一、1992～2004年中国证券市场走势背景因素分析虽然影响证券市场变化的有政治、经济和国际环境等多种宏观因素,但中国证券市场的制度变迁主要是靠政府强制驱动的,其发展具有较为浓厚的行政色彩,历史上每次行情的涨跌都与政府对证券市场的监管态度息息相关。考虑中国证券市场的 I. Background Analysis of the Trend of China’s Securities Market from 1992 to 2004 Although there are macroeconomic factors such as the political, economic and international environments that affect the securities market, the institutional changes in China’s securities market are mainly driven by the government and its development has A more strong administrative color, the history of each market ups and downs and the government are closely linked to the regulatory attitude of the securities market. Consider China’s securities market