我国证券市场从20世纪90年代初起步,在十几年的时间里,逐步由幼稚走向成熟,由躁动趋于理性。在此期间,以证券市场为依托的企业兼并收购发展迅速。综观证券市场发展历程,中国上市公司控制权转移大体可分为以下几个发展阶段:一、启蒙与探索阶段(1993-1996)。1993年7月,深圳中国宝 The securities market in our country started from the early 1990’s in the 20th century. In more than a decade, China’s securities market gradually developed from naive to mature and agitated to become rational. During this period, mergers and acquisitions based on securities markets developed rapidly. Looking at the history of the securities market, the transfer of control of Chinese listed companies can be divided into the following stages of development: First, the stage of enlightenment and exploration (1993-1996). July 1993, Shenzhen China Bao