论全流通后的证券市场创新

On the Innovation of Stock Market of Fully Circulating System

本文结合近两年来证券市场的发展变化,对股权分置改革及全流通制度下的证券市场创新进行了分析,文章指出,随着股权分置改革的实施,证券市场制度建设在日渐完善,证券市场已经具备了金融创新的土壤;证券市场在交易制度、风险控制、融资制度、交易品种等各方面进行了创新,并建立了与之配套的风险监控体制,重组、收购兼并方式开始多样化,创新业务和衍生金融产品不断推出,新的金融市场开始建设,多层次的证券市场渐露雏形。

This article analyzed the innovation of stock market in the background of nontaxable shares reform and fully circulating system, by integrating the changes of stock market in recent years. Article addressed that along with the implement of nontaxable shares reform, the construction of stock market policy is getting better and better, and has been set up the foundation for financial innovation. The stock market innovation has been progressed in exchange system, risk control system, financing system, accompany with the eastblishing of risk monitor and control system as well. The method of asset restructuring,mergers and acquisitions are diversified, the innovation services and financial derivatives are continuously promoted, the new financial market is being established and the multi-level stock market reveals the embryonic form gradually.