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我国的证券市场经过10多年发展,目前已形成一定的规模,市场日趋完善,呈现出繁荣的势头,并已取得了可喜的成就,主要体现在市场规模、法律规范、监管架构和技术条件四个方面。我国证券市场经历了1981-1988年的萌发阶段,1988-1990的起步阶段,以1990年12月上海证交所和1991年7月深圳证交所成立为标志的发展阶段和1992年初至今的规范化、法制化阶段。随着全国性证券管理体制的初步形成,法规建设的加快,证券市场发展开始步入规范化、法制化的轨道。特别是自1993年6月以来,国有企业在香港、纽约、伦敦等地成功地发行股票并上市,不仅为国有企业在国际资本市场上融资另辟了蹊径,同时也说明国有企业能够适应国际市场的法律、法规、会计制度、信息披露和其他方面的要求,符合国际市场对企业发行股票和上市的标准。近年来,中国经济持续快速健康发展,为证券市场的成长打下了坚实的基础,市场已实具规模,形成了以上海、深圳两个交易所为中心的全国性的证券市场体系。到今年3月底,在上海和深圳两个交易所上市的公司总数已达570家,A股发行总额已达1100.07亿股,上市总额达287.08亿股,市价总额达13279.31亿元,流通市值达3630.78亿元;共有87家公司发行了B股,B股发行总额达89.85亿股,上市总额达79.64亿元,市价总额已达445.66亿元,流通市价已达368.70亿元。
After more than 10 years of development, China’s securities market has now reached a certain scale, with an increasingly perfect market, showing a momentum of prosperity and having made gratifying achievements, mainly in terms of market size, legal norms, regulatory framework and technical conditions aspect. China’s securities market experienced the germination period from 1981 to 1988 and the initial stage from 1988 to 1990. The development stage marked by the establishment of the Shanghai Stock Exchange in December 1990 and the Shenzhen Stock Exchange in July 1991 and the standardization from the beginning of 1992 to the present The legalization stage. With the initial formation of a national securities management system and the acceleration of the construction of laws and regulations, the development of the securities market has started to be standardized and legalized. Especially since June 1993, the successful issuance and listing of state-owned enterprises in Hong Kong, New York and London not only opens the door for state-owned enterprises to raise funds in international capital markets, but also shows that state-owned enterprises can adapt to the international market The laws, regulations, accounting system, information disclosure and other requirements in line with the international market for the issue of stock and listing standards. In recent years, the rapid, healthy and healthy development of the Chinese economy has laid a solid foundation for the growth of the securities market. The market has taken shape and has formed a national securities market system centered on the two exchanges in Shanghai and Shenzhen. By the end of March this year, the total number of companies listed on the two exchanges in Shanghai and Shenzhen has reached 570, with the total number of A-share issuance reaching 110.07 billion shares and the total market value reaching 28,708 million shares, with a market capitalization of 1327.931 billion yuan and a circulating market capitalization of 3630.78 A total of 87 companies issued B shares, B shares issued a total of 8.985 billion shares, the total market amounted to 7.964 billion yuan, the market price has reached 44.566 billion yuan, the market price has reached 36.87 billion yuan.