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2000年是中国股市创立后的第十年,指数屡创新高,令股民们切实感受到了其冲天的牛气。股市为何能在新股扩容、转配股上市及国有股可能减持等压力下走牛,除了财政政策和货币政策的作用效果与宏观经济的持续向好等基本面因素外,另一重要的原因是近年来管理层推出的有利于市场发展的一系列制度创新。这些制度创新主要表现在两个方面:一是审批发行方式市场化的制度创新。新股
In 2000, after the founding of the Chinese stock market in the tenth year, the index hit record highs, allowing investors to truly feel its magnificentness. Why the stock market in the expansion of new shares, the listing of shares and the state-owned shares may be under the pressure of underweight cattle, in addition to the fiscal policy and the role of monetary policy and macroeconomic continued to improve and other fundamentals, another important reason is that in recent years Management to launch a series of institutional innovations conducive to market development. These institutional innovations are mainly manifested in two aspects: First, the market-based system innovation of the examination and approval of the issuance system. New shares