我国证券市场的发展模式是一种较为典型的政府推动型模式,证券市场的许多方面与政府行为有着密切的关系,证券市场大的波动背后往往潜藏着深层的政策性因素。92年以前,国家对证券市场采取的政策以限制性为主,这一阶段的证券市场基本处于未启动的状态。92年初邓小平南巡讲话给我国证券市场注入了活力,当年5月13日上海证券交易所全面放开股价,股指在几天内飚升至1420点。然而时隔不久,由于受“8.10”事件后采取的一系列政策性措施的影响,证券市场重新进入低潮。1993年末证监会推出上市公司送配股暂行规定和94年一季度新股上市计划,致使 The development model of the securities market in our country is a typical model of government promotion. Many aspects of the securities market are closely related to the government behavior. The deep volatility of the securities market often lays deep policy-oriented factors. 92 years ago, the state policy on the securities market to restrict the main phase of the securities market is basically not started. At the beginning of 1992, Deng Xiaoping’s southern tour speech injected vitality into China’s securities market. On May 13 of that year, the Shanghai Stock Exchange released the stock price in an all-round way. The stock index soared to 1420 points in a few days. However, after a short period of time, due to the series of policy measures taken after the “8.10” incident, the securities market re-entered its ebb. At the end of 1993, the SFC introduced the Provisional Rules for the Distribution of Stocks by Listed Companies and the Listing Plan for New Shares in the First Quarter of 1994, resulting in