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股市的起源在1949年后中国大陆可以追溯到1984年7月,在北京天桥百货公司转化为股份制公司。1984年8月,上海市政府批准了第一个原则层次监管证券。第一个家庭电子公司发行的股票随后在1984年11月和1986年8月在场外交易市场。在未来几年,更多的国有企业被“合并”向员工出售的股份,其他证券公司和其他国有企业。然而,股市才成为国有企业改革的重要汽车两个证券交易所的建立。在1990年代早期,SHSE和公布,分别在1990年12月和1991年7月。在第二年,中国安全监督管理委员会(证监会)成立,中国相当于美国证券和交易委员会,监督和规范股票市场。自那时以来,股票市场在高速增长,迅速扩大和促进国有企业改革(山楂等,1999)。在1991年,只有13个股票和在这两个交易所交易公布(SHSE八和5)。到2009年第一季度,上市公司的数量已经增加到1625(SHSE 864和864年公布)。(高,2009)上市公司的总市值增加约1522倍在18年期间,从110亿年的1991引领下(相当于13亿美元),12.0566万亿人民币(相当于1.773万亿美元)2008年(表1)。截至2009年4月24日,总市值价值16.742768万亿人民币.


The origin of stock market in post-1949 mainland China can be traced to July 1984, when Beijing Tianqiao Department store was converted into a shareholding company. In August 1984, the Shanghai municipal government approved the first principle-level regulation on securities. The first stock was subsequently issued by a household electronics company in November 1984 and traded in August 1986 on the OTC market. In the next few years, more SOEs were “incorporated” by the selling of shares to their employees, other stock companies and other SOEs. The stock market, however, didn’t become a significant vehicle for SOE reform until the establishment of the two stock exchanges. In the early 1990s, the SHSE and the SZSE established, in December 1990 and in July 1991 respectively. In the following year, the Chinese Security Regulatory Commission (CSRC) was set up, as the Chinese equivalent of Securities and the Exchange Commission in the United States, to monitor and regulate the stock market. Since then, the stock market has grown in a high speed, expanded rapidly and facilitated the reform of SOEs (Haw et al, 1999).In 1991, there were only 13 stocks listed and traded on these two exchanges (eight on SHSE and five on SZSE). By the first quarter of 2009, the number of firms listed had increased to 1625 (864 on SHSE and 761 on SZSE). (Gao, 2009) The total market capitalization of listed firms increased about 1522-fold over the 18-year period, from 11billion reminbi in 1991 (equivalent to about US$1.3 billion) to 12056.6 billion renminbi (equivalent to about US$1773 billion) in 2008 (Table 1). As of 24 April 2009, the total market capitalization was valued as 16742.768 billion renminbi


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