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证券市场起着融通资金、引导资金流动、合理配置社会资源等的重要作用。巴西证券市场是拉美最大的和全球主要的证券市场之一。 1 999年巴西共有上市公司 1 0 2 9家 ,市场资本总额为 40 89亿雷亚尔。巴西证券市场存在以下问题。一是监管力度不够。 80年代开始的改革扩大了证券市场的交易量和交易品种 ,但加大了监管难度 ,投机资本的进入引起市场的波动性。二是尚需整合证券市场。交易所一般规模较小 ,效率不高。三是利率政策亟待调整。高利率不利于市场融资和证券市场的发展。四是需要进一步完善证券市场的退出机制。
The stock market plays an important role in financing, guiding the flow of funds and rational allocation of social resources. The Brazilian stock market is one of the largest and the world’s major securities markets in Latin America. In 1999, there were 1 0 2 9 listed companies in Brazil with a total market capitalization of R $ 4,409 billion. The Brazilian stock market has the following problems. First, supervision is not enough. The reforms started in the 1980s expanded the trading volume and variety of securities in the securities market, but increased the difficulty of regulation. The entry of speculative capital caused market volatility. Second, still need to integrate the securities market. Exchanges are generally smaller and less efficient. Third, the interest rate policy needs to be adjusted urgently. High interest rates are not conducive to market financing and the development of the securities market. Fourth, we need to further improve the exit mechanism of the securities market.