作为直接融资市场的重要组成部分,证券市场为资金的供给方和需求方提供了交易的平台,促成了资本向收益最高的要素部门流动,保证经济活动在符合效率的水平上运行,其意义非同小可。不过,除了私募发行等特殊情形以外,通常,证券的发行和交 As an important part of the direct financing market, the securities market provides a trading platform for the supply side and demand side of the funds, facilitating the flow of capital to the factor sectors with the highest returns and ensuring that economic activities operate at an efficiency level, which is of little consequence . However, except for special cases such as private placement, securities are generally issued and paid