１证券市场制度创新的必然性我国证券市场的起步始于改革开放初期。对证券市场的认识和理解都比较浅薄，甚至对证券市场争论尚处于对其“性质”的判定。因此，关注市场的焦点大都是“要与不要”、“发展与限制”、“试验与扩展”等方面，而对市场制度的形成和确立，大多以是否 1 Inevitability of System Innovation in Stock Market The starting of the stock market in our country started from the beginning of reform and opening up. The understanding and understanding of the securities market are relatively shallow, even the debate on the stock market is still in its “nature” of the decision. Therefore, the focus of the market are mostly “do and not want”, “development and restrictions”, “test and expansion” and other aspects of the formation and establishment of the market system, mostly whether