1980～1991年中国证券市场演进的历史特征

Historical Characters of Chinese Securities Market's Development from 1980 to 1991

1980～1991年间的中国证券市场,是生于夹缝的失衡市场、曲折兴起的分割市场、极不成熟的新兴市场.这些特征反映出中国证券市场复苏和起步是在市场经济极不发达与体制转轨的大背景下展开的,既具历史必然性,又有时代局限性;既为证券市场的后续成长奠定了一定的基础,也隐含着有待化解的诸多矛盾和波折.中国证券市场的健康发展需要新的理论创新、体制革命和制度变革.

From 1980 to 1991, Chinese securities market was an unbalance market that revived and rose from the crevices of planned commodity economy system, a segmented market that experienced many zigzags, and an emerging market that was very immature. All these characters reflected it was under the big background of the undeveloped market economy and system changing that Chinese securities market revived and rose. It has historical inevitability and time limitation; it has laid the definite foundation for the securities market following growth, and also concealed many contradictions and difficulties that are waiting for being solved. The healthy development of Chinese securities market needs the new theory innovation, the system revolution and the institution transformation.