中国经济改革和对外开放以后,资本市场经历了从无到有、并不断壮大的过程,资本市场的发展打破了以往企业依靠银行间接融资一统天下的局面,开辟了企业通过发行股票和债券进行直接融资的渠道,为企业技术革新和发展壮大提供了大规模迅速集资的环境。资本市场的发展还为企业转换经营机制、建立现代企业制度提供了重要条 After China’s economic reform and opening up to the outside world, the capital market has undergone a process of growing up from nothing. The development of the capital market has broken the previous situation where the enterprises relied on indirect bank financing to dominate the market and opened up enterprises to issue stocks and bonds directly Financing channels for enterprise technological innovation and development has provided a large-scale rapid fund-raising environment. The development of the capital market also provides an important part for enterprises to change their management mechanism and establish a modern enterprise system