上世纪80年代,很多企业正在从计划经济向市场经济转轨,这个过程中很多的企业最缺乏的就是资金。那时候获得资金主要有两个途径,一个是财政拨款,一个是银行贷款,但是这两种方式都会有一定的限制。所以当时有些企业就进行了股份制改造的试点。一些企业自行发行股票,来筹集资金,这样就出现了我们一般讲的证券和证券型的股票。早期的这种股票是极不规范的,我们知道现在的股票要有发行人、发行价格,但是早期的股票有点像债券,还有收益率,有到期的期限。但是在当时这种很不规范的情况下,在上海,深圳还是有很多公司在股份制改造中发行了股票,来 In the 1980s, many enterprises were making a transition from a planned economy to a market economy. Most of the enterprises in this process lacked funds. At that time, there were mainly two ways to obtain funds: one was financial appropriation and the other was bank loan. However, both of them would have certain restrictions. So at that time, some enterprises carried out pilot projects on shareholding reform. Some companies issue their own stock to raise funds, so that we appear in general securities and securities of the stock. Earlier such stocks were extremely non-standard. We know that issuers now need to have issuers and issue prices, but early stocks are a bit like bonds, with yields, and expiration dates. However, in the very non-standard circumstances of that time, there were still many companies in Shanghai and Shenzhen that issued shares in the shareholding system reform