证券市场作为担负直接金融功能的资本市场,在发展中国家的工业化进程中起着有效动员社会资金、促进生产要素流动、提高企业经营素质等重要作用。但现代证券市场是市场经济高度发展的产物,其生长发育过程总是比一般商品市场更加复杂和艰难。战后韩国证券市场的发展经历了由挫折停滞到逐渐成熟并最终迈向国际化的曲折历程。考察这一历程,对于我国证券市场的发育成长不无借鉴意义。 As a capital market that takes on the direct financial function, the stock market plays an important role in mobilizing social funds, promoting the flow of production factors and improving the quality of operation of enterprises in the industrialization of developing countries. However, the modern securities market is a product of the highly developed market economy. Its growth and development process is always more complicated and difficult than the general commodity market. The development of the post-war Korean stock market experienced a tortuous course from stagnation to maturity and eventually towards internationalization. Inspecting this course, the development of China’s securities market is not without reference to the significance of development.