1980～1991年中国证券市场的复苏与起步

The Revival and Start of Stock Market in China During the Years from 1980 to 1991

1980～1991年中国证券市场的复苏和起步,得益于理论认识的突破、市场导向改革的开启和社会融资结构的第一次变迁、金融体制改革和市场演进规律的推动。在12年艰辛曲折的演进历程中,证券发行市场初步形成,证券流通构架基本成型,市场监管框架雏形初现。证券市场发挥了筹资、“反哺”、示范和导向等作用,但也存在结构不均衡、运作不规范、制度安排不健全等问题。这些成就、问题与缺陷,成为证券市场后续成长与突破的历史起点与逻辑前提。

The revival and start of stock market in China during the years from 1980 to 1991 were made possible by the theoretical breakthrough, the initiation of market-oriented reform, the first wave of changes in social financing structure, the restructuring of financial system and the law of market evolution. During the process of hard and tortuous evolution for twelve years, the stock-issuing market, stock circulation framework and market supervision framework all took their initial shape. The stock market played a positive role in fund raising, 'feeding back,' demonstration and guidance, but there also existed some problems such as unbalanced structuring, abnormal operation and irregular institutional arrangements. These achievements, problems and drawbacks became the historical starting point and logical presupposition of the follow-up growth and breakthrough of stock market.