegation of power to the enterprise By 1980, it had expanded to 6,600 state-owned large and medium-sized enterprises, accounting for 60% of the national industrial output budget and 70% of the profits, in the national budget, which markedly increased the enthusiasm of the workers and staff members in their efforts to increase production and income. but,