以证券市场为主体的整个中国资本市场,从1991年开始到世纪之交已经步人了第十个发展年头,在过去的九年间,市场在规范与探索中迅速发展,已迈上一个新的台阶,使得资本市场在国民经济中所起的积极作用日益显著,已逐渐成为中国经济发展的一个重要推动力。证券市场发展已初具规模。截至1999年底,境内上市公司已达949家,境外上市公司46家,筹资4400多亿元,股票市场筹资与银行贷款增加值之比达到10.26％,反映了我国证券市场企业直接融资能力的发展,近年来上市公司以30％的速度发展,国内股票市值已达2.65万亿人民币,占GDP比重近32％,投资者大约4400多万户,投资基金44家,发行规模达505亿元,证券营业机构近430家。仅1999年,发行国债4015亿元,发行金融债券1801亿元,发行企业债券200亿元。证券法的实施使我国证券市场的法律、法规逐步健 The entire Chinese capital market, with the securities market as the main body, has entered its tenth year of development from the beginning of 1991 to the turn of the century. In the past nine years, the market has been rapidly developing in norms and exploration and has entered into a new As a result, the positive role played by the capital market in the national economy has become increasingly prominent and has gradually become an important driving force for China’s economic development. Stock market development has begun to take shape. As of the end of 1999, there were 949 domestic listed companies and 46 overseas listed companies, raising over 440 billion yuan. The ratio of the stock market financing to the bank loans added value reached 10.26%, reflecting the development of the direct financing ability of the securities companies in our country. In recent years, listed companies have been growing at a rate of 30%. The domestic stock market has reached 2.65 trillion yuan, accounting for nearly 32% of GDP, about 44 million investors, 44 investment funds with a total issuance size of 50.5 billion yuan and securities business Nearly 430 agencies. In 1999 alone, the government issued 401.5 billion yuan of government bonds, 180.1 billion yuan of financial bonds and 20 billion yuan of corporate bonds. The implementation of the securities law to make our securities market laws and regulations gradually health