一、投资体系的转变与我国资本市场的发展在传统的计划经济体制下，以财政拨款为主的纵向行政分配的投资体系构成了我国国民经济发展的主要支撑点。经济体制改革以来、为了发挥中央和地方的积极性，扩大企业的经营自主权，国家对企业进行放权让利，对个人进行分配倾斜，这就改 First, the transformation of the investment system and the development of China’s capital market Under the traditional planned economy system, the vertical administrative distribution investment system based on financial allocation constitutes the main support point for the development of China’s national economy. Since the reform of the economic system, in order to give full play to the initiative of the central and local governments, and to expand the autonomy of the enterprises, the state has devolved from power to the enterprises, and has been leaning toward the distribution of individuals.