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從1993年4月22日國務院發佈《股票發行與交易管理暫行條例》(簡稱股票條例)開始到1998年12月29日全國人大常委會頒佈《證券法》再到2005年12月29日全國人大常委會修訂《證券法》,我國證券市場法制建設走過了20個年頭,也取得了豐碩成果。研究證明,證券市場發展程度與法治化水平顯現嚴格的正相關性,即證券市場越成熟,法治水平越高,反之亦然。實踐證明,法治是保障投資者當下預期在未來得以實現的最重要社會機制,是證券市場長期發展的基礎。只有認真總結經驗,夯實法制基礎,證券市場才能健康發展。
From April 22, 1993, the State Council promulgated the Provisional Regulations on the Administration of Stock Issuance and Trading (the “Stock Regulations”) to the promulgation of the “Securities Law” by the NPC Standing Committee on December 29, 1998 and to the NPC on December 29, 2005 The Standing Committee revised the Securities Law. China’s securities market construction has gone through 20 years and has also achieved fruitful results. Research shows that the degree of development of the securities market shows a strict and positive correlation with the level of the rule of law. That is to say, the more mature the securities market, the higher the level of the rule of law and vice versa. Practice has proved that the rule of law is the most important social mechanism that guarantees investors’ immediate expectations in the future and is the basis for the long-term development of the securities market. Only by conscientiously summing up experience and consolidating the legal foundation can the stock market develop healthily.