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改革开放以来,中国证券市场为经济建设筹集资金、保证企业转换经营机制、优化资源配置、降低经济运行风险方面发挥了巨大作用,截止1999年3月底,我国上市公司已有868家,累计筹资3644亿元,总市值已达20180亿元,投资者开户数达3900多万户。但是,由于证券市场制度自身及制度环境的协调上存在的问题,中国证券市场的功能发挥还有许多缺陷,作为金融市场重要组成部分的证券市场,必须在我国金融深化的进程中加快自身的市场深化。
Since the reform and opening up, China’s securities market has played an important role in raising funds for economic construction, ensuring that enterprises can switch their operating mechanism, optimize the allocation of resources and reduce the risk of economic operation. As of the end of March 1999, there were 868 listed companies in China, accumulating 3644 100 million yuan, the total market value has reached 20180 billion yuan, the number of accounts opened by investors more than 3900 million. However, due to the problems existing in the system of securities market and the coordination of institutional environment, there are still many defects in the function of China’s securities market. As an important part of the financial market, the securities market must speed up its own market in the process of financial deepening deepen.