中国经济的开放是从二十世纪七十年代末开始的,而资本市场的开放和发展却延迟到九十年代初,在金融抑制政策和银行主导型融资机制的作用下,我国资本市场的发展相对于经济的高速增长显得十分缓慢和滞后,而由于我国特殊的社会制度以及股票市场的极度不完善,使得大部 The liberalization of China’s economy started from the late 1970s. However, the opening-up and development of the capital market was delayed until the early 1990s. Under the effect of financial repression policies and bank-led financing mechanisms, the development of China’s capital markets Relative to the rapid economic growth is very slow and lag, and because of our country’s special social system and the stock market is extremely imperfect, so most