英国埃克斯特大学 (University of Exeter)：上海证劵交易所的成长背景及信息

Background and information
背景和信息

Make an observation of the whole world; we have witnessed the growth of the stock exchange which is from immature to mature. After these years’ improvements, it becomes more important, not only in financial market, but also in people’s lives. There are more and more people began to take part in the stock exchange in the last decade or so. Based on this, establish a good stock exchange system is the main purpose of every country. But what is the standard to estimate the stock exchange internal efficiency is also a significant issue. A bad system may result high risk for investors and even influence the financial market. Meanwhile this is an interesting topic. However, different stock exchange has different situation.
观察整个世界，我们已经目睹了这是从不成熟走向成熟的证券交易所的增长。经过这些年的改进，它变得更加重要，不仅在金融市场，而且在人们的生活。有越来越多的人开始在证券交易所参与在过去十年左右。在此基础上，建立一个良好的股票交换系统的主要目的是对每一个国家但是，什么是的标准估计证券交易所内部效率也是一个重要的问题。一个坏的制度，可能会导致投资者的高风险，甚至影响金融市场。同时，这是一个有趣的话题。然而，不同的证券交易所有不同的情况。

This dissertation will focus on Shanghai Stock Exchange to do some research, and develop this issue. The main purpose is to find out is the regulation placed on the Shanghai Stock Exchange increased its internal efficiency.
本文将集中在上海证券交易所，做一些研究，并发展这一问题。其主要目的是要找出是放在上海证券交易所的监管，提高其内部效率。

Look back upon these 20 years, there were many changes in the regulation of the Shanghai Securities exchange.
回首这20年，有许多变化，在上海证券交易所的监管。

When it was established in 1990, there was no proper regulations, and just has 25 securities trading organizations. Everything is immature at that time. The organization of the stock exchange itself didn’t know how to make appropriate regulation, and investors didn’t know much about stock exchange, even high speculative activities also exist. To some extent, it was not a formal stock exchange. However, with time flied, the regulation changed as well. The first effective change was coming in 1992. In that year, because of some political reasons, the regulation changed and the stock prices rose up to 570 percent in three days. But at that time, the regulation was still limited. There is no formal law to lead the establishment of the regulation. The market was still immature. Meanwhile the volume of transactions was not as high as now. This is the first period of Shanghai Stock Exchange.
当时它成立于1990年，有没有合适的规定，只是有25家证券交易机构。在那个时候，一切都是不成熟。证券交易所本身的组织不知道如何作出适当的调节，投资者不知道很多关于证券交易所，甚至高投机活动也存在。从某种程度上说，它不是一个正式的证券交易所。然而，随着时间的推移飞过，调节改变。第一个有效的变革即将于1992年。在这一年，因为一些政治原因，调控改变和股票价格上升到570％，在三天内。但在那个时候，调控仍然有限。有没有正式的法律牵头建立的调控。市场还很不成熟。同时的交易量是不是像现在一样高。这是上海证券交易所的第一阶段。
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The second period came in 1997. Chinese Securities Regulation Commission began to charge Shanghai Stock Exchange in that year. So some formal laws and regulations could be instituted. This was an important year for Shanghai Stock Exchange.
第二个时期是在1997年。中国证券监督管理委员会开始在这一年掌管上海证券交易所。因此，创立了一些正规的法律和法规。这是上海证券交易所的重要一年。

Then 2001-2004 was also a significant change. After reached the highest point in 2001, the market began to decline. In order to handle with this recession, new regulation was established, it became more open, more formal and more mature.
那么2001-2004年也有显着的变化。在2001年达到最高点后，市场开始走下坡路。为了处理这次经济衰退，新规正式成立，它成为更开放，更正规，更成熟。

In 2005 and 2006, new regulation was instituted; it was more formal and with more details, and more suitable for the market situation in China. This period is considered as the most important one in SSE. It signed that SSE has really became mature. This dissertation will also emphasize this period.
在2005年和2006年，新的监管制度，它比较正规，有更多的细节，更适合中国的市场情况。这一时期被认为是在上证所作为最重要的一条。签署，上证所已真正成为成熟。本文还将强调这一时期。

But some people insider pointed that the timing for major reform of basic trade system is not very mature for the present the domestic market. In addition, some industry sources mentioned that the revised ‘trading rules’ will block transactions related rules may be further improved, and stock index futures, margin trading and other innovative financing reserve a certain space launch business. Therefore, some surveys and researches are needed. In order to compare the internal efficiency, this dissertation will analyze some factors as following.
但有些人知情人士指出，目前国内市场基本贸易制度的重大改革的时机还不是很成熟。此外，也有业内人士提到，修订的“交易规则”将阻止交易相关的规则可能会进一步提高，股指期货，融资融券及其他创新融资预留一定的空间发射业务。因此，一些调查和研究是必要的。为了比较的内部效率，本文将分析一些因素如下。